Lying for Money - by Dan Davies (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"An entertaining, deeply informative explanation of how high-level financial crimes work, written with verve and wit by an industry insider and expert in the field Lying, fraud, and fiscal deception are a daily news item, and the list of well-known banks, companies, and multinational financial institutions prosecuted for such crimes seems never ending. Since money was created, people have tried to sell things that don't exist and buy things without paying for them. Or have said one thing and done another, producing illegal profits and mountains of fraudulent documentation to protect themselves. But the ways such crimes are accomplished fall into certain fascinating defined categories. In Lying for Money, veteran regulatory economist and market analyst Dan Davies presents an engrossing genealogy of monetary malfeasance, stretching from ancient Greece to the global pandemic of 2020, explaining the ways illegal decisions are rationalized, how the assumption of criminal risk is approved by corporations, and the surprisingly consistent methodologies of history's greatest financial crimes. From the Salad Oil Swindle of the 1960s to the downfall of Theranos, Davies shows us that all frauds belong to one of four categories (the "long firm," the "control fraud," counterfeiting, and market crimes) and operate on the same basic principles. The only elements that change are the victims, the scammers, and the terminology. A perfect book for professionals in finance, banking, law, business school students, investors, and anyone else interested in understanding how the labyrinths of fiscal deceit really work"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><b>An entertaining, deeply informative explanation of how high-level financial crimes work, written "with verve and wit" (<i>The Sunday Times</i>, London)</b> <b>by an industry insider who's an expert in the field.</b> <p/>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. <p/>Financial crime seems horribly complicated, but there are only so many ways you can con someone out of what's theirs. In <i>Lying for Money</i>, 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. <p/>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" (<i>Kirkus Reviews</i>) this is a gripping and vivid look at modern market societies.<p/><br></br><p><b> Review Quotes </b></p></br></br><br>"If you want to learn to fend [off] fraud, read this. And if you want to commit fraud ... don't. But if you absolutely must, first read this." --<b>Nassim Nicholas Taleb</b><br><br>"Swindling is never a black and white business, and Davies is good on the shades of grey in fraud-land."<b>--<i>Financial Times</i></b> <p/>"Readers who like their true-crime stories laced with economics will enjoy these forays into the dark side." <b>--<i>Kirkus Reviews</i></b><br><br>"Dan Davies tells all these stories with verve and wit ... Much of the book is a romp through the crimes of scoundrels - Ponzi, Madoff, Keating, the Krays ... Yet what takes it from absorbing to excellent is the author's insight. Read <i>Lying for Money</i> and you will look at fraud in a whole new way. Actually, you will look at every market transaction you take part in in a whole new way." --<b><i>Sunday Times</i> (UK)</b><br><br>"An engaging and indispensable guide for novice fraudsters - and for those who want to keep out of their clutches." <b>--John Kay, author of<i> Other People's Money</i></b><br>
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