The Sellout (Google eBook)

Front Cover
Harper Collins, Nov 3, 2009 - Business & Economics - 592 pages
17 Reviews

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 involving the trading of risky bonds packed with mortgages showered countless billions in profits on the financial industry but sowed the seeds of its ultimate demise. Gasparino walks readers through Wall Street's three-decades' love affair with risk, revealing a trail of culpability—from the government bureaucrats who crafted housing policies that encouraged homeownership, to the Wall Street firms that underwrote and invested in risky debt, to the mortgage sellers who handed out loans to people without the financial wherewithal to pay them back, to the homeowners who became convinced they could afford mansions on blue-collar wages. 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.

In the spirit of classics such as Barbarians at the Gate and Liar's Poker, this page-turning narrative captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance and profoundly weakened the financial security of millions of middle-class Americans. Eye-opening and engrossing, The Sellout provides the most thorough investigation to date of this latest gilded era.

  

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

User Review  - Carl Mayo - Goodreads

Interesting subject matter, well presented, but should have been edited for simplicity and length. The Sellout could have been shorter and easier to read, while still conveying the same information. Read full review

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

User Review  - Mark Palmieri - Goodreads

Fascinating. A great explanation about the financial/trading industry in America. It is amazing how much power these people possess and then lose and then possess and then lose and then are somehow ... Read full review

Contents

Prologue
1
Fun and Games
9
Power and Perks
38
Sex Drugs and Debt
53
An Education in Risk
65
Bigger Is Better
87
Financial Renaissance
103
Paying the Price
120
Cash Stops Flowing
226
No Clue
245
The Dancing Stops
289
The End Begins
330
There Are Rumors That You Guys Are in Trouble
392
Free Fall
411
The Rescue
441
Bailout Nation
463

One Big Happy Family
130
Opening the Floodgates
151
No More Mother Merrill
164
The Money Machine
181
Perverse Incentives
196
Epilogue
479
Glossary
501
Index
531
Copyright

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About the author (2009)

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.

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