Blood on the Street: The Sensational Inside Story of How Wall Street Duped Millions of Investors
March 19, 2005
The stock-research scandals of the booming 1990s and early 2000s are among the most outrageous examples of dirty dealing in the history of Wall Street. Thousands of individual investors lost billions of dollars -- in many cases their life savings -- because of the overblown stock recommendations of superstar research analysts, who made millions of dollars in profits for themselves and their firms by issuing positive stock ratings on companies that would return the favor with lucrative investment banking deals.
Now, in Blood on the Street, Charles Gasparino takes readers inside Wall Street's back rooms to capture the scam on a large canvas for the first time. Drawing on his research, interview with industry insiders, and unprecedented access to never-before published documents, including email exchanges leading all the way up to Citigroup CEO Sanford Weill, Gasparino reveals how the scams were allowed to happen. He explains why nothing was done to stop one of the greatest destructions of wealth in American history, and what happened when a little-known state attorney general finally stepped in to prosecute those responsible.
Charles Gasparino is a senior writer at Newsweek magazine. A former writer for The Wall Street Journal, he gradated from the University of Missouri School of Journalism. Gasparino was nominated for the Pulitzer Prize in beat reporting in 2002 and won the New York Press Club award for best continuing coverage of the Wall Street research scandals. He also won an award from the Society of American Business Editors and Writers for his work as the lead writer on the story that broke the news on the Richard Grasso pay package. He lives with his wife in New York City.
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