Download Chasing Goldman Sachs AudioBook Free
You know what happened during the financial meltdown … now it is time to understand why the financial system came so near to falling over the advantage of the abyss and why it could happen again. Wall membrane Streets has been preserved, but it hasn’t been reformed. What is the trouble?
Suzanne McGee provides a penetrating go through the forces that altered Wall Streets from its traditional role as a capital-generating and economy-boosting engine unit into a behemoth functioning 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 because of their wellness and success.
Principal among these influences was “Goldman Sachs envy”: the self-delusion for Richard Fuld of Lehman Brothers, Stanley O’Neil of Merrill Lynch, and other power brokerages (egged on by their shareholders) that taking more risk would enable their companies to make even more money than Goldman Sachs. That hubris—which narrow-minded give attention to increasing their short-term income—led these to take extraordinary risks that they couldn’t manage which later severely broken, and occasionally ruined, their businesses, wreaking havoc on the region’s economy and millions of 401(k)s in the process.
In a global that boasted more hedge cash than Taco Bell outlet stores, McGee demonstrates how it became ever before harder for Wall membrane Street to satisfy its function as the financial system’s version of your power grid, with capital, rather than electricity, streaming through it. And 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 Streets as it became increasingly self-serving and encouraged solely by short-term income. Through probing research, careful research, and a large number of interviews with the bankers, investors, research experts, and investment professionals who have been on the front lines of financial booms and busts, McGee provides a practical knowledge of our financial “utility,” and exactly how it touches everyone immediately as an investor and indirectly through the power—capital—that makes the economy work.
Wall membrane Street is really as important to the economy and the overall functioning of the population as our electric and drinking water utilities. Nonetheless it doesn’t function this way. The financial system has been preserved from devastation but so long as the mind-set of “chasing Goldman Sachs” lingers, you won't have been reformed. As banking undergoes its biggest transformation since the 1929 crash and the fantastic Depressive disorder, McGee shows where it stands today and factors to where it needs to go next, examining the continuing future of those finance institutions supposedly “too big to fail.”
