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Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market
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Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market

3.84  ·  Rating details ·  1,041 ratings  ·  57 reviews
Here is the true story of a top Wall Street player's transformation from a straight-arrow believer to a jaded cynic, who reveals how Wall Street's insider game is really played.

Dan Reingold was a top Wall Street analyst for fourteen years and Salomon Smith Barney analyst Jack Grubman's chief competitor in the red-hot sector of telecom. Reingold was part of the "Street" and
Hardcover, 368 pages
Published February 7th 2006 by Harper Business (first published 2006)
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Dec 11, 2011 rated it really liked it
A very interesting and gripping book on what goes on inside wall street, and why individual investors should stay the hell away from individual stock picking due to uneven flow of insider information among top executives on Wall Street. A must read for anyone interested in how the stock market really works. One can't help but wonder what illegal activies the author might have been involved in and not reported in the book. Probably due to the easy connection between Wall Street and corporate crim ...more
Cihan Koseoglu
Mar 09, 2017 rated it it was amazing
Best book I've read this year. I think the way Reingold describe the events is pretty exciting, and gives a good insider look into the investment banking industry. I was always interested in what happened to WorldCom and this was a good story. ...more
Apr 17, 2008 rated it really liked it
I remember reading Dan Reingold's opinions back in the 90s when it seemed like tech and telecom would never stop rising. After a few years, the fact that I no longer have stock options worth 100s of K isn't quite as painful, so I wanted to try to figure out what happened. I went looking for Blood On The Street (different author, same general topic) when I saw this autobiography. It made for some good reading.

More amusing to me though was how it all ended. In the last 20 or 30 pages of the book,
M. Roberts
Dec 02, 2016 rated it it was ok
This story had great potential. With all of the drama around Wall Street's shenanigans over the past few years, the promise of an expose by a Wall Street analyst insider was intriguing. Unfortunately is is written... a Wall Street analyst would write it.

The overall story is pretty good, but aside from the information being very dense and analytical, the author can't seem to help arguing his case for his own innocence in the book and taking every opportunity to point out how guilty th
Nov 21, 2012 rated it liked it
Fascinating for the first few chapters and then gets bogged down in telecom industry minutia. The main take-away from the book: the big players on Wall Street have access to much better information than the individual investor and trying to compete with them is suicidal.
Gemma Hegarty
Jan 16, 2022 rated it liked it
This review has been hidden because it contains spoilers. To view it, click here.
May 15, 2019 rated it it was amazing
Great insight into the inner workings of Wall street, presented & shared from a true insider during what may be considered a transitional period for the industry, a transition of grandiose implications.
I believe this title presents value for anybody seeking perspective in regards to the nature of information flow within the world of investing or for those whom possess interest in the bull market of the 1990's.
Lee Wei Wei
Dec 27, 2021 rated it liked it
For starters,it can give you a true view of investment banks with their dirty dealings. Although many claimed that the current market is a semi efficient one,I did believe that there is a hint of inside information for all transactions. Dan Reingold has showed us the importance of sticking to the conventional and safe method while working in an investment bank,and that insider trading will cause the downfall of an organisation,no matter how rigid and strong the organisation’s foundation is.
Obalola Ibrahim
Mar 09, 2018 rated it really liked it
The analytical battle of Dan Reingold and Jack Grubman of the Wall Street:
Front row seat of how the Telecom industry stocks (dotcom) went down.
Apr 03, 2021 rated it it was amazing
One of the most sneaky page turning books Ive read in a long time. Wasnt nearly as packed with shocks as the title had me expecting, but kept me captivated start to finish anyway.
Dec 30, 2020 rated it really liked it  ·  review of another edition
Between 3.5 to 4.0*
Rajesh CNB
Jun 08, 2016 rated it it was amazing
Shelves: non-fiction
If one really wants to know how a few greedy people can steal money from gullible stock market investors, this is a book that one should read. Not all things are controlled by law and regulation. It's astounding to see some of the world's best known firms taking the perfectly legal but entirely unethical path with ease and the conviction that there's nothing wrong in being unethical.

In the end many of those big names flaunted in management circles as gurus or whatever, are simply greedy thieves
May 25, 2013 rated it really liked it
I picked this up mainly because it seemed an interesting read in the financial sector (where I make my living). It turned out to have significantly more resonance for me. Why? Because Reingold was a telecom analyst during the 1990s and early 2000s...and I was one of those employees at U S WEST, which was acquired by Qwest, who lost a significant fraction of retirement savings. Reingold goes into some depth on Qwest, the acquisition, and Qwest's subsequent flameout which lost a lot of bystanders- ...more
Dec 06, 2014 rated it really liked it
This book was a really good read. It just gives you so much insight into the scenario of Wall Street at that time. The gradual growth of the telco sector which later turned into a frenzy of activities across the world as regular telephone companies made way for cell phones and later the internet, was all very interesting to see. As a reader the drama surrounding the two rivals as well as the slow unfurling of how the telecom bubble burst was just amazing. sadly the topic of 9/11 was barely touch ...more
Apr 23, 2011 rated it really liked it  ·  review of another edition
Confessions of a Wall Street Analyst is an excellent account on the events preceding the burst of the telecom bubble. Dan Reingold gives a well structured and extremely analytical account on the events and circumstances leading to one of the biggest Wall Street collapses in history. Throughout the entire read you feel assured that this book was written by an expert on the subject matter. Dan's down to earth attitude adds even more to the credibility of this book and is a trait rarely found among ...more
Jul 05, 2011 rated it really liked it
Somewhat overlong and less infuriating than I had heard, this book was still interesting and revealing. The terrible truth that the individual investor can't hope to play the stock-picking game comes through loud and clear.

