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The Accidental Investment Banker
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"…"warts and all" account of the boom and bust of the late 1990s up until the start of this century." (The Wharf, Thursday 16th August 2007)
"...a Wall Street soap opera in the vein of Michael Lewis′s Liar′s Poker about Knee′s time at Morgan Stanley and Goldman Sachs." (Financial Times, Saturday 25th August 2007)
“an unusually candid view” (Reuters, Wednesday 5th September 2007)
"…this is a compelling read for both navel–gazing corporate financiers and voyeurs of the City and Wall Street." (CPO Agenda, Autumn 2007)
"really a great read...will go down as one of the great books on investment banking, just like Liar′s Poker" (City AM Podcast, Wednesday 19th December 2007)
"Easy enough to understand for even someone outside the industry" (Gulf Business, March 2008)
“…candid view of some of the big Wall Street firms, especially Goldman Sachs and Morgan Stanley.” (Breakingviews.com , Wednesday 16th April 2008)
"…"warts and all" account of the boom and bust of the late 1990s up until the start of this century." (The Wharf, Thursday 16th August 2007)
"...a Wall Street soap opera in the vein of Michael Lewis′s Liar′s Poker about Knee′s time at Morgan Stanley." (Financial Times, Saturday 25th August 2007)
“an unusually candid view” (Reuters, Wednesday 5th September 2007)
"…this is a compelling read for both navel–gazing corporate financiers and voyeurs of the City and Wall Street." (CPO Agenda, Autumn 2007)
"really a great read...will go down as one of the great books on investment banking, just like Liar′s Poker" (City AM Podcast, Wednesday 19th December 2007)
"Easy enough to understand for even someone outside the industry" (Gulf Business, March 2008)
“…candid view of some of the big Wall Street firms, especially Goldman Sachs and Morgan Stanley.” (Breakingviews.com , Wednesday 16th April 2008)
Reuters, Wednesday 5th September 2007
"an unusually candid view"
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4 of 4 people found the following review helpful
Format:Hardcover
Whenever there are dramatic upheavals on Wall Street, shock waves ricochet throughout the U.S. and world economies. And, when you say Wall Street, most people think of its storied investment banks - Morgan Stanley, Goldman Sachs, J.P. Morgan Chase. Who built and ran these firms? What makes them tick? How did they fare in the booming 1990s? And what is happening to them (at least, what was happening just before the autumn 2008 crackup). Investment banker Jonathan A. Knee, a Goldman Sachs and Morgan Stanley alumnus, reports on his career and on the investment banking industry. He explains how these firms have changed radically from the days when J.P. Morgan Jr. advised his peers to do "first-class business in a first-class way" to the Wall Street motto of the 1990s, "IBG-YBG" ("I'll be gone, you'll be gone"), meaning, "Who cares what happens long-term regarding the deals we do today?" This shockingly shortsighted viewpoint led to the recent bitter harvest. If you want to understand how Wall Street works - and sometimes doesn't work - getAbstract recommends this informative, insightful and witty book.
1 of 1 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
Vince Cable, the current Business Minister in the Cameron Cabinet, said recently, which was much reported, that "in recent years investment banking resembled a casino, and the massive scale of gambling losses has dragged down the traditional business and retail lending activities, as the banks try to rebuild their balance sheets."
In his book, "The Accidental Investment Banker", Jonathan A. Knee reveals that the 'casino punter' modus operandi that obsessed investment banks was very prevalent in the 90's and early 2000's and was rampant both before and long after the Long Term Capital Management systemic scare. Events have shown that no lessons whatsoever were learned and the irresponsible gambling continued unabated until the Credit Crunch tsunami battered its way through the world's financial corridors taking nearly everything in it's path. The force of this mighty wave was only stopped by the erection of a dam piled high with billions, and billions of tax-payers money. The financial institution's meagre defences of shareholders capital had the equivalent effectiveness of a single pea shooter against a stampede of angry bull elephants!
The author's experiences at Goldman Sachs and Stanley Morgan are very enlightening on the workings of an investment bank and is invaluable reading for just about anyone wanting to know 'what on earth do these people, who we hear so much negativity about in the press, television, parliament and elsewhere, do to deserve their 'treasure trove' pay?". Told with humour and candour, this is an excellent account and lifts the curtain and shines a light in, on the world of investment banking revealing many of it's crazy 'gambling' methods, power players, back-stabbers, and 'get-rich-at-any-cost' characters.
