The Greed Merchants

The Greed Merchants

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Early in the new millennium the investment banks were on their knees. Beaten by the boom and bust of the bubble, mixed up in corporate scandals and accused of uncontrolled and rampant conflict of interest, the game seemed over for the masters of the universe. Then the bounce back came. New rules, promises to be more vigilant and rising markets took the heat off. Having learned their lesson and paid their dues, the investment banks could be relied upon to oil the wheels of capitalism in this best of all possible worlds. Philip Augar's cutting critique challenges this consensus. By being able to act simultaneously for buyers, sellers and themselves, they can generate huge returns at their customers' expense. This book explains how this systematic and legal transfer of wealth occurs and answers some important questions. Do the investment banks add value through their advice? Is there a cartel? Are there any alternatives? What will happen next?How the Investment Banks Played the Free Market Game Philip Augar. Money, which fingered the private investment banker as the villain of the piece in Americaa#39;s financial system. ... Middle-class America wanted a piece of the action and the banks and brokers waded in with easy credit for stock purchases and high pressure sales. ... City salesman it did not help much to find out that the bank had been regularly running inter-branch competitions with cash prizes for those who could shift.

Title:The Greed Merchants
Author:Philip Augar
Publisher:Penguin UK - 2006-05-25


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