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With trillions on the table, nobody plays fair, and everyone plays for keeps

The New Robber Barons is an anthology of Janet Tavakoli’s original chiefly
web-based articles from the September 2008 financial crisis through February
2012. The commentaries are unrevised so that readers experience the real-time
thought process. Some background was repeated in commentaries so that they
could read as stand-alone articles as events unfolded.

The target audience for The New Robber Barons has a background in finance
and some awareness of the events and PR spin in the years following the
meltdown. Events unfold in real time and are organized by topic. Readers can
see her analysis in the face of misinformation foisted on the public. Tavakoli’s
conclusions were eventually confirmed by Congressional investigations.

The New Robber Barons continues financial expert Janet Tavakoli’s chronicle of
the global financial crisis captured in her web-based articles from the September
2008 crisis through February 2012, picking up where her book, Dear Mr. Buffett:
What an Investor Learns 1,269 Miles from Wall Street
(Wiley, 2009), ended.
 

In January 2009, Warren Buffett, CEO of Berkshire Hathaway, told Tom Brokaw:
“the idea that people that move money around are some favored class…strikes me
as getting pretty far away from where we should be.” Two years later he publicly
excused apparent insider trading by one of his successor candidates, David Sokol.
He later retreated from this stance at his annual shareholder meeting in the wake
of public criticism.

Berkshire Hathaway officer Charlie Munger admonished law students that
Americans shouldn’t be “bitching about a little bailout.” But students seemed
concerned about lack of prosecutions and absence of financial reform.

Shortly before Congress confronted him with Goldman Sachs’s profiteering
during the financial crisis, Goldman CEO Lloyd Blankfein quipped he was
doing “God’s work.”

CEO Jamie Dimon told shareholders that he didn’t think JPMorgan made a
mistake when it came to potential foreclosure fraud: “maybe we’ll have to pay
penalties eventually to some of the attorneys general but we really think we
should just continue.”Meanwhile the bank scoured 115,000 mortgage affidavits
and reserved $1.3 billion for legal costs.

After MF Global’s October 31, 2011, bankruptcy a U.S. Congressman told
former CEO Jon Corzine: “You’ve got thousands of hard working people around
this country that feel cheated.” 


Tavakoli serves up example after stunning example of no-strings-attached
socialization of losses and privatization of gains. In the words of
Congresswoman Marcy Kaptur: “I believe most of us would call that theft.”


Praise for Janet Tavakoli

“Tavakoli makes for an attractive pundit. She knows her stuff, has strong opinions,
and turns a colorful quote.”
Financial Times

“Janet Tavakoli warned that the biggest credit bubble in world historywas coming
well in advance.”
Jim Rogers, author of A Bull in China, Hot Commodities, Adventure Capitalist,
and Investment Biker


“[Tavakoli has] been railing against emperors wearing no clothes in the
credit derivatives markets forever. If only people had listened.”
Andrew Tobias, author of The Only Investment Guide You’ll Ever Need

“[Janet Tavakoli] writes in a clear, sprightly way.”
ADAM SMITH (George J. W. Goodman), author of The Money Game and Supermoney


“[Janet Tavakoli is] an intelligent analyst whose command of the arcane
world of securitization mixed with a brutally honest analytical
framework makes it a pleasure to hear and read her work.”
Asia Times Online

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