Download or read book Wall Street Under Oath written by Ferdinand Pecora and published by . This book was released on 1973-01-01 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 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 Speculation written by Stuart Banner and published by Oxford University Press. This book was released on 2017 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the difference between a gambler and a speculator? Is there a readily identifiable line separating the two? If so, is it possible for us to discourage the former while encouraging the latter? These difficult questions cut across the entirety of American economic history, and the periodic failures by regulators to differentiate between irresponsible gambling and clear-headed investing have often been the proximate causes of catastrophic economic downturns. Most recently, the blurring of speculation and gambling in U.S. real estate markets fueled the 2008 global financial crisis, but it is one in a long line of similar economic disasters going back to the nation's founding. In Speculation, author Stuart Banner provides a sweeping and story-rich history of how the murky lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Regulators and courts always struggled to draw a line between investment and gambling, and it is no easier now than it was two centuries ago. Advocates for risky investments have long argued that risk-taking is what defines America. Critics counter that unregulated speculation results in bubbles that always draw in the least informed investors-gamblers, essentially. Financial chaos is the result. The debate has been a perennial feature of American history, with the pattern repeating before and after every financial downturn since the 1790s. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Even after the recent financial crisis, the debate continues. Some, chastened by the crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. These episodes have generated deep ambivalence, yet Americans' faith in investment and - by extension - the stock market has always rebounded quickly after even the most savage downturns. Indeed, the speculator on the make is a central figure in the folklore of American capitalism. Engaging and accessible, Speculation synthesizes a suite of themes that sit at the heart of American history - the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and - not least - the moral conundrum inherent in valuing those who produce goods over those who speculate, and yet enjoying the fruits of speculation. Banner's history is not only invaluable for understanding the fault lines beneath the American economy today, but American identity itself.
Download or read book The Banking Crisis of 1933 written by Susan Estabrook Kennedy and published by University Press of Kentucky. This book was released on 2021-05-11 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: A “well-written, carefully researched study” of this dramatic episode in American financial history, when the banking industry verged on complete collapse (Business History Review). On March 6, 1933, Franklin D. Roosevelt, less than forty-eight hours after becoming president, ordered the suspension of all banking facilities in the United States. How the nation had reached such a desperate situation and how it responded to the banking “holiday” are examined in this book, the first full-length study of the crisis. Although the 1920s had witnessed a wave of bank failures, the situation worsened after the 1929 stock market crash, and by the winter of 1932-1933, complete banking collapse threatened much of the nation. President Hoover’s stopgap measures proved totally inadequate, the author shows, and by March 4, the day of Roosevelt’s inauguration, thirty-four states had declared banking moratoriums. Of special interest in this study is the author’s examination of relations between Herbert Hoover and Franklin D. Roosevelt. Upon the book’s publication, Reviews in American History described The Banking Crisis of 1933 as “by far the best and most comprehensive [study] that has appeared,” and praised its “clear and readable style.”
Download or read book The Speculation Economy written by Lawrence E. Mitchell and published by Berrett-Koehler Publishers. This book was released on 2008-11-17 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: American companies once focused exclusively on providing the best products and services. But today, most corporations are obsessed with maximizing their stock prices, resulting in short-term thinking and the kind of cook-the-books corruption seen in the Enron and WorldCom scandals. How did this happen? In this groundbreaking book, Lawrence E. Mitchell traces the origins of the problem to the first decade of the 20th century, when industrialists and bankers began merging existing companies into huge “combines”—today's giant corporations—so they could profit by manufacturing and selling stock in these new entities. He describes and analyzes the legal changes that made this possible, the federal regulatory efforts that missed the significance of this transforming development, and the changes in American society and culture that led more and more Americans to enter the market, turning from relatively safe bonds to riskier common stock in the hopes of becoming rich. Financiers and the corporations they controlled encouraged this trend, but as stock ownership expanded and businesses were increasingly forced to cater to stockholders' “get rich quick” expectations, a subtle but revolutionary shift in the nature of the American economy occurred: finance no longer served industry; instead, industry began to serve finance. The Speculation Economy analyzes the history behind the opening of this economic Pandora's box, the root cause of so many modern acts of corporate malfeasance.
Download or read book The Money Mafia written by Paul T. Hellyer and published by Trine Day. This book was released on 2014-10-01 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exposing perceived fault lines in our banking and financial systems and explaining how unemployment could be cut in half in two years and worldwide prosperity restored, this book argues the existence of exotic energy sources to replace fossil fuels and consequently recommends an immediate end to fracking and offshore drilling for oil. It further urges an immediate worldwide mobilization to replace the energy source in every car, truck, tractor, ship, airplane, and house on Earth in seven years in a desperate effort to save the planet from further overheating. The book blasts government secrecy, and more than 65 years of supposed lies and disinformation, and demands full disclosure of what they know about visitors from other realms and their technology and the extent of their collaboration, including any treaties that may have been signed by them. With more than 65 years of participation in and observation of political and economic systems—beginning with the Great Depression, extending through World War II, the postwar era of hope for a better life, the Cold War, the subjugation of democracy by oligarchy, and the subtle but continuous militarization of America—Paul T. Hellyer analyzes what he believes has gone wrong with the world and its economy and suggests radical measures to introduce a universal culture of peace and cooperation.
