The Payoff
Why Wall Street Always Wins
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Narrated by:
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Jeff Connaughton
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By:
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Jeff Connaughton
About this listen
Beginning in January 2009, The Payoff lays bare Washington’s culture of power and plutocracy. It’s the story of the 20-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, stop stock manipulation by high-frequency traders, and break up too-big-to-fail megabanks. This book takes us inside their dogged crusade against institutional inertia and industry influence as they encounter an outright reluctance by the Obama administration, the Justice Department, and the Securities and Exchange Commission to treat Wall Street crimes with the gravity they deserve. On financial reforms, Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms, primarily to enjoy a golden opportunity to siphon fundraising dollars from the Wall Street executives who had raised millions to elect Barack Obama president.
Connaughton, a former lawyer in the Clinton White House, illuminates the pivotal moments and key decisions in the fight for financial reform that have gone largely unreported. His arch, nonpartisan account chronicles the reasons why Wall Street’s worst offenses were left unpunished - and why it’s likely that the 2008 debacle will happen again.
©2012 Jeff Connaughton (P)2013 Blackstone Audio, Inc.Listeners also enjoyed...
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What listeners say about The Payoff
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- ED FISHER
- 07-11-16
Not much is changed since 2012!
Fascinating book! Although it was written in 2012, little has changed. How fortunate we are to have people like the author to tell this story! I went to look for other books and materials on this subject. I hope the author will update this excellent expose!
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- Russell
- 06-12-16
It's No Surprise!
I liked the book. sadly it's just another example of our government asleep at the wheel.
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- Private
- 12-14-19
I have two new heroes
great insight into the stock market maneuvering that mainstream investors don't have access to! And how 2 good men fought like hell for stricter regulations for wall street and banks!
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Story
- Lance
- 06-21-13
Horrible
Guy realizes he has made alot of money and wants to make himself feel like he is still a good guy.
Spare us.
Not sure if he is liberal conservative or other. He believes more regulators is the solution. His is of the same moralistic crew of do gooders who said that regulation FD was in the best interest of all that was moral and fair.
People like this have been writing laws for democracies around the world for 70 plus years. Is it any wonder that democracies are failing? When your first principle is fair and moral outcomes you will get some very strange laws passed. Laws that don't apply to the governed but not the governors, laws that take away property rights, laws that compromise the ability of the government to tell the governed how much money something costs, etc., etc. Your first principle should be that everyone has the right and the duty to look after him or herself and to that end may contract in all manner of ways.
Only reason to read the book is to peer inside the peanut of a mind such a person possesses. Or to understand the lies they tell themselves or the public in order to feel good about the havoc they have created with their life's work.
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