In the seven years since the first edition, America's financial industry has experienced significant upheaval, altering the economic landscape. The bull market of the 1990s ended with the dot-com boom, leading to numerous mergers and accounting scandals involving major companies like Enron and WorldCom. Financial historian Charles Geisst offers a comprehensive history of Wall Street, detailing how a small area in lower Manhattan gained immense influence over national and global affairs. In this updated edition, he addresses the recent turmoil threatening the financial sector, including the 1997 record $1.3 billion fine imposed on thirty NASDAQ market makers for stock price irregularities. Geisst clarifies the bull market's conclusion and the impact of new accounting rules on mergers, which resulted in significant losses for firms such as AOL Time Warner. He also discusses the aftermath of the 1990s speculative frenzy, highlighting the scandals at Enron, Tyco, Worldcom, and Conseco as a culmination of excessive merger activity and a consequence of a bubble-like market. This work chronicles the evolution of Wall Street, from its origins as a defensive barricade built by Peter Stuyvesant to its current status as a billion-dollar, computer-driven powerhouse, while also providing an engaging economic history of the United States and Wall Street's pivotal role in shaping its economy.
