When I saw this book I felt that the last thing the world needed was another book about the crises. I don’t know if it is because it is the first global financial crises that I have lived through in my adult life (hopefully the last), or because I have been in business school right after its peak (and you can imagine it comes often as a topic in several classes) or because I have read too much about it – it just seemed that there was nothing else new to be said about it.
Nevertheless I bought the book and decided to give it a try; I like polemic and skilled people that are able to piss off people (who are wrong) with sound analysis and facts. Maybe is the hero version of analysts of consulting firms and investment banks around the place.
So, what did I think of Mayo’s book?
It is definitely not a deep analysis of the most recent financial crises; if you are looking for that I recommend wither (i) “The Big Short”, from Michael Lewis - if what you are looking for is a peep on the back stage of all the meetings that went through, who are the villains and who are the winners; besides that Lewis writes in an amazingly engaging way (check “Moneyball” and “Liar’s Poker” also), (ii) “Fault Lines”, from Raghuram Rajan – for a deep analysis on what are the factors and institutions that lead to the current system (the fault lines) that resulted in the latest financial natural disaster – it is impressively comprehensive and innovative in the analysis of a crises that has been clearly over covered by press and literature.
It is also definitely not a declared biography; Mike Mayo is not a notorious or historically important figure to deserve one. Sure he is a very good research analyst, and respected within the financial literature (check any banking sector article in “The Economist” and there is a high likelihood that you will find Mayo’s name in there), but I am pretty sure my mother has never heard of him. Or several of my business schools classmates, for that matter!
Exile on Wall Street is more like a diary, that tells the story of an underdog hero in his battle against more powerful villains, armed with facts, analysis and the courage to tell the truth and challenge the status quo. It is an appealing plot to someone like me, that has briefly worked in the financial sector and has always been interested in the it but I warn you – you may get bored quite fast if your relationship with the banking sector is through an ATM.
If you like the topic, go for it! It is an entertaining, not intellectually demanding fairytale for market junkies.
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