Wall Street Under Oath: The Story of Our Modern Money Changers

Download or read book Wall Street Under Oath: The Story of Our Modern Money Changers written by Ferdinand Pecora and published by Graymalkin Media. This book was released on 2014-10-10 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ferdinand Pecora investigated with ruthlessly abandon the nation’s most influential bankers and stockbrokers to determine what caused the Wall Street Crash of 1929, which in turn led to the Great Depression. Pecora, as Chief Counsel of Senate launched investigation, shined a vivid light on the shocking practices, deception, and lack of ethics that permeated Wall Street from the bottom to the highest echelons of power. Wall Street’s major players thought they were untouchable masters of their domain, but in the hot seat of the witness chair, eye-to-eye with Pecora, they were no match and fell like dominoes. The mighty J. P. Morgan was forced to admit he and many of his partners hadn’t paid any income taxes in the previous two years and his reputation was tarnished. Pecora’s expose of the practices of National City Bank (now Citibank) made banner headlines and caused the bank’s president to resign. Pecora Wall Street Under Oath in easy to understand language because he was afraid the public might get forgetful. And he was right. Federal Reserve Chairman Ben Bernanke said the 2008 “Great Recession” was actually worse than the Great Depression. Clearly, we need to stay vigilant with a refresher course from Ferdinand Pecora. First published in 1939, this classic book is as relevant today as it was then – because on Wall Street, greed is always in style.