Book description
Sometime in the 1970s and 1980s, the use of credit cards, which had
begun as a convenience, began to grow into an addiction.
Collateral Damaged: The Marketing of Consumer Debt to America
explains how a nation of savers became a nation of consumers and how
Wall Street used consumers' addiction to spending to create the
"toxic securities" that threaten to bring about the collapse
of the global economy.
Geisst looks at the policy implications of the
credit crisis and describes how the United States can get its fiscal
house in order:
- Debt must be brought back onto the issuer's balance sheet.
- Investors must have the assurance of recourse to the debt
issuer's own funds, rather than the empty promise of a valueless document.
- Regulators must be educated to know at least as much about
financial engineering as the structured finance instruments'
architects do.
This book connects the dots from consumer spending to credit cards to
home-equity loans and back to credit cards.
Charles Geisst is the author of seventeen books,
including Undue Influence: How the Wall Street Elite Put the
Financial System at Risk (John Wiley, 2004), Deals of the
Century: Wall Street, Mergers, & the Making of Modern
America (John Wiley, 2003), Wheels of Fortune: The History of
Speculation from Scandal to Respectability (John Wiley, 2002),
The Last Partnerships: Inside the Great Wall Street Money
Dynasties (McGraw Hill, 2001), Monopolies in America: Empire
Builders and Their Enemies from Jay Gould to Bill Gates (Oxford
University Press, 2000), 100 Years of Wall Street (an
illustrated history, McGraw-Hill, 1999), and Wall Street: A
History (Oxford University Press, 1997). He also is the
editor and principal contributor to the Encyclopedia of American
Business History, published by Facts On File in December 2005.
He also writes a column on financial affairs for Global
Entrepreneur, the Chinese business magazine.
The Last Partnerships was named one of Booklist's Top
Ten Business Books for 2001 and has been translated into Chinese as
have Wheels of Fortune and Monopolies in America.
Wall Street: A History was on the New York
Times Business Bestseller List for three months and was a
selection of the History Book Club and the Book of the Month Club
International. It was also on the Toronto Globe & Mail
Business Bestseller List and has been translated into German,
Japanese, Bulgarian, Chinese, Hebrew, and Russian. 100 Years of
Wall Street was on the Wall Street Journal Business
Bestseller List, Asian Wall Street Journal Business Bestseller
List, and the Business Week Business Bestseller List as well as
on the bestseller list in India. It has also been translated into
Russian, Korean, and Chinese. A previous text, Investment Banking
in the Financial System, was translated into Chinese and was a
standard business school text in Beijing. His books have been
translated 16 times.
Geisst was born in New Jersey in 1946. He
attended the University of Richmond (BA, 1968), the New School for
Social Research (MA, 1970) and the London School of Economics &
Political Science (PhD, 1972) and did post-doctoral study as a
Visiting Scholar at the Yale Law School in law and history, and at
Balliol College, Oxford University in finance. He has been a frequent
guest on radio and television talk shows, including Frontline, ABC
Evening News, ABC Nightline, CBS Evening News, WCBS TV, CNN, CNBC,
Bloomberg TV and radio, Nippon Television, NPR, A & E, Radio New
Zealand, BBC, Australian Broadcasting, TechTV, A & E, The History
Channel, and the CBC. He has spoken about his work at the New York
Public Library, the New York Historical Association, and the 92 Street
Y among others.
From 1972-75 he taught political science in an
open admissions environment at the City University of New York before
taking a job on Wall Street. Subsequently, he worked as a capital
markets analyst and investment banker at several investment banks in
the City of London. Since 1985, he has taught finance at Manhattan
College, and he was named the college's first Louis F. Capalbo Chair
in Business in 1993. In 2009, he was named to the Ambassador Charles
A. Gargano Chair in Global Economics. Consulting assignments in
financial markets have been with Cazenove & Co., S. G. Warburg
& Co., the Hudson Institute, and J. P. Morgan & Co. Listed in
Who's Who, he has published professional and trade articles
in magazines and journals such as the Wall Street Journal,
International Herald Tribune, Neue Zurcher Zeitung, Newsday, and
Euromoney. He lives with his wife in Oradell, New Jersey.
