November 15, 2004
News & Opinion: You Too Can Learn the Insurance Industry
This is not an infomercial.
There was an article in the Wall Street Journal [sub. needed] a few weeks ago about the staff that works for NY Attorney General Eliot Spitzer. The article talked about how they run a pretty tight ship and are very frugal. There were a couple of paragraphs that really caught our attention though:
One thing their new workplace doesn't have: a fancy, well-stocked library. Months before the office unveiled its explosive charges against the insurance industry on Oct. 14, its top lawyers decided they needed to bone up on the complex business. So the office's insurance expert, Assistant Attorney General Melvin Goldberg, went to a branch of the Brooklyn Public Library and checked out its sole copy of Andrew Tobias's classic book on the insurance industry: "Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know."
Senior lawyers in the office passed the volume around and soon started buying additional used copies online. Eventually, they boiled down the book's lessons, along with a compendium of stock research and newspaper articles, into a short handout for interns and other newcomers to the insurance probe.
Goldberg was pretty smart to go to the library for "Invisible Bankers". It was originally published in 1982 and is currently out of print. If you want the industry knowledge that Spitzer's team has, we at 800-CEO-READ would be happy to help you find a used copy.