Why Wall Street Matters

Author: William D. Cohan

Publisher: N.A

ISBN: 0399590692

Category: Business & Economics

Page: 192

View: 2540

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"Anti-bank sentiment has reached a boiling point in America. What started with Occupy Wall Street and Bill Maher satirically calling for the death of Wall Street bankers has culminated with Bernie Sanders pushing the dissolution of the big banks into the official 2016 Democratic platform. But in Cohan's estimation, that sentiment is not only woefully ill-informed, but dangerously naive. Starting with what Wall Street literally is and what it actually does, Cohan swiftly debunks all of the misinformed arguments against it while acknowledging the problems that fuel those feelings. We can be mad at the greed and excess, but at the end of the day, Wall Street is the capital in capitalism, and when its working right, is the invisible engine that powers the ideas we have and the lives we love"--

Why Wall Street Matters

Author: William D. Cohan

Publisher: Random House

ISBN: 0399590706

Category: Business & Economics

Page: 192

View: 4919

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A timely, counterintuitive defense of Wall Street and the big banks as the invisible—albeit flawed—engines that power our ideas, and should be made to work better for all of us Maybe you think the banks should be broken up and the bankers should be held accountable for the financial crisis in 2008. Maybe you hate the greed of Wall Street but know that it’s important to the proper functioning of the world economy. Maybe you don’t really understand Wall Street, and phrases such as “credit default swap” make your eyes glaze over. Maybe you are utterly confused by the fact that after attacking Wall Street mercilessly during his campaign, Donald Trump has surrounded himself with Wall Street veterans. But if you like your smart phone or your widescreen TV, your car or your morning bacon, your pension or your 401(k), then—whether you know it or not—you are a fan of Wall Street. William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He’s one of America’s most respected financial journalists and the progressive bestselling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent seventeen years as an investment banker on Wall Street, he is an expert on its inner workings as well. But in recent years he’s become alarmed by the cheap shots and ceaseless vitriol directed at Wall Street’s bankers, traders, and executives—the people whose job it is to provide capital to those who need it, the grease that keeps our economy humming. In this brisk, no-nonsense narrative, Cohan reminds us of the good these institutions do—and the dire consequences for us all if the essential role they play in making our lives better is carelessly curtailed. Praise for William D. Cohan “Cohan writes with an insider’s knowledge of the workings of Wall Street, a reporter’s investigative instincts and a natural storyteller’s narrative command.”—The New York Times “[Cohan is] one of our most able financial journalists.”—Los Angeles Times “A former Wall Street man and a talented writer, [Cohan] has the rare gift not only of understanding the fiendishly complicated goings-on, but also of being able to explain them in terms the lay reader can grasp.”—The Observer (London)

Why Wall Street Matters

Author: William D. Cohan

Publisher: Penguin UK

ISBN: 0241309638

Category: Business & Economics

Page: 192

View: 3622

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If you like your smartphone or your widescreen TV, your car or your pension, then, whether you know it or not, you are a fan of Wall Street. William D. Cohan, bestselling author of House of Cards, has long been critical of the bad behaviour that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and, as an ex-banker, he is an expert on its inner workings as well. But in recent years he has become alarmed by the vitriol directed at the bankers, traders and executives who keep the wheels of our economy turning. Why Wall Street Matters is a timely and trenchant reminder of the actual good these institutions do and the dire consequences for us all if the essential role they play in making our lives better is carelessly curtailed.

House of Cards

A Tale of Hubris and Wretched Excess on Wall Street

Author: William D. Cohan

Publisher: Anchor

ISBN: 0385530463

Category: Business & Economics

Page: 320

View: 6044

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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. From the Trade Paperback edition.

The Last Tycoons

The Secret History of Lazard Freres & Co.

Author: William D. Cohan

Publisher: Anchor

ISBN: 0385521774

Category: Business & Economics

Page: 608

View: 630

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A grand and revelatory portrait of Wall Street’s most storied investment bank Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built. William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company. Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein. Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly. The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for $1.4 billion. Bruce’s take: more than $600 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable. The LastTycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance. From the Trade Paperback edition.

