American Rascal by Greg Steinmetz

6 out of 10

During the 1870s and 1880s, rapid expansion of the industrial economy in the United States opened a window for an aggressive new generation of Wall Street financiers.  Jay Gould amassed a fortune.  His peak wealth was roughly on par with that of Vanderbilt or Morgan.  Gould became a well-known force by cornering the gold market, shorting stocks, betting on railroad companies, and buying a controlling interest in the largest telegraph operation.  Healthy family life and secret generosities toward charities were not enough to overshadow his mostly negative legacy.  At the time, insider trading and price manipulations were legal--though he did have some other encounters with the law.  

Because of Jay Gould and others of his era, the regulatory state has grown much larger in order to reduce exploitation.  That tradeoff, however, seems to usher in an increase in bribery, corruption, and bailouts.