Overview
How did Wall Street become a self-serving and ultimately destructive profit machine that imploded? Wall Street's real job is to be our ""financial utility""--good financial plumbers that funnel capital to companies so the economy can expand and create jobs and also provide the means for individual investors to build portfolios that will increase personal wealth. But Wall Street went haywire and became (in Jon Stewart's words) a ""bizarro"" place that lost touch with most of America. Suzanne McGee provides a penetrating and disturbing look at forces that have transformed Wall Street into a risk-taking behemoth that spun out of control and took the economy and millions of 401(k)s down with it. Primary among these forces was ""Goldman Sachs envy."" The demons that drove Richard Fuld of Lehman Brothers, Stanley O'Neil of Merrill Lynch, and the rest of Wall Street to ever-greater risk were perverse incentives and the illusion that they could make even more money than Goldman Sachs (where $11.6 billion in profits in 2007 led to an average bonus of $660,000). Firsthand reporting from veteran Wall Street journalist McGee provides riveting storytelling and a narrative that will grab both Wall Street insiders and people on ""Main Street."" She is the perfect guide through the labyrinth that is Wall Street, which now reaches from the actual street to Greenwich-based hedge funds, investment banks, venture capitalists in Silicon Valley, the futures pits of Chicago, and sovereign wealth funds.
Full Product Details
Author: Suzanne McGee ,
Hillary Huber ,
Hillary Huber
Publisher: Tantor Audio
Imprint: Tantor Audio
Edition: Unabridged edition
ISBN: 9798200107155
Publication Date: 22 June 2010
Audience:
General/trade
,
General
Format: Audio
Publisher's Status: Active
Availability: Available To Order
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Reviews
"A timely analysis of why Wall Street came so close to destruction.-- ""Library Journal"" ""McGee has taken it upon herself to make the case less through assertion or argument than through anecdote and appeal to authority."" -- ""New York Times Book Review"" ""McGee's book is full of entertaining and enlightening material."" -- ""Financial Times"""
Author Information
Suzanne McGee spent more than thirteen years as a staff reporter for the Wall Street Journal in Toronto, New York, and London. After leaving the Journal in 2002, she became a freelance contributor to more than a dozen business publications, including Barron's, the Financial Times, Institutional Investor, and INC. She is currently the New York Post's markets corespondent, a contributing editor at Barron's, and a Loeb Award winner for a multimedia series on consumer culture in China. Hillary Huber is one of the most successful voice talents in Los Angeles. Recent books read for Blackstone Audio include Him, Her, Him Again, the End of Him by Patricia Marx, A Field of Darkness by Cornelia Read, and A Map of Glass by Jane Urquhart. Hillary Huber is one of the most successful voice talents in Los Angeles. Recent books read for Blackstone Audio include Him, Her, Him Again, the End of Him by Patricia Marx, A Field of Darkness by Cornelia Read, and A Map of Glass by Jane Urquhart.
