Wall Street Values

by Santoro, Michael A.; Strauss, Ronald J.

• ISBN13: 9781107017351
• ISBN10: 1107017351
• Format: Hardcover
• Copyright: 2012-12-17
• Publisher: Cambridge Univ Pr

Summary

This 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.

Table of Contents

Financial Crisis Background and Theoretical Framework

A financial, governmental, and moral crisis

Does Wall Street have any responsibility to society?: Wall Street and economic prosperity

Wall Street Business Model, Regulation, and Values in Transition

The gathering storm: government missteps and inattentiveness contribute to the financial crisis

From financial services to proprietary trading: the transformation of Wall Street's business model

Secrets and lies: Goldman Sachs and the death of the honest broker

Policy Recommendations and Sustainable Values for Wall Street in the 21st Century

Wall Street regulation for the 21st century

Wall Street values for the 21st century

Table of Contents provided by Publisher. All Rights Reserved.