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Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves


Praise for Exile on Wall Street

"Mike Mayo is an old-style bank analyst—thorough, independent, honest—who never pulls his punches, whatever icons, public or private, may be wounded."
—Paul A. Volcker, former chairman of the Federal Reserve

"Exile on Wall Street takes you to Mike Mayo's front row seat as the financial crisis unfolds. It is a riveting story of the establishment's battle to prevent him from revealing the truth as it develops."
—Stan Druckenmiller, former President, CEO, and Chairman of Duquesne Capital

"Mike Mayo is one of the best financial analysts on Wall Street. He brings clarity to a world full of uncertainty."
—Maria Bartiromo, leading financial commentator

"Exile on Wall Street offers Wall Street's rarest commodity: the truth about our nation's largest banks and how they almost toppled capitalism. If you want to know the sickening truth about the largest banks, read Mike Mayo's exposé."
—Harry Markopolos, author of No One Would Listen

Mike Mayo is one of the top-ranked banking and finance analysts of the past twenty years. Mayo was the only analyst to testify during Senate Banking Committee hearings in 2002 on conflicts of interest on Wall Street, and in 2010, he testified again, this time as the first analyst to speak on the causes of the crisis. He has worked at Wall Street firms including UBS, Lehman Brothers, Credit Suisse, Prudential Securities, and Deutsche Bank. He currently serves as Managing Director at Credit Agricole Securities, which provides services in the United States for CLSA, a global boutique brokerage firm. In 2008, Fortune named him one of "Eight Who Saw the Crisis Coming."

Introduction Watering Down the Wine 1

Chapter 1 “God’s Work” at the Fed 9

Chapter 2 The Big Time—or Something Like It 25

Chapter 3 Exile . . . and Redemption 45

Chapter 4 The Professional Gets Personal 67

Chapter 5 The Crisis 81

Chapter 6 The Vortex 97

Chapter 7 Citi, Part I: A Long, Sad Saga 111

Chapter 8 Citi, Part II: The Plot Sickens 131

Chapter 9 A Better Version of Capitalism 145

Chapter 10 The Meaning of Life 165

Acknowledgments 177

About the Author 179

Notes 181

Index 193