Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again (2020)

Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again Suzanne McGee Chasing Goldman Sachs How the Masters of the Universe Melted Wall Street Down And Why They ll Take Us to the Brink Again You know what happened during the financial crisis now it is time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again Wall Street h
  • Title: Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again
  • Author: Suzanne McGee
  • ISBN: 9780307460110
  • Page: 470
  • Format: Hardcover
Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again Suzanne McGee You know what happened during the financial crisis now it is time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again Wall Street has been saved, but it hasn t been reformed What is the problem Suzanne McGee provides a penetrating look at the forces that transformed Wall Street from its traditional rYou know what happened during the financial crisis now it is time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again Wall Street has been saved, but it hasn t been reformed What is the problem 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 risk would enable their companies to make even 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 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
Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again Suzanne McGee

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    Published :2020-02-11T05:48:52+00:00

One thought on “Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again

  1. Richard Derus

    Not to put too fine a point on it, but does the world really need another book about The Meltdown That Ate Our Jobs Do we really have anything left to learn about these greedy so and sos whose pursuit of their own profits gifted us with a huge expansion of the Federal debt In a word, yes.Suzanne McGee a good friend of mine assumes that her readers are smart, savvy, and plugged in, so she hits only the highlights of the WHAT about the crisis Her brief, as the subtitle of the book How the Masters [...]

  2. James

    Very little new material, long, bloated, and boringgg I keep hoping to get some insight into the crisis of 2008,but the story is pretty much the same from book to book to book People on Wall st are greedy, stupid, and grossly overpaid It is unfortunate that MS GS weren t put in bankruptcy like Lehman bro.Raising money for corporations, their original purpose is a minor activity now Does America really need a couple of gamblers who are too big to fail The author recycles the Thomas Hobbs quote l [...]

  3. Sajith Kumar

    A great book on the American economy that does not economize on words Wall Street is the synonym of America s financial muscle, where the most lavishly paid bankers and traders in the world decide the direction in which corporate enterprise moves Occasionally, hiccups arise in the banking community which soon acquire dimensions that the government is forced to intervene in the market to set things right Such a thing happened in 1929, which led to the Great Depression that had lasting influence o [...]

  4. Susan

    This is an excellent recap of the mortgage bubble and crash of 2008 which gives the history and underlying causes without getting bogged down in the details I ve read other books about the 2008 meltdown and found that McGee approaches the problem by examining the risk taking behaviors of Wall Street and why risk is so integral to the operations of the big investment banks In my private rants about the whole 2008 meltdown I have complained that risky trades shouldn t be allowed for publicly trade [...]

  5. Alberto Lopez

    As the seemingly perpetual performance leader, Goldman Sachs became the one others had to follow This author offers a different angle on a well narrated story about the recent financial collapse Nonetheless and despite my high familiarity with the subject, the author succeeds at sharing unique insights missing from other books A fun read.

  6. Richard

    Suzanne McGee is a contributing editor to Barron s who worked for thirteen years as a staff writer for the Wall Street Journal Chasing Goldman Sachs is not a history of the financial crisis that messed up the American economy other authors have covered that ground This book is directed at the underlying cultural reasons that caused Wall Street s banks to go out of control by 2008 The problem is rooted in the change of mission of Wall Street financial institutions from what McGee calls the utili [...]

  7. Tim

    In the wake of the 2008 2009 global financial meltdown, whose epicenter was found at the intersection of Wall Street and K Street, many books Andrew Ross Sorkin s Too Big To Fail, Hank Paulson s On the Brink, etc have emerged to describe the macro view of how such events co mingled to send the financial system spiraling out of control Now, two new books have surfaced to open the kimono on the inside machinations that gave fuel to the financial meltdown fire.In Chasing Goldman Sachs , author Suza [...]

  8. Blog on Books

    In the wake of the 2008 2009 global financial meltdown, whose epicenter was found at the intersection of Wall Street and K Street, many books Andrew Ross Sorkin s Too Big To Fail, Hank Paulson s On the Brink, etc have emerged to describe the macro view of how such events co mingled to send the financial system spiraling out of control Now, two new books have surfaced to open the kimono on the inside machinations that gave fuel to the financial meltdown fire.In Chasing Goldman Sachs , author Suza [...]

  9. Brian

    After reading a significant number of Financial Crash of 08 books, I think I can safely say that this is not a good one And I wish I didn t rack up such a crazy fine at the Santa Monica library to learn that.Before I review this book, I would first like to discuss Margin Call Margin Call is an amazing movie that is not just well acted but also is able to present the early stages of the financial crash with a very level headed and sober approach It neither vilifies nor glorifies anyone, and makes [...]

