Lying for Money: How Legendary Frauds Reveal the Workings of the World By Dan Davies

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Kindle Store,Kindle eBooks,Biographies & Memoirs Lying for Money: How Legendary Frauds Reveal the Workings of the World Dan Davies
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An entertaining, deeply informative explanation of how high-level financial crimes work, written “with verve and wit” (The Sunday Times, London) by an industry insider who’s an expert in the field.The way most white-collar crime works is by manipulating institutional psychology. That means creating something that looks as much as possible like a normal set of transactions. The drama comes later, when it all unwinds. Financial crime seems horribly complicated, but there are only so many ways you can con someone out of what’s theirs. In Lying for Money, veteran regulatory economist and market analyst Dan Davies tells the story of fraud through a genealogy of financial malfeasance, including: the Great Salad Oil swindle, the Pigeon King International fraud, the fictional British colony of Poyais in South America, the Boston Ladies’ Deposit Company, the Portuguese Banknote Affair, Theranos, and the Bre-X scam. Davies brings new insights into these schemes and shows how all frauds, current and historical, belong to one of four categories (“long firm,” counterfeiting, control fraud, and market crimes) and operate on the same basic principles. The only elements that change are the victims, the scammers, and the terminology. Revealing some of the most famous frauds of the modern age, Davies explains how fraud has shaped the entire development of the modern world economy. For those “who like their true-crime stories laced with economics will enjoy these forays into the dark side” (Kirkus Reviews) this is a gripping and vivid look at modern market societies.

At this time of writing, The Ebook Lying for Money: How Legendary Frauds Reveal the Workings of the World has garnered 10 customer reviews with rating of 5 out of 5 stars. Not a bad score at all as if you round it off, it’s actually a perfect TEN already. From the looks of that rating, we can say the Ebook is Good TO READ!


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"It is highly unlikely that the optimal level of fraud is zero." (Pg. 227.)How have I managed to read so many books on fraud without finding this level of economic sophistication and overview? A great many fraud books are like laundry lists, being aside from their catchy anecdotes, pretty arid of any deeper insights.A few quick quotes show a theme, if seemingly dry: " ...when something keeps happening in different times and places, it's likely to be an equilibrium phenomenon linked to the deep underlying economic structure." (Pg. 157.) The event described "happens so often and reproduces itself so exactly that it's got to reflect a fairly deep and ubiquitous incentive problem which will be very difficult to remove." The standout feature of this book is wrapping this into many colorful and plainly-spoken story examples, which never bog down. The author shows a gift for compactly describing in plain terms what really is going on in each story. There is a free-ranging tour from the East End London of the Kray brothers to the Fortune 100 miscreants of recent decades, and I always enjoy each well-paced story alongside the deeper patterns and principles being shown. It is not the most technically dense or rigorous work I've seen, but I can't think of a better overview, or o;ne which dives more directly to clear points and insights. Now I have confidence and, from this breezy book, a bit of brio to tackle the perhaps more ponderous and quantitative writings out there.


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