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Confessions Of A Wall Street Analyst : A True Story Of Inside InformationAnd Corruption In The Stock Market - Dan Reingold

Confessions Of A Wall Street Analyst

A True Story Of Inside InformationAnd Corruption In The Stock Market

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Published: 29th May 2007
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"

Here is the true story of a top Wall Street player's transformation from a straight-arrow believer to a jaded cynic, who reveals how Wall Street's insider game is really played."

Dan Reingold was a top Wall Street analyst for fourteen years and Salomon Smith Barney analyst Jack Grubman's chief competitor in the red-hot sector of telecom. Reingold was part of the "Street" and believed in it.

But in this action-packed, highly personal memoir written with accomplished "Fast Company" senior writer Jennifer Reingold the author 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 the world of Wall Street leaks and secret deal-making; his experiences with corporate fraud; and Wall Street's alarming penchant for lavish spending and multimillion-dollar pay packages.

Reingold spars with arch rival Grubman; fends off intense pressures from Wall Street bankers and corporate CEOs; and is wooed by Morgan Stanley's CEO, John Mack, and CSFB's uber-banker Frank Quattrone.

Reingold describes instances in which confidential deals are whispered days before their official announcement. He recalls the moment he learns that Bernie Ebbers's WorldCom was massively cooking its books. And he is shocked to have been an unwitting catalyst for a series of sexually explicit e-mails that would rock Wall Street; bring Jack Grubman to his knees; and contribute to the stepping aside of Grubman's boss, Citigroup CEO Sandy Weill.

Some of Reingold's stories are outrageous, others hilarious, and many are simply absurd. But, together, they provide a sobering expose of Wall Street: a jungle of greed and ego, a place brimming with conflicts and inside information, and a business absurdly out of touch with the Main Street it claims to serve.

He shows how government investigators, headlines notwithstanding, never got to the heart of the ethical and legal transgressions of the era. And how they completely overlooked Wall Street's pervasive use of inside information, leaving investors -- even sophisticated professionals -- cheated. The book ends with a series of important policy recommendations to clean up the investing business.

In the tradition of "Liar's Poker" and "Den of Thieves," "Confessions of a Wall Street Analyst" is a no-holds-barred insider's account that will open the eyes of every investor.

"It's a terrific memoir. This honest and irreverent behind-the-scenes account of life on Wall Street is highly recommended." -- Library Journal

Acknowledgmentsp. xi
Cast of Charactersp. xv
Prologue: Tuesday, March 15, 2005p. 1
The Plunge: 1989-1991p. 11
"This Is the Street Where They Fool People."p. 11
From Consulting to Communications: MCIp. 13
My First Run-in with Jack Grubmanp. 17
Street Smartsp. 19
Ed Comes Knockingp. 22
From the Jetway to the Atticp. 28
"We Do Not Make Negative or Controversial Comments About Our Clients."p. 34
Around the World in Seven Days (or Less): 1992-1993p. 40
Climbing Over the Wallp. 40
"You're the Only One."p. 43
"Hi, I'm John Mack..."p. 48
Privatization Pandemoniump. 53
The Perils of Papadamp. 57
Mississippi Madnessp. 60
Rainmaker, Dealbreaker: 1993-1996p. 66
Fraud 101p. 66
Tone and Noticep. 71
Jack's Knackp. 74
Afternoon Trystp. 78
My Major Opinion Change: Upgrading the Bells, Downgrading AT&Tp. 84
The Power of the Pollp. 87
"Just to Make Things Interesting"p. 91
Intimidation: 1996-1997p. 94
M&A Maniap. 94
Nothing Personal?p. 95
Internet Ignorancep. 98
Suffocationp. 100
My Failed Quest for Qwestp. 104
Fido Loves WorldComp. 109
Irrational Exuberancep. 110
Merger Mania: July 1997-January 1999p. 115
The Case of the Secret Documentp. 115
MCI/BT: The "BloodBath"p. 124
Jack and Bernie: Inextricably Linkedp. 128
Jack Plays Loose: I Play Bankerp. 133
How I Lost My Bank $25 Millionp. 138
Oxygen Deprivation: 1999p. 146
My Multibillion-Dollar Mistake: AT&Tp. 146
"You're Missing the Fucking Boat on Level 3"p. 151
"You Know He Can't Keep His Mouth Shut"p. 156
The SEC's Deadly Mistakep. 161
"How Can Your Best Friends Become Your Worst Enemies?"p. 165
To Publish or Not?p. 170
The Leak, the Ambush, and the Dupe: 1999p. 173
"Shame on Them?"p. 173
The $14 Billion Leakp. 174
The Ambushp. 178
A Piece of the Action at CSFBp. 182
Merrill: I'm Outta Herep. 188
"Any Idea What the Hell They Were Talking About?"p. 191
The $1.5 Million Mistakep. 193
The Dupe: Jack's AT&T Upgradep. 194
"I've Never Had a Conversation Like This."p. 197
Humpty-Dumpty: 2000p. 201
Playing with the Devilp. 201
My Mountaintop Messagep. 205
Who Wants to Be a Millionaire?p. 209
Two Minutes to Midnightp. 211
The Beginning of the Endp. 215
The Guide-down Gamep. 220
A Week from Hellp. 223
Crash and Burn: 2001p. 230
The Crashp. 230
The Show Must Go Onp. 234
Global's Insider Gamep. 236
Nacchio's Wrathp. 240
The Analyst Plays the Villainp. 242
Jack, the All-Knowingp. 246
Qwest and Global: The Swapstakesp. 248
Vindicated-But So What?p. 250
Outed: Qwest's Accounting Gimmicksp. 254
"How Do You Know This?"p. 255
Jack Fell Down: 2002-April 2003p. 260
The Worm Turnsp. 260
WorldConp. 267
Hearings from Hellp. 269
"What's a Level 3?"p. 276
Sex, Lies, and Videotapep. 279
So Long to the Streetp. 287
Epilogue: Where Are They Now?p. 292
Afterword: Back to the Future: Some Policy Prescriptionsp. 298
The Middleman's Dilemmap. 301
Why Spinning Off Research Won't Workp. 302
A Critique of Actual and Proposed Reformsp. 303
What Needs to Be Donep. 309
Notesp. 316
Glossaryp. 325
Indexp. 329
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780060747701
ISBN-10: 0060747706
Audience: General
Format: Paperback
Language: English
Number Of Pages: 384
Published: 29th May 2007
Publisher: HarperCollins Publishers Inc
Country of Publication: US
Dimensions (cm): 20.3 x 13.6  x 2.3
Weight (kg): 0.28