2011 | 448 Pages | PDF | 2.25 MB

Business journalist McGee paints Wall Street as a utility with capital flowing through the system like an electric power grid, noting why it almost failed. She describes the pressure on the U.S. House of Representatives in 2008 to bail out Wall Street firms, why Wall Street was called an abstraction, and how Wall Street morphed from an intermediary (raising capital) into a casino. Goldman Sachs was the master of its universe, generating average return on equity of 25.4 percent in the decade before the financial crisis, compared with 15 percent annually for four other firms during the same period. Other firms' CEOs chased Goldman Sachs, considering it their model for boosting their own personal wealth and keeping shareholders happy. The author reports, When left to their own devices, financial services firms . . . will focus almost monomaniacally on what is in their own best interest, seeking out ways to take earn sichigher returns and recruit top talent by paying the most lavish bonuses and offering the most enticing perks. . . . They cannot help themselves.

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CoverTitle PageCopyrightDedicationForewordDramatis PersonaeIntroduction: The ChasePART IDancing to the Music1 From Utility to Casino: The Morphing of Wall Street2 Building Better—and More Profitable—Mousetraps3 What’s Good for Wall Street Is Good for … Wall Street: HowWall Street Became Its Own Best Client4 To the Edge of the Abyss—and Beyond: Flying Too Close to theSunPART IIGreed, Recklessness, and Negligence: The ToxicBrew5 “You Eat What You Kill”6 The Most Terrifying Four-Letter Word Imaginable7 Washington Versus Wall StreetPART IIIThe New Face of Wall Street8 Wanted: A New Model for Wall Street9 Chasing Goldman Sachs?GlossaryNotesAcknowledgmentsAbout the Author