The Price of Silence

The Duke Lacrosse Scandal, the Power of the Elite, and the Corruption of Our Great Universities

Author: William D. Cohan

Publisher: Simon and Schuster

ISBN: 145168181X

Category: Sports & Recreation

Page: 672

View: 3102

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A Duke alumnus whose work has been hailed as “authoritative” (The Washington Post), “seductively engrossing” (Chicago Tribune), “riveting” (The Economist), and “masterful” (Los Angeles Times), presents a stunning new account of the infamous Duke lacrosse team case. Despite it being front-page nationwide news, the true story of the Duke lacrosse team rape case has never been told in its entirety. It is more complex and profound than all the reporting to date would indicate. The Price of Silence is the definitive account of what happens when the most combustive forces in American culture—unbridled ambition, intellectual elitism, athletic prowess, sexual and racial bias, and absolute prosecutorial authority—collide and then explode on a powerful university campus, in the justice system, and in the media. Deeply reported and brilliantly written, The Price of Silence shines a bright light on the ever-widening gap between America’s rich and poor, and how the powerful protect themselves, even at the price of justice.

Money and Power

How Goldman Sachs Came to Rule the World

Author: William D. Cohan

Publisher: Anchor

ISBN: 0385534973

Category: Business & Economics

Page: 400

View: 4250

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The bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success. From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

Why Baseball Matters

Author: Susan Jacoby

Publisher: Yale University Press

ISBN: 0300235402

Category: Sports & Recreation

Page: 192

View: 1636

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Baseball, first dubbed the “national pastime” in print in 1856, is the country’s most tradition-bound sport. Despite remaining popular and profitable into the twenty-first century, the game is losing young fans, among African Americans and women as well as white men. Furthermore, baseball’s greatest charm—a clockless suspension of time—is also its greatest liability in a culture of digital distraction. These paradoxes are explored by the historian and passionate baseball fan Susan Jacoby in a book that is both a love letter to the game and a tough-minded analysis of the current challenges to its special position—in reality and myth—in American culture. The concise but wide-ranging analysis moves from the Civil War—when many soldiers played ball in northern and southern prisoner-of-war camps—to interviews with top baseball officials and young men who prefer playing online “fantasy baseball” to attending real games. Revisiting her youthful days of watching televised baseball in her grandfather’s bar, the author links her love of the game with the informal education she received in everything from baseball’s history of racial segregation to pitch location. Jacoby argues forcefully that the major challenge to baseball today is a shortened attention span at odds with a long game in which great hitters fail two out of three times. Without sanitizing this basic problem, Why Baseball Matters remind us that the game has retained its grip on our hearts precisely because it has repeatedly demonstrated the ability to reinvent itself in times of immense social change.

Why I Left Goldman Sachs

A Wall Street Story

Author: Greg Smith

Publisher: Grand Central Publishing

ISBN: 1455527483

Category: Business & Economics

Page: 288

View: 1354

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On March 14, 2012, more than three million people read Greg Smith's bombshell Op-Ed in the New York Times titled "Why I Am Leaving Goldman Sachs." The column immediately went viral, became a worldwide trending topic on Twitter, and drew passionate responses from former Fed chairman Paul Volcker, legendary General Electric CEO Jack Welch, and New York City mayor Mike Bloomberg. Mostly, though, it hit a nerve among the general public who question the role of Wall Street in society -- and the callous "take-the-money-and-run" mentality that brought the world economy to its knees a few short years ago. Smith now picks up where his Op-Ed left off. His story begins in the summer of 2000, when an idealistic 21-year-old arrives as an intern at Goldman Sachs and learns about the firm's Business Principle #1: Our clients' interests always come first. This remains Smith's mantra as he rises from intern to analyst to sales trader, with clients controlling assets of more than a trillion dollars. From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom; from the career lifeline he received from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachs from extinction-Smith will take the reader on his personal journey through the firm, and bring us inside the world's most powerful bank. Smith describes in page-turning detail how the most storied investment bank on Wall Street went from taking iconic companies like Ford, Sears, and Microsoft public to becoming a "vampire squid" that referred to its clients as "muppets" and paid the government a record half-billion dollars to settle SEC charges. He shows the evolution of Wall Street into an industry riddled with conflicts of interest and a profit-at-all-costs mentality: a perfectly rigged game at the expense of the economy and the society at large. After conversations with nine Goldman Sachs partners over a twelve-month period proved fruitless, Smith came to believe that the only way the system would ever change was for an insider to finally speak out publicly. He walked away from his career and took matters into his own hands. This is his story.

