The Private Life of Public Finance: Confessions of a Recovering Investment Banker

by Mark T Melio

The son of a steelworker from Pennsylvania tells the inside story, warts and all, of his career as a successful investment banker at two of the biggest, best-known, and most controversial firms in the world—Goldman Sachs and JPMorgan Chase—during a historic and turbulent period in US history. Mark Melio’s personal anecdotes and observations illustrate the self-absorbed culture, hypocrisy, and rapacious practices of Wall Street’s leading banks, how he bought into the fiction that “the customer always comes first,” and how investment banks morphed from once-proud partnerships into predators in constant search of new ways to scalp clients. This is a rare glimpse by a thoughtful observer behind the scenes of an institution that built America’s “new” economy and then nearly destroyed it.

186 pages, Paperback

Published October 21, 2016

Reviews

[Rob Tonkinson · Rating 4 out of 5]

I have known Mark since he joined JPMorgan. He led the group that did financings for me when I was leading treasury management at a Heslth system in the mid-Atlantic region. For me, this was a five star book. I thought it was well written. While leading us through his career, Mark touched on many of the high profile scandals and market declines. I appreciated his background and insights, and I found myself wondering if some of the less client-centered individuals were some I knew and whether some he had to fire were some with whom I worked. I think it would be an interesting (and quick) read for most people, but only gave it four stars because I think my closeness to the situation gave it special meaning to me. I most appreciated that the book was dedicated to Pat Sheehan and that it contained words of wisdom from him. Pat was a true gem of an individual. He would frequently drop me postcards when he traveled near my Alma mater. Everywhere he traveled on business, he found time to see something historical or cultural. And, his love for his family was evident in what he said and the way he lived his life, which was cut very much too short.

[Ena Jones · Rating 5 out of 5]

This was a relatable and easy to understand insider's view of investment banking and how it's evolved over the past thirty years -- a great look at why this country keeps ending up in crisis. I sent copies to our adult children.