This book is in many respects a product of my two decades covering Wall Street, mostly at Business Week magazine. One of my colleagues once referred to what I have just described as providing a “front-row seat” to the pageantry of financial history. I am not so sure about that. Financial journalists occupy the bleachers, and sometimes we are in the restroom when the really good stuff is going on. Fortunately I had two fine bosses who were un-surpassed at grabbing journalists by the lapels and forcing us to cover the real stories—not just the ones that were on the agenda set by the powers of Wall Street. They guided coverage of finance and economics at BW with distinction for three decades, and their absence was felt for a long time thereafter.
I refer, of course, to Seymour Zucker, senior editor for finance and economics, and William Wolman, the chief economist. Both men are truly giants of journalism, and their willingness to challenge the conventional wisdom gave BW its edge for many years. Their retirement in 2001 was sorely regretted by anyone who cared about hard-hitting, tough journalism. Bill and Seymour were implacable foes of stodgy thinking, and fearless advocates for investigative reporting and negative stories in the face of what was, at times, formidable internal opposition. They provided courage, imagination, and backbone when it was most needed. When I resigned from Business Week in May 2004 to write this book, my decision to leave was not anywhere near as difficult a choice as it would have been a few years earlier, when these two men were overseeing our Wall Street coverage. This book is theirs as much as it is mine—though I must hasten to point out that neither of these gents read the manuscript, and I am sure they would give me an argument on some of it. Still, they must bear the burden of having taught me whatever I know about the Street.
Among the colleagues whom I left behind in the fast-changing masthead of Business Week, special thanks go to Mara DerHovanesian, Jeff Laderman, Tony Bianco, Emily Thornton, and…you know, I think I’ve gotten enough people in trouble.
It was only after I left BW in 2004 that I came to appreciate how much the McGraw-Hill Companies, which owns BW, cares for the welfare of its people even after they have moved on to other pursuits. My heartfelt thanks go to Kenneth M. Vittor, general counsel; Robert Pritchard; and, of course, the terrific Cal Mathis. My thanks also go to Devereux Chatillon and Robert Gifford.
At Portfolio, Adrian Zackheim believed in this project passionately from the beginning, and his guidance and wisdom kept it on track. Bernadette Malone was an enthusiastic and skillful editor of my raw and muddled prose. My thanks also to Gary Mailman of Herrick, Feinstein LLP and to copy editor Randee Marullo.
As always, Mort Janklow proved that he is an agent’s agent, protecting my interests tirelessly and providing wise counsel in many areas.
Last but not least, my gratitude goes to my sources and friends, many on Wall Street, who, I hope, will still be speaking to me after this book is published. Apart from the ones named in this book, such as the courageous Rand Groves, the great Harry Strunk, and the fearless Floyd Schneider, they shall remain forever and, I am sure, gratefully anonymous.