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Gary Weiss

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Gary Weiss is an American investigative journalist, columnist and author of two books that critically examine the ethics and morality of Wall Street.

Education and early career

Weiss grew up in New York City and attended public schools, including the Bronx High School of Science. He received degrees from the City College of New York and the Medill School of Journalism at Northwestern University. He worked for news organizations in Connecticut and Washington D.C., and Barron's magazine, before joining Business Week magazine in 1986.[1]

Magazine articles

Between 1986 and 2004 Weiss wrote numerous investigative articles for Business Week, including cover stories on the dangers of the Internet, as well as stock fraud and improprieties by brokerages large and small. His articles described widespread improper trading at the American Stock Exchange and broke the story of the bond trading scandal at Salomon Brothers in 1991. Weiss also wrote numerous essays and articles critical of the Securities and Exchange Commission and other regulators.[2][3]

Weiss wrote a cover story called "The Mob on Wall Street", published in December 1996, which described how New York's organized crime families had infiltrated brokerage firms in New York and Florida. The article named the firms and crime figures involved, and described how they defrauded thousands of investors around the country.[4] This story preceded by almost four years the June 2000 arrest of 120 Mafia figures for stock fraud.[5]

Weiss's "Mob on Wall Street" and other Business Week stories were praised by then-FBI Director Louis Freeh, in a letter published by Business Week in December 2000.[6] Freeh said "Gary Weiss has done our nation an invaluable service by reporting the manipulation of the stock market by elements of organized crime. By outlining specific stocks and stock brokerage firms that were controlled by organized crime, he opened the door for FBI investigations in Florida and in New York, and for that we owe him a tremendous debt of gratitude."

Books

Born to Steal, published in 2003, reports on a Mafia-linked stockbroker named Louis Pasciuto. The book describes how Wall Street firms were infiltrated by organized crime figures during the 1990s.[7]

Wall Street Versus America, published in April 2006, is described as an "attack, using humor and ridicule" on the morality of Wall Street, its regulators and the financial press. The book is critical of hedge funds, mutual funds, and the Wall Street securities arbitration process, as well as the New York Stock Exchange. The book is also critical of former Securities and Exchange Commission chairmen Arthur Levitt and William H. Donaldson.[8] The book is strongly critical of the campaign against naked short selling.[9] because Weiss believes it threatens the ability of short sellers to deflate pump-and-dump schemes, thus providing cover to the scam artists behind such schemes.

In the book and in articles, Weiss singled out the Bear Stearns securities firm for criticism. In a March 2006 New York Times op-ed piece, Weiss chastized the SEC for what he described as inadequate penalties imposed upon the firm for mutual fund violations.[10]

Weiss's comments on anti-naked-shorting activists has provoked some negative responses, including threats.[11]

Recent career

Weiss is a founding member of Project Klebnikov, a global media alliance investigating the July 2004 murder of Paul Klebnikov, editor in chief of the Russian edition of Forbes magazine, and other subjects. Project Klebnikov was organized by investigative journalist Richard Behar, and includes such prominent journalists as Michael Isikoff and Scott Armstrong.[12]

In November 2006, Weiss was named "Muckraker" columnist for Forbes.com. In announcing inauguration of the column, Forbes.com editor Paul Maidment said, “Gary is among an elite group of journalists whose zest for investigative journalism has brought real change to the subjects he's covered.”[13]

Weiss has also been a contributor to The New York Times op-ed page and to Salon, writing on such topics as executive pay and public ownership of newspapers.[14][15] He also has been critical of the treatment of World Bank president Paul Wolfowitz, opposed astroturfing, and argued against Wal-Mart's new venture in India.[16][17][18]


Naked Short Selling Controversy

Weiss's comments on anti-naked-shorting activists have provoked some negative responses[19]

In 2007 Weiss was implicated in an alleged conspiracy to keep information about naked short selling out of Wikipedia [20]. There were also allegations that Weiss was using a "sock puppet" on Wikipedia to artificially generate false impressions about certain articles he may have a vested interested in (including naked short selling) [21].

Bibliography

  • Born to Steal: When the Mafia Hit Wall Street. Warner Books. 2004. ISBN 0-446-61398-3. {{cite book}}: Cite has empty unknown parameter: |coauthors= (help)
  • Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments. Portfolio Hardcover. 2006. ISBN 1-59184-094-5. {{cite book}}: Cite has empty unknown parameter: |coauthors= (help)

References

  1. ^ The Author Weiss, The Weiss Files
  2. ^ The American Stock Exchange: Scandal on Wall Street Gary Weiss BusinessWeek Online April 26, 1999
  3. ^ Online Investing Gary Weiss BusinessWeek Online June 5, 1995
  4. ^ The Mob on Wall Street Gary Weiss BusinessWeek Online December 16, 1996
  5. ^ Mafia charged with massive fraud BBC News June 14, 2000
  6. ^ Thanks from the FBI BusinessWeek Online December 25, 2000
  7. ^ AudioFile book description.
  8. ^ Publisher's Weekly, Reed Business Information, a division of Reed Elsevier Inc.
  9. ^ Arango, Tim (2006-01-22). "Playing Musical Chairs - Moguls Eyeing Moves for Different Powerhouses". The New York Post. N.Y.P. Holdings, Inc. p. 30. {{cite news}}: |access-date= requires |url= (help)
  10. ^ A Fine That Fits the Crime Gary Weiss The New York Times March 25, 2006
  11. ^ "Wall Street, Don't Let Customers Read This Book": Susan Antilla, Bloomberg.com
  12. ^ Stern & Co., Project Klebnikov
  13. ^ Gary Weiss Joins Forbes.com As Columnist press release, Forbes, Inc., Nov. 2, 2006
  14. ^ Greed on aisle 6 Gary Weiss Salon.com
  15. ^ The O'Murdoch factor Gary Weiss Salon.com
  16. ^ Defending Wolfowitz Gary Weiss Forbes Inc. May 3, 2007
  17. ^ Astroturfing Congress Gary Weiss Forbes Inc. February 13, 2007
  18. ^ Wal-Mart Comes To India Gary Weiss Forbes Inc. March 26, 2007
  19. ^ "Wall Street, Don't Let Customers Read This Book": Susan Antilla, Bloomberg.com
  20. ^ Wikipedia and Overstock Register.co.uk
  21. ^ Wikipedia/Weiss/Overstock Controversy AntiSocialMedia
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