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Naked, Short and Greedy
Naked, Short and Greedy

Naked, Short and Greedy

Wall Street's Failure to Deliver

BUSINESS & ECONOMICS

372 Pages, 6.25 x 9.25

Formats: Trade Paper, PDF

Trade Paper, $39.95 (US $39.95) (CA $49.00)

Publication Date: January 2020

ISBN 9781910151341

Rights: US & CA

Spiramus Press (Jan 2020)

Out of Stock. E-book edition is available.
 

Overview

Rigged financial markets and hopeless under-regulation on Wall Street are not new problems. In this book, Susanne Trimbath gives a sobering account of naked short selling, the failure to settle, and her efforts over decades to get this fixed. Twenty-five years ago, Trimbath was working "backstage at Wall Street" when a group of corporate trust specialists told her about a problem in shareholder voting rights. When she went to senior management at Depository Trust Company (DTC), they brushed it off saying, "You can't balance the world." Ten years later, a lawyer from Texas would tell her that the same problem was about to blow up the financial markets: Wall Street brokers are using short sales and fails to deliver to grab the assets of American entrepreneurs. This is a cautionary tale. What started as a regulatory failure turned into a regulatory crisis. Global financial markets may not survive what comes next.

Author Biography

Susanne Trimbath, Ph.D. is business instructor for Cochise College in southeastern Arizona. Dr. Trimbath started her training in finance and economics at the Federal Reserve Bank of San Francisco. She worked in operations at depository trust and clearing corporations in San Francisco and New York, including Depository Trust Company, a subsidiary of DTCC, a privately-run central clearing agency in the US. Dr. Trimbath served as Senior Advisor on a US Agency for International Development project to develop capital market infrastructure in Russia after the fall of communism. She was a consultant on similar projects in several other countries including Romania and Poland at a time when few people understood the details of post-trade processing in a centralized clearing environment. She was Senior Research Economist in capital markets at the Milken Institute (where Michael Milken serves as Chairman) before forming STP Advisory Services, LLC. Her Ph.D. in economics is from New York University's Graduate School of Arts and Sciences. She taught economics and finance at New York University and University of Southern California (Marshall School of Business).