In order to understand these challenges, industry commentator Chris Skinner has gathered the views of Europe’s leading figures in the MiFID community to discuss its implications. From an introduction from the European Business School and European Commission, through the views of leaders in the key constituencies of MiFID Connect and the MiFID Joint Working Group, through to organisations supporting the markets such as Reuters and SWIFT, this book provides a 360-degree perspective of the world of investing in Europe’s markets after the MiFID implementation.
Anyone who has anything to do with dealing, trading and investing in European equities and instruments will find this book an essential guide to the markets now and into the future. With this book as their guide, readers will understand:
• The key MiFID business issues
• How to implement the directive
• How it will affect the markets once it comes into force
The Future of Banking in a Globalised World provides an entertaining yet informative look at the world of banking and chronicles the radical changes that have occurred in the industry over the past three years. Renowned analyst and international speaker, Chris Skinner assesses the trends that have occurred during the past three years and looks at predictions for the future of banking.
Issues discussed include:
• The impact of emerging markets such as China and India
• Regulatory changes including Europe’s Financial Services Action Plan, MiFID, SEPA, as well as the impact of Basel II and Sarbanes-Oxley
• The latest technologies to impact Bank services from algorithmic trading through Web 2.0
• The displacement of Cash and Cards through Contactless, Mobile and Biometric Payments
Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking is a unique collection of interviews take from across the global Financial Services Technology (or FinTech) domain detailing the stories, case studies, start-ups, and emerging trends that will define this disruption.Features the author's catalogued interviews with experts across the globe, focusing on the disruptive technologies, platforms and behaviors that are threating the traditional industry approach to banking and financial services Topics of interest covered include Bitcoin's disruptive attack on currencies, P2P Lending, Social Media, the Neo-Banks reinventing the basic day-to-day checking account, global solutions for the unbanked and underbanked, through to changing consumer behavior
Breaking Banks is the only record of its kind detailing the massive and dramatic shift occurring in the financial services space today.
In BANK 3.0, Brett King brings the story up to date with the latest trends redefining financial services and payments—from the global scramble for dominance of the mobile wallet and the expectations created by tablet computing to the operationalising of the cloud, the explosion of social media, and the rise of the de-banked consumer, who doesn't need a bank at all.
BANK 3.0 shows that the gap between customers and financial services players is rapidly widening, leaving massive opportunities for new, non-bank competitors to totally disrupt the industry.
"On the Web and on Mobile, the customer isn't king—he's dictator. Highly impatient, skeptical, cynical. Brett King understands deeply what drives this new hard-nosed customer. Banking professionals would do well to heed his advice."
—Gerry McGovern, author of Killer Web Content
Over the past three years, the notorious @GSElevator Twitter feed has offered a hilarious, shamelessly voyeuristic look into the real world of international finance. Hundreds of thousands followed the account, Goldman Sachs launched an internal investigation, and when the true identity of the man behind it all was revealed, it created a national media sensation—but that’s only part of the story.
Where @GSElevator captured the essence of the banking elite with curated jokes and submissions overheard by readers, Straight to hell adds John LeFevre’s own story—an unapologetic and darkly funny account of a career as a globe-conquering investment banker spanning New York, London, and Hong Kong. Straight to Hell pulls back the curtain on a world that is both hated and envied, taking readers from the trading floors and roadshows to private planes and after-hours overindulgence. Full of shocking lawlessness, boyish antics, and win-at-all-costs schemes, this is the definitive take on the deviant, dysfunctional, and absolutely excessive world of finance.
Winner of the Gerald Loeb Award for Best Business Book
“Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist
“Vigorously reported, superbly organized . . . For those of us who didn’t pursue MBAs—and have the penny-ante salaries to prove it—Sorkin’s book offers a clear, cogent explanation of what happened and why it matters.” —Julia Keller, Chicago Tribune
“Sorkin’s prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It’s an entertaining, brisk book.” —Paul M. Barrett, The New York Times Book Review
“Sorkin’s densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account.” —John Gapper, Financial Times
A brilliantly reported true-life thriller that goes behind the scenes of the financial crisis on Wall Street and in Washington, the basis for the HBO film
In one of the most gripping financial narratives in decades, Andrew Ross Sorkin-a New York Times columnist and one of the country's most respected financial reporters-delivers the first definitive blow- by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.
Every year, thousands of eager college graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money-- as well as how to dress, talk, date, drink, and schmooze like real financiers.