This is a good read, which makes little or no pretence at hiding the driving force behind the frenzy to make highly speculative bets on the bank's behalf, namely the kamikaze pursuit of personal wealth by the bank's senior staff, who were remunerated with huge bonuses if it seemed their 'bets' had come home to roost. Alas, most of the betting, whilst seeming to be profitable initially, soon turned into disastrously huge losses, but by which time the bonuses had been paid. And shockingly, in most cases the executives whose recklessness caused the losses, were not required to repay their bonuses. How can vast dollops of money for bank busting losses be justified? Sheer stupidity but remember the rules of engagement were written or heavily influenced by the very people getting these unwarranted rewards - funny that!
J Pierpoint Morgan hit the nail on the head when he said, "A man has two reasons for doing anything; a good reason and the real reason". The 'good reason' was ostensibly to make profits for their banks; the 'real reason' was to stuff many hundreds of millions of dollars, pounds or whatever into their own bottomless pockets and used for the purpose of acquiring extravagantly opulent homes, cars, boats, planes, art treasures etc and lifestyles far beyond the wildest dreams of most of those taxpayers now footing the 'bank bailout bill'.
In his book, "The Accidental Investment Banker", Jonathan A. Knee reveals that the 'casino punter' modus operandi that obsessed investment banks was very prevalent in the 90's and early 2000's and was rampant both before and long after the Long Term Capital Management systemic scare. Events have shown that no lessons whatsoever were learned and the irresponsible gambling continued unabated until the Credit Crunch tsunami battered its way through the world's financial corridors taking nearly everything in it's path. The force of this mighty wave was only stopped by the erection of a dam piled high with billions, and billions of tax-payers money. The financial institution's meagre defences of shareholders capital had the equivalent effectiveness of a single pea shooter against a stampede of angry bull elephants!
The author's experiences at Goldman Sachs and Stanley Morgan are very enlightening on the workings of an investment bank and is invaluable reading for just about anyone wanting to know 'what on earth do these people, who we hear so much negativity about in the press, television, parliament and elsewhere, do to deserve their 'treasure trove' pay?". Told with humour and candour, this is an excellent account and lifts the curtain and shines a light in, on the world of investment banking revealing many of it's crazy 'gambling' methods, power players, back-stabbers, and 'get-rich-at-any-cost' characters.
This is a good read, which makes little or no pretence at hiding the driving force behind the frenzy to make highly speculative bets on the bank's behalf, namely the kamikaze pursuit of personal wealth by the bank's senior staff, who were remunerated with huge bonuses if it seemed their 'bets' had come home to roost. Alas, most of the betting, whilst seeming to be profitable initially, soon turned into disastrously huge losses, but by which time the bonuses had been paid. And shockingly, in most cases the executives whose recklessness caused the losses, were not required to repay their bonuses. How can vast dollops of money for bank busting losses be justified? Sheer stupidity but remember the rules of engagement were written or heavily influenced by the very people getting these unwarranted rewards - funny that!
J Pierpoint Morgan hit the nail on the head when he said, "A man has two reasons for doing anything; a good reason and the real reason". The 'good reason' was ostensibly to make profits for their banks; the 'real reason' was to stuff many hundreds of millions of dollars, pounds or whatever into their own bottomless pockets and used for the purpose of acquiring extravagantly opulent homes, cars, boats, planes, art treasures etc and lifestyles far beyond the wildest dreams of most of those taxpayers now footing the 'bank bailout bill'.
Format:Paperback
Not sure why this book is not more popular - I read it cover to cover in a week and it was a fantastic read.
The author provides a great insider view of investment banking from his experience at Goldman Sachs and Morgan Stanley and though its not comprehensive (as it focusses on what he experienced), its still a gripping and educational read.
A must read for everyone who wants to know more about investment banking
The author provides a great insider view of investment banking from his experience at Goldman Sachs and Morgan Stanley and though its not comprehensive (as it focusses on what he experienced), its still a gripping and educational read.
A must read for everyone who wants to know more about investment banking
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