The Unnecessary Meltdown
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
A year ago Monday, Wall Street imploded. But as William Cohan reports, a little-known meeting two years earlier started the runaway snowball-and also could have prevented the catastrophe.
Wall Street's Bonus Addiction
Dr. Doug Hirschhorn is one of the premier trading coaches on Wall Street, whose client list includes Deutsche Bank and numerous billion-dollar hedge funds. The co-author of The Trading Athlete and the forthcoming 8 Ways to Great, he is a former columnist for Trader Monthly, and a regular commentator on CNBC.
As Citigroup lobbies Washington for more money to pay bonuses and big banks set aside an additional $36 billion for compensation, one of Wall Street's top psychological coaches explains why, no matter the outcry, Masters of the Universe will always think they're worth it.
Wall Street's New Bonus Outrage
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
The disclosure that near-bankrupt Merrill dished out a staggering $209 million for 10 bankers takes this scandal beyond the absurd-and possibly into criminal territory. Will the Feds prosecute?
The Real Reason Bank Stocks Are Tanking
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
As late as Friday, even as their stocks tanked, America's banking leaders were still in denial. No wonder they have no credibility.
The 7 Who Could Have Saved Citi
Duff McDonald is a contributing editor at New York magazine and a former contributing editor at Condé Nast Portfolio. His book, Last Man Standing, about Jamie Dimon, chairman and CEO of JPMorgan Chase, was published by Simon & Schuster in October.
When Jamie Dimon was ousted from Citi, he took the bank's rising stars with him. Now, Dimon and his loyal crew are Wall Street's most triumphant survivors.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Gerald Posner is The Daily Beast's Chief Investigative Reporter. He's the award-winning author of 10 investigative nonfiction bestsellers, ranging from political assassinations, to Nazi war criminals, to 9/11, to terrorism. His latest book, Miami Babylon: Crime, Wealth and Power—A Dispatch from the Beach, was published in October. He lives in Miami Beach with his wife, the author Trisha Posner.
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
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