Cover image for Black and white on Wall Street : the untold story of the man wrongly accused of bringing down Kidder Peabody
Title:
Black and white on Wall Street : the untold story of the man wrongly accused of bringing down Kidder Peabody
Author:
Jett, Joseph.
Personal Author:
Edition:
First edition.
Publication Information:
New York : William Morrow, [1999]

©1999
Physical Description:
387 pages ; 25 cm
General Note:
Includes index.
Language:
English
Personal Subject:
Added Author:
ISBN:
9780688161361
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Central Library HG4928.5 .J48 1999 Adult Non-Fiction Non-Fiction Area
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Central Library HG4928.5 .J48 1999 Adult Non-Fiction Central Closed Stacks
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Summary

Summary

In Black and White on Wall Street, Joseph Jett describes the combative environment of a Wall Street trading floor, where the driving forces are greed and competition, whatever the cost. For Jett, the price was his career, his reputation and the distinction of being a Wall Street pariah. Black and White on Wall Street reveals not only the excitement of the game but the Street's own brand of corruption as well. Its power-hungry, wildly rich players have their own set of rules, and though Jett got caught in the crossfire, he isn't going down quietly.


Author Notes

Joseph Jett is a graduate of MIT and the Harvard Business School. Before joining Kidder, Peabody, he worked for Morgan Stanley and First Boston.


Reviews 3

Booklist Review

This is a modern-day story of David and Goliath, but here Goliath wins. The author, a top bond trader at Kidder Peabody, was charged with masterminding one of the largest securities scams in Wall Street history, and with this book he aims to set the record straight. While Kidder and its parent company, General Electric, insist that he was a rogue trader who acted alone in perpetrating an enormous fraud, no criminal charges were brought against him. Jett insists he was made a scapegoat in a racist culture where greed is the only currency of value. The book has three parts: the author's life before Kidder, including his degrees from MIT and Harvard; his experiences at the firm; and his firing and events subsequent to that. Only a few people know the real truth, and Jett warns readers that Wall Street will dismiss this account as a ruse. Whatever the truth in this particular situation, personal carnage in high-stakes battles is a reality in today's corporate America. --Mary Whaley


Publisher's Weekly Review

Whether or not readers are convinced by Jett's spirited defense of his professional ethics and acumen, they will certainly get a long, lurid look into the high-stakes shark tank of the trading world, where competition within a company is often fiercer than competition between rival firms. Jett burst onto front pages of newspapers in spring 1994 amid accusations that he defrauded Kidder Peabody and created $350 million in phantom profits from which he was awarded $8 million in bonuses. Jett accuses his former employers of racism and scapegoating, maintaining that his aggressive, unorthodox trading strategy was okayed by his superiors, who then played dumb when the SEC came into the picture. In making his case, however, Jett does himself no favors. He admits that, early in his career, he was socially and politically tone deaf, and he candidly relates the unflattering stories of how he lost jobs at Morgan Stanley and First Boston before landing at Kidder. In discussing the bond trading strategy that he developed and the intricacies of the SEC investigation of the matter, Jett comes off as both exceedingly smart and exceedingly gullible (fooled as often by himself as by others). His book may not provide the exoneration he seeks, but it will surely give readers a look at the street lit by the unflattering glow of a real-life bonfire of the vanities. Agent, Suzanne Gluck at ICM; author tour. (Apr.) (c) Copyright PWxyz, LLC. All rights reserved


Library Journal Review

This firsthand account by the most successful African American trader on Wall Street is a story of financial intrigue and personal misfortune. Six years ago, Jett was accused of planning a huge securities scam. Here he claims that he was made the scapegoat in a power struggle inside his firm, Kidder Peabody. In 1993, a year after naming him "Man of the Year," Kidder fired Jett, claimed he was a rogue trader, and sued him for $82 million. Jett countersued Kidder in court. In January 1998, an arbitration panel of the National Association of Securities Dealers ruled in Jett's favor, releasing $5.6 million in his personal accounts. Clearly, greed and racism remain rampant on Wall Street; Jett, still recovering, lost his earnings and his personal life. Young professionals entering the business world should find this enlightening, fascinating, cautionary reading. [Previewed in Prepub Alert, LJ 12/98.]‘Susan C. Awe, Univ. of New Mexico Lib., Albuquerque (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Table of Contents

Author's Notep. ix
Part 1 Ground Zerop. 3
The Promised Landp. 17
Pizarro You Allp. 29
GE, Round Onep. 51
The Harvard MBA Showp. 57
From Morgan Stanley to Kidder Spyp. 67
Part 2 Kidder, Peabody and Co.p. 103
Black Male Sexualityp. 128
This is Warp. 149
Perfect Timing: Forward Recons and the Fedp. 171
"Get Bigger. Be More Aggressive."p. 194
Man of the Yearp. 212
Part 3 "Kidder Reports Fraud and Ousts a Top Trader"p. 247
The SEC Trialp. 293
Justice Delayed, Justice Deniedp. 354
Acknowledgmentsp. 373
Indexp. 375

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