Secrets of the Street

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9780070402553: Secrets of the Street

Written by "Business Week" columnist Gene Marcial, this expose reveals the insider trading and dealing on Wall Street. At one time, the author's column was being sold by employees at "Business Week"'s printer to stock brokers before publication. Based on the inside information in the column, brokers invested in stocks before the news release. Today, his weekly column is written under strict security. This book features first-hand and primary source material only. It includes anecdotes and revealing information on how the likes of Henry Kravis, George Soros and Michael Steinhardt make money on Wall Street, as well as quotes and interviews with players.

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From Publishers Weekly:

Those who are cynical about Wall Street's integrity will have their suspicions confirmed by this blistering account of American high finance. Through anecdote after anecdote, Marcial, the Inside Wall Street columnist for Business Week, shows how those with the right Wall Street connections have an unfair, and often illegal, advantage in playing the stock market over the average investor. He relates how insider trading occurs in virtually all financial institutions, with his heaviest criticism reserved for the NASDAQ (which is currently being investigated by the Justice Department for price fixing) and the initial public offering (IPO) markets. Marcial's story suggests that although the small investor has almost no hope of reaping a windfall from the stock market, any boob who manages to wrangle a way into the Wall Street network can't help but make tons of money by trading on the inside information that flows freely throughout the Street. Although Marcial's account has no driving narrative, the unscrupulous nature of Wall Street he details could have readers bailing themselves out of the market to invest in CDs or savings accounts. Fortune Book Club alternate.
Copyright 1995 Reed Business Information, Inc.

From Booklist:

Marcial is a 20-year Wall Street veteran who has written Business Week`s "Inside Wall Street" column for the last 13 years. Given the explosive accusations he makes in this book, that column is ironically named. Marcial charges that "shady and semi-shady trading is part of the culture on Wall Street" and that "some of the most highly respected and intelligent men and women . . . trade in inside information." In a December 1994 cover story, Marcial's magazine documents the unexplained run-ups in stock prices and increased trading activity that preceded nearly a third of the major merger deals during the year. Marcial fleshes out those numbers with behind-the-scenes, close-up--though inevitably disguised--details of both questionable and plainly illegal investment activities. He also provides a historical accounting of insider trading and interviews Ivan Boesky for the first time since Boesky's prison release. This book is certain to get a lot of publicity in the business press, if only because its press agent has requested a media embargo until its release! David Rouse

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Gene G. Marcial
Published by Mcgraw-Hill (1995)
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