The author paints a rosy picture of his own actions, which seems maybe disingenuous, but so what? First of all, if he did anything wrong, he can't reveal it here since he never went to trial and thus isn't benefitting from double jeopardy. Second, wouldn't we be suspicious of
Oct 13, 2010 rated it it was amazing  ·  review of another edition
Exceptional detailed description of the inter-workings of Wall Street and the fundamentally biased relationship between the banking and research departments. The book chronicles the monumental impact of the internet age on the telecom industry, through the seemingly endless cash cow stage, to the devastating crash involving some of the largest financial and accounting frauds in history. While companies such as WorldCom were able to blind investors for a time with incredible EPS and growth, soon ...more
David  Robertson
Dec 21, 2015 rated it really liked it
This book was a great read. It is a fresh perspective from an analyst point of view on how Wall Street works. I especially enjoyed the meetings with analysts and CEO's that would dramatically move a stock. I even remember the days in the market where a giant move of a stock would take place and now I have a better idea of what caused it. This book also made me research some of the early 2000's criminals to see what they were up to now. Another key point is that most of the people perpetuating fr ...more
Alex Rogers
Well written insight into the world of financial analysts, and in particular, the tumultous world of telco in the first decade of the 21st century. Reingold is a self-confessed nerd, but self-aware enough to be entertaining, and clearly an expert in his field. Hi writing style is clear and informative, and his account of the personalities in the field and clashes with some of his rivals is entertaining. I enjoyed the book, but reinforced my prejudices against the finance sector generally and ana ...more
Peter Hughes
Nov 30, 2011 rated it really liked it  ·  review of another edition
A surprisingly good read. Reingold presents himself as the only honest guy in a world of crooks and - for the sake of following the story - I'm prepared to suspend disbelief. There are many places where the book goes into excrutiating detail ("WorldCom gained almost 6 percet, rising $2.06 to $39.69.") and I expected that I'd be skimming much of the content, in the end however I didn't. Somehow, I continued following every word.

Overall the book is probably too long - the same story could be told
Sep 07, 2013 rated it it was amazing
I thought this book was phenomenal!!! I really learned about the investment side of banking and Wall Street Analysts. Before I read this book I really was a novice in this area, not understanding almost anything. I lived through this time and worked for several of the wireless companies of the time i.e.e Sprint PCS, Cingular Wireless (AT&T), and Verizon Wireless. I remember the whole MCI Worldcom debacle right after the Enron scandal. These scandals led up to the regulation of corporations. Fant ...more
Nov 30, 2008 rated it really liked it
I'm noticing a theme in these autobiographies: other people = bad, me = good.

I admire this guy for sticking to his principles, however, and not being hauled off to jail like the rest of the people involved in the WorldCom scandal. He paints a very clear picture of how wall street should work, and why it will never be that way.

Oh, and I still think being an investment banker means you have no soul.
Anandh Sundar
Dec 25, 2010 rated it really liked it
The 2000-01 stock market bubble in the USA was largely spurred by the 'new economy' companies in the TMT(Telecom Media & Technology) sectors. And who better to describe it than an analyst in the middle of the telecom sector? Though the book is coloured by his war with star analyst Jack Grubman, the book still makes good reading for what could again happen if securities markets are not regulated adequately. ...more
Henrik Kamstrup-nielsen
Nov 02, 2014 rated it really liked it
This book is about coruption and inside trade on Wallstreet in the late 90s and early 2000. It's told by one of the top telecom analysists of the time and shows why the market crashed at the time.
The only reason I'm not rating the book with 5 stars is because of the sometimes very technical language and there's no easy way to look it up in the ebook. The explanations are there in the back, just no real hyperlinks.
Jan 15, 2008 rated it liked it
After reading Confessions of an Economic Hitman (which is like a non-fiction John Clancy novel), Confessions of a Wall Street Analyst wasn't as exciting or thrilling. However, it was still very interesting to learn about the people who run Wall Street and how corrupt some (all) of them are... and it's really disturbing, to say the least. ...more
Will V.
May 27, 2012 rated it really liked it
I wonder if the author really came off as clean as he claimed out of this morass of dishonesty and gambling.

Either way, this book didn't help my general perception that investment banking is not a net good for society.

I should probably stay away from Liar's Poker and that Enron book (The Smartest Guys in the Room, or something along those lines) for a little while.
Mar 30, 2013 rated it really liked it
"One of the few books that describes in detail what a Wall Street equity analyst does and how they rose to unprecedented heights in the 1990s due to their heavy involvement in investment banking deals, and the huge conflicts of interest that arose, especially for Jack Grubman at Salomon Brothers. An excellent story and makes clear why regulations got so much stricter in the aftermath." ...more
Suraj Baliga
Sep 03, 2013 rated it really liked it
Gives a indepth insight into the day to day workings of the stock market. The content was thrilling and i could especially realte it to wolf of wall street the movie. The book not only gives a look into the dirty world of wall street but also shows how hard it is to get to wall street and stay there. I think the lessons of life from this book was invaluable and great.
Jan 06, 2009 rated it liked it
I thought the book was pretty interesting. Reading an insiders point of view on some of the largest corporate failures in the history of the US was very telling on the industry and the atmosphere. It was also interesting to see what was affecting the stock prices of the companies.
David Zerangue
Jan 18, 2014 rated it really liked it
Shelves: business
This paints a very realistic picture of how biased the game of investing is. The insights were amazing regarding both the lack of ethics as well as the exorbitant salaries that are earned in this business. It is very clear I made the wrong career decision...
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