The Battle for Wall Street: Behind the Lines in the Struggle That Pushed an Industry into Turmoil

The Battle for Wall Street: Behind the Lines in the Struggle That Pushed an Industry into Turmoil

by Richard Goldberg, Goldberg
     
 

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A conflict of epic financial proportions has begun on Wall Street and will continue to rage on in the coming years. The opposing forces are the sellers: an army of commercial and investment bankers; and the buyers: an army of hedge fund managers and private equity groups. It is a battle about power—and about winning the hearts, minds, and

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Overview

A conflict of epic financial proportions has begun on Wall Street and will continue to rage on in the coming years. The opposing forces are the sellers: an army of commercial and investment bankers; and the buyers: an army of hedge fund managers and private equity groups. It is a battle about power—and about winning the hearts, minds, and wallets of the investment community. In The Battle for Wall Street, twenty-five-year Wall Street veteran Richard Goldberg analyzes the struggle for power between traditional sell-side financial institutions—who have seen their dominance upended during the 2008 financial crisis—and buy-side newcomers, and tells what it means for you and your financial future.

Goldberg explains how, for over 100 years, the sellers held all the power. They made markets, controlled information about markets, and largely managed markets, while buyers were participants with limited power or influence, or none at all. He shows how, with the revolution in information technology, buyers gained access to the same data as the sellers and quickly became an equally powerful force in the marketplace—just as the numerous new pools of liquidity made money more readily available. The author examines the various drivers of large-scale trading technology, the "agents of change" that include private equity, hedge funds, endowments, sovereign wealth funds, and the major exchanges that are fast becoming global financial supermarkets.

With an insider's eye, he looks at the various strategies and initiatives currently under way as a wide range of powerful firms fight to manipulate this new generation of financial technology to their advantage. Throughout the book, he draws on the experiences of many of the sell- and buy-side "generals" in the battle.

With prominent sell-side players either out of business or humbled into restructuring as commercial banks, Goldberg offers dire predictions for some and success for others. And as Goldberg reveals the factors that will create future winners, those who stay ahead of these changes will profit in their careers and their investments. This book will be your guide.

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Product Details

ISBN-13:
9780470222799
Publisher:
Wiley
Publication date:
01/09/2009
Pages:
240
Product dimensions:
6.20(w) x 9.10(h) x 1.20(d)

Meet the Author

Richard Goldberg is a twenty-five-year Wall Street veteran with Lehman Brothers, Lazard, and Wasserstein Perella. He has been a banker to the banks and advised on a number of transformational financial services transactions. He is also a faculty member at Columbia University's School of International and Public Affairs and has taught at Boston College's Carroll School of Management and Brandeis University's International Business School.

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