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"[A] splendid account of the financial meltdown."--Wall Street Journal
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Critically acclaimed investigative reporter and CNBC personality Charles Gasparino demonstrates how the ongoing tumult in financial markets is part of a much larger story that entails some of the world's most esteemed financial institutions selling out their responsibility - not just to their own shareholders, but to millions of outside investors and to the American public. "The Sellout" shows how and why America's largest investment banks have suffered staggering losses in assets and influence, triggering the vast financial crisis that is now devastating the United States and institutions across the globe. This page-turning narrative captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance, made many of the US' most fabled financial institutions vulnerable to significant new foreign control, and profoundly weakened the financial security of millions of poor and middle-class American families.
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6 of 6 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
In his forage for the 'Begetters of Blame' for the recent mayhem in the financial markets and global economy, Mr Gasparino points his loaded shotgun in the direction of four financial institutions, Bear Stearns, Merrill Lynch, Citigroup and Lehman Brothers.
More specifically he sets out and succeeds in demonstrating that these companies were each led by a hyper-dominant CEO who was allowed to operate each concern and take vastly important decisions, with little or no input, control or direction from other directors and senior managers. Jimmy Cayne, Stan O'Neal, Charles Prince and Dick Fuld CEO's of Bear, Merrill, Citi and Lehman respectively, each built up in different ways, positions of immense power and/or fear in their organisations allowing them to run these colossal 'mountains of money' almost unfettered with proper and prudent controls. Milton S Eisenhower, Scholar, brother of a President of the United States, observed, "Disregard for human beings is the first qualification of a dictator," and how these self-appointed demi-gods proved him correct!
And the most shocking catastrophic 'goof' was that these guys had only a meagre understanding of the risks and the potential losses (that in reality turned out to be upwards of $200 billion when the manure hit the fan) because of their wilful arrogance and ill-founded belief in their own 'brilliance'. It was surprising to read that even during the calamitous problems when horrendous losses started to emerge, some of these guys continued to take considerable periods away from their offices for leisure activities such as golf and cards.
A number of good books have been written about about The Credit Crunch and "The Sellout" is up among the best. Mr Gasparino's journalistic background clearly shows through, resulting in an interesting, pleasurable to read, easy to understand account, and incredibly well researched. It, also deals with more enlightenment than other works, on the corporate and individual weaknesses in the four banks at the epicentre of this tragic 'comedy of errors' that almost brought about the collapse of the global economy.
More specifically he sets out and succeeds in demonstrating that these companies were each led by a hyper-dominant CEO who was allowed to operate each concern and take vastly important decisions, with little or no input, control or direction from other directors and senior managers. Jimmy Cayne, Stan O'Neal, Charles Prince and Dick Fuld CEO's of Bear, Merrill, Citi and Lehman respectively, each built up in different ways, positions of immense power and/or fear in their organisations allowing them to run these colossal 'mountains of money' almost unfettered with proper and prudent controls. Milton S Eisenhower, Scholar, brother of a President of the United States, observed, "Disregard for human beings is the first qualification of a dictator," and how these self-appointed demi-gods proved him correct!
And the most shocking catastrophic 'goof' was that these guys had only a meagre understanding of the risks and the potential losses (that in reality turned out to be upwards of $200 billion when the manure hit the fan) because of their wilful arrogance and ill-founded belief in their own 'brilliance'. It was surprising to read that even during the calamitous problems when horrendous losses started to emerge, some of these guys continued to take considerable periods away from their offices for leisure activities such as golf and cards.
A number of good books have been written about about The Credit Crunch and "The Sellout" is up among the best. Mr Gasparino's journalistic background clearly shows through, resulting in an interesting, pleasurable to read, easy to understand account, and incredibly well researched. It, also deals with more enlightenment than other works, on the corporate and individual weaknesses in the four banks at the epicentre of this tragic 'comedy of errors' that almost brought about the collapse of the global economy.
Format:Paperback|Amazon Verified Purchase
Anyone wondering how the western World got into the financial mess we are currently in, should read this. It really does explain very well why we are where we are. Yes it's a mess and I do not beleive it's anywhere near over. LOOK OUT
Format:Paperback
This was an interesting and fun book to read. It provided a glimpse of the culture inside the world's largest financial organisations and how that culture ultimately lead to the demise of so many previously strong brand names.
Having worked in large financial organisations, I am surprised to find the lack of internal controls and the poor attitude of the senior management within these organisations. It makes me wonder whether the guys running the organisation that I work for are as reckless as these.
However, as with any third or fourth hand account of events, I take what I read with a grain of salt. Nevertheless, it was still an enjoyable read and reminds me that even the most senior people within these large multinational organisations are just human afterall!
Having worked in large financial organisations, I am surprised to find the lack of internal controls and the poor attitude of the senior management within these organisations. It makes me wonder whether the guys running the organisation that I work for are as reckless as these.
However, as with any third or fourth hand account of events, I take what I read with a grain of salt. Nevertheless, it was still an enjoyable read and reminds me that even the most senior people within these large multinational organisations are just human afterall!
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