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　　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 role as a

capital-generating and economy-boosting engine into a behemoth

operating with only its own short-term interests in mind and with

reckless disregard for the broader financial system and those who

relied on that system for their well being and prosperity.

Primary among these influences was “Goldman Sachs envy”: the

self-delusion on the part of Richard Fuld of Lehman Brothers,

Stanley O’Neil of Merrill Lynch, and other power brokers (egged on

by their shareholders) that taking more risk would enable their

companies to make even more money than Goldman Sachs. That

hubris—and that narrow-minded focus on maximizing their short-term

profits—led them to take extraordinary risks that they couldn’t

manage and that later severely damaged, and in some cases

destroyed, their businesses, wreaking havoc on the nation’s economy

and millions of 401(k)s in the process.

In a world that boasted more hedge funds than Taco Bell outlets,

McGee demonstrates how it became ever harder for Wall Street to

fulfill its function as the financial system’s version of a power

grid, with capital, rather than electricity, flowing through it.

But just as a power grid can be strained beyond its capacity, so

too can a “financial grid” collapse if its functions are distorted,

as happened with Wall Street as it became increasingly self-serving

and motivated solely by short-term profits. Through probing

analysis, meticulous research, and dozens of interviews with the

bankers, traders, research analysts, and investment managers who

have been on the front lines of financial booms and busts, McGee

provides a practical understanding of our financial “utility,” and

how it touches everyone directly as an investor and indirectly

through the power—capital—that makes the economy work.

Wall Street is as important to the economy and the overall

functioning of our society as our electric and water utilities. But

it doesn’t act that way. The financial system has been saved from

destruction but as long as the mind-set of “chasing Goldman Sachs”

lingers, it will not have been reformed. As banking undergoes its

biggest transformation since the 1929 crash and the Great

Depression, McGee shows where it stands today and points to where

it needs to go next, examining the future of those financial

institutions supposedly “too big to fail.”

Foreword

Dramatis Personae

Introduction: The Chase

PART Ⅰ　Dancing to the Music

　1 From Utility to Casino: The Morphing of Wall Street

　2 Building Better--and More Profitable--Mousetraps

　3 What's Good for Wall Street Is Good for... Wall Street:

　  How Wall Street Became Its Own Best Client

　4 To the Edge of the Abyss--and Beyond: Flying Too

　  Close to the Sun

PART Ⅱ　Greed, Recklessness, and Negligence: The Toxic Brew

　5 "You Eat What You Kill"

　6 The Most Terrifying Four-Letter Word Imaginable

　7 Washington Versus Wall Street

PART Ⅲ　The New Face of Wall Street  299

　8 Too Big to Fail, Too Small to Thrive?

　9 Chasing Goldman Sachs?

Notes

Acknowledgments

Index

　　SUZANNE McGEE, is a contributing editor at Barron’s.

She has written about the financial markets for the New York

Post, Institutional Investor, Portfolio.com, and the

Financial Times and is a Loeb Award winner for a multimedia

series on consumer culture in China. Earlier in her career she was

a staff reporter for the Wall Street Journal.

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书籍介绍

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 role as a capital-generating and economy-boosting engine into a behemoth operating with only its own short-term interests in mind and with reckless disregard for the broader financial system and those who relied on that system for their well being and prosperity.

Primary among these influences was “Goldman Sachs envy”: the self-delusion on the part of Richard Fuld of Lehman Brothers, Stanley O’Neil of Merrill Lynch, and other power brokers (egged on by their shareholders) that taking more risk would enable their companies to make even more money than Goldman Sachs. That hubris—and that narrow-minded focus on maximizing their short-term profits—led them to take extraordinary risks that they couldn’t manage and that later severely damaged, and in some cases destroyed, their businesses, wreaking havoc on the nation’s economy and millions of 401(k)s in the process.

In a world that boasted more hedge funds than Taco Bell outlets, McGee demonstrates how it became ever harder for Wall Street to fulfill its function as the financial system’s version of a power grid, with capital, rather than electricity, flowing through it. But just as a power grid can be strained beyond its capacity, so too can a “financial grid” collapse if its functions are distorted, as happened with Wall Street as it became increasingly self-serving and motivated solely by short-term profits. Through probing analysis, meticulous research, and dozens of interviews with the bankers, traders, research analysts, and investment managers who have been on the front lines of financial booms and busts, McGee provides a practical understanding of our financial “utility,” and how it touches everyone directly as an investor and indirectly through the power—capital—that makes the economy work.

Wall Street is as important to the economy and the overall functioning of our society as our electric and water utilities. But it doesn’t act that way. The financial system has been saved from destruction but as long as the mind-set of “chasing Goldman Sachs” lingers, it will not have been reformed. As banking undergoes its biggest transformation since the 1929 crash and the Great Depression, McGee shows where it stands today and points to where it needs to go next, examining the future of those financial institutions supposedly “too big to fail.”