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American Rascal

How Jay Gould Built Wall Street's Biggest Fortune

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American Rascal

Written by: Greg Steinmetz
Narrated by: Feodor Chin
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Summary

 A gripping, “rollicking” (John Carreyrou, New York Times bestselling author of Bad Blood) biography of Jay Gould, the greatest of the 19th-century robber barons, whose brilliance, greed, and bare-knuckled tactics made him richer than Rockefeller and led Wall Street to institute its first financial reforms.

Had Jay Gould put his name on a university or concert hall, he would undoubtedly have been a household name today. The son of a poor farmer whose early life was marked by tragedy, Gould saw money as the means to give his family a better life…even if, to do so, he had to pull a fast one on everyone else. After entering Wall Street at the age of twenty-four, he quickly became notorious when he paralyzed the economy and nearly toppled President Ulysses S. Grant in the Black Friday market collapse of 1869 in an attempt to corner the market on gold—an event that remains among the darkest days in Wall Street history. Through clever financial maneuvers, he gained control over one of every six miles of the country’s rapidly expanding network for railroad tracks—coming close to creating the first truly transcontinental railroad and making himself one of the richest men in America.

American Rascal shows Gould’s complex, quirky character. He was at once praised for his brilliance by Rockefeller and Vanderbilt and condemned for forever destroying American business values by Mark Twain. He lived a colorful life, trading jokes with Thomas Edison, figuring Thomas Nast’s best sketches, paying Boss Tweed’s bail, and commuting to work in a 200-foot yacht.

Gould thrived in an expanding, industrial economy in which authorities tolerated inside trading and stock price manipulation because they believed regulation would stifle the progress. But by taking these practices to new levels, Gould showed how unbridled capitalism was, in fact, dangerous for the American economy. This “gripping biography” (Fortune) explores how Gould’s audacious exploitation of economic freedom triggered the first public demands for financial reforms—a call that still resonates today. Americas Business Professionals & Academics United States Railroad Funny Wall Street Capitalism Business History
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This is a very compelling biography of one of America's "robber barons". This is much shorter than many other biographies of individuals from the same time period likely due to the lack of personal writings to build from. Gould valued his privacy and had most of his letters destroyed following his death. Jay Gould made his money in what was the Wild West era of Wall Street. Much of what occurred in those days is now illegal, but back then it was how it was done. A great read for anyone interested in the financial giants of the guided age such as Vanderbilt, Rockefeller, Carnegie, and Jay Gould.

Compelling story from a complicated age

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