The Payoff

Why Wall Street Always Wins

Author: Jeff Connaughton

Publisher: Easton Studio Press, LLC

ISBN: 1935212974

Category: Political Science

Page: 224

View: 6679

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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.

Why Growth Matters

How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries

Author: Jagdish Bhagwati,Arvind Panagariya

Publisher: PublicAffairs

ISBN: 1610392728

Category: History

Page: 304

View: 9118

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In its history since Independence, India has seen widely different economic experiments: from Jawharlal Nehru's pragmatism to the rigid state socialism of Indira Gandhi to the brisk liberalization of the 1990s. So which strategy best addresses India's, and by extension the world's, greatest moral challenge: lifting a great number of extremely poor people out of poverty? Bhagwati and Panagariya argue forcefully that only one strategy will help the poor to any significant effect: economic growth, led by markets overseen and encouraged by liberal state policies. Their radical message has huge consequences for economists, development NGOs and anti-poverty campaigners worldwide. There are vital lessons here not only for Southeast Asia, but for Africa, Eastern Europe, and anyone who cares that the effort to eradicate poverty is more than just good intentions. If you want it to work, you need growth. With all that implies.

Rainmaker

The Saga of Jeff Beck, Wall Street's Mad Dog

Author: Anthony Bianco

Publisher: Random House (NY)

ISBN: N.A

Category: Biography & Autobiography

Page: 486

View: 2626

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Traces the rise and fall of Jeff Beck, the Wall Street legend and junk-bond dealmaker who used his connections with Drexel Burnham Lambert to make millions until his high-flying firm collapsed

The WSJ Guide to the 50 Economic Indicators That Really Matter

From Big Macs to "Zombie Banks," the Indicators Smart Investors Watch to Beat the Market

Author: Simon Constable,Robert E. Wright

Publisher: Harper Collins

ISBN: 0062091751

Category: Business & Economics

Page: 304

View: 3018

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The Wall Street Journal Guide to the 50 Economic Indicators that Really Matter is a must-have guide for investors. Dow Jones columnist Simon Constable and respected financial historian Robert E. Wright offer valuable tips and insight to help investors forecast and exploit sea changes in the global macroeconomic climate. Unlike other investment handbooks, Constable and Wright’s guide explores the not widely known economic indicators that the smartest investors watch closely in order to beat the stock market—from “Big Macs” to “Zombie Banks.” Not only valuable and informative, The Wall Street Journal Guide to the 50 Economic Indicators that Really Matter is also wonderfully irreverent and endlessly entertaining, making it the most fun to read investors’ guide on the market.

