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

Overview

Praise for Exile on Wall Street

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

"Exile on Wall Street takes you to Mike Mayo's front row seat as the financial crisis unfolds. It is a riveting story of the establishment's battle to prevent him from ...

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

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Overview

Praise for Exile on Wall Street

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

"Exile on Wall Street takes you to Mike Mayo's front row seat as the financial crisis unfolds. It is a riveting story of the establishment's battle to prevent him from revealing the truth as it develops."
Stan Druckenmiller, former President, CEO, and Chairman of Duquesne Capital

"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

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

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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.)
From the Publisher
 
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Product Details

  • ISBN-13: 9781118203668
  • Publisher: Wiley
  • Publication date: 10/13/2011
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 208
  • Sales rank: 915,752
  • File size: 582 KB

Meet the Author

Mike Mayo is one of the top-ranked banking and finance analysts of the past twenty years. Mayo was the only analyst to testify during Senate Banking Committee hearings in 2002 on conflicts of interest on Wall Street, and in 2010, he testified again, this time as the first analyst to speak on the causes of the crisis. He has worked at Wall Street firms including UBS, Lehman Brothers, Credit Suisse, Prudential Securities, and Deutsche Bank. He currently serves as Managing Director at Credit Agricole Securities, which provides services in the United States for CLSA, a global boutique brokerage firm. In 2008, Fortune named him one of "Eight Who Saw the Crisis Coming."
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Table of Contents

Introduction Watering Down the Wine 1

Chapter 1 “God’s Work” at the Fed 9

Chapter 2 The Big Time—or Something Like It 25

Chapter 3 Exile . . . and Redemption 45

Chapter 4 The Professional Gets Personal 67

Chapter 5 The Crisis 81

Chapter 6 The Vortex 97

Chapter 7 Citi, Part I: A Long, Sad Saga 111

Chapter 8 Citi, Part II: The Plot Sickens 131

Chapter 9 A Better Version of Capitalism 145

Chapter 10 The Meaning of Life 165

Acknowledgments 177

About the Author 179

Notes 181

Index 193

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Customer Reviews

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted January 5, 2012

    Great insight on the banking industry and its effect on the economy

    Great insight and perspective from bank analyst Mike Mayo about the banking industry and the problems with the current and past systems.

    Was this review helpful? Yes  No   Report this review
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