Author Hits A Nerve With New Book

Gary Weiss, a former reporter for Business Week, has authored a new volume that, among other things, exposes how difficult it is for investors to make money at mutual funds and how the Securities and Exchange Commission, whose mission is to protect investors, really is protecting the industry.

Gary Weiss, a former reporter for Business Week, has authored a new volume that, among other things, exposes how difficult it is for investors to make money at mutual funds and how the Securities and Exchange Commission, whose mission is to protect investors, really is protecting the industry. And that’s touched a raw nerve, so raw, in fact, Bloomberg News reports, that Weiss has received threatening phone calls and e-mails, something that didn’t happen three years ago when he published his “Born to Steal: When the Mafia Hit Wall Street.” One little nugget from the new release, Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments relates how brokerages won’t allow customers to open accounts unless they sign a statement agreeing to industry-run arbitration in the event of a dispute, thus forgoing their right to sue in court.