This edition covers updates on the laws, numbers, and planning strategies. Illustrations.

    Though no large financial institution has recently gone bust in this country, white-collar criminals, scam artists, Ponzi schemers and organized crime, from the Hells Angels to the Russian mafia, know that Canada is the place in the Western world to rip off investors. And the fraudsters do so with little fear of being caught and punished. Thieves of Bay Street investigates Canada's biggest financial scandals of recent years. Readers will learn what banks do with investors' money and what happens when they lose it. They will meet the bogus investment gurus, the brokers who lose money with both reckless abandon and impunity, the bankers who squander money in toxic investments, the lawyers who protect them and the regulators who do nothing to keep them from doing it again. And most importantly, they'll meet the victims who are demanding that our vaunted banking sector finally come clean on its dirtiest secret.

    Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding.Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun.How this happened – and why – is the subject of William D. Cohan’s superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street. Bear Stearns serves as the Rosetta Stone to explain how a combination of risky bets, corporate political infighting, lax government regulations and truly bad decision-making wrought havoc on the world financial system.Cohan’s minute-by-minute account of those ten days in March makes for breathless reading, as the bankers at Bear Stearns struggled to contain the cascading series of events that would doom the firm, and as Treasury Secretary Henry Paulson, New York Federal Reserve Bank President Tim Geithner, and Fed Chairman Ben Bernanke began to realize the dire consequences for the world economy should the company go bankrupt. But HOUSE OF CARDS does more than recount the incredible panic of the first stages of the financial meltdown. William D. Cohan beautifully demonstrates why the seemingly invincible Wall Street money machine came crashing down. He chronicles the swashbuckling corporate culture of Bear Stearns, the strangely crucial role competitive bridge played in the company’s fortunes, the brutal internecine battles for power, and the deadly combination of greed and inattention that helps to explain why the company’s leaders ignored the danger lurking in Bear’s huge positions in mortgage-backed securities.The author deftly portrays larger-than-life personalities like Ace Greenberg, Bear Stearns’ miserly, take-no-prisoners chairman whose memos about re-using paper clips were legendary throughout Wall Street; his profane, colorful rival and eventual heir Jimmy Cayne, whose world-champion-level bridge skills were a lever in his corporate rise and became a symbol of the reasons for the firm’s demise; and Jamie Dimon, the blunt-talking CEO of JPMorgan Chase, who won the astonishing endgame of the saga (the Bear Stearns headquarters alone were worth more than JP Morgan paid for the whole company). Cohan’s explanation of seemingly arcane subjects like credit default swaps and fixed- income securities is masterful and crystal clear, but it is the high-end dish and powerful narrative drive that makes HOUSE OF CARDS an irresistible read on a par with classics such as LIAR’S POKER and BARBARIANS AT THE GATE.Written with the novelistic verve and insider knowledge that made THE LAST TYCOONS a bestseller and a prize-winner, HOUSE OF CARDS is a chilling cautionary tale about greed, arrogance, and stupidity in the financial world, and the consequences for all of us.

    An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.

    In Rise of the Robots, Silicon Valley entrepreneur Martin Ford argues that this is absolutely not the case. As technology continues to accelerate and machines begin taking care of themselves, fewer people will be necessary. Artificial intelligence is already well on its way to making “good jobs” obsolete: many paralegals, journalists, office workers, and even computer programmers are poised to be replaced by robots and smart software. As progress continues, blue and white collar jobs alike will evaporate, squeezing working- and middle-class families ever further. At the same time, households are under assault from exploding costs, especially from the two major industries—education and health care—that, so far, have not been transformed by information technology. The result could well be massive unemployment and inequality as well as the implosion of the consumer economy itself.In Rise of the Robots, Ford details what machine intelligence and robotics can accomplish, and implores employers, scholars, and policy makers alike to face the implications. The past solutions to technological disruption, especially more training and education, aren't going to work, and we must decide, now, whether the future will see broad-based prosperity or catastrophic levels of inequality and economic insecurity. Rise of the Robots is essential reading for anyone who wants to understand what accelerating technology means for their own economic prospects—not to mention those of their children—as well as for society as a whole.

