Wall Street: A History

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Oxford University Press, Sep 18, 1997 - Business & Economics - 416 pages
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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 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.
 

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Wall Street: a history

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Geisst (finance, Manhattan Coll.) highlights the fluctuations of The Street during the past 200 years. From the beginnings in the 1790s, when auctioneers and dealers conducted curbside transactions ... Read full review

Contents

Introduction
3
two The Railroad and Civil War Eras 184070 3 5
35
three The Robber Barons 187090
64
seven Wall Street Meets the New Deal 193035
196
eight The Struggle Continues 193654
244
eleven Mergermania 198296
328
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About the author (1997)

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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