Gary Weiss

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. [ [http://www.gary-weiss.com/bio.htm The Author] Weiss, "The Weiss Files" ]

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. [ [http://www.businessweek.com/1999/99_17/b3626001.htm The American Stock Exchange: Scandal on Wall Street] Gary Weiss BusinessWeek Online April 26, 1999] [ [http://www.businessweek.com/archives/1995/b34271.arc.htm?campaign_id=search Online Investing] Gary Weiss BusinessWeek Online June 5, 1995]

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. [ [http://www.businessweek.com/archives/1996/b3506001.arc.htm The Mob on Wall Street] Gary Weiss BusinessWeek Online December 16, 1996] This story preceded the June 2000 arrest of 120 Mafia figures for stock fraud by almost four years. [ [http://news.bbc.co.uk/1/hi/world/americas/791252.stm Mafia charged with massive fraud] BBC News June 14, 2000]

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. [ [http://www.businessweek.com/archives/2000/b3713099.arc.htm Thanks from the FBI] BusinessWeek Online December 25, 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. [AudioFile book description.] [cite web
last = Whelan
first = David
coauthors =
year = 2006
url = http://www.forbes.com/2006/08/20/weiss-hedge-funds-shorting-cz_dw_0821weiss.html
title = Weiss Vs. Wall Street
work = Forbes.com
accessdate = 2006-11-02]

"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. [Publisher's Weekly, Reed Business Information, a division of Reed Elsevier Inc.] The book is strongly critical of the campaign against naked short selling, [cite news | first = Tim | last = Arango | title = Playing Musical Chairs - Moguls Eyeing Moves for Different Powerhouses | work = The New York Post | publisher = N.Y.P. Holdings, Inc. | page = 30 | date = 2006-01-22 | accessdate = 2007-10-20 ] 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. [cite web
last = Corporate Crime Reporter
first =
coauthors =
year = 2006
url = http://www.corporatecrimereporter.com/weiss040506.htm
title = Wall Street Versus America
work = Corporate Crime Reporter
accessdate = 2006-10-30]

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 chastised the SEC for what he described as inadequate penalties imposed upon the firm for mutual fund violations. [ [http://select.nytimes.com/gst/abstract.html?res=F50E13F93C540C768EDDAA0894DE404482 A Fine That Fits the Crime] Gary Weiss The New York Times March 25, 2006]

Weiss's comments on anti-naked-shorting activists has provoked some negative responses, including threats. [cite web
last = Antilla
first = Susan
coauthors =
year = 2006
url = http://www.bloomberg.com/apps/news?pid=10000088&sid=a99gnSbD5T1E&refer=culture
title = Wall Street, Don't Let Customers Read This Book: Susan Antilla
work = Bloomberg.com
accessdate = 2006-10-30]

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. [cite web
last = Project Klebnikov
first =
coauthors =
year = 2006
url = http://www.projectklebnikov.org/contact.html
title = www.ProjectKlebnikov.org
work = Stern & Co.
accessdate = 2006-10-30]

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.” [ [http://www.forbesinc.com/newsroom/releases/forbescom/dotcomWeissGary.doc Gary Weiss Joins Forbes.com As Columnist] press release, Forbes, Inc., Nov. 2, 2006]

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. [ [http://www.salon.com/opinion/feature/2007/01/09/nardelli/print.html Greed on aisle 6] Gary Weiss Salon.com] [ [http://www.salon.com/opinion/feature/2007/05/09/murdoch/ The O'Murdoch factor] Gary Weiss Salon.com] He also has been critical of the treatment of World Bank president Paul Wolfowitz, [ [http://www.forbes.com/opinions/2007/05/02/gary-weiss-wolfowitz-oped-cx_gw_0503weiss.html Defending Wolfowitz] Gary Weiss Forbes Inc. May 3, 2007] opposed astroturfing, [ [http://www.forbes.com/columnists/2007/02/12/muckraker-astroturf-congress-opinion-cx_gw_0213muckraker.html Astroturfing Congress] Gary Weiss Forbes Inc. February 13, 2007 ] argued against Wal-Mart's new venture in India, [ [http://www.forbes.com/opinions/2007/03/23/weiss-walmart-india-oped-cx_gw_0326weiss.html Wal-Mart Comes To India] Gary Weiss Forbes Inc. March 26, 2007] and criticized Overstock.com CEO Patrick Byrne and his campaign against naked short selling. [Gaffen, David. [http://blogs.wsj.com/marketbeat/2007/02/14/blog-roll-afternoon-edition-31/ Blog Roll — Overstock Edition] , The Wall Street Journal Online, February 14, 2007.] [Mitchell, Dan, " [http://www.nytimes.com/2007/01/20/business/20online.html?_r=1&oref=slogin Flames Flare Over Naked Shorts] ", "The New York Times", January 20, 2007.] [Antilla, Susan. " [http://www.bloomberg.com/apps/news?pid=20601039&sid=aLDKLcXDf9PU&refer=columnist_antilla Overstock Blames With Creepy Strategy] ", "Bloomberg", February 21, 2007.] [Faille, Christopher. " [http://64.233.167.104/search?q=cache:7FVmRuHukr8J:www.hedgeworld.com/news/read_news.cgi%3Fsection%3Dedsk%26story%3Dedsk229.html The Gray Lady Fans the Flames] , "Hedge World" (google cache), January 22, 2007.]

Books

*cite book
last =
first =
authorlink =
coauthors =
year = 2004
chapter =
title = Born to Steal: When the Mafia Hit Wall Street
publisher = Warner Books
location =
id = ISBN 0-446-61398-3
*cite book
last =
first =
authorlink =
coauthors =
year = 2006
chapter =
title = Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments
publisher = Portfolio Hardcover
location =
id = ISBN 1-59184-094-5

Other publications

* [http://search.forbes.com/search/colArchiveSearch?aname=Gary+Weiss&author=gary+and+weiss Gary Weiss' Muckraker column at Forbes.com]
*cite web
last = Weiss
first = Gary
coauthors =
year = 2006
url = http://www.gary-weiss.com/
title = The Weiss Files
work = Gary Weiss website
accessdate = 2006-10-30
*cite web
last = Weiss
first = Gary
coauthors =
year = 2007
url = http://garyweiss.blogspot.com
title = Gary-Weiss.com
work = Gary Weiss blog
accessdate = 2007-05-14

References