Black and White on Wall Street: The Untold Story of the Man Wrongly Accused of Bringing Down Kidder Peabody

by Joseph Jett

Book Overview

In Black and White on Wall Street, Joseph Jett describes the combative environment of a Wall Street trading floor, where the driving forces are greed and competition, whatever the cost. For Jett, the... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0688161367
• Release Date: January 1999
• Publisher: William Morrow & Co
• Length: 387 Pages
• Weight: 1.60 lbs.
• Dimensions: 12.8" x 1.3" x 6.5"

Customer Reviews

DISGUSTING COMMENTARY ON GE'S POWERHOLD ON THE LAW & MEDIA!!

If you have any doubts about purchasing this book, first read some of the 49 reviews (thus far). Immediately, you'll notice a trend. Overwhelmingly, readers are convinced of Joseph Jett's account of the facts. On the other end of the spectrum, you'll read a few accounts of individuals who claim to have worked with Mr. Jett or have somehow come to the conclusion that Mr. Jett is lying. I put my faith in most people's ability to discern the truth by using a modicum of critical thinking. I actually laughed out loud when I read comments by those who stated, "I am the wife of an ex-Kidder employee" or "I worked at Kidder and lost my job." Their comments make no mention of the legalities of the case or ridiculous control GE had over the media and the legal system. If the "superiors" at Kidder had "no clue" (according to their inept recollection), why would a wife or ex-employee know whether or not Joseph Jett had "taken down" Kidder Peabody? Executives at Kidder said they had no idea what was going on, I doubt a lower-level employee or wife (who no doubt was biased about her husband's loss of a job) would have ingenious insight. This book was absolutely fascinating!!! After reading this book, I gave it (or recommended it) to my brother, mother, father, sisters, husband, brother-in-laws and countless friends who all came to the same conclusion, "innocent," without any prompting by me.BY FAR, THIS WAS THE BEST BOOK I READ ALL YEAR!!!(which says a lot--our family reads tons). The technical aspects of the book require more dedicated attention as you read, however, even if you have troubles with this section, it's clear that Joseph Jett was wrongfully accused of single-handedly taking down Kidder Peabody. The reader does not (and probably should not) come to this conclusion based on one account of a Wall Street employee, but on the countless other books and accounts with similar tones--BIG MONEY (I.E. GE C0RPORATION) PRECLUDE THE FAIR OUTCOME OF ALMOST ANY TRAIL. Why are we shocked at the outcome? I was extremely saddened at the end of the book. It it disturbing that both the Justice Department and the National Association of Securities Dealers exonerated him of any wrong-doing, while the SEC judge (who does not have a finance understanding and was working her first case) said he was innocent of securities fraud but had the intent to fraud the company, although Jett was abiding by the firm's own bookkeeping rules. There were just too many inconcistencies in her ruling. By the way, our family consists of Latino, White, and African Americans members, all of whom have B.A.'s, Master's, MBA's, and PhD's. All reached the same conclusion--Joseph Jett is innocent. In the end, this book not only does an excellent job of portraying Jett's case, but it also re-awakens our consciousness about the unfair control that weathly corporations have in America which, in the end, dictate what happens in our court-rooms, w

Should be Required Reading for all Business Curriculums

I had forgotten about the Kidder Peabody debacle until I saw Jett recently on C-SPAN. He is quite a speaker. I found his comments on business, corporate politics, and the failings of the black church to be dead on. Jett realized that power and politics matter more than race and it is very refreshing that someone has the courage to admit it. I bought the book the following day and read it straight through. I manage a racially diverse professional workforce and have dealt with complaints of perceived discrimination for the last two years. After reading Jett's book I was able to have a heart to heart with a black direct report. He had not read the book so I lent him my copy. Somethings were simple: I no longer ask him or any minority to high-five me in greeting and he no longer says that being tardy is a black thing that I just don't understand. Otherthings will take longer. But the book was a real eyeopener for me and I believe 40% of my workforce has now read it.I have sent it to my son, a business major at Duke and told him to bring it to the attention of his professors and classmates.

This Book Has Been Banned! Effort to silence Jett goes on!

I had the pleasure of interviewing Mr. Jett recently and was shocked to learn that as a result of a threatened libel suit from Mr. Ed Cerullo (Jett's manager at Kidder) that the Hearst Corporation ordered an end to all publicity efforts for this book. The Hearst Corp. is apparently the owner of the book's stated publisher William Morrow Inc. It is a pity that a publisher refuses to support what in my opinion is a long overdue accounting of Kidder, Wall Street, and the complex issues of race relations in our society.According to Jett, Hearst Corp on receiving the threat of the libel action from Cerullo (who now claims that some of his best friends are black and who seeks damages in the multimillions in order to donate the money to unnamed minority charities) immediately ordered Jett's publicists who were fielding offers left and right for interviews to break off contact with Jett and are seeking settlement terms with Cerullo while leaving Jett out to dry.Hey Hearst! Wake up! Since when did a publisher back down from a threatened lawsuit.Is there no free press in this country anymore? I thought that one of the most fascinating themes in this book was the failure of the New York Times and Wall Street Journal to report on Jett's trial after condemning the guy in repeated editorials. With Hearst that aspect of the story is being replayed yet again. Good luck and God be with you, Mr. Jett

It's All About Skin Color-Not Merit, Not Knowledge or Skills

The book was excellent!! A must reading. When Black Men raise their male children and instill in them strength, courage and self esteem, the results produce Men who can overcome and win. The playing field is never level, no matter what you choose to believe. Unless you have a pitbull mentality (not everyone wants to fight) you don't stand a chance for very long in corporate america. If you stay it will make you crazy and you loose something from your soul. Mr. Jett lacked balanced in his life and he paid. I believe he was/is inocent, but what a price to pay. If you don't own your own, you are always a slave. What about the fixation on Mr. Jett's sexual life? Is that what it all boils down to sex and power among men? What do White men really fear, a gang banger or a Brooks Brothers Suit?

Excellent!!!!!!!

I am a black independent "Wall Street" trader and I find the story compelling and what I would expect of any black working for a major wall street investment firm. Sure it's ok to make some money(peanuts)comparitively to what the firm earns, but to consolidate power! You must be kidding. Let's be real. Can we truly see a black individual leading any of the major wall street firms, based on hard work and merit. Goldie, Merrill, or JP Morgan just to name a few. Can't be, for if it were so there should be one by now. Oh I forgot, there are no black traders competent enough. Americans need to wake up and stop being so naive. My clearing firm has a risk manager that understand my trades, how can $30 billion be moved by a single individual and no one notice. We are not talking about some corner store banker, but a bank once owned by General Electric. I feel for any person that thinks he deserved what he experienced compared to the fines of his colleagues. To those whinning ex-employees, if you are worth anything you would be independent and risk your own capital. God Bless You Joe. When you get your business up and running, I will be sure to open an account!