Black and White on Wall Street: The Untold Story of the Man Wrongly Accused of Bringing Down Kidder Peabody

Whether or not readers are convinced by Jett's spirited defense of his professional ethics and acumen, they will certainly get a long, lurid look into the high-stakes shark tank of the trading world, where competition within a company is often fiercer than competition between rival firms. Jett burst onto front pages of newspapers in spring 1994 amid accusations that he defrauded Kidder Peabody and created $350 million in phantom profits from which he was awarded $8 million in bonuses. Jett accuses his former employers of racism and scapegoating, maintaining that his aggressive, unorthodox trading strategy was okayed by his superiors, who then played dumb when the SEC came into the picture. In making his case, however, Jett does himself no favors. He admits that, early in his career, he was socially and politically tone deaf, and he candidly relates the unflattering stories of how he lost jobs at Morgan Stanley and First Boston before landing at Kidder. In discussing the bond trading strategy that he developed and the intricacies of the SEC investigation of the matter, Jett comes off as both exceedingly smart and exceedingly gullible (fooled as often by himself as by others). His book may not provide the exoneration he seeks, but it will surely give readers a look at the street lit by the unflattering glow of a real-life bonfire of the vanities. Agent, Suzanne Gluck at ICM; author tour. (Apr.)