In 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.
Keywords: General Finance & Investments, oversight for banking industry, exile on wall street, Mike Mayo, factors leading to the financial crisis, dodgy accounting, the separation of risk from reward, outsized executive pay and banking, Mike Mayo and citigroup, Mike Mayo and deutsche bank, inner workings of Wall Street firms, relationship of analysts with Wall Street, Mike Mayo and Lehman Brothers, CEO-killer, ABC system, ABC system and wall street, ABC system and banking, accounting practices, bank capital, Basel III, SEC, Pandit, freeze out, independent research, CLSA, sell side analysts, sell side research, analyst conflict, wall street settlement, ethics, speaking truth to power, bank regulators, FCIC, financial crisis inquiry council, senate banking committee, house banking committee, new york federal reserve, ben bernanke, wall street bail out, bank bail out, federal reserve, executive compensation, Paul Volcker, financial crisis, great recession, wall street criminals, cause of financial crisis, mortgage bubble