Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves

Hardcover

ISBN 10: 1118115465 ISBN 13: 9781118115466

Publisher: Wiley, 2011

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.

From the Inside Flap:

From Mike Mayo, the star banking analyst once nicknamed the "CEO killer," comes Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves, the true story of a man who dared to speak out against the status quo on The Street.

The book centers around one truth: the financial crisis hasn't changed a thing. ChroniclingMayo's time working first for the Federal Reserve in Washington and then with many of the biggest banks in the world, the book is packed with outrageous adventures—from management escorting him out of the Lehman Brothers building to getting fired from Credit Suisse for putting a sell rating on the entire banking sector to being banned from speaking to the media by Deutsche Bank because of his "negative" views. Wall Street has been playing dirty for years, and Mayo analyzes the fallout stemming from the market crash, pointing out the numerous holes that still exist in the system.

Offering a remarkable look at the behind-the-scenes machinations of the biggest financial institutions, 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. It is also an invaluable resource for bankers, finance practitioners, and other industry professionals.

From the Back Cover:

Praise for Exile on Wall Street

"Mike Mayo is an old-style bank analyst—thorough, independent, honest—who never pulls his punches, whatever icons, public or private, may be wounded."
—Paul A. Volcker, former chairman of the Federal Reserve

"Exile on Wall Street takes you to Mike Mayo's front row seat as the financial crisis unfolds. It is a riveting story of the establishment's battle to prevent him from revealing the truth as it develops."
—Stan Druckenmiller, former President, CEO, and Chairman of Duquesne Capital

"Mike Mayo is one of the best financial analysts on Wall Street. He brings clarity to a world full of uncertainty."
—Maria Bartiromo, leading financial commentator

"Exile on Wall Street offers Wall Street's rarest commodity: the truth about our nation's largest banks and how they almost toppled capitalism. If you want to know the sickening truth about the largest banks, read Mike Mayo's exposé."
—Harry Markopolos, author of No One Would Listen