Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves
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.
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
About the Author 179
—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