Download or read book The Routledge Handbook of International Crime and Justice Studies written by Bruce Arrigo and published by Routledge. This book was released on 2013-08-15 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the enduring debates and emerging challenges in crime and justice studies from an international and multi-disciplinary perspective.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Current Federal Reserve Policy Under the Lens of Economic History written by Owen F. Humpage and published by Cambridge University Press. This book was released on 2015-03-05 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: A retrospective on the Federal Reserve, these essays by leading historians and economists investigate how financial infrastructure shapes economic outcomes.
Download or read book Impeccable Connections The Rise and Fall of Richard Whitney written by Malcolm MacKay and published by ibooks. This book was released on 2014-03-04 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In 'Impeccable Connections,' Malcolm MacKay, who knew his subject, attempts to fathom the man whom puzzled contemporaries could not." —Maxwell Carter, writing for the The Wall Street Journal “Read this spellbinding book, which repeatedly takes your breath away, and learn that some things never change.” —Craig R. Whitney, author of LIVING WITH GUNS: A LIBERAL’S CASE FOR THE SECOND AMENDMENT Although Richard Whitney is not a common name today, the story of his rise to the top of Wall Street and fall to Sing Sing presages the more recent trajectories of men such as Bernard Madoff, Ivan Boesky, and Charles Keating. In a sense, Whitney’s fall was even greater in that he started at the top of the old-guard establishment. “NOT DICK WHITNEY. NOT DICK WHITNEY!” President Franklin D. Roosevelt exclaimed upon being told Richard Whitney, the long-time president of the New York Stock Exchange, was a criminal. Almost ten years earlier, on October 24, 1929, Black Thursday, as one newspaper’s headline put it the next day, “Richard Whitney Halts Stock Panic.” In 1934, he appeared on the cover of Time magazine, hailed as the leader of the securities industry in its fight against New Deal regulation. Whitney’s message was clear: the securities industry could regulate itself, and the federal government should stay out. Sound familiar? This book tells the tale of Richard Whitney and describes in detail the banking and investment structure that precipitated the stock market collapse of 1929, and how as president of the New York Stock Exchange, Richard Whitney played his role while manipulating powerful and trusted friends.
Download or read book The Oxford Handbook of White Collar Crime written by Shanna R. Van Slyke and published by Oxford University Press. This book was released on 2016-03-01 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although white-collar crime has caused a substantial amount of damage on both the individual and societal levels, it often ranks below street crime as a matter of public concern. Thus, white-collar crime remains an ambiguous and even controversial topic among academics, with a relative dearth of scholarly focus on the issue. The Oxford Handbook of White-Collar Crime offers a comprehensive treatment of the most up-to-date theories and research regarding white-collar crime. Contributors tackle a vast range of topics, including the impact of white-collar crime, the contexts in which white-collar crime occurs, current crime policies and debates, and examinations of the criminals themselves. The volume concludes with a set of essays that discuss potential responses for controlling white-collar crime, as well as promising new avenues for future research. Uniting conceptual theories, empirical research, and ethnographic data, the Handbook provides the first unified analytic framework on white-collar crime. Given the astronomical aggregate losses to victims, building a more nuanced understanding of the dynamics of white-collar crime is a topic of immediate social concern. The definitive resource on white-collar crime, this Handbook will be a valuable resource for developing both intellectual and policy-related solutions.
Download or read book The United States Senate a Historical Bibliography written by Richard A. Baker and published by . This book was released on 1977 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book South of the Crisis written by Juan E. Corradi and published by Anthem Press. This book was released on 2012-10 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines why and how global capitalism has entered a phase of unsustainable crises of accumulation and legitimacy, and looks at various solutions to such crises, from mild reform to radical overhaul. The book then examines the various scenarios from a Latin American perspective, arguing that different countries follow diverse paths in adapting to the crisis - with significantly different outcomes. Their common challenge is how to achieve economic growth with social inclusion.
Download or read book Other People s Money written by John Kay and published by PublicAffairs. This book was released on 2015-09-22 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions. Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees. In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin. A Financial Times Book of the Year, 2015 An Economist Best Book of the Year, 2015 A Bloomberg Best Book of the Year, 2015
Download or read book Banksters Bosses and Smart Money written by Timothy Messer-Kruse and published by Ohio State University Press. This book was released on 2004 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banksters, Bosses, and Smart Money uncovers the causes of one city's economic collapse by tracing the interlocking directorships, political machines, and insider deals that made quick fortunes for the well-connected while jeopardizing the savings of tens of thousands of depositors. It documents how the power of the city's financial elites continued even after the calamitous bank crash of 1931, skewing the liquidation of insolvent banks in their favor and shielding those responsible from criminal prosecution.
Download or read book The Corporation and the Twentieth Century written by Richard N. Langlois and published by Princeton University Press. This book was released on 2023-06-27 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt: A definitive reframing of the economic, institutional, and intellectual history of the managerial era The twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century? In The Corporation and the Twentieth Century, Richard Langlois offers an alternative version: a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era. Langlois argues that managerialism rose to prominence not because of its inherent superiority but because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century’s great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions. By the end of the twentieth century, Langlois writes, these market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization. This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century.
