Wall Street: A History: From Its Beginnings to the Fall of Enron

Wall Street: A History: From Its Beginnings to the Fall of Enron

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by Charles R. Geisst
     
 

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In the seven years since the publication of the first edition of Wall Street, America's financial industry has undergone a series of wrenching events that have dramatically changed the nation's economic landscape. The bull market of the 1990's came to a close, ushering in the end of the dot com boom, a record number of mergers occurred, and accounting scandals in

Overview

In the seven years since the publication of the first edition of Wall Street, America's financial industry has undergone a series of wrenching events that have dramatically changed the nation's economic landscape. The bull market of the 1990's came to a close, ushering in the end of the dot com boom, a record number of mergers occurred, and accounting scandals in companies like Enron and WorldCom shook the financial industry to its core.
In this wide-ranging volume, financial historian Charles Geisst provides the first history of Wall Street, explaining how a small, concentrated pocket of lower Manhattan came to have such enormous influence in national and world affairs. In this updated edition, Geisst sums up the recent turbulence that has threatened America's financial industry. He shows how in 1997 thirty NASDAQ market makers paid a record $1.3 billion fine for price irregularities in stocks. He makes sense of the closing of the bull market, and explains a major change in the accounting rules for mergers that caused monumental losses for companies like AOL Time Warner. And he recounts how in the aftermath of the speculative fever that swept Wall Street in the 1990's, the scandals at Enron, Tyco, Worldcom, and Conseco represent a last gasp of mergermania and a fallout from a bubble-like market.
Wall Street is at once the story of the street itself, from the days when the wall was merely a defensive barricade built by Peter Stuyvesant, to the modern billion-dollar computer-driven colossus of today. In a broader sense it is an engaging economic history of the United States, the role Wall Street played in making America the most powerful economy in the world, and the many challenges to that role it has faced in recent years.

Editorial Reviews

From the Publisher
Praise for the first edition:
"A thorough retelling of a critical—though often overlooked—aspect of U.S. history."—The Wall Street Journal

"A quick-reading history of the United States as told through the doings of bankers and brokers."—The Washington Post

"Geisst has produced a sweeping history of Wall Street, from its inception as an outdoor market to its current status of global financial center.... This lively narrative is a good survey of American economic history that puts Wall Street at the forefront."—History

"An important and entertaining commentary for anyone interested in understanding the role of Wall Street in the development of the U.S. into an economic superpower."—James R. Barth, Lowder Eminent Scholar in Finance, Auburn University

Product Details

ISBN-13:
9780195170603
Publisher:
Oxford University Press, USA
Publication date:
04/28/2004
Edition description:
REV
Pages:
488
Product dimensions:
9.10(w) x 6.10(h) x 1.30(d)

Meet the Author

Charles R. Geisst is Professor of Finance in the School of Business, Manhattan College, and author of Wheels of Fortune and Deals of the Century.

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Wall Street: A History: From Its Beginnings to the Fall of Enron 4 out of 5 based on 0 ratings. 1 reviews.
Guest More than 1 year ago
This comprehensive book provides a wealth of detail about the origins and history of the financial institutions, private and public, that underpin Wall Street and the economy of the United States - and therefore, to an extent, much of the rest of the world. Author Charles R. Geisst presents a detailed discussion of the contest between the forces of libertarianism and regulation. Detail is both the strength and the weakness of this book. Often, the author has trouble organizing it all, and the book would have benefited from a stricter editor to help distill the 'story' in this history. Despite such problems, however, the factual basis is rich and intriguing. We believe that readers interested in U.S. financial history, especially those in the investment and financial services industries, will want to read this book.