The Failure of Wall Street

The Failure of Wall Street

Author: Erik Banks

Publisher: St. Martin's Press

Published: 2014-12-23

Total Pages: 303

ISBN-13: 1466888318

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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.


Book Synopsis The Failure of Wall Street by : Erik Banks

Download or read book The Failure of Wall Street written by Erik Banks and published by St. Martin's Press. This book was released on 2014-12-23 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The End of Wall Street

The End of Wall Street

Author: Roger Lowenstein

Publisher: Penguin

Published: 2010-04-06

Total Pages: 375

ISBN-13: 1101197692

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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...


Book Synopsis The End of Wall Street by : Roger Lowenstein

Download or read book The End of Wall Street written by Roger Lowenstein and published by Penguin. This book was released on 2010-04-06 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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...

Naked, Short and Greedy

Naked, Short and Greedy

Author: Susanne Trimbath

Publisher: Spiramus Press Ltd

Published: 2019-12-02

Total Pages: 372

ISBN-13: 1910151831

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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.


Book Synopsis Naked, Short and Greedy by : Susanne Trimbath

Download or read book Naked, Short and Greedy written by Susanne Trimbath and published by Spiramus Press Ltd. This book was released on 2019-12-02 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

In Bed with Wall Street

In Bed with Wall Street

Author: Larry Doyle

Publisher: Macmillan

Published: 2014-01-07

Total Pages: 240

ISBN-13: 1137278722

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The Wall Street meltdown in 2008 brought the country to its knees and spawned nationwide protests against the lack of regulation and oversight in the financial industry. But the average American still fails to fully grasp what was--and still is--happening: that the inmates run the asylum. Larry Doyle exposes how financial executives, politicians, and even the regulators charged with overseeing the banks have conspired for personal gains while deceiving largely unprotected investors, consumers, and American taxpayers. He details the shocking corruption of the SEC, FINRA, and other "financial police, " painting them as meter maids who assess nominal fines and look the other way at even the most egregious abuses. Most importantly, he unveils the revolving door of Wall Street, where countless regulators (and plenty of legislators) are former or future employees of the very firms they're tasked with overseeing. 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, which has decimated consumer and investor confidence. As the big banks fight tooth and nail to avoid real reforms, this book is a timely, important, and shocking look at a hopelessly compromised system, still defenseless against the next great crash.--From publisher description.


Book Synopsis In Bed with Wall Street by : Larry Doyle

Download or read book In Bed with Wall Street written by Larry Doyle and published by Macmillan. This book was released on 2014-01-07 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wall Street meltdown in 2008 brought the country to its knees and spawned nationwide protests against the lack of regulation and oversight in the financial industry. But the average American still fails to fully grasp what was--and still is--happening: that the inmates run the asylum. Larry Doyle exposes how financial executives, politicians, and even the regulators charged with overseeing the banks have conspired for personal gains while deceiving largely unprotected investors, consumers, and American taxpayers. He details the shocking corruption of the SEC, FINRA, and other "financial police, " painting them as meter maids who assess nominal fines and look the other way at even the most egregious abuses. Most importantly, he unveils the revolving door of Wall Street, where countless regulators (and plenty of legislators) are former or future employees of the very firms they're tasked with overseeing. 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, which has decimated consumer and investor confidence. As the big banks fight tooth and nail to avoid real reforms, this book is a timely, important, and shocking look at a hopelessly compromised system, still defenseless against the next great crash.--From publisher description.

The Great Crash 1929

The Great Crash 1929

Author: John Kenneth Galbraith

Publisher: Houghton Mifflin Harcourt

Published: 2009

Total Pages: 228

ISBN-13: 9780547248165

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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."


Book Synopsis The Great Crash 1929 by : John Kenneth Galbraith

Download or read book The Great Crash 1929 written by John Kenneth Galbraith and published by Houghton Mifflin Harcourt. This book was released on 2009 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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."