    . . . Steffy meets the burden by demonstrating that corporate behemoth BP (formerly British Petroleum) could have prevented the 11 deaths on April 20, 2010, aboard the Deepwater Horizon. . . . The deaths and the gigantic oil spill following the sinking of Deepwater Horizon will surely become a landmark of corporate ineptness and greed for the remainder of human history, thanks in part to Steffy's remarkable account." San Antonio Express-News "Steffy has produced a fascinating, gripping, revealing account. . . . The book details events aboard the Deepwater Horizon in April of 2010 to start, but it digs deeper into what is revealed as a culture of cost-cutting boiling over within BP. Steffy documents years of incidents and poor management decisions, detailing the rise of key characters like John Browne and Tony Hayward alongside riveting outlines of horrifying events in Texas City and at other BP locations. . . . The book reads like fiction at times, with the author's heavily-detailed accounts of explosions and conversations creating vivid, nearly fantastical images. The tragic history of BP is all-too-real, though, as the lost lives and environmental damage certainly attest to.. . . Steffy is a thorough, straightforward author. His concerns largely lie with the loss of life and the general culture of cost-cutting of BP, painting an apt and terrifying picture of rampant, steady, costly neglect." Seattle Post Intelligencer "Steffy provides valuable insight and crucial corporate context in explaining how so much oil ended up in the Gulf of Mexico." BusinessWeek "[Steffy's] investigations reveal a corporate culture of cost-cutting initiatives that put profits ahead of workers' lives and the environment, with repeated safety violations and an abysmal accident history. . . . Steffy details how, in the context of BP's record, the disaster was just part of a pattern of poor decision making in the relentless pursuit by BP to become the largest and most profitable oil company in the world." Booklist About the BookAs night settled on April 20, 2010, a series of explosions rocked Deepwater Horizon, the immense semisubmersible drilling platform leased by British Petroleum, located 40 miles off the Louisiana coast. The ensuing inferno claimed 11 lives, and it would rage uncontained for two days, until its wreckage sank to a final resting place nearly a mile beneath the waves. On the ocean floor, the unit's wellhead erupted. Over the next ten weeks, as repeated attempts to cap the geyser failed, an estimated 200 million gallons of oil--the equivalent of 20 Exxon Valdez spills--spewed into the Gulf of Mexico, eventually lapping up on beaches as far away as Florida.Drowning in Oil, by award-winning Houston Chronicle business reporter and columnist Loren Steffy--considered by many to be the writer with the best access to the story--is an unprecedented and gripping narrative of this catastrophe and how BP's winner-take-all business culture made it all but inevitable.Through never-before-published interviews with BP executives and employees, environmental experts, and oil industry insiders, Steffy takes us behind the scenes of 100 years of BP corporate history. Beginning with the conglomerate's early gambits in the Middle East to its recent ascent among energy titans, Steff unearths the roots of the Gulf oil spill in the unwritten bargain between oil producers and consumers, whose insatiable appetites drive the search for new supplies faster, farther, and deeper.Beyond this, the Deepwater Horizon disaster took place after a history of cost cutting in pursuit of profits, particularly under the guidance of its two most recent ex-CEOs, John Browne and Anthony Hayward.Exhaustively researched and documented, Drowning in Oil is the first in-depth examination of how a lack of corporate responsibility and government oversight led to the biggest offshore oil spill in U.S. history. It is an objective, no-punches-pulled account of the energy industry: its environmental impact and the intense competition among stakeholders in today's oil markets.This book puts all the pieces together, offering a definitive account of BP's pursuit of outsized profits as the industrial world awakens to the grim realities of Peak Oil."They fumbled around the darkened room and found an instruction manual. By flashlight, they read the starting procedures. They were doing everything right. After five or six futile tries, they gave up and headed back toward the bridge. Back on the bridge, alarms were shrieking and the captain knew they were running out of time. The subsea engineer had hit the emergency disconnect for the well, and although the control panel showed the rig should be free, it wasn't. The hydraulics were dead. Fire continued to shoot from the top of the derrick. The rig had no power, and without power, it had no pumps for the firefighting equipment, no way to shut off the flow of gas from the well, and no way to disconnect the rig from the flaming umbilical that had it tethered to the wellhead." --from Drowning in Oil

