Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down...and Why They'll Take Us to the Brink Again (CD-Audio)
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Short Description for Chasing Goldman Sachs A veteran Wall Street journalist explores why the Wall Street implosion happened and finds that the driving force had been the belief among individual investors that they could make the kind of money taken in by the investment banking and securities firm Goldman Sachs.
- Published: 22 June 2010
- Format: CD-Audio
- ISBN 13: 9781400167517 ISBN 10: 1400167515
- Sales rank: 983,108
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Reviews for Chasing Goldman Sachs
Not just another financial crisis rehash
This book should be required reading for all new MBA graduates who're about to start working for an investment bank, and every one who cares about what happens to the financial system and wants to understand how we got to the disaster of 2008. This is the 5th book I've read about the financial crisis this year, and it's one of the best. Whether you are working in financial markets or are someone who skips the business pages because you find them really boring, you'll get a lot out of this book. It's extremely readable, and there isn't the snide tone that comes through in lots of financial crisis reporting. Throughout, McGee is balanced in her coverage of why decisions were made and what was wrong.
The most interesting parts of the book, and the bits that will be new to readers who've already read Too Big to Fail or The Big Short, is the excellent discussion of the private equity boom and the changes that go back 20 years, not the most recent stuff. The chapter on regulatory failure was great, but could have been 5 times as long as it was. The fragmentation of the regulatory agencies and their incentives to placate the companies they regulate in the US have a lot to answer for. I also think there isn't enough in the book about how CDOs have been a good development - there are plenty of Americans who benefited from securitisation of home loans through greater housing affordability. Not everything that comes out of a bubble is bad. But these are minor quibbles.
Disclosure: the author is an online friend, and sent me an early review copy of the book. I tried not to let this affect my review. by C M Thomson