t：A True Story of Inside Information and Corruption in the Stock Market

WhenretiredtelecommunicationsanalystDanReingolddecidedtowriteanaccountofwhathe'dseenwhileworkingforpowerfulWallStreetinvestmentbanks,heturnedtohisniece,ajournalistatFastCompanyandtheauthorofFinalAccounting:Ambition,GreedandtheFallofArthurAnderson,forhelp.Together,they'vecreatedasolidstructureforhisrecollectionsoflifeinthetrenches,butbecausehe'soneofthegoodguys,Reingolddoesn'thavemuchtoconfess.Beyonddetailingeverystepinhisupwardcareermobility,Reingolddoeslittlebutgripeaboutpeoplelikehismaincompetitor,JackGrubman,whospentyearsflauntinginsiderconnectionswithexecutiveswhowouldfloathimadvanceinfoonmajorcorporatedeals.(Grubmaniscurrentlyadefendantinseveralsecuritiesfraudcases.)Reingolddoessuggestthatinsiderinfluenceissopervasiveinthefinancialmarketthatinvestorsshouldavoidindividualstockscompletely,andhehasanumberofrecommendationsforindustry-widereform,butintheend,hisstoryisbasicallythatheworkedinthesameindustryasabunchofbadeggs.Whilethepersonalmaterialisneverlessthanengaging,itdoesn'tfundamentallyalterourunderstandingoftherecentmarketscandals.(Feb.)