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The failure of Wall Street : how and why Wall Street fails--and what can be done about it /
Erik Banks.
edition
1st ed.
imprint
New York : Palgrave Macmillan, c2004.
description
292 p. ; 25 cm.
ISBN
1403964025
format(s)
Book
Holdings
More Details
author
imprint
New York : Palgrave Macmillan, c2004.
isbn
1403964025
catalogue key
5359510
 
Includes bibliographical references (p. [285]-287) and index.
A Look Inside
About the Author
Author Affiliation
Erik Banks spent sixteen years on Wall Street, most of it at a major global investment bank. After training and early job experience in New York, he spent eight years running departments in Tokyo, Hong Kong, and London, and then returned to New York as a managing director. Mr. Banks retired from Wall Street in 2002 to write full time
Excerpts
Flap Copy
"This is a sobering expose of the dark side of the financial industry, written in an absorbing style by a Wall Street veteran who knows where the bodies are buried. Ignoring this book may be hazardous to your wealth!" -- Andrew W. Lo, author ofA Non-Random Walk Down Wall Street, Director, MIT Laboratory for Financial Engineering, MIT Sloan School of Management
Full Text Reviews
Appeared in Choice on 2005-06-01:
Banks, an experienced practitioner and author of several finance books, analyzes how and why Wall Street fails in its primary functions: raising capital, giving corporate and personal advice, undertaking fiduciary tasks, and managing risks. The volume is well written, informative, and full of examples. Banks's recommended reforms are sound, e.g., having the "right directors in place so that it [financial institution] can do the right thing by the shareholders and continue to tap into the all-important supply of capital." Yet, how does one determine who the "right directors" are? Neither can one quarrel with his admonitions to "demand ethical behavior," "remember the client," or "demand independence." As Charles Kindleberger points out in his classic Mania, Panics, and Crashes (4th ed., 2001), the abuses that characterized the late 1990s differ in details from earlier historical examples, but they occurred at the peak of a cycle. The behavior Banks describes has been prevalent for centuries. The question is whether the "Street" can reform itself or the regulatory agencies can "reform" the Street. Nevertheless, despite mistakes, the heart of "financial capitalism" (Wall Street) has, over the long haul, been the catalyst for facilitating growth through capital formation. Timely reading given recent financial difficulties in the headlines. ^BSumming Up: Recommended. General readers, undergraduate students, and professionals. W. S. Curran Trinity College (CT)
Reviews
Review Quotes
"This is a sobering expose of the dark side of the financial industry, written in an absorbing style by a Wall Street veteran who knows where the bodies are buried. Ignoring this book may be hazardous to your wealth!" -- Andrew W. Lo, author of A Non-Random Walk Down Wall Street , Director, MIT Laboratory for Financial Engineering, MIT Sloan School of Management
This item was reviewed in:
Booklist, September 2004
Choice, June 2005
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Bowker Data Service Summary
Wall Street is the primary financial market in the world, but the institution consistently fails to deliver its full potential, whether raising capital, providing advice, managing risk or carrying out its fiduciary responsibilities. Erik Banks assesses the problems & suggests a framework for reform.
Description for Bookstore
Wall Street stands alone as America's preeminent financial institution, serving the world's largest economy's needs for capital, risk management, and advising. Why then does it continue to fail in these roles so persistently? Through personal experiences and anecdotes, Erik Banks shows how Wall Street continues to make mistakes in raising capital, granting corporate and personal advice, managing risk, and acting as a trusted fiduciary. All is not lost, however. There are ways to address these problems, and The Failure of Wall Street explains what they are. These solutions, while not quick, easy, or cheap to implement, will help make Wall Street become the sound, consistent, and efficient financial authority it is meant to be, making this book a must read for anyone concerned about a healthy financial future.
