Blood on the Street: The Sensational Inside Story of How Wall Street Analysts Duped a Generation of Investors

Blood on the Street: The Sensational Inside Story of How Wall Street Analysts Duped a Generation of Investors

3.8 8
by Charles Gasparino
     
 

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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

Overview

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 was Gasparino's front-page reporting in The Wall Street Journal that brought the story to national attention and spurred New York State attorney general Eliot Spitzer to launch an official probe. Now, Gasparino goes behind his own headlines to tell the inside story of this spectacular swindle -- with revelations from his unprecedented access to never-before-published depositions and documents, including e-mail exchanges leading all the way up to Citigroup CEO Sanford Weill. Drawing on his research and interviews with industry insiders, Gasparino takes readers into the back rooms of Wall Street's top investment firms and captures the outsize personalities of three key players: Salomon Smith Barney's Jack Grubman, a braggart with one of the largest salaries on Wall Street; Merrill Lynch's Henry Blodget, the Yale graduate who hyped his way to the top of the research pyramid; and Morgan Stanley's Mary Meeker, the "Queen of the Internet," who foresaw the market catastrophe but gave in to the pressures Blood on the Street shows how regulators, like former SEC chairman Arthur Levitt, allowed the deceptive practices to fester and grow during the 1990s bubble, leaving the door open for a then- little-known attorney general from New York State to step in and make his mark by holding Wall Street accountable. Gasparino provides the first major account of Spitzer's rise to prominence, detailing how the attorney general pursued key players to build his case against Wall Street, including his shifting allegiance to the powerful New York Stock Exchange chairman Richard Grasso. A fast-paced narrative rich in sharp insights, Blood on the Street is the definitive book on the financial debacle that affected millions of Americans.

Product Details

ISBN-13:
9780743250238
Publisher:
Free Press
Publication date:
12/28/2004
Pages:
368
Product dimensions:
6.28(w) x 1.28(h) x 9.22(d)

Meet the Author


Charles Gasparino is a senior writer at Newsweek magazine. A former writer for The Wall Street Journal, he graduated from the University of Missouri School of Journalism. Gasparino was nominated for the Pulitzer Prize in beat reporting in 2002 and won the New York Press Club award for best continuing coverage of the Wall Street research scandals. He lives with his wife in New York City.

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Blood on the Street: The Sensational Inside Story of How Wall Street Analysts Duped a Generation of Investors 3.8 out of 5 based on 0 ratings. 8 reviews.
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Guest More than 1 year ago
If you have seen Gasparino on CNBC you know that he is little more than a blowhard who craves the limelight. Very thin on substance. Heavy on the suntan and tough talk. This book is a boring re-hash of ancient history. The story was better covered by the mainstream press and Gasparino simply got to the bookstands too late. He paints in broad strokes but offers virtually no insight.
Guest More than 1 year ago
An outstanding book on the malaise suffered in Wall Street. I recommend this to every investor in the stock markets, or to any finance teacher or student. The watch word is the repercussions of failing to play by the rules without being smart enough to cover your trails. In this market, regulators, Financial analyst, , CEOs etc are all trying to make money from the money of investors who usually do not have their eyes fully focused on the market. Watch out.
Guest More than 1 year ago
Well laid out expose of how the money men of Wall Street and their corporate management cohorts stole (and continue to steal) the hard earned savings of the average American worker. If you thought it was an overblown conspiracy theory, Gasparino dug up the facts, and well documents the truth of the greed disease running rampant in this country.
Guest More than 1 year ago
A rehash of ancient history about the world's most overreported scandal. Mostly anecdotes, some juvenile but most pretty boring. If you have been on Mars for the past five years you might find this book interesting.
Guest More than 1 year ago
A book with alot of charissma. We need to know what goes on on the inside and with whom and I feel this author did souch a job.