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- W821760897 abstract "Exile on Wall Street: One Analyst's Fight Save Big Banks from Themselves Mike Mayo John Wiley & Sons, Inc., 2012This is brief and engaging memoir by of Wall Street's leading bank analysts who was named by Fortune magazine as one of eight people who saw crisis coming. essentially does four things: (1) it gives an insider's first-hand account of factors that led recent financial debacle in United States, confirming once again observations of many commentators whose books we have reviewed and who have described vast web of derelictions that made catastrophe what it was; (2) it warns that little had changed by time book was written in late summer of 2011; (3) it adds its voice many who support market economy but who abhor crony capitalism; and (4) it provides an inspiring personal account. Mayo's story invites reflection about challenges faced by people who would act with integrity. Exile on Wall Street is perfect for assigned reading in an MBA course on business ethics.Who is Mike Mayo? He explains that I've worked as bank analyst for past twenty years, where my job is study publicly traded financial firms and decide which ones would make best investments. My research goes out institutional investors, mutual fund companies, university endowments, public-employee retirement funds, hedge funds, [and] private pensions.... He worked for such financial giants as UBS, Lehman, Credit Suisse, Prudential Securities, and Deutsche Bank. As long ago as 1998, Institutional Investor magazine rated him its top regional bank analyst. A second-generation American from Russian and Romanian Jewish family, he explains that he has no pedigree. No Ivy League degree, no prep schools, no internships. To be within cozy inner circle of financial elite, it not been enough be armed with an MBA from George Washington University and have chartered financial analyst certification that Mayo says is de rigueur for serious Wall Street contender. Thus, he long been in financial community but not of it. Although that been delimiting professional factor, it almost certainly been what given him mental detachment that's so vital an individual's acting with integrity that Mayo (if his memoir is fully be credited) shown. The image reader receives of him is of an individual who subjects himself Spartan self-discipline (including early-morning running and exercises far beyond anything most of us could endure) and who developed an abiding ethos of public service and objectivity while becoming bank analyst by working at Federal Reserve in Washington, D.C. His experience trained him in strict professionalism. It was at Fed that my thoughts on banking industry took shape and where I learned about crucial role that objective analysis plays as check and balance on sector.As personal account of gauntlet someone runs who wishes act with professional objectivity, Exile on Wall Street is not primarily primer on causes of financial crisis. does, however, unavoidably mention many of them as part of its narrative. Mayo points a flood of risky mortgages, banks getting too aggressive about growth, and toothless regulators. Throw in few other factors, such as interest rates that were too low for too long and overt government support of housing sector, and you've got most of root causes. Most, perhaps; but he also brings in conflicts of interest that warped behavior of CEOs (seduced away from stewardship by pursuit of astronomical compensation); that made analysts paid cheerleaders; that induced regulators leverage their relationships into lucrative private-sector jobs; that led bankers pursue bad deals for fees they would generate even though the client companies and their investors lose out; that caused accountants to be consultants instead of examining books; and [we will ourselves add] that prevented credit rating agencies from making objective assessments of risk that so many rely on. …" @default.
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- W821760897 date "2014-04-01" @default.
- W821760897 modified "2023-09-26" @default.
- W821760897 title "One Man's Fight for Stewardship and Professionalism: A Lesson in Business Ethics" @default.
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