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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. He was also a contributing editor for Condé Nast Portfolio.

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.

Magazine articles

Between 1986 and 2004 Weiss wrote 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 essays and articles critical of the Securities and Exchange Commission and other regulators.

Weiss authored a cover story carried in the April 1, 1996 edition of the magazine, titled "Fall of the Wizard," that was critical of Julian Robertson's performance and behavior as manager of hedge fund Tiger Management. In response, Robertson sued Weiss and BusinessWeek for $1 billion for defamation. The suit was settled with no money changing hands.Cite error: There are <ref> tags on this page without content in them (see the help page).


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. This story preceded the June 2000 arrest of 120 Mafia figures for stock fraud by almost four years.

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. Freeh wrote: "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.

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. The book is strongly critical of the campaign against naked short selling, 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.

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

Recent career

Weiss is a founding member of Project Klebnikov, a global media alliance organized by investigative journalist Richard Behar investigating the July 2004 murder of Paul Klebnikov, editor-in-chief of the Russian edition of Forbes magazine, and other subjects.

In November 2006, Weiss was named "Muckraker" columnist for Forbes.com.

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. He also has been critical of the treatment of World Bank president Paul Wolfowitz, opposed astroturfing, argued against Wal-Mart's new venture in India, and criticized Overstock.com CEO Patrick Byrne and his campaign against naked short selling.

He became a contributing editor for Condé Nast Portfolio in October 2008.

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)

Other publications

See also

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. Associated Press (November 4, 1997). "Digital, corner newsstands go head-to-head: Question of timing in magazine publishing goes to court". The Fresno Bee. p. D14.
  5. Garigliano, Jeff (June 1, 1997). "Steep libel claims raise concerns". Folio: The Magazine for Magazine Management. Cowles Business Media Inc. p. 19.
  6. Kelly, Keith J. (December 18, 1997). "Money Aside, Manager Settles Suit". New York Daily News. p. 78.
  7. New York Times (January 7, 1997). "Corrections".
  8. Reilly, Patrick M. (April 4, 1997). "Investor files papers signaling intent to sue Business Week for $1 billion". Wall Street Journal. Dow Jones.
  9. Wall Street Journal (December 18, 1997). "Business Week Agrees to Settle Libel Suit Brought by Investor". (Dow Jones).
  10. Pogrebin, Robin (November 3, 1997). "Publication Date Open to Dispute In Internet Age" (Newspaper article). New York Times. Retrieved November 11, 2009.
  11. Truell, Peter (December 18, 1997). "The Media Business; Investor Settles Libel Suit Against Business Week" (Newspaper article). New York Times. Retrieved November 11, 2009.
  12. Weiss, Gary (April 1, 1996). "Fall of the Wizard" (Magazine article). Business Week. McGraw-Hill. Retrieved November 11, 2009.
  13. The Mob on Wall Street, Gary Weiss, BusinessWeek Online, December 16, 1996
  14. Mafia charged with massive fraud BBC News June 14, 2000
  15. Thanks from the FBI BusinessWeek Online, December 25, 2000
  16. Whelan, David (2006). "Weiss Vs. Wall Street". Forbes.com. Retrieved 2006-11-02. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)
  17. Publisher's Weekly, Reed Business Information
  18. 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)
  19. Corporate Crime Reporter (2006). "Wall Street Versus America". Corporate Crime Reporter. Retrieved 2006-10-30. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)
  20. Antilla, Susan (2006). "Wall Street, Don't Let Customers Read This Book: Susan Antilla". Bloomberg.com. Retrieved 2006-10-30. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)
  21. Project Klebnikov (2006). "www.ProjectKlebnikov.org". Stern & Co. Retrieved 2006-10-30. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help)
  22. Gary Weiss Joins Forbes.com As Columnist press release, Forbes, Inc., Nov. 2, 2006
  23. Greed on aisle 6 Gary Weiss Salon.com
  24. The O'Murdoch factor Gary Weiss Salon.com
  25. Defending Wolfowitz Gary Weiss Forbes Inc. May 3, 2007
  26. Astroturfing Congress Gary Weiss Forbes Inc. February 13, 2007
  27. Wal-Mart Comes To India Gary Weiss Forbes Inc. March 26, 2007
  28. Gaffen, David. Blog Roll — Overstock Edition, The Wall Street Journal Online, February 14, 2007.
  29. Mitchell, Dan, "Flames Flare Over Naked Shorts", The New York Times, January 20, 2007.
  30. Antilla, Susan. "Overstock Blames With Creepy Strategy", Bloomberg, February 21, 2007.
  31. Faille, Christopher. "The Gray Lady Fans the Flames, Hedge World (google cache), January 22, 2007.
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