Download or read book Wall Street Under Oath The Story of Our Modern Money Changers written by Ferdinand Pecora and published by Graymalkin Media. This book was released on 2014-10-10 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ferdinand Pecora investigated with ruthlessly abandon the nation’s most influential bankers and stockbrokers to determine what caused the Wall Street Crash of 1929, which in turn led to the Great Depression. Pecora, as Chief Counsel of Senate launched investigation, shined a vivid light on the shocking practices, deception, and lack of ethics that permeated Wall Street from the bottom to the highest echelons of power. Wall Street’s major players thought they were untouchable masters of their domain, but in the hot seat of the witness chair, eye-to-eye with Pecora, they were no match and fell like dominoes. The mighty J. P. Morgan was forced to admit he and many of his partners hadn’t paid any income taxes in the previous two years and his reputation was tarnished. Pecora’s expose of the practices of National City Bank (now Citibank) made banner headlines and caused the bank’s president to resign. Pecora Wall Street Under Oath in easy to understand language because he was afraid the public might get forgetful. And he was right. Federal Reserve Chairman Ben Bernanke said the 2008 “Great Recession” was actually worse than the Great Depression. Clearly, we need to stay vigilant with a refresher course from Ferdinand Pecora. First published in 1939, this classic book is as relevant today as it was then – because on Wall Street, greed is always in style.
Download or read book Wall Street Under Oath written by Ferdinand Pecora and published by . This book was released on 1968 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wall Street Under Oath written by Ferdinand Pecora and published by . This book was released on 1973 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Hellhound of Wall Street written by Michael Perino and published by Penguin. This book was released on 2010-10-14 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: A gripping account of the underdog Senate lawyer who unmasked the financial wrongdoing that led to the Crash of 1929 and forever changed the relationship between Washington and Wall Street. In The Hellhound of Wall Street, Michael Perino recounts in riveting detail the 1933 hearings that put Wall Street on trial for the Great Crash. Never before in American history had so many financial titans been called to account before the public, and they had come within a few weeks of emerging unscathed. By the time Ferdinand Pecora, a Sicilian immigrant and former New York prosecutor, took over as chief counsel, the investigation had dragged on ineffectively for nearly a year and was universally written off as dead. The Hellhound of Wall Street provides a minute-by-minute account of the ten dramatic days when Pecora turned the hearings around, cross- examining the officers of National City Bank (today's Citigroup), particularly its chairman, Charles Mitchell, one of the best known bankers of his day. Mitchell strode into the hearing room in obvious disdain for the proceedings, but he left utterly disgraced. Pecora's rigorous questioning revealed that City Bank was guilty of shocking financial abuses, from selling worthless bonds to manipulating its stock price. Most offensive of all was the excessive compensation and bonuses awarded to its executives for peddling shoddy securities to the American public. Pecora became an unlikely hero to a beleaguered nation. The man whom the press called "the hellhound of Wall Street" was the son of a struggling factory worker. Precocious and determined, he became one of New York's few Italian American lawyers at a time when Italians were frequently stereotyped as anarchic criminals. The image of an immigrant lawyer challenging a blue-blooded Wall Street tycoon was just one more sign that a fundamental shift was taking place in America. By creating the sensational headlines needed to galvanize public opinion for reform, the Pecora hearings spurred Congress to take unprecedented steps to rein in the freewheeling banking industry and led directly to the New Deal's landmark economic reforms. A gripping courtroom drama with remarkable contemporary relevance, The Hellhound of Wall Street brings to life a crucial turning point in American financial history.
