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Exile on Wall Street
Cover of Exile on Wall Street
Exile on Wall Street
One Analyst's Fight to Save the Big Banks from Themselves
by Mike Mayo
Borrow Borrow

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.

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About the Author-
  • Mike Mayo is one of the top-ranked banking and finance analysts of the past twenty years. Mayo was the only analyst to testify during Senate Banking Committee hearings in 2002 on conflicts of interest on Wall Street, and in 2010, he testified again, this time as the first analyst to speak on the causes of the crisis. He has worked at Wall Street firms including UBS, Lehman Brothers, Credit Suisse, Prudential Securities, and Deutsche Bank. He currently serves as Managing Director at Credit Agricole Securities, which provides services in the United States for CLSA, a global boutique brokerage firm. In 2008, Fortune named him one of "Eight Who Saw the Crisis Coming."

Table of Contents-
  • Introduction Watering Down the Wine 1

    Chapter 1 "God's Work" at the Fed 9

    Chapter 2 The Big Time—or Something Like It 25

    Chapter 3 Exile . . . and Redemption 45

    Chapter 4 The Professional Gets Personal 67

    Chapter 5 The Crisis 81

    Chapter 6 The Vortex 97

    Chapter 7 Citi, Part I: A Long, Sad Saga 111

    Chapter 8 Citi, Part II: The Plot Sickens 131

    Chapter 9 A Better Version of Capitalism 145

    Chapter 10 The Meaning of Life 165

    Acknowledgments 177

    About the Author 179

    Notes 181

    Index 193

Reviews-
  • Publisher's Weekly

    December 19, 2011
    "The crisis didn't occur because of something that banks did. No, it was the natural consequence of the way banks are, even today." Financial analyst Mayo has had experience with many of the big names in banking, so it would seem prudent to heed this claim. In an attempt to shed light on what led to the financial crisis and how we can avoid another one, Mayo uses his life and career in the financial sector as a guide, beginning his account in the late 1980s with the S&L crisis and his years at the Federal Reserve. Later, he would work for UBS, Lehman Brothers, Credit Suisse, and Prudential, gaining a reputation for good work and tough, but accurate, calls. Mayo discusses the mortgage crisis and the unintended effects of subprime loans, the Lehman collapse, regulators, and the entire history of Citi, including its role in the 1929 stock market crash. Rather than simply calling foul, Mayo offers his vision for an improved version of capitalism with better systems of accounting and none of the "financial shenanigans" that have plagued the industry and weakened the economy. However, he still thinks someone should take the blame: "failure needs to carry consequences, and those consequences should be steep." Agent: David McCormick, McCormick & Williams

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One Analyst's Fight to Save the Big Banks from Themselves
Mike Mayo
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