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

( 45 )

Overview

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 ...

See more details below
Other sellers (Paperback)
  • All (43) from $1.99   
  • New (12) from $1.99   
  • Used (31) from $1.99   
The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System

Available on NOOK devices and apps  
  • NOOK Devices
  • Samsung Galaxy Tab 4 NOOK 7.0
  • Samsung Galaxy Tab 4 NOOK 10.1
  • NOOK HD Tablet
  • NOOK HD+ Tablet
  • NOOK eReaders
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$12.60
BN.com price

Overview

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.

Read More Show Less

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.”
Read More Show Less

Product Details

  • ISBN-13: 9780061697173
  • Publisher: HarperCollins Publishers
  • Publication date: 10/19/2010
  • Pages: 557
  • Sales rank: 666,944
  • Product dimensions: 8.28 (w) x 11.80 (h) x 1.42 (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.

Read More Show Less

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

Read More Show Less

Customer Reviews

Average Rating 3
( 45 )
Rating Distribution

5 Star

(17)

4 Star

(5)

3 Star

(4)

2 Star

(9)

1 Star

(10)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
See All Sort by: Showing 1 – 20 of 45 Customer Reviews
  • Posted November 28, 2009

    more from this reviewer

    I Also Recommend:

    The truth hurts.

    This is the true story of how greed and leverage in the hands of unchecked CEO's and "hands off" and oblivious boards of directors wrecked the Wall Street Firms. Every member of Congress should read this and recognize the need to re-regulate capital requirements and leverage. Until they do, the public is not safe, our country is not safe, and our money is not safe. The book is worth having, if for no other reason, that for keeping next to my bed, so I can re-read how Stan O'Neal was fired over and over again whenever I want to. Now, that's a good bedtime story.

    5 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 2, 2010

    more from this reviewer

    I Also Recommend:

    The Sellout, a review of recent events

    The Sellout was interesting and insightful as a review of the recent events of our economic travails. Having lived through them in a very real sense over the last two years, it was useful to have them catalogued in a neat and orderly fashion. Gasparino's writing is fine, not stellar, but also not boring.

    Approx. 1/4 of the book was focused on the events leading up to the crisis, and 3/4 of the book discussed the crisis itself. My low marks are due to the book not being what I expected. I wanted a better understanding of the history of what got us to this point. The discussion of the historical events were a thumbnail sketch of why this occurred. The majority of the book focused on Merril, Bear, MS, and the others.

    Gasparino has world class contacts and access to the inner circles of these organizations and therefore I should have expected most of the book would be focused on his area of expertise. He's an extremely bright guy; I just feel the writing could have been elevated somewhat, and the discussion of historical events could have been provided in greater detail.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 18, 2010

    more from this reviewer

    Gasparino does a good job in identifying the main characters and explaining his assesment of the causes of the financial blowout that led to the greatest recession of a life-time.

    Sellout explains that the causes of the current problem with the financial industry was decades in the making. Gasparino does not flinch in laying responsibility for the problem on those he believes were negligent, incompetent or greedy.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted October 24, 2011

    Gain a better understanding of the causes and events leading to the financial collapse

    The book provides a narrative of some of the inner-workings of wall street. It explains the evolution of the business and the events leading to the latest financial crisis including the role of the federal government. A lot of "inside baseball" as to the personalities, competition and risk-taking of the players. I would recommend the book to anyone who is interested in gaining a better understanding as to the cause of the crisis as well as the "boom and bust" cycle in general.

    Was this review helpful? Yes  No   Report this review
  • Posted June 15, 2011

    Highly recommended

    This book should be categorized under the "history" section, vice business. The book highlights, in layman terms and understanding, the evoltion of a financial debacle; from the late seventies to the current near melt-down. Well done Charlie!

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 14, 2010

    Wow!!!!!!!!!!!!!!!!!!!!!!!!!

    This is a great book! Gasparino really hits the mark and tells the extremely scary truth behind the banking/mortgage crisis. I am a broker of a small company and the book confirmed all my beliefs. Everyone of my partners wants to read the book since I go to work every day and tell them more of what Gasparino has to say. It will be passed along to every one of them.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted February 20, 2010

    Readable Summary Of Key Wall Street Events, Companies, & Personalities

    The book was enjoyable to read and helped me to clarify a number of things in my mind. In general, it helps the reader better understand why the recent financial panic occurred and how a number of major financial companies and key personalities were involved. I had followed the financial news somewhat during the panic but more closely at some times than others, depending on my work and family schedule. It can be difficult to put everything together into a "big picture" from on again / off again watching / reading of daily news. This book helped to fill in some knowledge "holes" in my mind and develop a more complete picture of what happened and where we are now. It also reached back far enough in time (but not too far back) to "set the stage" well for putting more recent events into perspective.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted February 13, 2010

    easy read

    While I may not understand the technicalities of all the financial instruments it still got the message across as stated in the title. I think it should have been tougher on the Federal Govt agencies and politicians based on what I have read in the press.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 25, 2011

    No text was provided for this review.

  • Anonymous

    Posted January 18, 2010

    No text was provided for this review.

  • Anonymous

    Posted November 9, 2009

    No text was provided for this review.

  • Anonymous

    Posted July 12, 2013

    No text was provided for this review.

  • Anonymous

    Posted November 14, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 11, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 25, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 25, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 25, 2009

    No text was provided for this review.

  • Anonymous

    Posted June 14, 2010

    No text was provided for this review.

  • Anonymous

    Posted November 5, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 26, 2009

    No text was provided for this review.

See All Sort by: Showing 1 – 20 of 45 Customer Reviews

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)