Download or read book Confidence Men written by Ron Suskind and published by Harper Collins. This book was released on 2012-06-19 with total page 809 pages. Available in PDF, EPUB and Kindle. Book excerpt: The hidden history of Wall Street and the White House comes down to a single, powerful, quintessentially American concept: confidence. Both centers of power, tapping brazen innovations over the past three decades, learned how to manufacture it. Until August 2007, when that confidence finally began to crumble. In this gripping and brilliantly reported book, Ron Suskind tells the story of what happened next, as Wall Street struggled to save itself while a man with little experience and soaring rhetoric emerged from obscurity to usher in “a new era of responsibility.” It is a story that follows the journey of Barack Obama, who rose as the country fell, and offers the first full portrait of his tumultuous presidency. Wall Street found that straying from long-standing principles of transparency, accountability, and fair dealing opened a path to stunning profits. Obama’s determination to reverse that trend was essential to his ascendance, especially when Wall Street collapsed during the fall of an election year and the two candidates could audition for the presidency by responding to a national crisis. But as he stood on the stage in Grant Park, a shudder went through Barack Obama. He would now have to command Washington, tame New York, and rescue the economy in the first real management job of his life. The new president surrounded himself with a team of seasoned players—like Rahm Emanuel, Larry Summers, and Tim Geithner—who had served a different president in a different time. As the nation’s crises deepened, Obama’s deputies often ignored the president’s decisions—“to protect him from himself”—while they fought to seize control of a rudderless White House. Bitter disputes—between men and women, policy and politics—ruled the day. The result was an administration that found itself overtaken by events as, year to year, Obama struggled to grow into the world’s toughest job and, in desperation, take control of his own administration. Pulitzer Prize-winning journalist Ron Suskind intro-duces readers to an ensemble cast, from the titans of high finance to a new generation of reformers, from petulant congressmen and acerbic lobbyists to a tight circle of White House advisers—and, ultimately, to the president himself, as you’ve never before seen him. Based on hundreds of interviews and filled with piercing insights and startling disclosures, Confidence Men brings into focus the collusion and conflict between the nation’s two capitals—New York and Washington, one of private gain, the other of public purpose—in defining confidence and, thereby, charting America’s future.
Download or read book Wall Street written by Charles R. Geisst and published by Oxford University Press, USA. This book was released on 2004 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this wide-ranging volume, a financial historian updates the first history of Wall Street, recounting the speculative fever of the 1990s and the scandals at Enron, Tyco, WorldCom, and Conseco. 27 halftones.
Download or read book Medicare Meltdown written by Rosemary Gibson and published by Rowman & Littlefield Publishers. This book was released on 2013-04-16 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Medicare affects everyone. If you are a boomer, you are counting on Medicare to protect you from the cost of health care when you retire. If you have turned 65, you already depend on Medicare. If you are a Gen-X or Gen-Y, you are contributing to Medicare from your paycheck. Will Medicare continue to exist as we have known it? Will it be there when you need it? How much will it cost? As the future of Medicare is debated in Washington, Rosemary Gibson and Janardan Prasad Singh shine a light on a rarely-seen side of this storied program: the business of Medicare. Medicare is known as an entitlement for the nation’s seniors. It is also the largest entitlement-based program for any business sector in the US economy. Its beneficiaries include hospitals, doctors, drug companies, device manufacturers, Wall Street investment banks, private equity firms, hedge funds, and others that rely on the $600 billion that Medicare spends a year. The ties that bind Wall Street and Washington in the healthcare industry are strong, and they will play an outsized role in determining Medicare’s future. Gibson and Singh reveal how the industry’s interests are often at odds with those of seniors and boomers. While some politicians point to the culture of dependence of the public on Medicare, the authors suggest that policymakers turn their attention to the culture of dependence of the healthcare industry on Medicare, which is the predominant force pushing the program toward a fiscal cliff. The amount of waste in the Medicare program is equivalent to the entire economy of New Zealand. For Medicare to be sustained, this culture of dependence -- and the habits it breeds, namely waste, excessive pricing, and overuse of unnecessary services -- should be the first priority for the chopping block. By parings back the excess, the authors argue, Medicare can be sustained for future generations. This is essential reading for anyone interested in how Medicare works, how it could work better, and where it will go if reforms are not made.
