American Rascal

American Rascal by Greg Steinmetz Book Summary

The gripping biography of Jay Gould, the greatest 19th-century robber barons, whose brilliance, greed, and bare-knuckled tactics made him richer than Rockefeller and led Wall Street to institute its first financial reforms.

Had Jay Gould put his name on a university or concert hall, he would undoubtedly have been a household name today. The son of a poor farmer whose early life was marked by tragedy, Gould saw money as the means to give his family a better life…even if, to do so, he had to pull a fast one on everyone else. After entering Wall Street at the age of twenty-four, he quickly became notorious when he paralyzed the economy and nearly toppled President Ulysses S. Grant in the Black Friday market collapse of 1869 in an attempt to corner the market on gold—an event that remains among the darkest days in Wall Street history. Through clever financial maneuvers, he gained control over one of every six miles of the country’s rapidly expanding network for railroad tracks—coming close to creating the first truly transcontinental railroad and making himself one of the richest men in America.

American Rascal shows Gould’s complex, quirky character. He was at once praised for his brilliance by Rockefeller and Vanderbilt and condemned for forever destroying American business values by Mark Twain. He lived a colorful life, trading jokes with Thomas Edison, figuring Thomas Nast’s best sketches, paying Boss Tweed’s bail, and commuting to work in a 200-foot yacht.

Gould thrived in an expanding, industrial economy in which authorities tolerated inside trading and stock price manipulation because they believed regulation would stifle progress. But by taking these practices to new levels, Gould showed how unbridled capitalism was, in fact, dangerous for the American economy. This eye-opening history explores Gould’s audacious exploitation of economic freedom triggered the first public demands for financial reform—a call that still resonates today.

American Rascal by Greg Steinmetz Book Reviews

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About Greg Steinmetz Wiki

Greg Steinmetz is an American journalist, author and securities analyst. Steinmetz was born and raised in Cleveland, Ohio. He graduated from Colgate University with a Bachelor of Arts degree in History and German, and earned a master's degree from the Medill School of Journalism at Northwestern University.Steinmetz spent 15 years working as a journalist for the Sarasota Herald-Tribune, Houston Chronicle, Newsday, and The Wall Street Journal. He served as the Bureau Chief for the Wall Street Journal in Berlin and London. He is now a securities analyst for a New York money management firm.He is also known for a well-received biography of Jacob Fugger in which he argues that Fugger was the most influential businessman in history, and possibly the richest man who ever lived. Books The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger. 2015. Simon and Schuster. ISBN 978-1451688559. Review at New York Review of Books, 2016 American Rascal: How Jay Gould Built Wall Street's B...

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