Nomi Prins is a journalist and Senior Fellow at Demos. Her latest book: It Takes Pillage: Behind the Bonuses, Bailouts, and Back room Deals from Washington to Wall Street is a hit! Her other best-seller, Other People’s Money: The Corporate Mugging of America uncovered corporate corruption, political collusion & Wall Street deception. The Economist, Barron’s and The Library Journal chose Other People’s Money as a Best Book of 2004.
In her book Jacked: How “Conservatives” are Picking your Pocket (whether you voted for them or not) cataloged her travels across America talking with people about economic concerns. Her financial-political thriller, The Trail, was published in 2008, under her pseudonym, Natalia Prentice.
Priorto becoming a journalist, Prins worked on Wall Street as a managing director at Goldman Sachs, a Senior Managing Director running the inter- national analytics group at Bear Stearns in London, and a senior derivatives strategist at Lehman Brothers. Prins has appeared internationally on the BBC and nationally on CNN, CNBC, CSPAN, PBS, FOX and other television stations, and she has been featured regularly on a variety of radio shows. Her articles have appeared in The New York Times, The Daily Beast, Fortune, Mother Jones, Newsday, Slate.com, The Guardian UK, The Nation, The American Prospect as well and numerous other publications.
Most Americans assume that while Wall Street ruined the American economy, the federal government was asleep at the wheel. Few know that the government was wide awake, egging Wall Street along. Our leaders drove the bus into the ditch on purpose, threw a party for all their friends and sent the rest of us the bill.
As catastrophe was coming, I saw the numbers and they didn’t look good. IT TAKES A PILLAGE: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street exposes how the revolving door between Washington and Wall Street enabled and encouraged the disastrous behavior of large investment banks. Readers are introduced to the machinations of the Pillage People: men who funneled trillions of dollars into the banks, and executives whose companies drained the American economy. The Federal Pillage Triumvirate—Hank Paulson, Ben Bernanke and Timothy Geithner enabled the looting of the biggest part of the bailout and subsidization of the banking industry; a $10.7 trillion bounty.
Stories I reveal have not been fully reported in the main stream media: The government bailout giveaway is actually in the trillions rather than billions; banks are paying back sweetheart federal loans with better, lower profile federal loans; the crisis has actually loosened financial rules, instead of tightening them, but did the opposite with consumer credit. While government looked the other way as AIG sent home big bonuses, it will applaud when banks hand out record bonuses with profits earned on the taxpayer dime. But that’s not the scariest part. For all the trillions spent or committed to the bloated stalwarts of Wall Street, our economic system remains in disarray and Washington has no plan to fix it. How do we extract ourselves from this down- ward financial spiral and stabilize the economy? IT TAKES A PILLAGE gives people on Main Street an understanding of the financial crisis and identifies policies that will resolve America’s problem, instead of inflating Wall Street’s balance sheets.
A favorite quote is from author Jim Hightower who said, “Nomi Prins knows the mind-set, knows how to read the spreadsheets, knows the people, and knows Wall Street’s games. Nomi knows and now Nomi tells.” And I do!
It Takes A Pillage is available on Amazon.com