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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An insider points out the holes that still exist on Wall Street and in the banking system

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.

Award winning, veteran sell side Wall Street analyst Mike Mayo writes about

Overview

An insider points out the holes that still exist on Wall Street and in the banking system

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.

Award winning, veteran sell side Wall Street analyst Mike Mayo writes about one of the biggest financial and political issues of our time – the role of finance and banks in the US. He has worked at six Wall Street firms, analyzing banks and protesting against bad practices for two decades.

In Exile on Wall Street, Mayo:

  • Lays out practices that have diminished capitalism and the banking sector
  • Shares his battle scars from calling truth to power at some of the largest banks in the world and how he survived challenging the status quo to be credited as one of the few who saw the crisis coming
  • Blows the lid off the true inner workings of the big banks and shows the ways in which Wall Street is just as bad today as it was pre-crash.
  • Analyzes the fallout stemming from the market crash, pointing out the numerous holes that still exist in the system, and offers practical solutions.

While it provides an education, this is no textbook. It is also an invaluable resource for finance practitioners and citizens alike.

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
 

Product Details

ISBN-13:
9781118203668
Publisher:
Wiley
Publication date:
10/13/2011
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
208
File size:
605 KB

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 or private, may be wounded."
Paul A. Volcker, former chairman of the Federal Reserve

"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

"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 only directors of business corporations with the legal and moral obligation to their shareholder base would emulate his diligence on their behalf, then good corporate governance would be restored. Every public company director ought read his book!”
—Thomas Garrott, ex-CEO of National Commerce bank and an ex-director of SunTrust

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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Exile on Wall Street: One Analysts Fight to Save the Big Banks from Themselves 5 out of 5 based on 0 ratings. 1 reviews.
Anonymous More than 1 year ago
Great insight and perspective from bank analyst Mike Mayo about the banking industry and the problems with the current and past systems.