Summary of Exile on Wall Street

One Analyst’s Fight to Save the Big Banks from Themselves

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Exile on Wall Street book summary
Wall Street analyst Mike Mayo uses inside know-how for an outsider’s critical take on big banks and the Street.

Rating

8 Overall

7 Importance

8 Innovation

8 Style

Recommendation

Investment analyst Mike Mayo calls himself an exile on – not from – Wall Street. Drawing on the objectivity he first developed as a bank analyst working at the Federal Reserve, Mayo brings impartiality and an insider’s view to his often scathing analysis of the financial industry. The subject matter is compelling, in part due to the skill with which Mayo treats the arcana of sell-side bank research – a generally dry and usually inaccessible topic. His wry sarcasm serves as comic relief, and he often steps out of his narrative to engage the reader directly. He achieves an affable tone – neither overly erudite nor overly simplistic – and uses everyday analogies to render complex financial issues comprehensible. Even though Mayo’s 2012 narrative is a bit outdated, getAbstract recommends this well-informed read to laypeople and to Wall Street practitioners.

In this summary, you will learn

  • How Mike Mayo built his career as a sell-side investment analyst
  • Why his analyses have often riled bank executives
  • What changes Mayo believes the industry needs to undertake to ensure its security and long-term potential
 

Summary

Rage Against the Machine
Banking analyst Mike Mayo found that on Wall Street – as in many other places – self-interest often prevails over ethics. He saw firsthand how Wall Street’s overriding desire to make money could lead even the most stalwart individuals to cut corners to make a ...
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About the Author

Mike Mayo is a managing director at investment bank Credit Lyonnais Securities Asia.


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