In the vein of Martin Scorsese's film The Wolf of Wall Street, YOUNG MONEY is the inside story of this well-guarded world. Kevin Roose, New York magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process.
Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work.
YOUNG MONEY is more than an exposé of excess; it's the story of how the financial crisis changed a generation-and remade Wall Street from the bottom up.
Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
Pulitzer Prize–winner James B. Stewart shows for the first time how four of the eighties’ biggest names on Wall Street—Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine —created the greatest insider-trading ring in financial history and almost walked away with billions, until a team of downtrodden detectives triumphed over some of America’s most expensive lawyers to bring this powerful quartet to justice.
Based on secret grand jury transcripts, interviews, and actual trading records, and containing explosive new revelations about Michael Milken and Ivan Boesky written especially for this paperback edition, Den of Thieves weaves all the facts into an unforgettable narrative—a portrait of human nature, big business, and crime of unparalleled proportions.
all the devils are here."
-Shakespeare, The Tempest
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Among the devils you'll meet in vivid detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.
• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.
Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier?s work?namely, valuation, through all of the essential lenses of an investment banker. With the release of Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Rosenbaum and Pearl once again have written the definitive book that they wish had existed when they were trying to break into Wall Street. The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere?all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students.
For those who purchase this edition of the book, there are options to purchase the Valuation Models separately (9781118586167), and to also consider purchase of the Investing Banking Workbook (9781118456118) and Investment Banking Focus Notes (9781118586082) for further self-study.
The Medici Bank was the most powerful banking house of the 15th century. Headquartered in Florence, Italy, it established branches in Rome, Venice, Geneva, Lyons, Bruges, London, and many other cities. The bank served as financial agent of the Church, extended credit to monarchs, and facilitated international trade in Western Europe. By their personal influence and the use of their profits, the owners and administrators of the bank contributed significantly to the development of Florence as the greatest center of the Renaissance.
Consider the $20 bill.
It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot?
In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.
This new edition devotes an entire chapter to a method of evaluating mutually exclusive projects without resorting to any imposed conditions. Two chapters not found in the previous edition address special topics in finance, including a novel and innovative way to approach amortization tables and the time value of money for cash flows when they increase geometrically or arithmetically. This new edition also features helpful how-to sections on Excel applications at the end of each appropriate chapter.
Niall Ferguson's House of Rothschild: Money's Prophets 1798-1848 was hailed as a "great biography" by Time magazine and named one of the best books of the year by Business Week. Now, with all the depth, clarity and drama with which he traced their ascent, Ferguson - the first historian with access to the long-lost Rothschild family archives - concludes his myth-breaking portrait of once of the most fascinating and power families of all time.
From Crimea to World War II, wars repeatedly threatened the stability of the Rothschilds' worldwide empire. Despite these many global upheavals, theirs remained the biggest bank in the world up until the First World War, their interests extending far beyond the realm of finance. Yet the Rothschilds' failure to establish themselves successfully in the United States proved fateful, and as financial power shifted from London to New York after 1914, their power waned.
"A stupendous achievement, a triumph of historical research and imagination."—Robert Skidelsky, The New York Review of Books
"Niall Ferguson's brilliant and altogether enthralling two-volume family saga proves that academic historians can still tell great stories that the rest of us want to read."—The New York Times Book Review
"Superb ... An impressive ... account of the Rothschilds and their role in history."—Boston Globe
Niall Ferguson's new book The Square and the Tower: Networks and Power, from the Freemasons to Facebook will be published in January 2018.
From a master chronicler of legal and financial misconduct, a magnificent investigation nine years in the making, God’s Bankers traces the political intrigue of the Catholic Church in “a meticulous work that cracks wide open the Vatican’s legendary, enabling secrecy” (Kirkus Reviews). Decidedly not about faith, belief in God, or religious doctrine, this book is about the church’s accumulation of wealth and its byzantine financial entanglements across the world. Told through 200 years of prelates, bishops, cardinals, and the Popes who oversee it all, Gerald Posner uncovers an eyebrow-raising account of money and power in one of the world’s most influential organizations.
God’s Bankers has it all: a revelatory and astounding saga marked by poisoned business titans, murdered prosecutors, and mysterious deaths written off as suicides; a carnival of characters from Popes and cardinals, financiers and mobsters, kings and prime ministers; and a set of moral and political circumstances that clarify not only the church’s aims and ambitions, but reflect the larger tensions of more recent history. And Posner even looks to the future to surmise if Pope Francis can succeed where all his predecessors failed: to overcome the resistance to change in the Vatican’s Machiavellian inner court and to rein in the excesses of its seemingly uncontrollable financial quagmire. “As exciting as a mystery thriller” (Providence Journal), this book reveals with extraordinary precision how the Vatican has evolved from a foundation of faith to a corporation of extreme wealth and power.
Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.
In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis.
The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
Praise for The Only Game in Town
“The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian.”–Time
“A grand tour of the challenges we face, along with ideal solutions and more likely outcomes . . . We desperately need a system in which the central banks are no longer the only game in town.”—Steven Rattner, The New York Times Book Review
“A must-read from one of the most astute financial analysts of our time.”—Walter Isaacson, author of Steve Jobs
“El-Erian’s gift for clarity and his use of compelling examples make important economic issues accessible.”—Anne-Marie Slaughter, president and CEO, New America
“[A] highly intelligent analysis.”—Fareed Zakaria, CNN (book of the week)
At the beginning of March 2008, the monetary fabric of Bear Stearns, one of the world’s oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.
From the Trade Paperback edition.
The Silo Effect asks a basic question: why do humans working in modern institutions collectively act in ways that sometimes seem stupid? Why do normally clever people fail to see risks and opportunities that later seem blindingly obvious? Why, as Daniel Kahnemann, the psychologist put it, are we sometimes so “blind to our own blindness”?
Gillian Tett, “a first-rate journalist and a good storyteller” (The New York Times), answers these questions by plumbing her background as an anthropologist and her experience reporting on the financial crisis in 2008. In The Silo Effect, she shares eight different tales of the silo syndrome, spanning Bloomberg’s City Hall in New York, the Bank of England in London, Cleveland Clinic hospital in Ohio, UBS bank in Switzerland, Facebook in San Francisco, Sony in Tokyo, the BlueMountain hedge fund, and the Chicago police. Some of these narratives illustrate how foolishly people can behave when they are mastered by silos. Others, however, show how institutions and individuals can master their silos instead.
“Highly intelligent, enjoyable, and enlivened by a string of vivid case studies….The Silo Effect is also genuinely important, because Tett’s prescription for curing the pathological silo-isation of business and government is refreshingly unorthodox and, in my view, convincing” (Financial Times). This is “an enjoyable call to action for better integration within organizations” (Publishers Weekly).
The Rise and Fall of Bear Stearns is Alan Greenberg’s remarkable story of ascending to the top of one of Wall Street’s venerable powerhouse financial institutions. After joining Bear Stearns in 1949, Greenberg rose to become formally head of the firm in 1978. No one knows the history of Bear Stearns as he does; no one participated in more key decisions, right into the company’s final days. Greenberg offers an honest, clear-eyed assessment of how the collapse of the company surprised him and other top executives, and he explains who he thinks was responsible. This is a candid, fascinating account of a storied career and its stunning conclusion.
"Whoever coined the adage about hindsight being twenty-twenty didn’t make any allowance for astigmatism or myopia. Whose hindsight? And from what distance? A picture clarifies or blurs with the passage of time, and whatever image emanates at a given instant is colored by the biases of the observer. Knowing that my perceptions of the fall of Bear Stearns are inevitably somewhat subjective, I’ve tried to make sense of exactly what happened when and how this or that development along the way contributed to the ultimate outcome. I’ve wanted to get a fix on the moment when we ceased controlling our own destiny—not out of intramural curiosity but because that loss of control resonated and replicated globally. For those of us who across decades gave so much of ourselves to Bear Stearns, what took place during a single week in March 2008 was a watershed in our lives. With sufficient time and distance, as the context expanded, we could recognize it as the signal event of an enormous disruption that the world will be struggling to recover from for years to come."
—from THE RISE AND FALL OF BEAR STEARNS
Gary Stern and Ron Feldman, officers with the Federal Reserve, warn that not enough has been done to reduce creditors' expectations of TBTF protection. Many of the existing pledges and policies meant to convince creditors that they will bear market losses when large banks fail are not credible, resulting in significant net costs to the economy. The authors recommend that policymakers enact a series of reforms to reduce expectations of bailouts when large banks fail.
Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets--most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.
Author Richard L. Oliver traces the history of consumer satisfaction from its earliest roots, and brings together the very latest thinking on the consequences of satisfying (or not satisfying) a firm's customers. He describes today's best practices in business, and broadens the determinants of satisfaction to include needs, quality, fairness, and regret (what might have been).