A First-Class Catastrophe

The Road to Black Monday, the Worst Day in Wall Street History

Author: Diana B. Henriques

Publisher: Henry Holt

ISBN: 1627791647

Category: Business & Economics

Page: 416

View: 2615

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"The definitive account of the crash of 1987, a cautionary tale of how the U.S. financial system nearly collapsed ... Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6 percent--almost twice as bad as the worst day of 1929--equal to a loss of nearly 5,000 points today. But Black Monday was more than just a one-day market crash; it was seven years in the making and threatened the entire U.S. financial system. Drawing on superlative archival research and dozens of original interviews, the award-winning financial journalist Diana B. Henriques weaves a tale of ignored warnings, market delusions, and destructive decisions, a drama that stretches from New York and Washington to Chicago and California. Among the central characters are pension fund managers, bank presidents, government regulators, exchange executives, and a pair of university professors whose bright idea for reducing risk backfires with devastating consequences. As the story hurtles toward a terrible reckoning, the players struggle to avoid a national panic, and unexpected heroes step in to avert total disaster. For thirty years, investors, bankers, and regulators have failed to heed the lessons of Black Monday. But with uncanny precision, all the key fault lines of the devastating crisis of 2008--breakneck automation, poorly understood financial products fueled by vast amounts of borrowed money, fragmented regulation, gigantic herdlike investors--were first exposed as hazards in 1987. A First-Class Catastrophe offers a new way of looking not only at the past but at our financial future as well."--Jacket.

Why Honor Matters

Author: Tamler Sommers

Publisher: Basic Books

ISBN: 0465098886

Category: Philosophy

Page: 272

View: 4633

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A controversial call to put honor at the center of morality To the modern mind, the idea of honor is outdated, sexist, and barbaric. It evokes Hamilton and Burr and pistols at dawn, not visions of a well-organized society. But for philosopher Tamler Sommers, a sense of honor is essential to living moral lives. In Why Honor Matters, Sommers argues that our collective rejection of honor has come at great cost. Reliant only on Enlightenment liberalism, the United States has become the home of the cowardly, the shameless, the selfish, and the alienated. Properly channeled, honor encourages virtues like courage, integrity, and solidarity, and gives a sense of living for something larger than oneself. Sommers shows how honor can help us address some of society's most challenging problems, including education, policing, and mass incarceration. Counterintuitive and provocative, Why Honor Matters makes a convincing case for honor as a cornerstone of our modern society.

Bullshit Jobs

A Theory

Author: David Graeber

Publisher: Simon and Schuster

ISBN: 1501143344

Category: Business & Economics

Page: 368

View: 2510

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From bestselling writer David Graeber, a powerful argument against the rise of meaningless, unfulfilling jobs, and their consequences. Does your job make a meaningful contribution to the world? In the spring of 2013, David Graeber asked this question in a playful, provocative essay titled “On the Phenomenon of Bullshit Jobs.” It went viral. After a million online views in seventeen different languages, people all over the world are still debating the answer. There are millions of people—HR consultants, communication coordinators, telemarketing researchers, corporate lawyers—whose jobs are useless, and, tragically, they know it. These people are caught in bullshit jobs. Graeber explores one of society’s most vexing and deeply felt concerns, indicting among other villains a particular strain of finance capitalism that betrays ideals shared by thinkers ranging from Keynes to Lincoln. Bullshit Jobs gives individuals, corporations, and societies permission to undergo a shift in values, placing creative and caring work at the center of our culture. This book is for everyone who wants to turn their vocation back into an avocation.

Why Dinosaurs Matter

Author: Kenneth Lacovara

Publisher: Simon and Schuster

ISBN: 1501120107

Category: Nature

Page: 192

View: 8206

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What can long-dead dinosaurs teach us about our future? Plenty, according to paleontologist Kenneth Lacovara, who has discovered some of the largest creatures to ever walk the Earth. By tapping into the ubiquitous wonder that dinosaurs inspire, Lacovara weaves together the stories of our geological awakening, of humanity’s epic struggle to understand the nature of deep time, the meaning of fossils, and our own place on the vast and bountiful tree of life. Go on a journey––back to when dinosaurs ruled the Earth––to discover how dinosaurs achieved feats unparalleled by any other group of animals. Learn the secrets of how paleontologists find fossils, and explore quirky, but profound questions, such as: Is a penguin a dinosaur? And, how are the tiny arms of T. rex the key to its power and ferocity? In this revealing book, Lacovara offers the latest ideas about the shocking and calamitous death of the dinosaurs and ties their vulnerabilities to our own. Why Dinosaurs Matter is compelling and engaging—a great reminder that our place on this planet is both precarious and potentially fleeting. “As we move into an uncertain environmental future, it has never been more important to understand the past.”

