English Summary/英文概要： What do Michael Milken and Martha Stewart have in common? (Answer: Both became public scapegoats for an outrageous era of greed and excess.) Jack Welch and Jim Fisk? (Answer: Both were captains of industry, eventually undone by extracurricular philandering.) Which was the most outrageous party thrown by a financial baron of the twentieth century? (Answer: Tough call, but either Michael Milken’s Predators Ball in 1985, or Dennis Kozlowski’s Sardinian birthday bash in 2001, with its vodka-spouting sculpture.) Which U.S. war hero president became party to, and victim of, an unabashed con man known as the Napoleon of Wall Street? (Answer: Ulysses S. Grant, but it’s a long story.)
These questions and more are discussed in Scott MacDonald and Jane Hughes’ Separating Fools from Their Money. The authors trace the history of financial scandals from the early days of the young republic through the Enron/WorldCom debacle of modern times. A host of colorful characters inhabit the pages of this history, revealing human nature in all of its dubious shades of gray. At the same time, the book exposes themes common to all financial scandals, which remain astonishingly unchanged over more than two centuries—greed, hubris, media connections, self-interested politicians, and booms-gone-bust, to name a few. It explores the role of reformers who emerge in the wake of a scandal, concluding with a fascinating comparison of crusading New York Attorney General Eliot Spitzer with his equally crusading and equally ambitious namesake, crime buster Eliot Ness.
Written in an informative and entertaining style, Fools should engage the interest of the casual business reader, investors, as well as academic economists interested in supplemental readings for their students.
Chinese Summary/中文概要： 财政丑闻在美国揭露后，美国被一阵公众的不满和媒体大肆宣扬所包围着。伴随而来的是对于公司犯罪有更严格的法规和惩罚。财政丑闻的相似性并不是巧合，一种模仿出现在美国所经历过的每一次丑闻。这种模式对于如何阻止未来的商业犯罪是必不可少的。书中详细介绍了1792年股票恐慌到1929年的股票市场大跌的原因以及财务丑闻对21世纪早期的影响。我们发现它们的起因，作用和后果有着惊人的相似。本书不仅非常有用而且有趣。把许多复杂的丑闻简单化，更容易让普通读者看懂。(RY)
Awards/获奖情况： "Separating Fools from their Money is not only extremely useful, but also highly entertaining. Many complex scandals are reduced to their most basic elements, which makes this book accessible to general readers as well as businesspeople and financial specialists. This combination of readibility and usability makes this book the definitive primer on American financial scandals---Review by Dan Bergevin, principal of Catfield International, on ASISonline.org
||About the Author/作者介绍： Scott B. MacDonald is a partner and co-head of research at Aladdin Capital Management, LLC. He is the author of European Destiny, Atlantic Transformations and the co-author, with Albert L. Gastmann, of A History of Credit and Power in the Western World, both available from Transaction.
Jane E. Hughes is a professor of finance at Hult International Business School in Boston. She is the co-author, with Scott B. MacDonald, of International Banking and, with Scott B. MacDonald and David Leith Crum, of New Tiger and Old Elephants available from Transaction.
Scott B. MacDonald，European Destiny和Atlantic Transformations的作者。
ane E. Hughes，金融学教授。