    Linda Tirado, in her signature brutally honest yet personable voice, takes all of these preconceived notions and smashes them to bits. She articulates not only what it is to be working poor in America (yes, you can be poor and live in a house and have a job, even two), but what poverty is truly like—on all levels. Frankly and boldly, Tirado discusses openly how she went from lower-middle class, to sometimes middle class, to poor and everything in between, and in doing so reveals why “poor people don’t always behave the way middle-class America thinks they should.”

    In nearly every moment of our waking lives, we face a barrage of messaging, advertising enticements, branding, sponsored social media, and other efforts to harvest our attention. Few moments or spaces of our day remain uncultivated by the "attention merchants," contributing to the distracted, unfocused tenor of our times. Tim Wu argues that this condition is not simply the byproduct of recent technological innovations but the result of more than a century's growth and expansion in the industries that feed on human attention. From the pre-Madison Avenue birth of advertising to the explosion of the mobile web; from AOL and the invention of email to the attention monopolies of Google and Facebook; from Ed Sullivan to celebritypower brandslike Oprah Winfrey, Kim Kardashian and Donald Trump, the basic business model of "attention merchants" has never changed: free diversion in exchange for a moment of your consideration, sold in turn to the highest-bidding advertiser. Wu describes the revolts that have risen against the relentless siege of our awareness, from the remote control to the creation of public broadcasting to Apple's ad-blocking OS. But he makes clear that attention merchants are always growing new heads, even as their means of getting inside our heads are changing our very nature--cognitive, social, political and otherwise--in ways unimaginable even a generation ago.

    

    When he was offered an annual bonus of $3.75 million, he grew angry because it was not enough. It was then he knew he had lost himself in his obsessive pursuit of money. And he had come to loathe the culture—the shallowness, the sexism, the crude machismo—and Wall Street’s use of wealth as the sole measure of a person’s worth. He decided to walk away from it all.For Polk, becoming a Wall Street trader was the fulfillment of his dreams. But in reality it was just the culmination of a life of addictive and self-destructive behaviors, from overeating, to bulimia, to alcohol and drug abuse. His obsessive pursuit of money papered over years of insecurity and emotional abuse. Making money was just the latest attempt to fill the void left by his narcissistic and emotionally unavailable father.“Vivid, picaresque...riveting” (NewYorker.com), For the Love of Money brings you into the rarefied world of Wall Street trading floors, capturing the modern frustrations of young graduates drawn to Wall Street. Polk’s “raw, honest and intimate take on one man’s journey in and out of the business…really gives readers something to think about” (CNBC.com). It is “compellingly written...unflinchingly honest...about the inner journey Polk undertakes to redefine success” (Forbes).

    He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the financial innovators.Fundamental to this saga is how “the people who hated to lose” were persuaded to accept risk by “the people who loved to win.” Why did people come to trust and respect arcane financial tools? Who were the bankers competing to assemble the basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum—ending in collapse, bailouts, and a public outcry against the giants of finance?Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

