The Failure Of Wall Street

Author : Erik Banks
Publisher : St. Martin's Press
Page : 304 pages
File Size : 52,8 Mb
Release : 2014-12-23
Category : Business & Economics
ISBN : 9781466888319

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The Failure of Wall Street by Erik Banks Pdf

Wall Street, the world's primary financial market and middleman, is in many ways a success. It brings together and places capital, creates new and innovative financial products, and buys and sells physical and financial assets. Its role in global economic growth has been, and remains, unique and vital. In spite of its importance and strengths, however, Wall Street repeatedly fails. At all levels, Wall Street makes serious mistakes in its core areas of expertise – falling short of its potential when raising capital, giving advice or managing risk, and demonstrating vulnerabilities when carrying out its responsibilities. These failures, which damage both finances and reputations, often affect a broad range of insiders and outsiders: employees and managers, personal and corporate clients, investors, creditors and regulators. In some cases they destabilize entire sectors and economies. Worse, many of these failures are likely to plague Wall Street for years to come, until there is greater willingness to recognize and resolve the underlying problems. The Failure of Wall Street analyzes how and why Wall Street fails, and what can be done to rectify the failures. After a short discussion of Wall Street's role in raising capital, granting corporate and personal advice, managing risk and acting as a trusted financial analyst, Erik Banks explores the dramatic failures that have occurred in each of these areas, using case studies and examples to illustrate the nature and extent of the problems. Next, the book demonstrates why Wall Street fails in each area of supposed "expertise," focusing on shortcomings in governance, management, skills/controls and transparency. Lastly, Banks proposes a framework for addressing the shortfalls that continue to plague Wall Street. He argues that these solutions, while not quick, easy, or cheap to implement, can help make Wall Street become the sound, consistent, and efficient financial expert it is meant to be.

Author : Mike Mayo
Publisher : John Wiley & Sons
Page : 208 pages
File Size : 46,9 Mb
Release : 2011-11-15
Category : Business & Economics
ISBN : 9781118115466

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Exile on Wall Street by Mike Mayo Pdf

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.

Author : Susanne Trimbath
Publisher : Spiramus Press Ltd
Page : 372 pages
File Size : 47,9 Mb
Release : 2019-12-02
Category : Business & Economics
ISBN : 9781910151839

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Naked, Short and Greedy by Susanne Trimbath Pdf

Rigged financial markets and hopeless under-regulation on Wall Street are not new problems. In this book, Susanne Trimbath gives a sobering account of naked short selling, the failure to settle, and her efforts over decades, trying to get this fixed. Twenty-five years ago, Trimbath was working “backstage at Wall Street” when a group of corporate trust specialists told her about a problem in shareholder voting rights. When she went to senior management at Depository Trust Company (DTC), then and still the largest securities depository in the world, they brushed it off saying, “You can’t balance the world.” Ten years later, a lawyer from Texas would tell her that the same problem was about to blow up the financial markets: Wall Street brokers are using short sales and fails to deliver to grab the assets of American entrepreneurs. This is a cautionary tale. What started as a regulatory failure turned into a regulatory crisis. Shareholder democracy is in shambles. The institutions that were established to correct a problem of trade settlement failures have instead exacerbated the problem. Global financial markets may not survive what comes next.

Author : Roger Lowenstein
Publisher : Penguin
Page : 375 pages
File Size : 45,8 Mb
Release : 2010-04-06
Category : Business & Economics
ISBN : 9781101197691

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The End of Wall Street by Roger Lowenstein Pdf

Watch a Video Watch a video Download the cheat sheet for Roger Lowenstein's The End of Wall Street » The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist. The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages. The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression. Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...

Author : United States Senate
Publisher : Lulu.com
Page : 647 pages
File Size : 40,5 Mb
Release : 2013-06-10
Category : Business & Economics
ISBN : 9781304122216

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Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report) by United States Senate Pdf

In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover. This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.

Author : Frank Andrew Munsey
Publisher : Unknown
Page : 260 pages
File Size : 53,9 Mb
Release : 1888
Category : Children
ISBN : HARVARD:HN2GBU

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The Boy Broker, Or, Among the Kings of Wall Street by Frank Andrew Munsey Pdf

Author : John Kenneth Galbraith
Publisher : Houghton Mifflin Harcourt
Page : 228 pages
File Size : 46,9 Mb
Release : 2009
Category : Business & Economics
ISBN : 0547248164

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The Great Crash 1929 by John Kenneth Galbraith Pdf

The classic examination of the 1929 financial collapse, with an introduction by economist James K. Galbraith Of John Kenneth Galbraith's The Great Crash 1929, the Atlantic Monthly said: "Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community." Originally published in 1955, Galbraith's book became an instant bestseller, and in the years since its release it has become the unparalleled point of reference for readers looking to understand American financial history."

Author : Erik Banks
Publisher : Macmillan
Page : 176 pages
File Size : 55,5 Mb
Release : 2014-12-23
Category : Business & Economics
ISBN : 9781466888302

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Working the Street by Erik Banks Pdf

Written by a former Managing Director at Merrill Lynch, Working the Street is the resource for readers hoping to build a successful career on Wall Street. It is not a "how-to" career book or a job guide. It doesn't tell the reader who to contact for a job or what classes to take to prepare for a career in banking, and it is not a book about the technical "nuts and bolts" of Wall Street. What this book does tell the reader is about some of the "ins and outs" of Wall Street; about how things really work in the banking world; about some of the speed bumps to watch out for and some of the "low hanging fruit" that is ripe for the picking, from getting in the door and developing positive habits, to getting a bonus and handling retirement. In order to really succeed, it is necessary to know as much as possible about how Wall Street really works. Working the Street goes a long way in providing exactly that.

