In the Black: A History of African Americans on Wall Street

315 Pages·2001·0.94 MB·English

by  Gregory S. Bell

IN THE BLACK
A History of African Americans
on Wall Street
Gregory S. Bell
John Wiley & Sons, Inc.

IN THE BLACK
Black Enterprise books provide useful information on a broad
spectrum of business and general-interest topics, including en-
trepreneurship, personal and business finance, and career de-
velopment. They are designed to meet the needs of the vital
and growing African American business market and to provide
the information and resources that will help African Ameri-
cans achieve their goals. The books are written by and about
African American professionals and entrepreneurs, and they
have been developed with the assistance of the staff of Black
Enterprise, the premier African American business magazine.
The series currently includes the following books:
Titans of the B.E. 100s: Black CEOs Who Redefined and Conquered
American Business by Derek T. Dingle
Black Enterprise Guide to Starting Your Own Business by Wendy
Beech
The Millionaires’ Club: How to Start and Run Your Own Investment
Club—and Make Your Money Grow! by Caroline M. Brown
The Black Enterprise Guide to Investing by James A. Anderson
Against All Odds: Ten Inspiring Stories of Successful African American
Entrepreneurs by Wendy Harris
Take A Lesson: Contemporary Achievers on How They Made It and
What They Learned Along the Way by Caroline Clarke
Wealth Building Journal: A Day-by-Day Journey to a Brighter Future,
a Better You by the editors of Black Enterprise magazine
Forthcoming:
Bridging the Digital Divide: Strategies for African American Entrepre-
neurs by Bernadette Williams
IN THE BLACK
A History of African Americans
on Wall Street
Gregory S. Bell
John Wiley & Sons, Inc.
Copyright © 2002 by Gregory S. Bell. All rights reserved.
Published by John Wiley & Sons, Inc., New York.
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In loving memory of
Travers J. Bell, Sr.
“We’ll get there, Grandpa.”

Preface
LTHOUGH MY NAME IS THE ONLY ONE TO
A
grace the cover of this book, I am in no way the
only person who deserves credit for its comple-
tion. As every author knows, the publication pro-
cess can be complicated and all books are the result of many
people’s labor.
I must first thank my parents. My late father’s imagina-
tion, determination, and ambition will always serve as an in-
spiration to me as I try to fulfill my promise.
My mother’s unselfish support will always be the founda-
tion for me as I pursue my goals.
I would like to thank a few people who took time out of
their schedules to speak with me when I was just a college stu-
dent interested in the subject. I will never forget when invest-
ment banker Wayne A. Seaton took me to lunch at the
Harvard Club in 1999. It was an extraordinary educational
experience, and there is no doubt that Wayne will be in the
next chapter of this history. Another person who stands out is
Tony Chapelle, publisher of Securities Pro newsletter who
talked with me that same year and shared his thoughts on
countless subjects.
I would like to extend my heartfelt gratitude to the invest-
ment bankers, asset managers, stockbrokers, politicians, and
other people who agreed to answer my questions and be inter-
viewed for this book. To accomplish this, I took calls from
people at 7:00 A.M. and conversed with others after midnight.
I talked with some while riding in their cars, to others as far
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