The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System
The definitive account of Wall Street's stunning collapse\ \ From critically acclaimed investigative journalist and CNBC personality Charles Gasparino comes a sweeping examination of the most recent volatile, anxiety-ridden era in our nation's socioeconomic history. The Sellout traces the implosion of the financial services business back to its roots in the late 1970s when Wall Street embraced a new business model predicated on taking enormous risks. It shows how a backwater business...
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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. 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.
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
\ 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 BooksThe 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."\ \
