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Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down...And Why They'll Take Us to the Brink Again
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Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down...And Why They'll Take Us to the Brink Again

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3.53 of 5 stars 3.53  ·  rating details  ·  101 ratings  ·  21 reviews
You know what happened during the financial crisis … now it is time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again. Wall Street has been saved, but it hasn’t been reformed. What is the problem?

Suzanne McGee provides a penetrating look at the forces that transformed Wall Street from its traditional r
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ebook, 416 pages
Published June 15th 2010 by Crown Business (first published June 3rd 2010)
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Richard Reviles Censorship Always in All Ways
Not to put too fine a point on it, but does the world *really* need another book about The Meltdown That Ate Our Jobs? Do we *really* have anything left to learn about these greedy so-and-sos whose pursuit of their own profits gifted us with a huge expansion of the Federal debt?

In a word, yes.

Suzanne McGee (a good friend of mine) assumes that her readers are smart, savvy, and plugged in, so she hits only the highlights of the WHAT about the crisis. Her brief, as the subtitle of the book "How the
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James
Very little new material, long, bloated, and boringgg.

I keep hoping to get some more insight into the crisis of 2008,
but the story is pretty much the same from book to book to book.

People on Wall st are greedy, stupid, and grossly overpaid.

It is unfortunate that MS & GS weren't put in bankruptcy like Lehman bro.

Raising money for corporations, their original purpose is a minor activity now.
Does America really need a couple of gamblers who are too big to fail?
Richard
Suzanne McGee is a contributing editor to "Barron's" who worked for thirteen years as a staff writer for the "Wall Street Journal." "Chasing Goldman Sachs" is not a history of the financial crisis that messed up the American economy; other authors have covered that ground. This book is directed more at the underlying cultural reasons that caused Wall Street's banks to go out of control by 2008. The problem is rooted in the change of mission of Wall Street financial institutions from what McGee c ...more
Blog on Books


In the wake of the 2008-2009 global financial meltdown, whose epicenter was found at the intersection of Wall Street and K Street, many books (Andrew Ross Sorkin’s ‘Too Big To Fail,’ Hank Paulson’s ‘On the Brink,’ etc.) have emerged to describe the macro view of how such events co-mingled to send the financial system spiraling out of control. Now, two new books have surfaced to open the kimono on the inside machinations that gave fuel to the financial meltdown fire.

In “Chasing Goldman Sachs”, au
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Liam
"The relationship between Wall Street and its partners on both the buy and sell sides has been under threat for more than a decade, as Wall Street drifted further and further away from its core utility function and those clients generated a decreasing proportion of its revenue and profits." (44)

"[P]ublically traded investment banks found that their new shareholders had a slightly different view of what the institutions' priorities should be than the former partners had had. Both want to maximize
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Tim
In the wake of the 2008-2009 global financial meltdown, whose epicenter was found at the intersection of Wall Street and K Street, many books (Andrew Ross Sorkin’s ‘Too Big To Fail,’ Hank Paulson’s ‘On the Brink,’ etc.) have emerged to describe the macro view of how such events co-mingled to send the financial system spiraling out of control. Now, two new books have surfaced to open the kimono on the inside machinations that gave fuel to the financial meltdown fire.

In “Chasing Goldman Sachs”, au
...more
Megatherium
McGee does an excellent job in covering the extent to which government regulation failed, investment banks failed, and especially in discussing the psychology that moves the "masters of the universe" to willfully ignore the iceberg directly in front on them as they order their version of the Titanic to go full speed ahead. It is for these reasons that I give a four-star rating. And also her discussion regarding the rise of "Hedge Funds" and the impact these vehicles have had on more traditional ...more
jordan
Thought everything on the financial crisis worth reading had already been written? Now pick up Suzanne McGee’s thoughtful //Chasing Goldman Sachs: How the Maters of the Universe melted Wall Street…and Why They’ll take us to the Brink Again//. Rather than starting in the recent past, McGee examines how evolution in the financial system laid the seeds of the meltdown in the 1970s.

At its heart, McGee’s book offers two theses: first, that it was banks attempting to match Goldman’s extraordinary pro
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Brian
Mar 09, 2012 Brian rated it 3 of 5 stars  ·  review of another edition
Recommends it for: The person on the waiting list at the Santa Monica library
After reading a significant number of Financial Crash of '08 books, I think I can safely say that this is not a good one. And I wish I didn't rack up such a crazy fine at the Santa Monica library to learn that.

Before I review this book, I would first like to discuss Margin Call. Margin Call is an amazing movie that is not just well-acted but also is able to present the early stages of the financial crash with a very level-headed and sober approach. It neither vilifies nor glorifies anyone, and m
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Joseph
The book discusses a half a century of trends in the investment banking business model by featuring a series of interviews with Wall Street deal-makers. The interviews are surprisingly candid due to the bankers' frequent use of pseudonyms. Each chapter reveals a shift in the business model from advisor, to utility, to agent and finally to "casino". The book accurately discusses the timeline of these transitions and adequately discloses the shades-of-gray considerations. The book's title is refle ...more
Jennifer
I am not well versed in finance, and so this was a challenging yet enlightening read for me. Wall Street is compared to a utility, which makes good sense in many ways. I learned a lot about how Wall Street operated in the past, and how that has changed, and how the changes contributed to the meltdown. Being naturally in favor of free market and less intervention by the Federal Government, I am not entirely certain that government regulation is a good solution here. That said, I don't know what t ...more
Tania
This is yet another book I have read about the financial crisis of 2008. This book endeavors to explain how the culture of Wall Street allowed the financial crisis to take place rather than an explanation of what happened. I would not make this your first or even second or third book about the crisis, but if you really want to delve deep into the psychology of Wall Street this is the book for you. The sad this is this book was written in 2010 and the last few chapters are the authors observation ...more
Ken Fields
Good take on how the company has changed over the years and more specifically how Wall Street itself has evolved - for better or for worse.
Philip
It's all about risk management until it isn't. Everybody wanted what Goldman Sachs had: big returns in the short term.
"Big clients didn't want to wait around to sell big blocks of stock until the trading desk could find the buyers. Goldman kept the securities on their own balance sheet and took the risk. Unloaded them later, usually at a profit." Fiduciary duty didn't stretch to include the whole financial system. Bankers can't be trusted to look beyond their short term interests. "It's in their
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Zachary Yeung
it's a book of exceptional importance in which not only is how the reckless way of business operation of Wall Street I revealed but also how it ends up in a self-fulfilling doomsday prophesy. the author outlines a roadmap for readers to take a judgment instead of having made one herself. a fairly researched and thoroughly explained thesis. all in all it's a smooth read even when the subject itself is of little of my interest. applause!
Glen Demers
The best book I've read explaining the financial meltdown on Wall St. in September, 2008. Not a lot of finger-pointing, just a look at all the historical events, such as the rise of online trading, investment banks going public, the repeal of Glass-Steagall, that led to the "perfect storm" economic disaster.
Mark Rose
Just okay, there are quite frankly, many books out there on Goldman Sachs that are done better.
Keith Clasen
Not a great read, a bit slow. Lots of numbers in a range that I can't comprehend so they quickly lost their meaning. It did give me some insight into the finacial meltdown that occured.
Ken Jacobi
Read "The Big short" for a micro level look at the crisis... read this book for the macro level book. A terrific and unique look at the crisis and companies/people who lead us to it.
Jose
good audio book, good premise--everyone is trying to make that dollar dollar bill. lots of greed..
Jahodge6
Read if you dont understand what people in the financial sector are talking about.
Katherine
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