The chapters in atisfaction culminate in Oliver's detailed model of consumption processing and his satisfaction measurment scale. The text concludes with a section on the long-term effects of satisfaction, and why an understanding of satisfaction psychology is vitally important to top management.
When the nation’s economy foundered in 2008, blame was directed almost universally at Wall Street. But Robert B. Reich suggests a different reason for the meltdown, and for a perilous road ahead. He argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top, and in a middle class that has had to go deeply into debt to maintain a decent standard of living.
Persuasively and straightforwardly, Reich reveals how precarious our situation still is. The last time in American history when wealth was so highly concentrated at the top—indeed, when the top 1 percent of the population was paid 23 percent of the nation’s income—was in 1928, just before the Great Depression. Such a disparity leads to ever greater booms followed by ever deeper busts.
Reich’s thoughtful and detailed account of where we are headed over the next decades reveals the essential truth about our economy that is driving our politics and shaping our future. With keen insight, he shows us how the middle class lacks enough purchasing power to buy what the economy can produce and has adopted coping mechanisms that have a negative impact on their quality of life; how the rich use their increasing wealth to speculate; and how an angrier politics emerges as more Americans conclude that the game is rigged for the benefit of a few. Unless this trend is reversed, the Great Recession will only be repeated.
Reich’s assessment of what must be done to reverse course and ensure that prosperity is widely shared represents the path to a necessary and long-overdue transformation. Aftershock is a practical, humane, and much-needed blueprint for both restoring America’s economy and rebuilding our society.
From the Hardcover edition.
The trail of Wells Fargo runs through nearly every imaginable landscape and icon of frontier folklore: the California Gold Rush, the Pony Express, the transcontinental railroad, the Civil and Indian Wars. From the Great Plains to the Rockies to the Pacific Ocean, the company's operations embraced almost all social, cultural, and economic activities west of the Mississippi, following one of the greatest migrations in American history.
Fortune seekers arriving in California after the discovery of gold in 1849 couldn't bring the necessities of home with them. So Wells Fargo express offices began providing basic services such as the exchange of gold dust for coin, short-term deposits and loans, and reliable delivery and receipt of letters, money, and goods to and from distant places. As its reputation for speed and dependability grew, the sight of a red-and-yellow Wells Fargo stagecoach racing across the prairie came to symbolize not only safe passage but faith in a nation's progress. In fact, for a time Wells Fargo was the most powerful and widespread institution in the American West, even surpassing the presence of the federal government.
Stagecoach is a fascinating and rare combination of Western and business history. Along with its colorful association with the frontier -- Wyatt Earp, Black Bart, Buffalo Bill -- readers will discover that swiftness, security, and connectivity have been constants in Wells Fargo's history, and that these themes remain just as important today, 150 years later.
In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures. He identifies where the cracks first appear when a dealer bank is weakened by severe trading losses, and demonstrates how the bank's relationships with its customers and business partners abruptly change when its solvency is threatened. As others seek to reduce their exposure to the dealer bank, the bank is forced to signal its strength by using up its slim stock of remaining liquid capital. Duffie shows how the key mechanisms in a dealer bank's collapse--such as Lehman Brothers' failure in 2008--derive from special institutional frameworks and regulations that influence the flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, and most devastatingly, the loss of clearing and settlement services.
How Big Banks Fail and What to Do about It reveals why today's regulatory and institutional frameworks for mitigating large-bank failures don't address the special risks to our financial system that are posed by dealer banks, and outlines the improvements in regulations and market institutions that are needed to address these systemic risks.
For undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter in the job search process, making this the ideal resource for anyone who wants to enter the field.The ideal test prep resource for undergraduates and MBA students trying to break into investment banking Based on author Andrew Gutmann's proprietary 24 to 30-hour course Features powerful learning tools, including sample interview questions and answers and online resources
For anyone who wants to break into investment banking, How to Be an Investment Banker is the perfect career-making guide.
Suzanne McGee provides a penetrating look at the forces that transformed Wall Street from its traditional role as a capital-generating and economy-boosting engine into a behemoth operating with only its own short-term interests in mind and with reckless disregard for the broader financial system and those who relied on that system for their well being and prosperity.