    Since its creation in 2010, Instagram’s fun and simple interface has captured our collective imagination, swiftly becoming a way of life. In No Filter: The Inside Story of Instagram, technology reporter Sarah Frier explains how Instagram’s founders married art and technology to overcome skeptics and to hook the public on visual storytelling. At first, Instagram initially attracted artisans, but then the platform exploded in popularity among the masses, creating an entire industry of digital influencers that’s now worth tens of billions of dollars. Eighteen months after Instagram’s launch and explosive growth, the founders—Kevin Systrom and Mike Krieger—made the gut-wrenching decision to sell the company to Facebook. For most companies, that would be the end of the story; but for Instagram, it was only the beginning. Instagram borrowed some lessons from Facebook and rejected others, until eventually its success stirred tension with Facebook’s CEO Mark Zuckerberg, just as Facebook became embroiled in a string of public crises. Frier unearths the details that led to the cofounders’ departure, bringing to light dramatic moments unknown to the public until now. At its heart, No Filter draws on unprecedented exclusive access—from the founders of Instagram, as well as employees, executives, and competitors; hedge fund billionaire Ray Dalio; Anna Wintour of Vogue; Kris Jenner of the Kardashian-Jenner empire; and a plethora of influencers, from fashionistas with millions of followers to owners of famous dogs worldwide—to show how Instagram has fundamentally changed the way we communicate, shop, eat, and travel. The book brings readers inside users’ strategies to craft their personal image and fame, explaining how the company’s product decisions have affected the structure of our society. From teenagers to the pope, No Filter tells the captivating story of how Instagram not only created a new industry but also changed our lives.

    Mokhtar Alkhanshali is twenty-four and working as a doorman when he discovers the astonishing history of coffee and Yemen’s central place in it. He leaves San Francisco and travels deep into his ancestral homeland to tour terraced farms high in the country’s rugged mountains and meet beleagured but determined farmers. But when war engulfs the country and Saudi bombs rain down, Mokhtar has to find a way out of Yemen without sacrificing his dreams or abandoning his people.

    With blazing originality, The Fourth Turning illuminates the past, explains the present, and reimagines the future. Most remarkably, it offers an utterly persuasive prophecy about how America's past will predict its future.Strauss and Howe base this vision on a provocative theory of American history. The authors look back five hundred years and uncover a distinct pattern: Modern history moves in cycles, each one lasting about the length of a long human life, each composed of four eras--or turnings--that last about twenty years and that always arrive in the same order. In The Fourth Turning, the authors illustrate these cycles using a brilliant analysis of the post-World War II period.First comes a High, a period of confident expansion as a new order takes root after the old has been swept away. Next comes an Awakening, a time of spiritual exploration and rebellion against the now-established order. Then comes an Unraveling, an increasingly troubled era in which individualism triumphs over crumbling institutions. Last comes a Crisis--the Fourth Turning--when society passes through a great and perilous gate in history. Together, the four turnings comprise history's seasonal rhythm of growth, maturation, entropy, and rebirth.The Fourth Turning offers bold predictions about how all of us can prepare, individually and collectively, for America's next rendezvous with destiny.

    Budget deficits are bad. A strong dollar is good. Controlling inflation is paramount. Pay reflects greater worker skills. A deregulated free market is fair and effective. Theories like these have become mantras among American economists both liberal and conservative over recent decades. Validated originally by patron saints like Milton Friedman, they’ve assumed the status of self-evident truths across much of the mainstream. Jeff Madrick, former columnist for The New York Times and Harper’s, argues compellingly that a reconsideration is long overdue. Since the financial turmoil of the 1970s made stagnating wages and relatively high unemployment the norm, Madrick argues, many leading economists have retrenched to the classical (and outdated) bulwarks of theory, drawing their ideas more from purist principles than from the real-world behavior of governments and markets—while, ironically, deeply affecting those governments and markets by their counsel. Madrick atomizes seven of the greatest false idols of modern economic theory, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years, causing hundreds of billions of dollars of wasted investment, financial crisis after financial crisis, poor and unequal public education, primitive public transportation, gross inequality of income and wealth and stagnating wages, and uncontrolled military spending. Using the Great Recession as his foremost case study, Madrick shows how the decisions America should have made before, during, and after the financial crisis were suppressed by wrongheaded but popular theory, and how the consequences are still disadvantaging working America and undermining the foundations of global commerce. Madrick spares no sinners as he reveals how the “Friedman doctrine” has undermined the meaning of citizenship and community, how the “Great Moderation” became a great jobs emergency, and how economists were so concerned with getting the incentives right for Wall Street that they got financial regulation all wrong. He in turn examines the too-often-marginalized good ideas of modern economics and convincingly argues just how beneficial they could be—if they can gain traction among policy makers. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.