African-American MBA recounts discrimination in new book

Joseph Jett broke through racial barriers on Wall Street, but at a high price. At a signing of his new book, Black and White on Wall Street, Jett shared his triumphs and struggles as an African-American bond trader in a culture of greed and racism. A graduate of the Massachusetts Institute of Technology and the Harvard Business School, Jett started his career at Kidder Peabody, a high-powered Wall Street firm, with strong qualifications and high hopes. But his optimistic attitude and prestigious background could not prepare him to face fabricated charges that he recorded $350 million in phony profits and took home more than $8 million in bogus bonuses. The way the book describes it, Jett's story -- that of a high-powered Wall Street trading firm which uses an unusually successful African-American man as an easy scapegoat for its own internal failures -- seems to have all the elements of a John Grisham novel. But Jett hopes his experience will extend beyond its entertainment value. "I hope my book will encourage other minorities to get involved in Wall Street," Jett said. "This book shows that one man, one black man, can stand up against the largest corporation in the free world -- and win." Jett also said he thinks his book will show readers that minorities can excel in areas traditionally dominated by whites. Even during his own trial, Jett said people didn't expect a black person to be the defendant. "They were looking for Joseph Jett, Harvard graduate and multimillionaire Wall Street bond trader," Jett said. "They weren't looking for a black man." In addition to promoting his book, Jett also shared his experience with affirmative action programs and offered advice for students with plans of working on Wall Street. "I believe affirmative action is necessary but it is often misused," Jett said. "I chose to quit the affirmative action program at my firm because they would not recruit from first-tier schools." Jett explained that while some people may think only black students from community colleges -- who his boss described as "real blacks" -- needed the help of an affirmative action program, only students from top-notch schools have what it takes to survive on Wall Street. "The very idea that someone from a community college can compete with my degrees from MIT and Harvard Business School is ridiculous," Jett asserted. "They cannot." Although Jett discontinued his participation in an affirmative action program, he still hopes minority presence on Wall Street will increase. "You cannot legislate political correctness," he said. "Until minorities start taking positions of responsibility, the spirit of racism will not change." At the conclusion of his talk, Jett offered some pointers on how to increase one's chances of success in a cutthroat business environment such as Wall Street. "It's important that you network as much as possible," Jett advised. "Secondly, don't believe everything that you hear. The harsh reality is that everyone is in there to make a buck."