Primary among these influences was “Goldman Sachs envy”: the self-delusion on the part of Richard Fuld of Lehman Brothers, Stanley O’Neil of Merrill Lynch, and other power brokers (egged on by their shareholders) that taking more risk would enable their companies to make even more money than Goldman Sachs. That hubris—and that narrow-minded focus on maximizing their short-term profits—led them to take extraordinary risks that they couldn’t manage and that later severely damaged, and in some cases destroyed, their businesses, wreaking havoc on the nation’s economy and millions of 401(k)s in the process.
In a world that boasted more hedge funds than Taco Bell outlets, McGee demonstrates how it became ever harder for Wall Street to fulfill its function as the financial system’s version of a power grid, with capital, rather than electricity, flowing through it. But just as a power grid can be strained beyond its capacity, so too can a “financial grid” collapse if its functions are distorted, as happened with Wall Street as it became increasingly self-serving and motivated solely by short-term profits. Through probing analysis, meticulous research, and dozens of interviews with the bankers, traders, research analysts, and investment managers who have been on the front lines of financial booms and busts, McGee provides a practical understanding of our financial “utility,” and how it touches everyone directly as an investor and indirectly through the power—capital—that makes the economy work.
Wall Street is as important to the economy and the overall functioning of our society as our electric and water utilities. But it doesn’t act that way. The financial system has been saved from destruction but as long as the mind-set of “chasing Goldman Sachs” lingers, it will not have been reformed. As banking undergoes its biggest transformation since the 1929 crash and the Great Depression, McGee shows where it stands today and points to where it needs to go next, examining the future of those financial institutions supposedly “too big to fail.”
From the Hardcover edition.
Feral House also published Farrell’s Philosopher’s Stone: Alchemy and the Secret Research for Exotic Matter.
The fall of Bear Stearns in March 2008 set off a wave of global financial turmoil that continues to ripple. How could one of the oldest, most resilient firms on Wall Street go so far astray that it had to be sold at a fire sale price? How could the street fighters who ran Bear so aggressively miscalculate so completely?
Expanding with fresh detail from her acclaimed front-page series in The Wall Street Journal, Kate Kelly captures every sight, sound, and smell of Bear's three final days. She also shows how Bear's top executives descended into civil war as the mortgage crisis began to brew.
This book introduces:
*Credit analysis, approval and management processes
*Concepts of financial and non-financial risk
*Financial statement analysis, including the use of ratio anaylsis
*Cash flow analysis and forecasting
*Security enhancement & management procedures designed to legally & financially manage credit risk
*Inspired by the basic entry level training courses that have been developed by major international banks worldwide.
*Will enable students and those already in the finance profession to gain an understanding of the basic information and principles of credit risk
*Questions with answers, study topics, practical "real world" examples and text with an extensive bibliography
This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis—as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street.
Written to reflect today’s dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully:Introduces students to the primary valuation methodologies currently used on Wall Street Uses a step-by-step how-to approach for each methodology and builds a chronological knowledge base Defines key terms, financial concepts, and processes throughout Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process Presents new coverage of M&A buy-side analytical tools—which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment tools Includes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effects Contains challenging end-of-chapter questions to reinforce concepts covered
A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION—which includes an instructor’s companion site—is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.
Chapter 7 involves the surrender of property to pay debts, while a Chapter 13 bankruptcy allows for the retention of property but requires payments over the next three to five years. A person who finds himself or herself in this undesirable situation may wonder how they are ever going to repair their credit. How to Get Credit after Filing Bankruptcy: The Complete Guide to Getting and Keeping Your Credit under Control provides the answers in a clear-cut, easy-to-read manner. The author tells you how to take charge of your credit so you can apply for loans and mortgages and obtain low interest rates.
In addition, you will learn how to order a copy of your credit report, how to check your credit report for accuracy, how to read it, how to avoid discrimination and credit repair scams, how to apply for an unsecured credit card, how to report your good work to bureaus if creditors do not, how to maintain good relationships with your bank and creditors, how to consolidate all your debt, how to lessen your reliance on credit cards, and how to decide if lawyer-assisted credit repair is right for you. You will also learn simple strategies for making payments on time and for rebuilding your credit.
Whether you have just declared bankruptcy or you have been living with the stigma for years, this new book will provide you with all the information you need to take a step in the right direction.
Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company presidentâe(tm)s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
A BUSINESS WEEK BEST BOOK OF THE YEAR
In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.
In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to the technical expertise of Nidhi Singh of Goldman Sachs to write a book that tells the story of this dramatic transformation. They chronicle the shift:
--from floors to screens
--from private clubs to public companies, and
--from local and national to global competition.
