Overview

The world awoke one morning to find that trillions of dollars in equity and investments had simply disappeared. The problem: it was trillions of dollars that had been created through financial magic and like magic, it was an illusion. Seeking to avert a total financial meltdown, the U.S. Treasury responded with an unprecedented bailout of banks, brokerage houses and insurance companies. But the fundamental issues were never addressed: the smoke and mirrors that Financial Wizards have created from New York to Moscow and within every capital in the world. This book is not a treatise; it is a fable which attempts to show how financial concepts and interpretations can evolve. But what is true, is that those who believed themselves to be experts, failed to see what they had created. Their decisions, their beliefs created a crisis that came within days of destroying us all. There is no doubt that another crisis will follow. How large or small, will be determined by what we have learned, and if we are willing to control Wizards, who have failed to control themselves.

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9781530511105

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Author, Ralph Nieders, grew up in Mexico and southern California. Influenced from an early age by Swedish and German parents, he often heard lively dinner discussions that ranged from royal weddings in Vienna to Nobel galas in St. Petersburg, but they also included the darker side of life, from corruption to murder that spanned from Moscow to Mexico City. Mr. Nieders' Swedish grandfather, Valter Westelius, was a banker sent to Australia so that he could not testify to the financial dealings of Ivar Kreuger. Kreuger's suspicious death in Paris and his role in the collapse of Lee, Higginson and Company contributed to the Glass Steagall Act in 1933 that regulated U.S. banking for over a half century. Meanwhile his German grandfather, Hans Hermann Nieders, was equally involved in finance, both during World War I and in its aftermath. This aftermath witnessed the collapse of the German economy and currency, and Hitler's opportunistic rise to power. Both the Swedish and German sides of the families crossed paths many times through the upheavals of that era. These familial and environmental influences matched with a traditional education from San Diego State University (BS in Finance) and the University of Southern California (MBA) has afforded Mr. Nieders a unique and unorthodox view of the world. Mr. Nieders' books unravel and unlock the complex world of banking and finance from a mystical land called Prosperity where the two main characters are a Financial Wizard and his assistant Ponzi the Magnificent to real world events that span from the ski slopes of Davos to the slums of Medellin.

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