Author : William D. Cohan
Publisher : Anchor
Page : 610 pages
File Size : 40,7 Mb
Release : 2010-02-09
Category : Business & Economics
ISBN : 9780767930895

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House of Cards by William D. Cohan Pdf

A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis. At the beginning of March 2008, the monetary fabric of Bear Stearns, one of the world’s oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.

Author : Enrico Pellegrini
Publisher : Other Press, LLC
Page : 208 pages
File Size : 52,8 Mb
Release : 2018-09-18
Category : Fiction
ISBN : 9781590519745

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Something Great and Beautiful by Enrico Pellegrini Pdf

Sympathetic, good-for-nothing Rosso Fiorentino leaves the beautiful Italian Riviera to follow the woman he loves to America, and soon finds himself the hero of a darkly funny tale when his improbable business plan becomes the rage on Wall Street. Rosso Fiorentino, a charming loser who dreams of becoming a writer, falls in love with Chloé, a brilliant young woman with a troubled past. They meet in India, where famous Italian novelist the Maestro has decided to spend his last days. They cross paths again in Portofino, and Rosso, following the Maestro's injunction to finally do something worthwhile with his life, enlists the help of his friends, a baker and a street peddler, to follow Chloé to America and sell focaccia on the streets of New York. While Rosso struggles to make a living with odd jobs, Chloé, now armed with a law degree from Chicago, gets hired by a top Wall Street firm. Rosso is eventually able to achieve his dream, opening a little bakery in Queens, followed by a second on Broadway. The business is an instant success. The banks start throwing money at him, and overnight the company undergoes the largest IPO in U.S. history. At least until the bubble bursts and all plays out in a New York courtroom. This modern fairy tale about ambition, hubris, love, and redemption exposes the absurdity of the 2008 global meltdown, and foreshadows the future, all with scintillating wit.

Author : Simon Johnson,James Kwak
Publisher : Vintage
Page : 338 pages
File Size : 53,6 Mb
Release : 2011-01-11
Category : Business & Economics
ISBN : 9780307476609

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13 Bankers by Simon Johnson,James Kwak Pdf

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

Author : Kirsten Grind
Publisher : Simon and Schuster
Page : 401 pages
File Size : 41,6 Mb
Release : 2013-07-16
Category : Business & Economics
ISBN : 9781451617931

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The Lost Bank by Kirsten Grind Pdf

Based on reporting for which the author was named a finalist for the Pulitzer Prize and the Gerald Loeb Award, this book traces the rise and spectacular fall of Washington Mutual.

Author : Larry Doyle
Publisher : Macmillan + ORM
Page : 212 pages
File Size : 51,6 Mb
Release : 2014-01-07
Category : Business & Economics
ISBN : 9781137401427

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In Bed with Wall Street by Larry Doyle Pdf

In Bed with Wall Street offers a look under the sheets at the incestuous relationship between Wall Street, Washington, and the regulators who are supposed to protect the rest of us. The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and the American taxpayer. He details the corrupt nature of Wall Street's financial police, who are little more than meter maids imposing fines that amount to nothing more than a slap on the wrist. He exposes the revolving door of Wall Street, wherein the regulators are all former or future employees of the very firms they're tasked with overseeing, and how they routinely serve the interests of the industry itself rather than protecting investors and markets. Recent bombshells—such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran—are symptomatic of this corrosive culture and the lack of trust and confidence in the system. As the big banks fight tooth and nail to avoid real reforms that would protect the economy, this book is a timely, important, and shocking look inside the Washington-Wall Street conspiracy crippling America and the global economy.

Author : James P. O'Shaughnessy
Publisher : McGraw Hill Professional
Page : 366 pages
File Size : 53,9 Mb
Release : 2005-06-14
Category : Business & Economics
ISBN : 9780071469616

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What Works on Wall Street by James P. O'Shaughnessy Pdf

"A major contribution . . . on the behavior of common stocks in the United States." --Financial Analysts' Journal The consistently bestselling What Works on Wall Street explores the investment strategies that have provided the best returns over the past 50 years--and which are the top performers today. The third edition of this BusinessWeek and New York Times bestseller contains more than 50 percent new material and is designed to help you reshape your investment strategies for both the postbubble market and the dramatically changed political landscape. Packed with all-new charts, data, tables, and analyses, this updated classic allows you to directly compare popular stockpicking strategies and their results--creating a more comprehensive understanding of the intricate and often confusing investment process. Providing fresh insights into time-tested strategies, it examines: Value versus growth strategies P/E ratios versus price-to-sales Small-cap investing, seasonality, and more

Author : Lawrence G. McDonald,Patrick Robinson
Publisher : Currency
Page : 370 pages
File Size : 51,8 Mb
Release : 2010-10-12
Category : Business & Economics
ISBN : 9780307588340

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A Colossal Failure of Common Sense by Lawrence G. McDonald,Patrick Robinson Pdf

One of the biggest questions of the financial crisis has not been answered until now: What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers—right from the belly of the beast. In A Colossal Failure of Common Sense, Larry McDonald, a Wall Street insider, reveals, the culture and unspoken rules of the game like no book has ever done. The book is couched in the very human story of Larry McDonald’s Horatio Alger-like rise from a Massachusetts “gateway to nowhere” housing project to the New York headquarters of Lehman Brothers, home of one of the world’s toughest trading floors. We get a close-up view of the participants in the Lehman collapse, especially those who saw it coming with a helpless, angry certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth finally demolished the nation’ s oldest investment bank. The Wall Street we encounter here is a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that sometimes fuels prosperity but occasionally destroys it. The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it was a devastating blow to America’s—and the world’s—financial system. And it need not have happened. This is the story of why it did.