There were only two people who were not allowed to be guests on NBC's Tonight Show during Johny Carson's reign: Ralph Nader and Richard Ney. When Richard Ney's first book, The Wall Street Jungle, came out it was on the New York Times best seller list for 11 months. Yet the New York Times would not review it. The Wall Street Journal refused to take an ad from a New York bookstore that featured The Wall Street Jungle.
On February 5, 1997, I was pleased to receive Mr. Ney's phone responses to these questions:
- Did the ‘87 stock market “crash” result in any positive improvement in the overall Wall Street system?
- Do you think the ‘87 “crash” was orchestrated by the specialist- investment banker cartel?
Ney: Yes, orchestrated by the specialists with the knowledge of the investment bankers, as evidenced by their huge stock accumulations on Monday, October 19th.
- Would this cartel benefit from an even larger “crash” in the future?
Ney: Yes, and the specialist cartel is currently planning just such a crash, as evidenced by the provision for the 350-point cutoffs.
- Are there ways Americans could work toward a reform of the stock market?
Ney: Probably not. It's too highly controlled by people with vast sums of money.
- Are increasing numbers of people able to understand the specialist con game as you explain it?
Ney: Yes. However, there are still far too few to be able to make much change in the stock market. Most people still believe the stock market is too respectable to carry on a scam such as it is.
At the time of the interview, Mr. Ney indicated that he was revising Making It In The Market and hoped to release it soon. The revised book did not appear before Mr. Ney's death in 2004.
- Ney, Richard. The Wall Street Jungle, fifth printing. New York: Grove Press, Inc., 1970.
- Ney, Richard. The Wall Street Gang, third printing. New York: Praeger Publishers, Inc., 1974.
- Ney, Richard. Making It In The Market. New York: McGraw-Hill, 1975.
- Richard Ney on the Role of the Specialist
- The Ney Report