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Exile on Wall Street One Analyst's Fight to Save the Big Banks from Themselves

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ISBN-10: 1118115465

ISBN-13: 9781118115466

Edition: 2012

Authors: Mike Mayo

List price: $22.99
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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.
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Book details

List price: $22.99
Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 11/11/2011
Binding: Hardcover
Pages: 208
Size: 6.30" wide x 9.30" long x 0.80" tall
Weight: 0.836
Language: English

Introduction Watering Down the Wine
"God's Work" at the Fed
The Big Time-or Something Like It
Exile... and Redemption
The Professional Gets Personal
The Crisis
The Vortex
Citi, Part I: A Long, Sad Saga
Citi, Part II: The Plot Sickens
A Better Version of Capitalism
The Meaning of Life
About the Author