Tell Everyone

Why We Share and Why It Matters

Author: Alfred Hermida

Publisher: Doubleday Canada

ISBN: 0385679572

Category: Social Science

Page: 352

View: 7469

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Social media is fuelling our human urge to share, affecting the information we depend on to make smart decisions, from choosing politicians to doing business to raising money for charity. Tell Everyone delves into contemporary culture to reveal how social media has become the planet's nervous system—amplifying the power of individuals, informing our choices and shaping how we learn about our world. Writing with journalistic flair but with academic rigour, online news pioneer and social media maven Alfred Hermida lays bare why we feel compelled to share news, gossip and information, and always have. Every day more than 500 million messages are sent on Twitter, 800 million people share four billion stories, links, photographs and videos on Facebook. Every minute, 100 hours of video is uploaded to YouTube. And the flow is ever-increasing. In this new era of media saturation, what do we mean by “the news”? Is “the most trusted name in news” today a veteran anchor on television or an undergraduate tweeting from Tahrir Square in Cairo? Tell Everyone spells out how our ability to create and share news is shaping the information we receive and depend on to make informed decisions, from choosing politicians to doing business. Drawing on historical examples, real-world experiences and leading research, Tell Everyone explains how the power of sharing is transforming how we understand and give meaning to world events. From the Hardcover edition.

Borrowed Time

Two Centuries of Booms, Busts, and Bailouts at Citi

Author: James Freeman,Vern McKinley

Publisher: HarperCollins

ISBN: 0062669885

Category: Business & Economics

Page: 384

View: 643

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The disturbing, untold story of one of the largest financial institutions in the world, Citigroup—one of the " too big to fail" banks—from its founding in 1812 to its role in the 2008 financial crisis, and the many disasters in between. During the 2008 financial crisis, Citi was presented as the victim of events beyond its control—the larger financial panic, unforeseen economic disruptions, and a perfect storm of credit expansion, private greed, and public incompetence. To save the economy and keep the bank afloat, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public. But, as financial experts James Freeman and Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than two hundred years ago. In Borrowed Time, they reveal Citi’s history of instability and government support. It’s not a story that either Citi or Washington wants told. From its founding in 1812 and through much of its history the bank has been tied to the federal government—a relationship that has benefited both. Many of its initial stockholders had owned stock in the Bank of the United States, and its first president, Samuel Osgood, had been a member of the Continental Congress and America’s first Postmaster General. From its earliest years, Citi took massive risks that led to crisis. But thanks to private investors, including John Jacob Astor, they survived throughout the nineteenth century. In the twentieth century, Senator Carter Glass blamed Citi CEO "Sunshine Charlie" Mitchell for the 1929 stock market crash, and the bank was actually in violation of the senator’s signature achievement, the Glass-Steagall law, in the late 1990s until then U.S. Treasury Secretary Robert Rubin engineered the law’s repeal. Rubin later became the chairman of the executive committee of Citigroup, helping to oversee the bank as it ramped up its increasing mortgage risks before the 2008 crash. The scale of the financial panic of 2008 was not, as the media and experts claim, unprecedented. As Borrowed Time shows, disasters have been relatively frequent during the century of government-protected banking—especially at Citi.

Makers and Takers

How Wall Street Destroyed Main Street

Author: Rana Foroohar

Publisher: Crown Business

ISBN: 0553447254

Category: Business & Economics

Page: 400

View: 6961

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Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned-and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,a putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Timeassistant managing editor and economic columnist Rana Foroohar shows how the ofinancialization of Americao - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating oToo Big To Failo banks, but the problems in our market system go much broader and deeper than that. Consider that- A Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy - the rest stays within the closed loop of finance itself. A The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. A The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. A Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. A And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country's wealthiest financiers.a a a a Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takerso and "Makers,o she'll reveal how we change the system for a better and more sustainable shared economic future.a - Financial Times - Best Books of 2016- Economics - Bloomberg Businessweek- Best Books of the Year