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March 3rd, 2009

Con Writes About Greed and Scandal on Wall Street

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Wall Street con-man turned author Jordan Belfort shared a short essay with CNBC’s Gloria McDonough-Taub on her blog Bullish on Books. Belfort’s two books — “The Wolf of Wall Street” and “Catching the Wolf of Wall Street” — depict the same insatiable greed that drove him and other investors (like disgraced financier Bernie Madoff) to swindle millions.

Here is an excerpt of Belfort’s essay for CNBC:

Americans have lost faith in Wall Street, and they’re mad as hell and demanding answers.

They want to know how it’s possible for a relatively small group of self-serving power brokers, infected with the sickness of greed, to bring our entire financial system to its knees…

When I wrote Catching the Wolf of Wall Street, I wanted it to serve as a cautionary tale to the rich and poor alike, to anyone who was compromising ethics and integrity at the expense of greed and avarice. Now, with times being what they are, I believe that goal to be infinitely more important. My story gives you firsthand insight into the insane rationalizations and bizarre sense of entitlement that weave their way into the consciousness of once-law-abiding citizens—allowing them to financially rape anyone and everyone they see fit and still look in the mirror each day with pride.

Nevertheless, I do my best each day to achieve those goals (pay investors back, and to regain my own self-respect), hoping that people from all walks of life—from those at the highest levels of Wall Street to those in the very trenches of Main Street—will read my book and take away the intended messages, namely: that crime doesn’t pay, and that despite the ironic humor of being able to peer into the life of the temporarily insane, there is nothing glamorous about being known as a Wolf of Wall Street.

You can bet these “tell-all” memoirs of former Wall Street investors turned criminals will be filling the shelves of the True Crime section of bookstores for years to come. It may be hard to decipher which cons are truly sorry for their crimes, as opposed to those who are simply trying to benefit from their mistakes. Hopefully, the outcome of such books will educate rather than inspire.

How do you feel about these Wall Street cons turned authors? Would you be interested in reading their “tell alls?”

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One Response to “Con Writes About Greed and Scandal on Wall Street”

  1. Chartreuse » Blog Archive » Post Obama Capitalism And The Death Of The One Night Stand (or the importance of wallpaper books) Says: March 12th, 2009 at 8:44 am

    [...] Greed. [...]

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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