American Rascal: How Jay Gould Built Wall Street's Biggest Fortune

by Greg Steinmetz Narrated by Feodor Chin

Overview

A gripping, “rollicking” (John Carreyrou, New York Times bestselling author of Bad Blood) biography of Jay Gould, the greatest of the 19th-century robber barons, whose brilliance, greed, and bare-knuckled tactics made him richer than Rockefeller and led Wall Street to institute its first financial reforms.

Had Jay Gould put his name on a university or concert hall, he would undoubtedly have been a household name today. The son of a poor farmer whose early life was marked by tragedy, Gould saw money as the means to give his family a better life...even if, to do so, he had to pull a fast one on everyone else. After entering Wall Street at the age of twenty-four, he quickly became notorious when he paralyzed the economy and nearly toppled President Ulysses S. Grant in the Black Friday market collapse of 1869 in an attempt to corner the market on gold-an event that remains among the darkest days in Wall Street history. Through clever financial maneuvers, he gained control over one of every six miles of the country's rapidly expanding network for railroad tracks-coming close to creating the first truly transcontinental railroad and making himself one of the richest men in America.

American Rascal shows Gould's complex, quirky character. He was at once praised for his brilliance by Rockefeller and Vanderbilt and condemned for forever destroying American business values by Mark Twain. He lived a colorful life, trading jokes with Thomas Edison, figuring Thomas Nast's best sketches, paying Boss Tweed's bail, and commuting to work in a 200-foot yacht.

Gould thrived in an expanding, industrial economy in which authorities tolerated inside trading and stock price manipulation because they believed regulation would stifle the progress. But by taking these practices to new levels, Gould showed how unbridled capitalism was, in fact, dangerous for the American economy. This “gripping biography” (Fortune) explores how Gould's audacious exploitation of economic freedom triggered the first public demands for financial reforms-a call that still resonates today.

Editorial Reviews

SEPTEMBER 2022 - AudioFile

It may be a reflection of our own unsettled times that so many recent audiobooks have featured rogues, pirates, swindlers, and other unprincipled figures in American history. Jay Gould, the most predatory of the notorious robber barons who flourished after the Civil War, raided railroads and built his fortune on ruthless stock market practices—many illegal today, others not. Feodor Chin’s energetic and fully engaged narration steadies and enhances a history full of drama and propelled by the complicated personality of its protagonist—a familiar American type who mingles enterprise with greed. Chin’s strong, supple delivery keeps the action moving while making clear the toll these rascals’ shenanigans extracted from the public, and from enterprise itself. D.A.W. © AudioFile 2022, Portland, Maine

Publishers Weekly

06/20/2022

Securities analyst Steinmetz (The Richest Man Who Ever Lived) offers a well-rounded biography of railroad tycoon and Wall Street investor Jay Gould (1836–1892). Best known for his greed and underhanded business tactics, Gould also had a positive impact on thousands of lives, according to Steinmetz. Born in upstate New York, Gould left the family farm at age 13 to work as a surveyor, and rapidly gained a reputation as a go-getter. His first big break came when he partnered with congressman Zadock Pratt to open a tannery in Pennsylvania. He also harvested ice and shipped it via railway to New York City and began buying railroad stocks during the Panic of 1857. Eventually, Gould gained control of the Union Pacific and other Western railways at the height of the railroad boom. Steinmetz makes clear that Gould’s lack of ethics fueled his rise; at one point, he spread rumors of Cornelius Vanderbilt’s death in order to shake confidence in the financier’s investment portfolio. Though Gould’s well-documented crimes led to major regulatory reforms, Steinmetz argues that he “did as much as anyone... to build the country” and spur America’s economic growth. This colorful and diligently researched account rescues a Gilded Age robber baron from infamy. (Aug.)

From the Publisher

"Lively, succinct, altogether admirable... [American Rascal's] fair-mindedness never dims the pleasure of a speedy narrative."— The Wall Street Journal

"Fabulous book" — Jim Cramer

"Steinmetz has written a rollicking biography that brings back to life one of the most fascinating and colorful characters of 19th century American capitalism. Before George Soros, Carl Icahn and Ken Griffin, there was Jay Gould—and his tactics would have made them all blush." — John Carreyrou, New York Times bestselling author of Bad Blood

“An engaging portrait of the hidden genius of railroad magnate Jay Gould and the era of bare-knuckle capitalism he wrought... American Rascal masterfully charts Gould's remarkable rise from the backwaters of commerce to his rightful place, alongside Vanderbilt and Rockefeller, as one of the leading industrialists and financiers of America. A must-read for anyone seeking to understand how money is made— and lost.” — Anita Raghavan, author of The Billionaire's Apprentice: The Rise of the Indian-American Elite and the Fall of the Galleon Hedge Fund

"A captivating re-examination of Jay Gould, one of history's most important and infamous financial speculators, and a wildly entertaining look at Wall Street's Wild West era." – Gregory Zuckerman, special writer at The Wall Street Journal, and author of A Shot to Save the World: The Inside Story of the Life-or-Death Race for a COVID-19 Vaccine

