Synopses & Reviews
In The Games that Bankers Play, star banking analyst Mike Mayo reveals for the first time the dirty details of his ongoing battle with Wall Street firms to come clean and proves that all the factors leading to the financial crisis -- dodgy accounting, the separation of risk from reward, outsized executive pay -- are still happening. From Citigroup announcing in July 2010 that it would increase its assets by 5 percent (which Mayo deemed near impossible) to being banned from speaking to media by Deutsche Bank in 2008 for his negative view of the banking sector, Mayo provides a glimpse into the true inner workings of Wall Street firms and claims it's just as bad today as it was pre-crash. He analyzes the regulation and fallout stemming from the crash and points out the holes that still exist in the system, particularly pertaining to the relationships analysts have with the companies they cover. In addition to outlining what he sees happening today on the Street, Mayo chronicles some of his most outrageous adventures: being escorted out of the building from Lehman in the 90s after giving notice (Mayo didn't understand that his analysis came second to supporing the firm's investment bankers and their deals); being let go from Credit Suisse after Mayo put a sell rating on the entire banking sector in May 1999; and being named the "CEO-killer" for asking CEOs if it was time they were replaced. To wrap up the book Mayo provides a solution to Wall Street's messy antics in his "ABC" system; "A" stands for better Accounting practices, "B" stands for Bankruptcy and allowing banks to fail when they can't cut it, and "C" stands for Capital, meaning companies should be required to keep more of their assets in reserve, reducing their overall leverage and giving them more of a cushion if (and when) their bets turn bad.
Review
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 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
"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
“Mike has long advocated for the investor. If only directors of business corporations with the legal and moral obligation to their shareholder base would emulate his diligence on their behalf, then good corporate governance would be restored. Every public company director ought read his book!”
—Thomas Garrott, ex-CEO of National Commerce bank and an ex-director of SunTrust
Synopsis
An insider points out the holes that still exist on Wall Street and in the banking systemIn Exile on Wall Street, star banking analyst Mike Mayo reveals for the first time the details of his ongoing battle with Wall Street firms to come clean and proves that all the factors leading to the financial crisis (dodgy accounting, the separation of risk from reward, outsized executive pay) are still happening.
From Citigroup’s misadventures to getting fired from Credit Suisse even after having achieved top heights in his industry to getting banned from speaking to media by Deutsche Bank in 2008 for his negative view of the banking sector, Mayo provides a glimpse into the true inner workings of Wall Street firms and claims it’s just as bad today as it was pre-crash.
Exile on Wall Street:
- Offers an analysis of the regulation and fallout stemming from the financial crash and points out the relationships that many supposed outsiders have with the insiders.
- Chronicles his adventures as an analyst at many of the biggest banks in the world, including some of his most outrageous adventures: being escorted out of the building from Lehman in the 90s after giving notice (Mayo didn't understand that his analysis came second to supporting the firm's investment bankers and their deals); being let go from Credit Suisse after Mayo put a sell rating on the entire banking sector in May 1999; getting banned from talking to the press while at Deutsche Bank in the middle of the financial crisis, and being named the "CEO-killer" for asking CEOs if it was time they were replaced.
- Provides solutions to Wall Street’s messy antics. This includes more capitalism in a system where there simply isn’t enough of it.
Synopsis
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 adventuresfrom 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.
Synopsis
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
Synopsis
An insider points out the holes that still exist on Wall Street and in the banking systemExile 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.
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