Confessions of a Wall Street Insider


Book Description

Although he was a suburban husband and father, living a far different life than the “Wolf of Wall Street,” Michael Kimelman had a good run as the cofounder of a hedge fund. He had left a cushy yet suffocating job at a law firm to try his hand at the high-risk life of a proprietary trader — and he did pretty well for himself. But it all came crashing down in the wee hours of November 5, 2009, when the Feds came to his door—almost taking the door off its hinges. While his wife and children were sequestered to a bedroom, Kimelman was marched off in embarrassment in view of his neighbors and TV crews who had been alerted in advance. He was arrested as part of a huge insider trading case, and while he was offered a “sweetheart” no-jail probation plea, he refused, maintaining his innocence. The lion’s share of Confessions of a Wall Street Insider was written while Kimelman was an inmate at Lewisburg Penitentiary. In nearly two years behind bars, he reflected on his experiences before incarceration—rubbing elbows and throwing back far too many cocktails with financial titans and major figures in sports and entertainment (including Leonardo DiCaprio, Alex Rodriguez, Ben Bernanke, and Alan Greenspan, to drop a few names); making and losing hundreds of thousands of dollars in daily gambles on the Street; getting involved with the wrong people, who eventually turned on him; realizing that none of that mattered in the end. As he writes: “Stripped of family, friends, time, and humanity, if there’s ever a place to give one pause, it’s prison . . . Tomorrow is promised to no one.” In Confessions of a Wall Street Insider, he reveals the triumphs, pains, and struggles, and how, in the end, it just might have made him a better person. Skyhorse Publishing, along with our Arcade, Good Books, Sports Publishing, and Yucca imprints, is proud to publish a broad range of biographies, autobiographies, and memoirs. Our list includes biographies on well-known historical figures like Benjamin Franklin, Nelson Mandela, and Alexander Graham Bell, as well as villains from history, such as Heinrich Himmler, John Wayne Gacy, and O. J. Simpson. We have also published survivor stories of World War II, memoirs about overcoming adversity, first-hand tales of adventure, and much more. While not every title we publish becomes a New York Times bestseller or a national bestseller, we are committed to books on subjects that are sometimes overlooked and to authors whose work might not otherwise find a home.




In Bed with Wall Street


Book Description

The Wall Street meltdown in 2008 brought the country to its knees and spawned nationwide protests against the lack of regulation and oversight in the financial industry. But the average American still fails to fully grasp what was--and still is--happening: that the inmates run the asylum. Larry Doyle exposes how financial executives, politicians, and even the regulators charged with overseeing the banks have conspired for personal gains while deceiving largely unprotected investors, consumers, and American taxpayers. He details the shocking corruption of the SEC, FINRA, and other "financial police, " painting them as meter maids who assess nominal fines and look the other way at even the most egregious abuses. Most importantly, he unveils the revolving door of Wall Street, where countless regulators (and plenty of legislators) are former or future employees of the very firms they're tasked with overseeing. Recent bombshells--such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran--are symptomatic of this corrosive culture, which has decimated consumer and investor confidence. As the big banks fight tooth and nail to avoid real reforms, this book is a timely, important, and shocking look at a hopelessly compromised system, still defenseless against the next great crash.--From publisher description.




For the Love of Money


Book Description

"A former hedge-fund trader presents a memoir about coming of age on Wall Street, his obsessive pursuit of money, his disillusionment and the radical new way he has come to define success, "--NoveList




The Buy Side


Book Description

NEW YORK TIMES BESTSELLER • A former Galleon Group trader portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements. A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards—and dizzying temptations—of making a living on the Street. Growing up in the 1980’s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying – and failing – to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits. Those on the “buy side,” the traders who make large bets on whether a stock will rise or fall, are the “alphas” and those on the “sell side,” the brokers who handle their business, are eager to please. How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam. Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible. Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits. Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways. At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights – and, as it turned out, plummeted to even lower depths – as, by day, he solidified his reputation one of the Street’s most powerful healthcare traders, and by night, he blazed a path through the city’s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside. A mesmerizingly immersive journey through Wall Street’s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best coming-of-age-on-the-Street books ever written.