They analyze each of these shifts, identify the drivers behind them and look forward to the implications arising out of them for exchange business in the future. They also explore several key trends:
--an increase in product innovation
--the integration of markets from all over the world onto a single screen,
--the rise of the modular exchange
--the outsourcing of various exchange functions, and
--the difficulty of transcending geography for regulatory purposes.
So join Gorham and Singh in learning the story of this fundamental transformation. As old ways of working are being destroyed, entirely new types of jobs are being created, and new ways of working with exchanges. This book will help you chart the way forward to financial success.
*Gorham is an exchange expert and Singh is an electronic trading expert, they combine their expertise to reveal the inner workings of the exchanges and where they will go in the future
*Only book to point to new skills needed and new ways of making money for users of exchange services
Sam Israel was a man who seemed to have it all – until the hedge fund he ran, Bayou, imploded and he became the target of a nationwide manhunt. Born into one of America’s most illustrious trading families, Israel was determined to strike out on his own. So after apprenticing with one of the greatest hedge fund traders of the 1980’s, Sam founded his own fund and promised his investors guaranteed profits. With the proprietary computer program he’d created, he claimed to be able to predict the future.
But his future was already beginning to unravel.
After suffering devastating losses and fabricating fake returns, Israel knew it was only a matter of time before his real performance would be discovered, so when a former black-ops intelligence operative told him about a “secret market” run by the Fed, Israel bet his last $150 million on a chance to make billions. Thus began his year-long adventure in “the Upperworld” -- a society populated by clandestine bankers, shady European nobility, and spooks issuing cryptic warnings about a mysterious cabal known as the Octopus.
Whether the “secret market” was real or a con, Israel was all in – and as the pressures mounted and increasingly sinister violence crept into his life, he struggled to break free of the Octopus’ tentacles.
Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011–2012.
Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open.
After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.
Grossman reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important historical elements are also at play in modern bailouts, merger movements, and regulatory reforms.
Unsettled Account is a fascinating and informative must-read for anyone who wants to understand how the modern commercial banking system came to be, where it is headed, and how its development will affect global economic growth.
Nick Leeson at Barings. Jerome Kerviel at Societe Generale. John Rusnak at Allied Irish Banks. And now the thirty-one-year-old Kweku Adoboli, a director on a derivatives desk who allegedly ran up $2.3 billion in losses at UBS. These are the rogue traders who have bought banks to their knees and global financial systems to a halt. Each time, the banks declare themselves to be innocent victims of a fraud. But why do traders keep on committing apparently senseless crimes, with little benefit apart from higher bonuses and an enormous risk of ending up in prison? And why do banks, which should have learned the tricks of the traders, keep being deceived?
In this short e-book, the Financial Times associate editor John Gapper unlocks the mystery by delving into the evolutionary risk-taking instincts of both humans and animals—from yellow-eyed junco sparrows in Arizona to honeybees. He reveals how banks encourage their traders to evade risk limits and shows how the rogue traders merely mimic the strategies used by their firms to seem more profitable than they really are.
A rogue trader is often an outsider who starts in a lowly role and secretly gambles with a bank's money in a bid to become a star. Gapper traces patterns of behaviour and personality that could be used to catch them before disaster strikes. But do the banks really want to? And are the rogue traders just the symptoms of a financial system gone rogue?
completely digital money. It is the first decentralized peer-to-peer
payment network that is powered by its users with no central authority
or middlemen. From a user perspective, Bitcoin is pretty much like cash
for the Internet. This book seeks to provide introduction to the new global phenomenon and ways of earning bitcoins online.
This book covers the basic concepts in market-based cash flow valuation. Topics include the tme value of money (TVM) and an introduction to cost of capital; basic review of financial statements and accounting concepts; construction of integrated pro-forma financial statements; derivation of free cash flows; use of the WACC in theory and in practice; estimating the WACC for non traded firms; calculating the terminal value beyond the planning period. It also revisits the theory for cost of capital and explains how cash flows are valued in reality. The ideas are illustrated using examples and a case study. The presentation is appropriate for a range of technical backgrounds.
This text will be of interest to finance professionals as well as MBA and other graduate students in finance.* Provides the only exclusive treatment of cash flow valuation
* Authors use examples and a case study to illustrate ideas
* Presentation appropriate for a range of technical backgrounds: ideas are presented clearly, full exposition is also provided
* Named among the Top 10 financial engineering titles by Financial Engineering News