The Sellout

How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System

Charles Gasparino

Book

The ongoing tumult in financial markets and the global economy began when some of our most esteemed financial institutions, our government, and even average citizens abdicated their collective responsibilities, eventually selling out investors and selling off the American Dream itself.

From critically acclaimed investigative journalist and CNBC personality Charles Gasparino comes a sweeping examination of the most volatile, anxiety-ridden era in our nation's socioeconomic history. The winner of the 2009 Investigative Reporters and Editors Award for Books, The Sellout traces the recent implosion of the financial services business back to its roots in the late 1970s, when Wall Street embraced a new business model predicated on enormous risk. Gasparino reveals a startling trail of culpability—from the government bureaucrats who crafted housing policies to the Wall Street firms that underwrote and invested in risky debt, to the mortgage sellers who indiscriminately handed out loans, and finally to the homeowners who thought they could afford mansions on blue-collar wages.

Author

Charles Gasparino

Charles Gasparino

Charles Gasparino is a senior correspondent for the Fox Business Network and the Fox News Channel, where he reports on major developments in the world of finance and politics. A former writer for the Wall Street Journal and Newsweek, he has also served as a columnist for the New York Post and The Huffington Post as well as a contributor to The Daily Beast, New York Magazine, and Forbes. Gasparino is a recipient of numerous business journalism awards, including the prestigious Investigative Reporters and Editors Award for The Sellout. His other noteworthy books include Blood on the Street and King of the Club.

Reviews

“Gasparino has consistently broken news on some of the biggest financial scandals of recent years, including the fall of Martha Stewart, Henry Blodget, and Jack Grubman. As anyone who reads the business pages knows, Charlie is one of the best reporters in the field.” —Mark Whitaker, former editor, Newsweek

“An especially aggressive reporter.” —Vanity Fair

“Gasparino describes, in page-turning detail, a Wall Street world of ruthless financial titans.… No collection of courtroom documents will ever tell the story…as well as Mr. Gasparino does.” Wall Street Journal, on King of the Club

“Gasparino is credited with breaking some of the more titillating tales of Wall Street misconduct.” New York Post

“A tough outsider willing to go to battle with anyone--colleague or contact-in pursuit of the story.” —Financial Times

“Charles Gasparino sees the guts of Wall Street and the wreckage it leaves behind, day in and day out.” —San Antonio Express-News

“[A] splendid account of the financial meltdown.” Wall Street Journal

“Born in the Bronx to a construction worker and a housewife, Gasparino has risen from his working-class roots to become one of the most influential business reporters at work today.” —PR Week

The most comprehensive anecdotal account to date of the crisis.... Gasparino cuts his way through Wall Street rhetoric and in the process uncovers in considerable detail how blind profit-making ambition led to the destruction of the markets. —New York Review of Books