The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System

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Overview

In the spirit of Barbarians at the Gate and Liar's Poker comes The Sellout, the definitive book on the recent collapse of Wall Street, one of the most dramatic and anxiety-ridden era in national socioeconomic history. In this powerful business narrative, Charles Gasparino, the author of Blood on the Floor and King of the Club, captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance, made many of our country's most fabled financial institutions vulnerable to significant new foreign ...
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Overview

In the spirit of Barbarians at the Gate and Liar's Poker comes The Sellout, the definitive book on the recent collapse of Wall Street, one of the most dramatic and anxiety-ridden era in national socioeconomic history. In this powerful business narrative, Charles Gasparino, the author of Blood on the Floor and King of the Club, captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance, made many of our country's most fabled financial institutions vulnerable to significant new foreign control, and profoundly weakened the financial security of millions of poor and middle-class American families.
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Editorial Reviews

Mark Whitaker
“Gasparino has consistently broken news on some of the biggest financial scandals of recent years, including the fall of Martha Stewart, Henry Blodget, and Jack Grubman. As anyone who reads the business pages knows, Charlie is one of the best reporters in the field.”
Wall Street Journal
“Gasparino describes, in page-turning detail, a Wall Street world of ruthless financial titans.… No collection of courtroom documents will ever tell the story…as well as Mr. Gasparino does.”
New York Post
“Gasparino is credited with breaking some of the more titillating tales of Wall Street misconduct.”
San Antonio Express-News
“Charles Gasparino sees the guts of Wall Street and the wreckage it leaves behind, day in and day out.”
New York Review of Books
The most comprehensive anecdotal account to date of the crisis.... Gasparino cuts his way through Wall Street rhetoric and in the process uncovers in considerable detail how blind profit-making ambition led to the destruction of the markets.
PR Week
“Born in the Bronx to a construction worker and a housewife, Gasparino has risen from his working-class roots to become one of the most influential business reporters at work today.”
Vanity Fair
“An especially aggressive reporter.”
Financial Times
“A tough outsider willing to go to battle with anyone—colleague or contact-in pursuit of the story.”
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Product Details

  • ISBN-13: 9780594230069
  • Publisher: HarperCollins Publishers
  • Publication date: 11/3/2009
  • Pages: 553
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.50 (d)

Meet the Author

Charles Gasparino is a senior correspondent for the Fox Business Network and the Fox News Channel, where he reports on major developments in the world of finance and politics. A former writer for the Wall Street Journal and Newsweek, he has also served as a columnist for the New York Post and The Huffington Post as well as a contributor to The Daily Beast, New York Magazine, and Forbes. Gasparino is a recipient of numerous business journalism awards, including the prestigious Investigative Reporters and Editors Award for The Sellout. His other noteworthy books include Blood on the Street and King of the Club.

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Table of Contents

Key People xiii

Key Firms xix

Prologue 1

Part I Let's Make Money

1 Fun and Games 9

2 Power and Perks 38

3 Sex, Drugs, and Debt 53

4 An Education in Risk 65

Part II Merchants of Debt

5 Bigger Is Better 87

6 Financial Renaissance 103

7 Paying the Price 120

8 One Big Happy Family 130

9 Opening the Floodgates 151

10 No More Mother Merrill 164

11 The Money Machine 181

12 Perverse Incentives 196

13 Top of the World 206

14 Cash Stops Flowing 226

Part III What's the Worst that Could Happen?

15 No Clue 245

16 The Dancing Stops 289

17 The End Begins 330

18 "There Are Rumors That You Guys Are in Trouble" 392

19 Free Fall 411

20 The Rescue 441

21 Bailout Nation 463

Epilogue 479

Afterword 501

Glossary 505

Acknowledgments 511

Notes 513

Index 535

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Customer Reviews

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