Archive for the ‘Business’ Category

Posted on November 15, 2008 - by Lauren

Plunder

Plunder:

Investigative Insight into a Financial Meltdown

Reviewed by Stuart Nachbar

These days I have to ask myself if book publishers and Wall Street make connected decisions on the release of business profile books. Is it mere coincidence that stories about AIG and Bear Stearns have appeared scant weeks after their failures were fait accompli with the business press?

{mosimage}Investigative journalist and television producer Danny Schechter asked that very same question in a new book: Plunder, Investigating our Economic Calamity and the Subprime Scandal. He explained that only a small press was willing to take on the title because Plunder did not fit the template for traditional business books where, in his own words, story telling trumps analysis. While Schecter has been part of news establishment himself—he produced ABC News’ 20/20 for seven years, part of an extremely long resume of credits—he prides himself on being an independent thinker.

Schechter’s experience shines throughout Plunder. He takes you step-by-step not only through the debt crisis that brought on the most recent federally-backed bailout, but also shows how the regulators and the national business news media were tacit collaborators with Wall Street and the Bush Administration. He does a better job at posing the pointed questions than someone like Michael Moore, who does not have either the education or professional journalistic experience.  Nor does he take sides with the Democratic Party, as Moore does. Schechter holds them equally to blame, though he shows some hope for Barack Obama in this story. He does, however, show materials from academic allies, the CEO of the National Community Reinvestment Coalition as well as the Reverend Jesse Jackson, who calls Schecter a “human rights activist.” And his writing style is less dry than Al Gore’s.
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