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Title details for Chasing Goldman Sachs by Suzanne McGee - Available

Chasing Goldman Sachs

How the Masters of the Universe Melted Wall Street Down...and Why They'll Take Us to the Brink Again

by Suzanne McGee
Hillary Huber
Audiobook
1 of 1 copy available
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1 of 1 copy available
How did Wall Street become a self-serving and ultimately destructive profit machine that imploded? Wall Street's real job is to be our "financial utility"—good financial plumbers that funnel capital to companies so the economy can expand and create jobs and also provide the means for individual investors to build portfolios that will increase personal wealth.


But Wall Street went haywire and became (in Jon Stewart's words) a "bizarro" place that lost touch with most of America. Suzanne McGee provides a penetrating and disturbing look at forces that have transformed Wall Street into a risk-taking behemoth that spun out of control and took the economy and millions of 401(k)s down with it. Primary among these forces was "Goldman Sachs envy." The demons that drove Richard Fuld of Lehman Brothers, Stanley O'Neil of Merrill Lynch, and the rest of Wall Street to ever-greater risk were perverse incentives and the illusion that they could make even more money than Goldman Sachs (where $11.6 billion in profits in 2007 led to an average bonus of $660,000).


Firsthand reporting from veteran Wall Street journalist McGee provides riveting storytelling and a narrative that will grab both Wall Street insiders and people on "Main Street." She is the perfect guide through the labyrinth that is Wall Street, which now reaches from the actual street to Greenwich-based hedge funds, investment banks, venture capitalists in Silicon Valley, the futures pits of Chicago, and sovereign wealth funds.

  • Creators

  • Publisher

  • Release date

    June 22, 2010

  • Formats

    • OverDrive Listen audiobook

      • ISBN: 9781400197514
      • File size: 402346 KB
      • Duration: 13:58:13

  • Languages

    • English

  • Reviews

    • AudioFile Magazine
      This title is a great listen for those who are fascinated by the topic of the recent financial meltdown as well as those who are less fluent in the ways of Wall Street. Author Suzanne McGee, a BARRON'S editor and former reporter for the WALL STREET JOURNAL, takes a sober view of modern-day finance. Hillary Huber's smooth and evenhanded narration is just right. She delivers this well-researched history of the U.S. financial markets' last 50 years with credible confidence. McGee clearly depicts the many moving parts of the recent financial crisis, supporting her thesis that Wall Street needs to be saved from itself. Huber delivers the goods calmly; her tone is slightly more dispassionate than that of the author, who finds few heroes among the rubble. R.M. (c) AudioFile 2010, Portland, Maine

Formats

  • OverDrive Listen audiobook

subjects

Languages

  • English

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