The End of Wall Street


Book Description

Watch a Video Watch a video Download the cheat sheet for Roger Lowenstein's The End of Wall Street » The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist. The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages. The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression. Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...




Young Money


Book Description

'If Martin Scorsese's film The Wolf of Wall Street is about the finance industry's greediest adults, Kevin Roose's Young Money is a look at those wolves as cubs' Amazon.com 'Best Book of the Month' Every year, thousands of eager graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money -- as well as how to dress, talk, date, drink, and schmooze like real financiers. Young Money is the exclusive, inside story of this well-guarded world. Investigative reporter Kevin Roose shadows eight rookies as they are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work. 'A great new read that doubles as a post-crash update to Michael Lewis' Liar's Poker - Mother Jones 'A fun fast read that will make you laugh out loud' Fortune Magazine




13 Bankers


Book Description

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.




Wall Street’s Assault on Democracy


Book Description

On November 24, 2020, in the midst of a global pandemic, the Dow Jones Index surpassed 30,000 points for the first time ever. This historic moment exposed the incredible disconnect between financial markets and society. The stock market’s one hundred percent rebound was triggered by a massive injection of capital by the US Federal Reserve and by fiscal stimulus measures that reached $16 trillion globally in only a year. It was the taxpayer who came to the aid of the shareholders. This imbalance between low- and high-income individuals has become unbearable and calls into question the mechanisms that allow such an abuse of financial power to exist. This abuse has allowed populism to flourish, in a world where humanism should prevail. This book invites the reader to understand how such a financial drift of capitalism was even possible and proposes reforms to correct the system. Written by the former Group Executive Vice President for International & Research at the New York Stock Exchange, this volume provides concrete solutions for democratizing financial markets and reintroducing the morals and ethics that these markets and its leaders are so sorely lacking. Ugeux argues that the purpose of such reforms is to reduce the inequalities which are plaguing our democracies. Citizens are losing hope that equity exists in the system and it has become clear, as fundamental liberties like right voting rights are being threatened – that the problem lies much deeper. Ugeux insists that a change of perspective and a redefinition of societal goals is essential: social and solidarity capitalism is possible only if our leaders listen to the expectations of their citizens. While it is supported by research and facts, this book includes elements of opinion essays with an educational objective. It aims to educate readers who want to better understand these complex issues, without having to be specialists.




Flash Boys: A Wall Street Revolt


Book Description

Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.




Confessions of a Wall Street Analyst


Book Description

“A well-documented, in-depth look at the Street that names heroes and villains and pulls no punches.” —The Boston Globe Dan Reingold was a top analyst for fourteen years, chief competitor to Salomon Smith Barney’s Jack Grubman in the red-hot telecom sector. He was part of the Street and believed in it. But in this action-packed, highly personal memoir Reingold describes how his enthusiasm gave way to disgust as he learned how deeply corrupted Wall Street and much of corporate America had become during the roaring stock market bubble of the 1990s. Confessions of a Wall Street Analyst provides a front-row seat at one of the most dramatic—and ultimately tragic—periods in financial history. Reingold recounts his introduction to a world of leaks and secret deal-making; his experiences with corporate fraud; and Wall Street’s alarming penchant for lavish spending and multimillion-dollar pay packages. He spars with arch rival Grubman; fends off intense pressures from bankers and corporate CEOs; and is wooed by Morgan Stanley’s John Mack and CSFB’s Frank Quattrone. He tells of confidential deals whispered about days before their official announcement, and recalls the moment he learned that WorldCom was massively cooking its books. And he reveals his shock at being an unwitting catalyst for a series of sexually explicit e-mails that would rock Wall Street; bring Grubman to his knees; and contribute to the stepping aside of Grubman’s boss, Citigroup CEO Sandy Weill. In addition, he shows how government investigators never got to the heart of the ethical and legal transgressions of the era, leaving investors—even sophisticated professionals—cheated. Reingold’s stories range from outrageous to hilarious to simply absurd. But together they provide a sobering exposé of Wall Street: a jungle of greed and ego brimming with conflicts and inside information, and a business absurdly out of touch with the Main Street it claims to serve. “Shows us that much of what propelled the meteoric rise of the stock market in the late nineties was self-interested, sometimes criminal, hot air . . . a riveting and revealing account.” —Michael K. Powell, former chairman, FCC