It’s rigged. It really is. And the bad guys don’t go to jail, mostly. And, at this point, the government isn’t really interested in stopping illegal financial activity. It’s as simple as that. Oh, and sometimes the government lawyers quit and go to work for the hedge funds. Why not? Way more money and once they can see both sides of the scam, and they know how nearly impossible it is to get indictments for financial crimes, they go for the money. I get it.
I love to read books about the financial world. But each time I do, it is a harrowing experience. I felt this way when I read Dark Money, and I really feel this way now after finishing Sheelah Kolhatkar’s “Black Edge.” This term is slang for insider trading, which it turns out, is RAMPANT in the financial markets.
We all know the cliché. The rich get richer. True, true, all true. In this particular case, the author tracks one particular target, and the hedge fund founded by this individual. We also learn about the complex system of protection around this man and how this works to make him nearly untouchable.
The Feds try it all. Wiretaps, intimidation, threats of jail time, etc. and do manage to arrest a variety of underlings but the big fish gets away. Or does he?
The epilogue is truly demoralizing. It really is. What happens after the main story is so disheartening but also wonderful because if ANY of us holding out hope the system isn’t rigged can just stop pretending. It is. And now, under Donny Dipshit, there is even less regulation and it has become even more challenging to prosecute financial criminal activity. This book reads like a spy novel and was very well written.
Get it, read it and prepare to suffer knowing the financial criminals hold all the cards.
I don’t think I can bear to read this right now. The corruption is rampant, which makes it even more demoralizing to realize it wasn’t rampant enough for these guys. They were salivating at the prospect of having Trump in the White House.
No rules. No penalties really. Even the underlings who got ten years sentences had their jail time overturned and they are out and free. Trump has just made it worse. But one of the key things that stood out was the compliance guy who has to go around and give lectures. He said you have to remind people there is a right and a wrong.