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Gasparino's 'Sellout' Hits NYT Best-Seller List

Friday, 20 Nov 2009 05:18 PM

Financial reporter Charles Gasparino's controversial new book about the Wall Street meltdown debuted at No. 8 on The New York Times list of hardcover nonfiction best sellers to be published this week.

Gasparino’s "The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System" has made waves, describing how Wall Street insiders and Washington bureaucrats hijacked the financial sector of the economy.

In it, Gasparino also warns investors that the financial disaster may not be over.

The book became an immediate best seller. Last week it hit No. 4 on The Wall Street Journal list of hardcover business best sellers.

The book by Gasparino — financial channel CNBC’s on-air editor and a former Wall Street Journal reporter — is currently No. 1 on Amazon.com in two categories, Business & Investing/Economic Conditions and Business & Investing/Economics, and No. 3 in the Accounting & Finance category.

The Wall Street Journal called the book "a splendid account of the financial meltdown."

Gasparino argues that the meltdown is just the latest calamity in a 30-year pattern of executive excesses, unsustainable leverage, and unreliable computer models — and he warns that risk-takers could be doomed to repeat their errors.

He cites four culprits for Wall Street’s calamities: "sleepy" regulators, "clueless" CEOs, "docile" boards and managers, and an out-of-touch culture — including an executive who took a helicopter to work as his firm headed for bankruptcy.

Gasparino calls for the elimination of the SEC and bond rating agencies.

USA Today noted: "Gasparino knows the Wall Street characters, and the fly-on-the-wall anecdotes prove it."

Editor’s Note: Get Gasparino’s “Sellout” at a great price from Amazon – Click Here Now

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