Six Days in October

Six Days in October

Author: Karen Blumenthal

Publisher: Simon and Schuster

Published: 2013-02-12

Total Pages: 160

ISBN-13: 1442488913

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Over six terrifying, desperate days in October 1929, the fabulous fortune that Americans had built in stocks plunged with a fervor never seen before. At first, the drop seemed like a mistake, a mere glitch in the system. But as the decline gathered steam, so did the destruction. Over twenty-five billion dollars in individual wealth was lost, vanished, gone. People watched their dreams fade before their very eyes. Investing in the stock market would never be the same. Here, Wall Street Journal bureau chief Karen Blumenthal chronicles the six-day period that brought the country to its knees, from fascinating tales of key stock-market players, like Michael J. Meehan, an immigrant who started his career hustling cigars outside theaters and helped convince thousands to gamble their hard-earned money as never before, to riveting accounts of the power struggles between Wall Street and Washington, to poignant stories from those who lost their savings—and more—to the allure of stocks and the power of greed. For young readers living in an era of stock-market fascination, this engrossing account explains stock-market fundamentals while bringing to life the darkest days of the mammoth crash of 1929.


Book Synopsis Six Days in October by : Karen Blumenthal

Download or read book Six Days in October written by Karen Blumenthal and published by Simon and Schuster. This book was released on 2013-02-12 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over six terrifying, desperate days in October 1929, the fabulous fortune that Americans had built in stocks plunged with a fervor never seen before. At first, the drop seemed like a mistake, a mere glitch in the system. But as the decline gathered steam, so did the destruction. Over twenty-five billion dollars in individual wealth was lost, vanished, gone. People watched their dreams fade before their very eyes. Investing in the stock market would never be the same. Here, Wall Street Journal bureau chief Karen Blumenthal chronicles the six-day period that brought the country to its knees, from fascinating tales of key stock-market players, like Michael J. Meehan, an immigrant who started his career hustling cigars outside theaters and helped convince thousands to gamble their hard-earned money as never before, to riveting accounts of the power struggles between Wall Street and Washington, to poignant stories from those who lost their savings—and more—to the allure of stocks and the power of greed. For young readers living in an era of stock-market fascination, this engrossing account explains stock-market fundamentals while bringing to life the darkest days of the mammoth crash of 1929.

House of Cards

House of Cards

Author: William D. Cohan

Publisher: Anchor

Published: 2010-02-09

Total Pages: 610

ISBN-13: 0767930894

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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.


Book Synopsis House of Cards by : William D. Cohan

Download or read book House of Cards written by William D. Cohan and published by Anchor. This book was released on 2010-02-09 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Too Big to Fail

Too Big to Fail

Author: Andrew Ross Sorkin

Publisher: Penguin

Published: 2010-09-07

Total Pages: 640

ISBN-13: 1101443243

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Brand New for 2018: an updated edition featuring a new afterword to mark the 10th anniversary of the financial crisis The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film “Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.


Book Synopsis Too Big to Fail by : Andrew Ross Sorkin

Download or read book Too Big to Fail written by Andrew Ross Sorkin and published by Penguin. This book was released on 2010-09-07 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brand New for 2018: an updated edition featuring a new afterword to mark the 10th anniversary of the financial crisis The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film “Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)

Author: United States Senate

Publisher: Lulu.com

Published: 2013-06-10

Total Pages: 647

ISBN-13: 1304122212

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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.


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

Download or read book Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report) written by United States Senate and published by Lulu.com. This book was released on 2013-06-10 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

13 Bankers

13 Bankers

Author: Simon Johnson

Publisher: Vintage

Published: 2011-01-11

Total Pages: 338

ISBN-13: 030747660X

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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.


Book Synopsis 13 Bankers by : Simon Johnson

Download or read book 13 Bankers written by Simon Johnson and published by Vintage. This book was released on 2011-01-11 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.