The ongoing tumult in financial markets and the global economy began when some of our most esteemed financial institutions, our government, and even average citizens abdicated their collective responsibilities, eventually selling out investors and selling off the American Dream itself. From critically acclaimed investigative journalist and CNBC personality Charles Gasparino comes a sweeping examination of the most volatile, anxiety-ridden era in our nation's socioeconomic history. The winner of the 2009 Investigative Reporters and Editors Award for Books, The Sellout traces the recent implosion of the financial services business back to its roots in the late 1970s, when Wall Street embraced a new business model predicated on enormous risk. Gasparino reveals a startling trail of culpability—from the government bureaucrats who crafted housing policies to the Wall Street firms that underwrote and invested in risky debt, to the mortgage sellers who indiscriminately handed out loans, and finally to the homeowners who thought they could afford mansions on blue-collar wages.
Blood on the Street is a riveting account of the Wall Street scam in which ordinary investors lost literally billions of dollars -- in many cases their life savings -- in one of the greatest deceptions ever, by the crack reporter who broke the original story. In one of the most outrageous examples of dirty dealing in the history of Wall Street, hundreds of millions of dollars in illicit profits were made during the booming 1990s as a result of research analysts issuing positive stock ratings on companies that kicked back investment banking business. Now, for the first time, award-winning journalist Charles Gasparino reveals the whole fascinating story of greed, arrogance, and corruption. It ...
Rags-to-riches stories abound in American lore, but even Horatio Alger would have been hard-pressed to write one as powerful as Richard Grasso's: the son of a working-class family whose childhood dream was to become a cop. He grew up in New York City's outer boroughs, far removed from the marble halls, expensive suits, and imported cigars of the New York Stock Exchange. Here is the riveting story of how he rose to become the most influential CEO in the Exchange's history. Minus the tony upbringing, affluent prep schools, or inside connections that were de rigueur for top Wall Street players, Grasso would master the subtle deal-making and politics necessary to succeed in the most competitive business on Earth. But despite his successes, Grasso would soon sow the seeds of his own downfall, an event that would change the Exchange forever. The King of the Club paperback edition, featuring a full update on the story, chronicles the amazing rise, fall, and possible rise again of Richard Grasso, and also tells the modern history of the all-powerful institution that he came to symbolize: The New York Stock Exchange.
A top reporter exposes the deep ties between the Obama administration and the big banks that are bankrupting our country. As the recession continues, President Obama has chastised the "fat cats" who feast off government bailout money while unemployment remains high and smaller businesses struggle. But according to Gasparino, Obama is faking his outrage, and his calls for new policies to rein in banks that are "too big to fail" are just pabulum. In reality, Obama has climbed into bed with Wall Street CEOs, giving them what they want so they will support his liberal, big- government agenda. As a result, the big banks responsible for the credit crisis get rescued, while small businesses and ord...
A top reporter exposes the deep ties between the Obama administration and the big banks that are bankrupting our country. As the recession continues, President Obama has chastised the "fat cats" who feast off government bailout money while unemployment remains high and smaller businesses struggle. But according to Gasparino, Obama is faking his outrage. In reality, he is giving the Wall Street CEOs what they want so they will support his liberal, big-government agenda. As a result, the big banks responsible for the credit crisis get rescued, while small businesses and ordinary Americans get crushed by higher taxes and irresponsible spending. Gasparino draws on interviews with dozens of key CEOs and political players to trace the roots of Wall Street's twisted love affair with one of the most liberal presidents in American history.--From publisher description.
Inside Job - Corruption In the Stock Market Revealed
The events depicted in this book reflect my experiences on Wall Street and at MCI Communications Corporation. The conversations recounted here are based on my recollections and, wherever possible, the recollections of others present at the time, audio and video tapes of company presentations and conference calls, my e-mail records, and my contemporaneous notes. When describing events or conversations that occurred when I was not present, I have relied on a variety of sources: the accounts of people who were there, transcripts or recordings of conference calls and meetings, press releases, newspaper reports, speeches, court testimony, and other documents. Citations have been noted extensively in the text and the end-notes.
We are at a crossroads in our nation s history and presented with two distinct choices; liberty or tyranny. We either believe in American exceptionalism and the founding principle that man can rule himself. Or we choose a style of governance that centrally plans our very existence. We either believe in the principles espoused by Washington, Jefferson, Madison, Franklin, et al...or we believe in the principles espoused by Marx, Engels, Bismarck, Lenin, et al... Following The Constitutional Convention, Benjamin Franklin said we have a Republic if we can keep it. A warning against apathy and a call to arms that freedom requires eternal vigilance. Reagan planted his flag and asked, if not us who, if not now, when? We are presented with a choice, between a style of government whereby the power is derived from the people and a style of government that usurps all power from the governed. Progressivism is a villainous perfidy and a style of government completely antithetical to our founding principles.
The retail industry now employs far more Americans than the manufacturing sector. Wal-Mart alone employs more Americans than the dozen largest manufacturers combined. Managed by the Markets explains how finance has replaced manufacturing at the center of the American economy and what it means for business, banking, government, and individuals. For much of the 20th century, American society was shaped by large corporations and their business and employment practices. But since the early 1980s, finance and financial considerations have increasingly taken center stage, reshaping the institutions of American society along the way. Corporations have become more focused and network-like, with an o...
The American people will never knowingly adopt Socialism, but under the name of liberalism, they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened. —Norman Thomas With the GDP growing to its peak in June 2008, why did the Lehman Brothers bankruptcy of September 15, 2008, help spark a recession that grew to be the Great Recession? How is it possible that American financial leadership was so negligent and uninformed as to not foresee an economic situation that would be described as being so severe that it would require trillions of dollars to avoid a Great Depression? Are we so incapable from a financial management perspective, or are we so paralyzed by political forces that necessary corrections were either not foreseen or not allowed? Through meticulous research, Masters of Audacity and Deceit answers these questions and connects the dots that link the myriad factors that have led this country to its current state.
Argues that the biggest threat to America is its own power and the effect this power has on the perception of people throughout the world, who tend to favor countries that are seen as the underdog, and scorn the United States because it is perceived as being in the biggest position of power.