Undue Influence: How the Wall Street Elite Puts the Financial System at Risk

Overview

A critical look at over 80 years of conflict, collusion, and corruption between financiers and politicians Undue Influence paints a vivid portrait of the dealings between "the few", in this case members of Congress, the banking community, and the Fed, and sheds light on how radical new deregulatory measures could be introduced by unelected officials and then foisted upon Congress in the name of progress. In the process, the background of the new financial elite is examined-because they are markedly different than...

See more details below
Other sellers (Hardcover)
  • All (17) from $1.99   
  • New (9) from $20.98   
  • Used (8) from $1.99   
Sending request ...

Overview

A critical look at over 80 years of conflict, collusion, and corruption between financiers and politicians Undue Influence paints a vivid portrait of the dealings between "the few", in this case members of Congress, the banking community, and the Fed, and sheds light on how radical new deregulatory measures could be introduced by unelected officials and then foisted upon Congress in the name of progress. In the process, the background of the new financial elite is examined-because they are markedly different than their predecessors of the 1920s and 1930s. Undue Influence also brings readers up to speed on other important issues, including how the financial elite has been able to perpetuate itself, how the markets lend themselves to these special interest groups, and how it is possible that after 80 years of financial regulation and regulatory bodies the same problems of financial malfeasance and fraud still plague the markets. Charles R. Geisst (Oradell, NJ) is the author of 15 books, including Wheels of Fortune (0-471-47973-X), Deals of the Century (0-471-26397-4) and the bestsellers Wall Street: A History and 100 Years of Wall Street. Geisst has taught both political science and finance, worked in banking and finance on Wall Street and in London, as well as consulted. His articles have been published in the International Herald Tribune, Neue Zurcher Zeitung, Newsday, Wall Street Journal, and Euromoney.

Read More Show Less

Editorial Reviews

From the Publisher
"…incisive explanation of various consiracy theories" (Gulf Business, May 2005)

The Glass-Steagall Act, separating commercial banks from investment banks, was passed in 1933 to prevent banks from risking depositors’ funds on the still-shaky stock market. It was repealed in 1999, when gambling other people’s money on the stock market was considered the height of financial probity. In this engaging history of Glass-Steagall, Geisst (Wall Street: A History) surveys the 70 years leading to this ideological sea change, as the widespread Depression-era populist suspicion of Wall Street subsided, to be replaced with the pro-business dogma of the Reagan era and the New Economy bubble. Formal repeal, Geisst shows, was preceded by decades during which big commercial banks, hungry for a slice of the lucrative investment banking business, increasingly flouted Glass-Steagall restrictions with the connivance of ideologically sympathetic Federal Reserve regulators. The vast sums banks have spent on lobbying and campaign contributions, and the cushy Wall Street jobs awaiting government officials who switch sides, make Geisst wonder whether "the gamekeepers and the poachers had all joined the same club." Geisst provides a lucid guide to the financial issues involved and a colorful account of decades-long political debates and legislative wranglings, while raising troubling questions about the direction of public policy. (Dec.) (Publishers Weekly, November 15, 2004)

Publishers Weekly
The Glass-Steagall Act, separating commercial banks from investment banks, was passed in 1933 to prevent banks from risking depositors' funds on the still-shaky stock market. It was repealed in 1999, when gambling other people's money on the stock market was considered the height of financial probity. In this engaging history of Glass-Steagall, Geisst (Wall Street: A History) surveys the 70 years leading to this ideological sea change, as the widespread Depression-era populist suspicion of Wall Street subsided, to be replaced with the pro-business dogma of the Reagan era and the New Economy bubble. Formal repeal, Geisst shows, was preceded by decades during which big commercial banks, hungry for a slice of the lucrative investment banking business, increasingly flouted Glass-Steagall restrictions with the connivance of ideologically sympathetic Federal Reserve regulators. The vast sums banks have spent on lobbying and campaign contributions, and the cushy Wall Street jobs awaiting government officials who switch sides, make Geisst wonder whether "the gamekeepers and the poachers had all joined the same club." Geisst provides a lucid guide to the financial issues involved and a colorful account of decades-long political debates and legislative wranglings, while raising troubling questions about the direction of public policy. (Dec.) Copyright 2004 Reed Business Information.
Library Journal
In the first half of his somewhat mistitled book, Geisst (finance, Manhattan Coll.; Wheels of Fortune) chronicles the implementation of U.S. banking and investment regulation leading to the passage of the Securities Acts of 1933 and 1934 and the Glass-Steagall Act. He does a fine job of describing the evolution of regulatory legislation, then spends much of the rest of the book detailing the efforts of bankers acting in concert with various government officials from the 1950s onward to roll back such legislation, culminating in the passage of the 1999 Financial Services Modernization Act. Only in the last dozen or so pages does Geisst cover the debacles of the savings and loan crisis, WorldCom, Enron, and the 2001 stock market collapse, thus supporting his case that the dismantling of the 1930s regulations was overdone. Though not the financial tell-all book that its title implies, this legislative history of 20th-century U.S. financial regulation belongs in most academic and larger public libraries.-Lawrence R. Maxted, Gannon Univ., Erie, PA Copyright 2005 Reed Business Information.
Read More Show Less

Product Details

  • ISBN-13: 9780471656630
  • Publisher: Wiley
  • Publication date: 11/22/2004
  • Edition number: 1
  • Pages: 330
  • Product dimensions: 6.20 (w) x 9.25 (h) x 1.13 (d)

Meet the Author

CHARLES R. GEISST is the author of fifteen other books, including Wheels of Fortune: The History of Speculation from Scandal to Respectability (Wiley), Deals of the Century: Wall Street, Mergers, and the Making of Modern America (Wiley), and the bestsellers Wall Street: A History and 100 Years of Wall Street. Previously, he worked as a capital markets analyst and investment banker at several investment banks in London, and has also taught both political science and finance. He has published trade articles in magazines and newspapers such as the Wall Street Journal, International Herald Tribune, Neue Zurcher Zeitung, Newsday, and Euromoney.

Read More Show Less

Table of Contents

Introduction.

Chapter One - Distrust of Wall Street in the 1920's.

Chapter Two - The Assault on Wall Street.

Chapter Three - Continuing the Assault.

Chapter Four - Three Decades of Slow Change.

Chapter Five - The Reagan Years.

Chapter Six - Deregulation in the 1990s.

Postscript - Is Deregulations Working?

Bibliography.

Notes.

Index.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

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

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