Exile On Wall Street

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.

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.

“Fascinating, rich, and probing . . . a beguiling and endlessly interesting portrait”—The Wall Street Journal For fans of John le Carré and Ben Macintyre, an exclusive first-person account of one of the Cold War’s most notorious spies “Kuper provides a different and valuable perspective, humane and informative. If the definition of a psychopath is someone who refuses to accept the consequences of his actions, does George fit the definition? There he sits, admitting it was all for nothing, but has no regrets. Or does he?” —John le Carré Few Cold War spy stories approach the sheer daring and treachery of George Blake’s. After fighting in the Dutch resistance during World War II, Blake joined the British spy agency MI6 and was stationed in Seoul. Taken prisoner after the North Korean army overran his post in 1950, Blake later returned to England to a hero’s welcome, carrying a dark secret: while in a communist prison camp in North Korea, he had secretly switched sides to the KGB after reading Karl Marx’s Das Kapital. As a Soviet double agent, Blake betrayed uncounted western spying operations—including the storied Berlin Tunnel, the most expensive covert project ever undertaken by the CIA and MI6. Blake exposed hundreds of western agents, forty of whom were likely executed. After his unmasking and arrest, he received, for that time, the longest sentence in modern British history—only to make a dramatic escape to the Soviet Union in 1966, five years into his forty-two-year sentence. He left his wife, three children, and a stunned country behind. Much of Blake’s career existed inside the hall of mirrors that was the Cold War, especially following his sensational escape from Wormwood Scrubs prison. Veteran journalist Simon Kuper tracked Blake to his dacha outside Moscow, where the aging spy agreed to be interviewed for this unprecedented account of Cold War espionage. Following the master spy’s death in Moscow at age ninety-eight on December 26, 2020, Kuper is finally able to set the record straight.

The account of Robert Vesco, the Kingfish, who bilked investors of $250 million dollars in the early seventies and fled the country just ahead of the Feds, ultimately landing in Cuba.

WITH A FOREWORD BY EDMUND DE WAAL, AUTHOR OF THE HARE WITH AMBER EYES SET IN THE ASHES OF POST–SECOND WORLD WAR VIENNA, A POWERFUL, SUBTLE NOVEL OF EXILES RETURNING HOME FIFTEEN YEARS AFTER FLEEING HITLER'S DEADLY REIGN Vienna is demolished by war, the city an alien landscape of ruined castles, a fractured ruling class, and people picking up the pieces. Elisabeth de Waal's mesmerizing The Exiles Return is a stunningly vivid postwar story of Austria's fallen aristocrats, unrepentant Nazis, and a culture degraded by violence. The novel follows a number of exiles, each returning under very different circumstances, who must come to terms with a city in painful recovery. There is Kuno Adler, a Jewish research scientist, who is tired of his unfulfilling existence in America; Theophil Kanakis, a wealthy Greek businessman, seeking to plunder some of the spoils of war; Marie-Theres, a brooding teenager, sent by her parents in hopes that the change of scene will shake her out of her funk; and Prince "Bimbo" Grein, a handsome young man with a title divested of all its social currency. With immaculate precision and sensitivity, de Waal, an exile herself, captures a city rebuilding and relearning its identity, and the people who have to do the same. Mesmerizing and tragic, de Waal has written a masterpiece of European literature, an artifact revealing a moment in our history, clear as a snapshot, but timeless as well.

Becoming a young Wall Street banker is like pledging the world's most lucrative and soul-crushing fraternity. Every year, thousands of eager college graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money-- as well as how to dress, talk, date, drink, and schmooze like real financiers. Young Money is the inside story of this well-guarded world. Kevin Roose, New York magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process. Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work. Young Money is more than an expose of excess; it's the story of how the financial crisis changed a generation-and remade Wall Street from the bottom up.

Lobbyist, White House Lawyer, and Senate Aide on the Power of America’s Plutocracy to Avoid Prosecution and Subvert Financial Reform Beginning in January 2009, THE PAYOFF lays bare Washington’s culture of power and plutocracy. It’s the story of the twenty-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, to stop stock manipulation by high-frequency traders, and to break up too-big-to-fail megabanks. This book takes us inside their dogged crusade against institutional inertia and industry influence as they encounter an outright reluctance by the Obama administration, the Justice Department, and the Securities and Exchange Commission to treat Wall Street crimes with the gravity they deserve. On financial reforms, Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms primarily to enjoy a golden opportunity to siphon fundraising dollars from the Wall Street executives who had raised millions to elect Barack Obama president. Connaughton, a former lawyer in the Clinton White House, illuminates the pivotal moments and key decisions in the fight for financial reform that have gone largely unreported. His arch, nonpartisan account chronicles the reasons why Wall Street’s worst offenses were left unpunished, and why it’s likely that the 2008 debacle will happen again.

Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.