Wall Street Values
Wall Street Values
Ronald J. Strauss, Montclair State University, New Jersey
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USDThis timely book answers complex and perplexing questions raised by Wall Street's role in the financial crisis. What are the economic and moral connections between Wall Street and the overall economy? How did we arrive at this point in history where our most powerful financial institutions thwart rather than promote free markets, prosperity, and even social cohesion? Can the fractured relationship between Wall Street and Main Street be repaired? Wall Street Values chronicles the transformation of Wall Street's business model from serving clients to proprietary trading and explains how this shift undermined the ethical foundations of the modern financial industry.
Michael A. Santoro and Ronald J. Strauss argue that post-millennial Wall Street is not only “too big to fail” but also a threat to the economy even when it succeeds. They describe how, more than a year before the government acknowledged the financial crisis, Wall Street icon Goldman Sachs saved itself by misleading its clients and impeding the information flow needed for the efficient functioning of free markets, thereby prolonging the mortgage bubble and adding to the financial and human cost of the crisis. They also present a nuanced critique of the government's role not only for the economic miscalculations leading to financial deregulation but also for failing to check the irrational exuberance of 2007 and 2008.
Looking to the future, Santoro and Strauss make a compelling case for vigorous government enforcement of the Dodd-Frank Act in the face of Wall Street's opposition. They also argue, however, that effective government regulation is not enough; economic prosperity will be sustainable only if Wall Street professionals themselves begin an urgently needed conversation about their values and business ethics.
- Unique, original analysis of the global financial crisis which emphasises that a breakdown in Wall Street Values fuelled and ultimately triggered the global financial crisis
- A highly responsible and thought-provoking academic book which uses evidence well
- Accessible and persuasive book which will allow many more people to deepen their understanding of the complex relationship between Wall Street Values and our Main Street economy
Reviews & endorsements
'The financial crisis has been examined from every angle except this one: the ethical lapses that led up to it. Time spent reading this highly original book is time well spent. It will make you think.' Alan Blinder, Princeton University
'There are many fine accounts of what happened during the financial crisis, but Santoro and Strauss stand[s] out because it brings to bear a refined ethical sense to the questions raised by the crisis. This is an excellent book to foster deep thinking about what happened.' Timothy Fort, George Washington University
'Wall Street Values probes a crucial yet neglected topic: the role of ethics in the run-up to the financial meltdown of 2008. A must-read for all who care about the health of our financial system and America's future prosperity.' Lynne Paine, Harvard University
Product details
December 2012Hardback
9781107017351
244 pages
223 × 148 × 20 mm
0.42kg
13 b/w illus. 7 tables
Available
Table of Contents
- Part I. Financial Crisis Background and Theoretical Framework:
- 1. A financial, governmental, and moral crisis
- 2. Does Wall Street have any responsibility to society?: Wall Street and economic prosperity
- Part II. Wall Street Business Model, Regulation, and Values in Transition:
- 3. The gathering storm: government missteps and inattentiveness contribute to the financial crisis
- 4. From financial services to proprietary trading: the transformation of Wall Street's business model
- 5. Secrets and lies: Goldman Sachs and the death of the honest broker
- Part III. Policy Recommendations and Sustainable Values for Wall Street in the Twenty-First Century:
- 6. Wall Street regulation for the twenty-first century
- 7. Wall Street values for the twenty-first century.
