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Liquidated: An Ethnography of Wall Street
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Liquidated: An Ethnography of Wall Street

3.79 of 5 stars 3.79  ·  rating details  ·  206 ratings  ·  25 reviews
Financial collapses—whether of the junk bond market, the Internet bubble, or the highly leveraged housing market—are often explained as the inevitable result of market cycles: What goes up must come down. In Liquidated, Karen Ho punctures the aura of the abstract, all-powerful market to show how financial markets, and particularly booms and busts, are constructed. Through ...more
Hardcover, 392 pages
Published July 13th 2009 by Duke University Press Books (first published November 30th 2008)
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(showing 1-30 of 725)
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Ldrutman Drutman
I've been reading a lot about Wall Street lately, but this book was unique in that it was written by an anthropologist. It was a bit redundant and dry (as are most academic books), but I did get a really good sense of what it was like to be working in a Wall Street bank, and it was definitely worth it for that.


So what is the culture of Wall Street like?

First of, there is this intense culture of smartness, of all these people who went to the best schools and think they are just about the smartes
...more
Donna
Best best best! explication of subprime crisis and Wall Street culture. The ethnographic approach works. The history in this book was fascinating. It describes, in part, the metamorphosis of the corporation as solid entity to a lava lamp-like liquidity with emphasis on share-holder value. I don't know where lava lamps would fall on the liquidity scale, but 'the Roots and Narratives of Shareholder Value' definitely my favorite chapter.
And this, from 'Downsizers Downsized', " In addition to being
...more
Michael
Mar 20, 2012 Michael rated it 4 of 5 stars  ·  review of another edition
Recommends it for: Marxists, financiers, anarchists, sceptics
Karen Ho - professor of anthropology and one time Wall St insider - has produced a landmark text that slices financial capitalism into slivers of contradiction, self-deception and hubris.

Her narrative starts with the innocent and everyday: what it takes to get into a Wall St firm and what it's like to work there. It's only for the "best", the "brightest" and the slavishly hard-working. Soon enough she turns to the ideology of Wall Street in which white knights on greenbacks save the poor and mis
...more
Chet
Not easy but essential.


Definition of ETHNOGRAPHY
: the study and systematic recording of human cultures; also : a descriptive work produced from such research

Meanwhile the Author has written a very long book and at times is extremely redundant. For example in the area of how the banks are specific in recruiting the best and the brightest, primarily from Princeton and Havard, after making the point effective it continues to be supported with anecdotal accounts leaving me with the repeating the fa
...more
Zj
Really enlightening. Demystifies Wall Street by reading it from a point of view that is so refreshingly human. A book that anyone seeking to understand finance or economics should read. Ho reveals the financial crises so often attributed to abstract "market forces" to be a product of a Wall Street culture of elitism that begins with Ivy League cliques and is supported by a cut-throat occupational environment characterized by norms of exhausting work schedules, perfectionism, and instability. A v ...more
Jina
I read this at the same time as Richistan and Young Money. Like the latter, Karen Ho focuses on Wall Street. She was an anthropology grad student who took a sabbatical to work on Wall Street; her ethnography is based on both her experiences during the year she worked there and interviews with the contacts she made during her work. The language is a bit stilted, but once you get used to it, she has a number of insights. Examples:

* Workers are motivated by being constantly told how smart they are
...more
Veronica
I totally skimmed this book as any good grad student does, but I would still recommend this book. It is more academic than popular press. Even I glazed over a few times with all the academic-speak, but if you can get past that, it is a great dive into the world of investment banking. No, it's not boring at all. Rather fascinating at how easily we buy into the idea that anyone who goes to Harvard is "the best." And then if they work at Goldman Sachs they are "the best." And thus whatever they do ...more
Dirk
Must read if you are interested in economic sociology, sociology of financial markets, etc.
Karen Ho provides great insights into the workings and culture of finance. Eventually, it is quite depressing to see how little seems to have changed since the 2008 crisis, and how helpless governments seem to be in addressing the structural problems of financial institutions and financial markets. Also, the book provides a great starting point for those teaching economic sociology, finance and accounting
...more
Duke Press
“Ho’s refreshing ethnography of the daily lives of Wall Street investment bankers . . . outlines a web of practices, beliefs and structures that may be vital to understanding what keeps the market system in place despite built-in instabilities.”--Publishers Weekly

“Karen Ho has picked an excellent time to publish her fascinating new study . . . of Wall Street banks. . . . As field-sites go, Wall Street is not classic anthropological territory: ethnographers typically work in remote, third-world s
...more
Joel
An interesting read on the culture of investment bank(s,ers,ing) and how the narrow field of backgrounds and ideologies feeds a cycle of behaviors seen alternately as being right or being the only possible actions. Assumptions about how "the market" behaves are held as gospel, alongside a knowledge that the investment banks are "the market." Boom and bust cycles are the inevitable result of personalizing gain and socializing risk, and that is the name of the game for investment bankers.

