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Resurrecting the Street: How U.S. Markets…
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Resurrecting the Street: How U.S. Markets Prevailed After 9/11 (edition 2011)

by Jeff Ingber

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2413443,774 (3.95)None
Member:cherilove
Title:Resurrecting the Street: How U.S. Markets Prevailed After 9/11
Authors:Jeff Ingber
Info:CreateSpace (2011), Paperback, 306 pages
Collections:Read
Rating:****
Tags:History

Work details

Resurrecting the Street: Overcoming the Greatest Operational Crisis in History by Jeff Ingber

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First let me tell you why I decided to review this book. When I first got the email asking if I wanted to review this book I thought “No. I’m not an investor, I get my tax return and put it in my savings. I don’t know the difference between a stock and a bond. Is there a difference between a stock and a bond?” Interestingly, these are the reasons I decided to read the book. I thought this could be the ultimate test, if someone who thinks it was a great accomplishment to find the ‘lost’ penny in her checking account could understand it, that would be worth writing about.

Now that I have finished reading this book, I still don’t know the difference between a stock and a bond, or if there even is one, but the purpose of this book is not to teach that, its to show us how a horrific act of terrorism by some evil people almost brought about the collapse of the United States financial system.

Through interviews with people that were there he relates the physical events of 9/11, the reactions of people in the towers, how the entire staff of Cantor Fitzgerald (their offices were on floors 101, 103, 104, and 105 of the North Tower, just below the Windows on the World restaurant) died, more than any other organization that day. The thoughts of the people evacuating the building passing the firemen were walking up, who had no idea what they were walking into and didn’t make it back out. How the hospitals cleared their emergency rooms and waited for injured people that never came.
“Our people ran out of the Trade Center without a pencil. No trade records. No tickets. The business that we did in the North Tower we backed up in the South Tower, and vice versa. We didn’t know where to go the next morning. Or even if there was a firm left.” — Ron Purpora, senior executive of Garban Securities LLC
The main focus of this book is the effect that the sudden lose of manpower, telecommunications and records from just that mornings business effected the U.S. Financial markets. Included in these are the U.S. Government securities market, the American Stock Exchange, the New York Board of Trade, and the New York Mercantile Exchange. At the time no one even knew how much damage had been done.

Mr. Ingber takes us step by step through the events of the day, why so much information was lost and the efforts that needed to be made to recover it, or in some cases recreate it. A lot of the reconciling had to be done by hand, by exhausted people who had recently suffered a great trauma. Yet they did it. Brokerages that were rivals (remember this is a business that could be described as cut-throat) helped each other. “You would have done the same thing for us. It’s the right thing to do.” He then takes us through the reopening of the markets and problems involved in that. He talks about the recovery and the changes made to prevent another crisis like this and how these events affected some of the people involved on a personal level. An interesting fact is that “of the 1,134 companies displaced by the Trade Center attacks, only a little more than 25 percent returned to lower Manhattan.” Many of these were in the financial sector.

While there was a lot I didn’t understand, Chapter 5 How the Modern Govie Market Developed, was a waste of time for me to read it. Not that anyone should skip it because I didn’t understand it, it may help others understand the full extent of the crisis. I don’t think it made much of difference in my case. I felt this is a very well written book, the narrative flows and you really get a feel for the events. Even though there are many expressions that may not be familiar to all readers, Mr. Ingber does his best to explain these, in some cases he has provided illustrations.

I would recommend this book to people interested in reading about 9/11, this history of Wall Street and the City of New York. ( )
  BellaFoxx | Feb 14, 2015 |
This review was written for LibraryThing Early Reviewers.
A first hand account of the loss of financial records after the attacks of 9/11. There were actually brokers and bank employees that stayed on wall street in order to gather as many financial records as possible. This book details the underlying crisis of information loss during catastrophe that can cripple whole infrastructures. Actually an exciting read. For a non-fiction book, it has the feel of a fictional drama. ( )
  Archivist13 | May 9, 2014 |
This review was written for LibraryThing Early Reviewers.
Just an okay book, in my opinion. It was extremely difficult to even get through this book without nodding off, but that doesn't mean that others won't like it. ( )
  KWoman | May 8, 2013 |
This review was written for LibraryThing Early Reviewers.
This should probably be a five-star book, but I don't have the financial background to understand the bulk of it. I thought that it was about the six days between 9/11 and the re-opening of the stock market; it was actually about the couple of days before re-opening of the the Government-backed securities market. I was most interested in the human impacts and logistics, and the reporting on that was detailed and heart-rending. The extensive accounts of the actual negotiations and operational difficulties inherent in this effort are likely impeccable. (The 60 or more pages of end-notes are certainly impressive.) I'm giving it four stars only so that if someone has a question about reading it, they'll realize that much of the book is for students and historians of financial systems. ( )
  cherilove | Dec 24, 2012 |
This review was written for LibraryThing Early Reviewers.
This book took me a very, very long time to read.

Resurrecting the Street walks the reader chronologically through events leading up to, during, and in the aftermath of the 9/11 attacks. I learned a lot about modern markets history and structure in the US, which I expected, and which are laid out in a reasonable and understandable manner in the book. What I did not expect, however, was the masterful way in which the author used testimonies and anecdotes from people all over New York to talk about both what happened on Wall Street and in people's homes and hearts as a result of the tragedy. I like to read books during my morning commute, but I had to keep this book on my bedside table because too many mornings left me an emotional wreck. Although Resurrecting the Streets was not the most enjoyable book to read, I learned a lot and highly recommend it. ( )
  blaircai | Nov 4, 2012 |
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Resurrecting The Street - How U.S. Markets Prevailed after 9/11, gives a unique snapshot of how the attacks affected, at the time, the relatively unknown Govie market. The enlightening thing right from the start was how important that market was to the whole financial health of the US. Ingber chronologically follows events of the day through the eyes of several key figures who were near the towers. It was chilling to read the eyewitness accounts of the towers being hit, falling and then the escapes to safety...especially 10 years later. His research is top notch because he interviewed over 100 personal cases in the following years. The result is a detailed account of a financial meltdown of gargantuan proportions and how the efforts of shell shocked dedicated individuals kept the markets from failing.



The events of 9/11 presented the financial industry with the greatest operational crisis in history. Key officials were killed; others could not be located. Primary and backup sites were unavailable or inadequate. Massive amounts of critical data were lost, and there was a crushing inability to communicate, locate or verify information. It was not known for a time which firms could participate in the markets and to what degree, nor was it clear to what extent certain markets had been damaged and when they should reopen.

Nor could the human impact of the 9/11 events be divorced from the business issues. Those grappling to restore the markets had to cope with their own feelings of anxiety, shock and loss, and to deal with a uniquely horrific blend of personal and professional difficulties.

This book tells of the regeneration of the U.S. markets, day by day, immediately following 9/11, with a focus on the U.S. Government securities market. 9/11 brought the most important financial market in the world – the one looked to by investors globally for safety in times of trouble – to the brink of collapse. The crisis was ultimately resolved through the willpower and wisdom of groups of disparate individuals, accompanied by an unprecedented climate of cooperation among fierce competitors that embodied the American spirit at its finest.
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Details the effect that the 9/11 disaster had on the financial history, including the effect it had on the lives of those grappling to restore the markets.

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