  10. Liam

    The relationship between Wall Street and its partners on both the buy and sell sides has been under threat for than a decade, as Wall Street drifted further and further away from its core utility function and those clients generated a decreasing proportion of its revenue and profits 44 P ublically traded investment banks found that their new shareholders had a slightly different view of what the institutions priorities should be than the former partners had had Both want to maximize market shar [...]

  11. jordan

    Thought everything on the financial crisis worth reading had already been written Now pick up Suzanne McGee s thoughtful Chasing Goldman Sachs How the Maters of the Universe melted Wall Street and Why They ll take us to the Brink Again Rather than starting in the recent past, McGee examines how evolution in the financial system laid the seeds of the meltdown in the 1970s At its heart, McGee s book offers two theses first, that it was banks attempting to match Goldman s extraordinary profits that [...]

  12. Patrick

    McGee does an excellent job in covering the extent to which government regulation failed, investment banks failed, and especially in discussing the psychology that moves the masters of the universe to willfully ignore the iceberg directly in front on them as they order their version of the Titanic to go full speed ahead It is for these reasons that I give a four star rating And also her discussion regarding the rise of Hedge Funds and the impact these vehicles have had on traditional banks, mut [...]

  13. Alan

    I am sorry I didn t finish this book It s not the writers fault, it s mine I love books about Wall Street and Investment Banking But, I m on the side of Barbarians at the Gate and Liar s Poker Book s that show the underhanded and dirty, loud mouthed sweary, excessively paid yuppie consumers and Porsches side of Wall Street, the Kids who complain if they don t get bonuses of 1million regardless of whats happening in the real world Spoilt and entitled assholes who are in an industry that creates w [...]

  14. Joseph

    The book discusses a half a century of trends in the investment banking business model by featuring a series of interviews with Wall Street deal makers The interviews are surprisingly candid due to the bankers frequent use of pseudonyms Each chapter reveals a shift in the business model from advisor, to utility, to agent and finally to casino The book accurately discusses the timeline of these transitions and adequately discloses the shades of gray considerations The book s title is reflected in [...]

  15. Jennifer

    I am not well versed in finance, and so this was a challenging yet enlightening read for me Wall Street is compared to a utility, which makes good sense in many ways I learned a lot about how Wall Street operated in the past, and how that has changed, and how the changes contributed to the meltdown Being naturally in favor of free market and less intervention by the Federal Government, I am not entirely certain that government regulation is a good solution here That said, I don t know what the a [...]

  16. Tania

    This is yet another book I have read about the financial crisis of 2008 This book endeavors to explain how the culture of Wall Street allowed the financial crisis to take place rather than an explanation of what happened I would not make this your first or even second or third book about the crisis, but if you really want to delve deep into the psychology of Wall Street this is the book for you The sad this is this book was written in 2010 and the last few chapters are the authors observations a [...]

  17. Philip

    It s all about risk management until it isn t Everybody wanted what Goldman Sachs had big returns in the short term Big clients didn t want to wait around to sell big blocks of stock until the trading desk could find the buyers Goldman kept the securities on their own balance sheet and took the risk Unloaded them later, usually at a profit Fiduciary duty didn t stretch to include the whole financial system Bankers can t be trusted to look beyond their short term interests It s in their DNA.

  18. TW Yeung

    it s a book of exceptional importance in which not only is how the reckless way of business operation of Wall Street I revealed but also how it ends up in a self fulfilling doomsday prophesy the author outlines a roadmap for readers to take a judgment instead of having made one herself a fairly researched and thoroughly explained thesis all in all it s a smooth read even when the subject itself is of little of my interest applause

  19. Glen Demers

    The best book I ve read explaining the financial meltdown on Wall St in September, 2008 Not a lot of finger pointing, just a look at all the historical events, such as the rise of online trading, investment banks going public, the repeal of Glass Steagall, that led to the perfect storm economic disaster.

  20. Ken Fields

    Good take on how the company has changed over the years and specifically how Wall Street itself has evolved for better or for worse.

  21. Ken Jacobi

    Read The Big short for a micro level look at the crisis read this book for the macro level book A terrific and unique look at the crisis and companies people who lead us to it.

  22. Keith Clasen

    Not a great read, a bit slow Lots of numbers in a range that I can t comprehend so they quickly lost their meaning It did give me some insight into the finacial meltdown that occured.

  23. Geoff

    Interesting read, less an explanation of what happened than an exploration of the culture that led to the 2008 crisis.

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