Wall Street: A History
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 historyUser Review - Not Available - Book Verdict
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
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American bankers became become began bond market boom borrowed bought Brandeis British brokers bull market capital Carnegie central bank century clients commercial banks Congress corporate crash deal dealers decade depression Despite developed dollars Drexel early economic Federal Reserve firms foreign investors funds Glass-Steagall Glass-Steagall Act gold Gould helped Herbert Hoover holding companies Hoover houses industry interest rates investment banking J. P. Morgan Jay Cooke junk bonds largest later loans Louis Brandeis major ment merchant merger million money trust monopoly Morgan Stanley National City NYSE operations panic Pecora percent political president profit proved Pujo committee quickly railroad Raskob regulations robber barons Roosevelt securities business selling Senate shares short selling sold speculation stock exchange stock market syndicate tion trading Treasury bonds trend underwriting United Vanderbilt Wall Street York Stock Exchange