The prima
...more
Katie
Although I enjoyed reading this ethnography, I was a bit skeptical of Ho's theories due to her limited time working for Wall Street, the lack of clarity regarding her personal aspirations and reactions to being downsized, her seemingly small informant pool comprised mainly of friends or classmates who were also fairly new to Wall Street, and her lack of hard numbers to back up theories of recruitment and discrimination. After hearing her speak at the U of M and engaging in discussion with her, I ...more
Marks54
This is an ethnography of Wall Street behavior in investment banking firms done by a Princeton grad who is currently an assistant professor of Anthropology at Minnesota. It seems like it is a book version of her dissertation.

Even though I am generally skeptical of ethnographies of business firms due to their theoretical looseness and generally critical stance, I liked this book and though the author contributed to ongoing conversations about Wall Street and its influence on the broader economy.
...more
Alex Tank
the strength of this book lies in the thesis: common place features of "the market", like booms and busts, are not just abstract general features of markets, but are generated by the particular Wall Street culture of smartness, bonus compensation, rampant job insecurity, and extreme future reward discounting. The main flaw with the book is that most assertions are backed up through interviews with bankers, rather than data. It is also very repetitive and marred at times by anthro-speak. The firs ...more
Lawrence Richards
Biting examination of the cultural construction of financial crises, giving them a real setting based on liberal and neoliberal tropes of 'competition', 'smartness', precarity and white privilege, and skilfully deconstructing the notion that financial collapse occurs as a result of abstract "rules" of the market. Sober yet radical.
Zach Blume
The first couple of chapter are an absolutely amazing analysis of capitalism. She wrote this right before the crash in '07.

But, after the first chapter, the book is pretty inaccessible to anyone not versed in the scholarly mubmojumbo language which she tediously employs
Lorelei
Additional context: The author is one of my professors at the University of MN. I am rating it so high both for content and research, but also because additional studies and conversations with her offer concordance.
Yang
I read this book chiefly out of a curiosity about the Wall Street. Anthropologists pay much attention to the unfolding of humanity by thoroughly showing how the webs of significance( the culture) are at work. So feel safe if you expect to know this side of the Street. Karen gave a pretty precise desciption to that "culture of smartness". However, when it comes to clarifying and explaining the changes in the macro level, her analysis seem to be weak. How the wall street model really challenges th ...more
Fluffy Singler
If you want to know how the economic crisis of 2008 started, then read Liquidated. It talks about the culture of Wall Street and how it is diametrically opposed to the values of Main Street. It basically shows the parasitic relationship of Wall Street to Main Street and the way that they will kill off companies to make a profit, the way a parasite kills what it feeds upon. Not much of this was terribly surprising to me, having temped at corporations, including some who bought up failing companie ...more
Ying
I was stunned by the introduction of this book! It's so interesting that the author began her research from a news on television. However, the pages which she actively explained about how her ethnography was different from the prior were so boring.

Jump to chapter 1!

The part of recruiting is quite interesting. It seems Ivy league is high class student. It's good to show the relationship or the network of people in Wall Street.

I like how she show us the daily life of banker, how the office space
...more
Jane S
This is a very closely written yet riveting ethnographic account life and work in the world of Wall St, and definitely counts in my book as a classic of the genre. The author delved not only into the workings and psychological underpinnings of the Street's denizens but also the origins of more meta perspectives and historiographies of overarching tropes such as shareholder value. A valuable addition to the annals of ethnographic research and highly recommended.
Stanley
A must-read for anyone thinking of working on Wall Street. It applies a social scientist's anthropological lens on the biggest I-banking firms on Wall Street, shedding light on concepts like shareholder value and liquidity. Much of the information isn't new, but she makes a few surprising connections, like the extent to which Wall Street actually internalizes the advice it gives its clients on efficient market practices.
Melanie


Very well documented and provocative read! While it's a bit dense at times, the author is uniquely situated to gain access to otherwise elusive info. Her story gives good insights about our national financial landscape.
David
Excellent example of an ethnography where the author did not understand the underlying principles of macroeconomics, rejected explanations based on her assumptions, and theorized based on preconceived notions.
Michael
Poorly written and redundant, but has interesting insights into the culture of Wall Street. How they recruit and sell themselves, the insecurity of the positions, the idea of shareholder value.
Speed Rogers
Speed Rogers marked it as to-read
May 19, 2015
Aaron Singer
Aaron Singer marked it as to-read
May 17, 2015
Naomi Slater
Naomi Slater marked it as to-read
May 15, 2015
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