An insider points out the holes that still exist on Wall Street and in the banking system. Exile on Wall Street is a gripping listen 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 an invaluable resource for finance practitioners and citizens alike.
"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)
"Mike Mayo is one of the best financial analysts on Wall Street. He brings clarity to a world full of uncertainty." Maria Bartiromo, host of The Wall Street Journal Report.
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Timely, informative, illuminating
This was an easy listen and a great way to get some historical perspective and background on the banking crisis.
"Okay, now I have a better sense of how the huge mess happened, and also why we have not really begun to clean it up yet."
The narrator was easy to follow; it's very easy to listen to this book.
Still Standing: Mike Mayo Survives Banks and Vampire Squid Attacks
Useful background in a coming-of-age context. Mayo's personal history merged with the sense of America in the 1980s and 1990s, explaining changes in banking and finance that happened during that period. Mayo comes across as a guy who honestly cared about the investors he was supposed to be advising.
- Phil O.