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The Greed Merchants: How the Investment Banks Played the Free Market Game
by Augar, Philip | HC | Good
Condition:
“Missing dust jacket; Pages can have notes/highlighting. Spine may show signs of wear. ~ ”... Read moreabout condition
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US $8.33
ApproximatelyC $11.36
- Buy It NowThe Greed Merchants: How the Investment Banks Played the Free Market Game
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Located in: Aurora, Illinois, United States
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eBay item number:196302059204
Item specifics
- Condition
- Good
- Seller Notes
- Binding
- Hardcover
- Weight
- 1 lbs
- Product Group
- Book
- IsTextBook
- No
- ISBN
- 9781591840879
- Book Title
- Greed Merchants : How the Investment Banks Exploited the System
- Item Length
- 9.3in
- Publisher
- Penguin Publishing Group
- Publication Year
- 2005
- Format
- Hardcover
- Language
- English
- Item Height
- 1in
- Genre
- Business & Economics
- Topic
- Banks & Banking, Investments & Securities / Analysis & Trading Strategies
- Item Width
- 6.2in
- Item Weight
- 15.4 Oz
- Number of Pages
- 288 Pages
About this product
Product Information
After the dot-com crash, investment banking was an industry on the run, chastened by falling profits and chastised by investigators like New York's Eliot Spitzer. Scandal swirled around Wall Street luminaries such as Frank Quattrone, Jack Grubman and Henry Blodgett. It seemed as though the game was over for the masters of the universe; the industry had to change or die. True to form, it turned on a dime and reinvented itself. The investment banks ate humble pie, cleaned up their acts and rebuilt profits. Free marketers breathed a sigh of relief. It had been a nasty episode but market forces had triumphed in the end. Malpractice had been rooted out and the playing field leveled. Capitalism was safe to move on, creating more wealth for all in this best of all possible worlds. Who cared if some were more equal than others? Philip Augar, an investment banking veteran who has seen the truth firsthand, exposes this comforting and overoptimistic picture, showing that the investigations and reforms never got to the bottom of the investment banks' business. The Greed Merchants explains how the industry really makes its money, challenging its role in the economy and showing how vested interest sustains Wall Street's oligopoly. The investment banks-firms like Goldman Sachs, Merrill Lynch and Morgan Stanley-justify their prices by the quality of their service and the risks they take. The reality is that their advice is often wrong and they dodge much of the risk. They like to be seen as trusted advisers, offering their clients unbiased, objective advice yet in many deals they are acting simultaneously for buyers, sellers and themselves, conflicts of interest that are by definition difficult if not impossible to reconcile. At crunch time, inevitably, the most important client is the bank itself. This helps to explain the industry's extraordinarily high returns-profits grew a towering thirtyfold in three decades, far outstripping the rest of the economy-but there are other reasons too. Chief of these is the edge that the top investment banks have as a result of their privileged and powerful positions. They see more, hear more and know more than anyone else in the market: no wonder the house always wins. This advantage is enhanced by a remarkable lack of price sensitivity in certain areas of their business. These include the public offering market, where the fees are the same whether the IPO is handled by Credit Suisse, Lehman or Citigroup, and derivatives, where products can be so complex that clients are blinded by science and fail to appreciate the investment banks' huge margins. Underlying all this is one question that is rarely asked: who feeds the river of money? According to Philip Augar, the source is the general public, who unknowingly line the investment banks' pockets as they pour billions into mutual funds, pension plans or life insurance policies. The Greed Merchants describes a system that is hope-lessly flawed, exposes what really goes on in the capital markets and proves what we all have to lose by the investment bankers' gain. Book jacket.
Product Identifiers
Publisher
Penguin Publishing Group
ISBN-10
1591840872
ISBN-13
9781591840879
eBay Product ID (ePID)
44471323
Product Key Features
Book Title
Greed Merchants : How the Investment Banks Exploited the System
Format
Hardcover
Language
English
Topic
Banks & Banking, Investments & Securities / Analysis & Trading Strategies
Publication Year
2005
Genre
Business & Economics
Number of Pages
288 Pages
Dimensions
Item Length
9.3in
Item Height
1in
Item Width
6.2in
Item Weight
15.4 Oz
Additional Product Features
Lc Classification Number
Hg4930.5.A94 2005
Copyright Date
2005
Lccn
2004-065485
Dewey Decimal
332.66/0973
Intended Audience
Trade
Dewey Edition
22
Item description from the seller
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eBay item number:196302059204
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