Download or read book Models Behaving Badly written by Emanuel Derman and published by Simon and Schuster. This book was released on 2011-10-25 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
Download or read book The MBA Oath written by Max Anderson and published by Penguin. This book was released on 2010-04-29 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As a manager, my purpose is to serve the greater good by bringing people and resources together to create value that no single individual can create alone..." So begins the MBA Oath, conceived in early 2009 by Max Anderson, Peter Escher, and a team of Harvard Business School students. They saw that in the wake of the financial crisis, the Madoff scandal, and other headlines, MBAs were being vilified. People were angry because business leaders, many of whom were MBAs, seemed not to care about anything beyond their own private interests. Many began to question the worth of business schools and the MBA degree. The oath quickly spread beyond Harvard, becoming a worldwide movement for a new generation of leaders who care about society as well as the bottom line. Thousands of graduating MBAs have now pledged to conduct themselves with honesty and integrity, just as medical students swear by the Hippocratic oath before they can practice. This book is the manifesto for the movement. It provides not only a strong case for why the MBA Oath is necessary but also examples of how it can be applied in the real world. It will help guide businesspeople through some of the toughest decisions they'll make in their careers.
Download or read book Wall Street A History written by Charles R. Geisst and published by Oxford University Press, USA. This book was released on 2004-02-20 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the seven years since the publication of the first edition of Wall Street, America's financial industry has undergone a series of wrenching events that have dramatically changed the nation's economic landscape. The bull market of the 1990's came to a close, ushering in the end of the dot com boom, a record number of mergers occurred, and accounting scandals in companies like Enron and WorldCom shook the financial industry to its core. In this wide-ranging volume, financial historian Charles Geisst provides the first history of Wall Street, explaining how a small, concentrated pocket of lower Manhattan came to have such enormous influence in national and world affairs. In this updated edition, Geisst sums up the recent turbulence that has threatened America's financial industry. He shows how in 1997 thirty NASDAQ market makers paid a record $1.3 billion fine for price irregularities in stocks. He makes sense of the closing of the bull market, and explains a major change in the accounting rules for mergers that caused monumental losses for companies like AOL Time Warner. And he recounts how in the aftermath of the speculative fever that swept Wall Street in the 1990's, the scandals at Enron, Tyco, Worldcom, and Conseco represent a last gasp of mergermania and a fallout from a bubble-like market. Wall Street is at once the story of the street itself, from the days when the wall was merely a defensive barricade built by Peter Stuyvesant, to the modern billion-dollar computer-driven colossus of today. In a broader sense it is an engaging economic history of the United States, the role Wall Street played in making America the most powerful economy in the world, and the many challenges to that role it has faced in recent years.
Download or read book Tangled Webs written by James B. Stewart and published by Penguin. This book was released on 2011-04-19 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bestselling author James B. Stewart's newsbreaking investigation of our era's most high-profile perjurers, revealing the alarming extent of this national epidemic. Our system of justice rests on a simple proposition: that witnesses will raise their hands and tell the truth. In Tangled Webs, James B. Stewart reveals in vivid detail the consequences of the perjury epidemic that has swept our country, undermining the very foundation of our courts. With many prosecutors, investigators, and participants speaking for the first time, Tangled Webs goes behind the scene of the trials of media and homemaking entrepreneur Martha Stewart; top White House political adviser Lewis "Scooter" Libby; home-run king Barry Bonds; and Wall Street money manager Bernard Madoff. The saga of Martha Stewart's conviction captured the nation, but until now no one has answered the most basic question: Why would Stewart risk prison, put her entire empire in jeopardy, and lie repeatedly to government investigators to save a few hundred thousand dollars in stock gains? Moreover, how exactly was the notoriously meticulous Stewart brought down? Drawing on the accounts of then-deputy attorney general James Comey and U.S. Attorney Patrick Fitzgerald, Stewart sheds new light on the Libby investigation, making clear how far into the White House the Valerie Plame CIA scandal extended, and why Libby took the fall. In San Francisco, Giants home-run king Barry Bonds faces trial due to his testimony before a grand jury investigating the use of illegal steroids in sports. Bonds was warned explicitly that the only crime he faced was perjury. Stewart unlocks the story behind the mounting evidence that he nonetheless lied under oath. Bernie Madoff's Ponzi scheme is infamous, but less well known is how he eluded detection for so long in the face of repeated investigations. Of the four he is the only one who has admitted to lying. The perjury outbreak is symptomatic of a broader breakdown of ethics in American life. It isn't just the judicial system that relies on an honor code: Academia, business, medicine, and government all depend on it. Tangled Webs explores the age-old tensions between greed and justice, self-interest and public interest, loyalty and duty. At a time when Americans seem hungry for moral leadership and clarity, Tangled Webs reaffirms the importance of truth.
