Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves

Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves

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by Mike Mayo
     
 

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From Mike Mayo, the star banking analyst once nicknamed the "CEO killer," comes Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves, the true story of a man who dared to speak out against the status quo on The Street.

The book centers around one truth: the financial crisis hasn't changed a thing. ChroniclingMayo's time working

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Overview

From Mike Mayo, the star banking analyst once nicknamed the "CEO killer," comes Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves, the true story of a man who dared to speak out against the status quo on The Street.

The book centers around one truth: the financial crisis hasn't changed a thing. ChroniclingMayo's time working first for the Federal Reserve in Washington and then with many of the biggest banks in the world, the book is packed with outrageous adventures—from management escorting him out of the Lehman Brothers building to getting fired from Credit Suisse for putting a sell rating on the entire banking sector to being banned from speaking to the media by Deutsche Bank because of his "negative" views. Wall Street has been playing dirty for years, and Mayo analyzes the fallout stemming from the market crash, pointing out the numerous holes that still exist in the system.

Offering a remarkable look at the behind-the-scenes machinations of the biggest financial institutions, Exile on Wall Street is a gripping read for anyone with an interest in business and finance, U.S. capitalism, the future of banking, and the root causes of the financial meltdown. It is also an invaluable resource for bankers, finance practitioners, and other industry professionals.

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Editorial Reviews

Publishers Weekly
"The crisis didn't occur because of something that banks did. No, it was the natural consequence of the way banks are, even today." Financial analyst Mayo has had experience with many of the big names in banking, so it would seem prudent to heed this claim. In an attempt to shed light on what led to the financial crisis and how we can avoid another one, Mayo uses his life and career in the financial sector as a guide, beginning his account in the late 1980s with the S&L crisis and his years at the Federal Reserve. Later, he would work for UBS, Lehman Brothers, Credit Suisse, and Prudential, gaining a reputation for good work and tough, but accurate, calls. Mayo discusses the mortgage crisis and the unintended effects of subprime loans, the Lehman collapse, regulators, and the entire history of Citi, including its role in the 1929 stock market crash. Rather than simply calling foul, Mayo offers his vision for an improved version of capitalism with better systems of accounting and none of the "financial shenanigans" that have plagued the industry and weakened the economy. However, he still thinks someone should take the blame: "failure needs to carry consequences, and those consequences should be steep." Agent: David McCormick, McCormick & Williams (Nov.)
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Product Details

ISBN-13:
9781118115466
Publisher:
Wiley
Publication date:
11/15/2011
Pages:
208
Sales rank:
1,060,770
Product dimensions:
6.20(w) x 9.00(h) x 0.90(d)

What People are saying about this

From the Publisher
Mike Mayo is an old-style bank analyst—thorough, independent,honest—who never pulls his punches, whatever icons, public orprivate, may be wounded."
Paul A. Volcker, former chairman of the FederalReserve

"Exile on Wall Street offers Wall Street's rarest commodity: thetruth about our nation's largest banks and how they almost toppledcapitalism. If you want to know the sickening truth about thelargest banks, read Mike Mayo's exposé."
Harry Markopolos, author of No One WouldListen

"Mike Mayo is one of the best financial analysts on Wall Street.He brings clarity to a world full of uncertainty."
Maria Bartiromo, leading financial commentator

“Mike has long advocated for the investor. If onlydirectors of business corporations with the legal and moralobligation to their shareholder base would emulate his diligence ontheir behalf, then good corporate governance would be restored.Every public company director ought read his book!”
—Thomas Garrott, ex-CEO of National Commerce bank andan ex-director of SunTrust

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