"A gripping biography of a 19th century robber baron.” – Fortune

"Steinmetz’s fast-moving and eminently readable biography shows how Gould thrived within the context of his times but also that his greed led to necessary reforms." – BookPage

"Entertaining.. A sturdy biography of an American businessman who cared about one thing: money." – Kirkus Reviews

"A well-rounded biography of railroad tycoon and Wall Street investor Jay Gould... This colorful and diligently researched account rescues a Gilded Age robber baron from infamy." – Publishers Weekly

"In this vivid, witty, and well-researched portrait, financier and biographer Steinmetz details how speculator and railroad baron Jay Gould used 'brains, guile and brute force' to become rich and shape America... Like such notable biographies as Robert Caro’s studies of Robert Moses and Lyndon Johnson, Steinmetz chronicles his subject’s strengths and weaknesses within a rich historical context... Readers will enjoy Steinmetz’s wonderful background sketches of the Gilded Age and appealing accounts of railroad history.” – Booklist (starred review)

Library Journal

02/01/2022

In Race and Reckoning, Cose (The Rage of a Privileged Class) argues that throughout U.S. history racial bias has always shaped key decisions and events (25,000-copy first printing). Ten years in the making, journalist Fairbanks's The Inheritors follows three everyday South Africans over five decades to reveal how the end of apartheid unfolded. From Hager, historian-in-residence at the Presidential Pet Museum, All-American Dogs is organized by historical era to chronicle the 31 U.S. presidents who have kept canines within petting distance at 1600 Pennsylvania Avenue (100,000-copy first printing; four-color illustrations). Ranging from the early 1800s to the early 2000s, Livingstone reveals the manifold accomplishments of The Women of Rothschild (40,000-copy first printing). In Code Gray, ER physician Nahvi highlights the daily ethical questions faced by doctors in his position (50,000-copy first printing). In Nerd, New York Times critic at large Phillips, who writes about theater and poetry as well as film, shows how pop-culture fan favorites from Star Wars to Buffy the Vampire Slayer to Doctor Who have shaped her—and have much to tell us about society at large (50,000-copy first printing). A multi-award-winning British author who specializes in French history and culture—his biographies of Hugo, Rimbaud, and Balzac were all New York Times Best Books—Robb now gives us France from Gaulish times 'til COVID-19. Journalist-turned-money manager Steinmetz (The Richest Man Who Ever Lived) introduces us to an American Rascal—Jay Gould, richer than Rockefeller or even Croesus and the reason Wall Street's first financial reforms were instituted (50,000-copy first printing). Pulitzer Prize-winning, New York Times best-selling science writer Yong reveals how animals other than humans perceive their surroundings in An Immense World.

SEPTEMBER 2022 - AudioFile

It may be a reflection of our own unsettled times that so many recent audiobooks have featured rogues, pirates, swindlers, and other unprincipled figures in American history. Jay Gould, the most predatory of the notorious robber barons who flourished after the Civil War, raided railroads and built his fortune on ruthless stock market practices—many illegal today, others not. Feodor Chin’s energetic and fully engaged narration steadies and enhances a history full of drama and propelled by the complicated personality of its protagonist—a familiar American type who mingles enterprise with greed. Chin’s strong, supple delivery keeps the action moving while making clear the toll these rascals’ shenanigans extracted from the public, and from enterprise itself. D.A.W. © AudioFile 2022, Portland, Maine

Kirkus Reviews

2022-06-01
The infamous robber baron receives a new assessment.

Steinmetz, a money manager and former business reporter for the Wall Street Journal, emphasizes that most Americans admire wealthy business owners provided they build something (Ford, Jobs, etc.) but have less respect for those who make money dealing with money. Jay Gould (1836-1892) remains the epitome of the evil financier, a “champion cheater” who “showed that no act of financial villainy was too bold.” Keeping business free of government oversight has always been popular, but many of Gould’s contemporaries complained that too many business owners engaged in disreputable and even illegal behavior. Many believed that Gould carried this to a new level, inspiring the first popular demands for reform. The son of a farmer, Gould was intelligent and hardworking. He taught himself surveying and accounting and had established a successful business when barely out of his teens. Contact with other entrepreneurs taught him the ways of the business world, and at age 24, he moved to New York City to start building his fortune. Though Gould’s fellow industrialists certainly loved making money and had no objection to bribery and other chicanery, they built entire industries: Rockefeller in oil, Carnegie in steel, Vanderbilt in railroads. Gould, on the other hand, had little interest in operating a business; he just wanted to make money. Steinmetz offers entertaining descriptions of Gould’s gutting of the Erie Railroad, the financial panic produced by his effort to control the gold market, and his failed attempt to combine American railroads into a single continental system. Much duplicity involved short selling, bear raids, options, and other technical Wall Street activities, most of which Steinmetz explains in accessible language—though he seems to admire his subject more than he deserves. Rockefeller, Carnegie, and Vanderbilt spent some of their wealth on exemplary American institutions, but there is no Gould University or foundation.

A sturdy biography of an American businessman who cared about one thing: money.

Product Details

BN ID:	2940176062816
Publisher:	Simon & Schuster
Publication date:	08/30/2022
Edition description:	Unabridged

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