Download or read book Hedge Hogs written by Barbara T. Dreyfuss and published by Random House. This book was released on 2013-05-21 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: For readers of The Smartest Guys in the Room and When Genius Failed, the definitive take on Brian Hunter, John Arnold, Amaranth Advisors, and the largest hedge fund collapse in history At its peak, hedge fund Amaranth Advisors LLC had more than $9 billion in assets. A few weeks later, it completely collapsed. The disaster was largely triggered by one man: thirty-two-year-old hotshot trader Brian Hunter. His high-risk bets on natural gas prices bankrupted his firm and destroyed his career, while John Arnold, his rival at competitor fund Centaurus, emerged as the highest-paid trader on Wall Street. Meticulously researched and character-driven, Hedge Hogs is a riveting fly-on-the-wall account of the largest hedge fund collapse in history: a blistering tale of the recent past that explains our precarious present . . . and may predict our future. Using emails, instant messages, court testimony, and exclusive interviews, securities analyst turned investigative reporter Barbara T. Dreyfuss charts the colliding paths of these two charismatic traders who dominated the speculative energy market. We follow Brian Hunter, the Canadian farm boy and elbows-out high school basketball star, as he achieves phenomenal early success, only to see his ambition, greed, and hubris precipitate his downfall. Set in relief is the journey of John Arnold, whose mild manner, sophisticated tastes, and low profile belied his own ferocious competitive streak. As the two clash, hundreds of millions of dollars in pension and endowment money is imperiled, with devastating public consequences. Hedge Hogs takes you behind closed doors into the shadowy world of hedge funds, the unregulated wild side of finance, where over-the-top parties and lavish perks abound and billions of dollars of other people’s money are in the hands of a tiny elite. Dreyfuss traces the rise of this freewheeling industry while detailing the decades of bank, hedge fund, and commodity deregulation that turned Wall Street into a speculative casino. A gripping saga peppered with fast money, vivid characters, and high drama, Hedge Hogs is also an important and timely cautionary tale—a vivisection of a financial system jeopardized by reckless practices, watered-down regulation, and loopholes in government oversight, just waiting for the next bust. Praise for Hedge Hogs “Regulators, legislators and judges inclined to sympathize with the industry ought to rush out and buy a copy of Barbara Dreyfuss’s Hedge Hogs, a wonderfully instructive tale about Amaranth Advisors. . . . Dreyfuss, a Wall Street analyst turned investigative journalist, not only plowed through what turned out to be a treasure trove of official records and transcripts, but supplemented it with plenty of her own reporting. She manages to organize it all into a tight, riveting and understandable yarn.”—The Washington Post “Clearly and entertainingly told . . . a salutary example of how traders who believe they are super-smart might be nothing more than lucky, and how there is nothing so intoxicating as the ability to speculate with other people’s money.”—The Economist “[Dreyfuss] does a great job of putting Amaranth’s out-of-control trader into historical context, explaining the blitz of deregulation that set the stage for someone like Hunter to do maximum damage.”—Bloomberg “The definitive take on the largest hedge fund collapse in history . . . You will not be able to put it down.”—Frank Partnoy, author of F.I.A.S.C.O. and Infectious Greed Named One of the Top 10 Business & Economics Books of the Season by Publishers Weekly
Download or read book Wall Street and the Financial Crisis Anatomy of a Financial Collapse written by and published by DIANE Publishing. This book was released on 2011 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wall Street People written by Charles D. Ellis and published by John Wiley & Sons. This book was released on 2003-01-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Writing with James R. Vertin, author Charles D. Ellis presents brief profiles of 85 Wall Street leaders who contributed to the growth of the world's major financial marketplace. The authors divide these individuals - all men, which tells a tale right there - into four slightly arbitrary groups: masters of investing, movers and shakers, business builders, and wisemen and rascals. The collection is drawn from the other writers' pieces about these men, and includes occasional articles the featured financiers wrote themselves. Apart from a few brief notes about some patterns that the author observed, these excerpts from various sources stand alone, with no overarching theme or exposition. getAbstract keenly feels the lack of a few analytical essays that might have pulled the collection together and integrated it thematically, but even so, this serves as a useful research tool and an interesting introduction to a unique confluence of powerful men.