Main Description
all Street stands alone as America's preeminent finan-cial institution, serving the world's largest economy's needs for capital, risk management, and advising. Why then does it continue to fail in these roles so miserably? Through personal experiences and anecdotes, Erik Banks shows how Wall Street continues to make mistakes in raising capital, granting corporate and personal advice, managing risk, and acting as a trusted fiduciary. All is not lost, however. There are ways to address these problems, and The Failure of Wall Street explains what they are. By fostering greater deregulation and competition, creating more transparency, and implementing stronger oversight procedures, it is possible to stem the tide of failures. These solutions, while not quick, easy, or cheap to implement, will help make Wall Street become the sound, consistent, and efficient financial expert it is meant to be, making this book a must read for anyone concerned about a healthy financial future.
Main Description
Wall Street, the world's primary financial market and middleman, is in many ways a success. It brings together and places capital, creates new and innovative financial products, and buys and sells physical and financial assets. Its role in global economic growth has been, and remains, unique and vital. In spite of its importance and strengths, however, Wall Street repeatedly fails. At all levels, Wall Street makes serious mistakes in its core areas of expertise falling short of its potential when raising capital, giving advice or managing risk, and demonstrating vulnerabilities when carrying out its responsibilities. These failures, which damage both finances and reputations, often affect a broad range of insiders and outsiders: employees and managers, personal and corporate clients, investors, creditors and regulators. In some cases they destabilize entire sectors and economies. Worse, many of these failures are likely to plague Wall Street for years to come, until there is greater willingness to recognize and resolve the underlying problems. The Failure of Wall Street analyzes how and why Wall Street fails, and what can be done to rectify the failures. After a short discussion of Wall Street's role in raising capital, granting corporate and personal advice, managing risk and acting as a trusted financial analyst, Erik Banks explores the dramatic failures that have occurred in each of these areas, using case studies and examples to illustrate the nature and extent of the problems. Next, the book demonstrates why Wall Street fails in each area of supposed "expertise," focusing on shortcomings in governance, management, skills/controls and transparency. Lastly, Banks proposes a framework for addressing the shortfalls that continue to plague Wall Street. He argues that these solutions, while not quick, easy, or cheap to implement, can help make Wall Street become the sound, consistent, and efficient financial expert it is meant to be.
Main Description
Wall Street, the world's primary financial market and middleman, is in many ways a success. It brings together and places capital, creates new and innovative financial products, and buys and sells physical and financial assets. Its role in global economic growth has been, and remains, unique and vital. In spite of its importance and strengths, however, Wall Street repeatedly fails. At all levels, Wall Street makes serious mistakes in its core areas of expertise falling short of its potential when raising capital, giving advice or managing risk, and demonstrating vulnerabilities when carrying out its responsibilities. These failures, which damage both finances and reputations, often affect a broad range of insiders and outsiders: employees and managers, personal and corporate clients, investors, creditors and regulators. In some cases they destabilize entire sectors and economies. Worse, many of these failures are likely to plague Wall Street for years to come, until there is greater willingness to recognize and resolve the underlying problems. The Failure of Wall Streetanalyzes how and why Wall Street fails, and what can be done to rectify the failures. After a short discussion of Wall Street's role in raising capital, granting corporate and personal advice, managing risk and acting as a trusted financial analyst, Erik Banks explores the dramatic failures that have occurred in each of these areas, using case studies and examples to illustrate the nature and extent of the problems. Next, the book demonstrates why Wall Street fails in each area of supposed "expertise," focusing on shortcomings in governance, management, skills/controls and transparency. Lastly, Banks proposes a framework for addressing the shortfalls that continue to plague Wall Street. He argues that these solutions, while not quick, easy, or cheap to implement, can help make Wall Street become the sound, consistent, and efficient financial expert it is meant to be.
Table of Contents
Acknowledgmentsp. vii
Biop. viii
How Wall Street Fails
Wall Street and Its Rolep. 3
When the Intended Role Failsp. 17
Problems Raising Capitalp. 29
Bad Corporate Advicep. 51
Bad Personal Financial Advicep. 87
Breaching Trustp. 111
Bad Risk Managementp. 165
Why Wall Street Fails
Internal Breakdownp. 203
External Weaknessp. 229
Overcoming Failure
Getting the House in Orderp. 247
Shoring Up the Defensesp. 265
Summary: What's Next?p. 279
Notesp. 285
Indexp. 289
Table of Contents provided by Ingram. All Rights Reserved.

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