Download or read book Strange Justice written by Jane Mayer and published by Graymalkin Media. This book was released on 2018-05-09 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now a New York Times Best Seller and a National Book Award finalist. Charged with racial, sexual, and political overtones, the confirmation of Clarence Thomas as a Supreme Court justice was one of the most divisive spectacles the country has ever seen. Anita Hill’s accusation of sexual harassment by Thomas, and the attacks on her that were part of his high-placed supporters’ rebuttal, both shocked the nation and split it into two camps. One believed Hill was lying, the other believed that the man who ultimately took his place on the Supreme Court had committed perjury. In this brilliant, often shocking book, Jane Mayer and Jill Abramson, two of the nation’s top investigative journalists examine all aspects of this controversial case. They interview witnesses that the Judiciary Committee chose not to call, and present documents never before made public. They detail the personal and professional pasts of both Clarence Thomas and Anita Hill and lay bare a campaign of lobbying, public relations, and character assassination fueled by conservative power at its most desperate. A gripping high-stakes drama, Strange Justice is not only a definitive account of the Clarence Thomas nomination hearings, but is also a classic casebook of how the Washington game is played by those for whom winning is everything.
Download or read book A Sacred Oath written by Mark T. Esper and published by HarperCollins. This book was released on 2022-05-10 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: INSTANT NEW YORK TIMES BESTSELLER Former Secretary of Defense Mark T. Esper reveals the shocking details of his tumultuous tenure while serving in the Trump administration. From June of 2019 until his firing by President Trump after the November 2020 election, Secretary Mark T. Esper led the Department of Defense through an unprecedented time in history—a period marked by growing threats and conflict abroad, a global pandemic unseen in a century, the greatest domestic unrest in two generations, and a White House seemingly bent on breaking accepted norms and conventions for political advantage. A Sacred Oath is Secretary Esper’s unvarnished and candid memoir of those extraordinary and dangerous times, and includes events and moments never before told.
Download or read book In an Uncertain World written by Robert Rubin and published by Random House Trade Paperbacks. This book was released on 2004-09-07 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Rubin was sworn in as the seventieth U.S. Secretary of the Treasury in January 1995 in a brisk ceremony attended only by his wife and a few colleagues. As soon as the ceremony was over, he began an emergency meeting with President Bill Clinton on the financial crisis in Mexico. This was not only a harbinger of things to come during what would prove to be a rocky period in the global economy; it also captured the essence of Rubin himself--short on formality, quick to get into the nitty-gritty. From his early years in the storied arbitrage department at Goldman Sachs to his current position as chairman of the executive committee of Citigroup, Robert Rubin has been a major figure at the center of the American financial system. He was a key player in the longest economic expansion in U.S. history. With In an Uncertain World, Rubin offers a shrewd, keen analysis of some of the most important events in recent American history and presents a clear, consistent approach to thinking about markets and dealing with the new risks of the global economy. Rubin's fundamental philosophy is that nothing is provably certain. Probabilistic thinking has guided his career in both business and government. We see that discipline at work in meetings with President Clinton and Hillary Clinton, Chinese premier Zhu Rongji, Alan Greenspan, Lawrence Summers, Newt Gingrich, Sanford Weill, and the late Daniel Patrick Moynihan. We see Rubin apply it time and again while facing financial crises in Asia, Russia, and Brazil; the federal government shutdown; the rise and fall of the stock market; the challenges of the post-September 11 world; the ongoing struggle over fiscal policy; and many other momentous economic and political events. With a compelling and candid voice and a sharp eye for detail, Rubin portrays the daily life of the White House-confronting matters both mighty and mundane--as astutely as he examines the challenges that lie ahead for the nation. Part political memoir, part prescriptive economic analysis, and part personal look at business problems, In an Uncertain World is a deep examination of Washington and Wall Street by a figure who for three decades has been at the center of both worlds.
