Automotive Holiday Deals Up to 50% Off Select Books Shop Men's Athletic Shoes Learn more nav_sap_SWP_6M_fly_beacon Black Friday egg_2015 All-New Amazon Fire TV Grooming Deals Gifts Under $50 Amazon Gift Card Offer bf15 bf15 bf15 $30 Off Amazon Echo $15 Off All-New Fire Kindle Black Friday Deals Black Friday Video Game Deals Shop Now DOTD
Exile on Wall Street and over one million other books are available for Amazon Kindle. Learn more

Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.

  • Apple
  • Android
  • Windows Phone
  • Android

To get the free app, enter your email address or mobile phone number.

  • List Price: $29.95
  • Save: $8.00 (27%)
FREE Shipping on orders over $35.
Only 4 left in stock (more on the way).
Ships from and sold by Gift-wrap available.
Exile on Wall Street: One... has been added to your Cart
Condition: Used: Good
Comment: Book has wear from normal reading. Will show wear on edges and may contain creasing in the spine. Eligible for Amazon Prime! Previous Library Book. Eligible for Amazon Prime!
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves Hardcover – November 15, 2011

34 customer reviews

See all 5 formats and editions Hide other formats and editions
New from Used from
"Please retry"
"Please retry"
$3.77 $0.01

Take an Extra 30% Off Any Book
$21.95 FREE Shipping on orders over $35. Only 4 left in stock (more on the way). Ships from and sold by Gift-wrap available.

Frequently Bought Together

  • Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves
  • +
  • Financial Markets and Institutions (with Stock Trak Coupon)
Total price: $325.64
Buy the selected items together

Special Offers and Product Promotions

  • Take an Extra 30% Off Any Book: Use promo code HOLIDAY30 at checkout to get an extra 30% off any book for a limited time. Excludes Kindle eBooks and Audible Audiobooks. Restrictions apply. Learn more | Shop now

Editorial Reviews




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 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 best financial analysts on Wall Street. He brings clarity to a world full of uncertainty."
Maria Bartiromo, leading financial commentator

“Mike has long advocated for the investor. If only directors of business corporations with the legal and moral obligation to their shareholder base would emulate his diligence on their behalf, then good corporate governance would be restored. Every public company director ought read his book!”
—Thomas Garrott, ex-CEO of National Commerce bank and an ex-director of SunTrust


Hero Quick Promo
Holiday Deals in Kindle Books
Save up to 85% on more than 1,000 Kindle Books. These deals are valid until November 30, 2015. Learn more

Product Details

  • Hardcover: 208 pages
  • Publisher: Wiley; 1 edition (November 15, 2011)
  • Language: English
  • ISBN-10: 1118115465
  • ISBN-13: 978-1118115466
  • Product Dimensions: 6.3 x 0.8 x 9.3 inches
  • Shipping Weight: 13.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon Best Sellers Rank: #576,035 in Books (See Top 100 in Books)

More About the Author

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."

Customer Reviews

Most Helpful Customer Reviews

68 of 80 people found the following review helpful By Alan F. Sewell on November 5, 2011
Format: Hardcover Verified Purchase
This book is important because it goes to the heart of one of the great tragedies of our generation, the financial collapse of 2008. The big "money center" banks were the epicenter of the financial meltdown. If the government had not infused these banks with nearly a trillion dollars of public money the financial system would have failed and we would have regressed to a stone age economy.

Most of the TARP money has since been repaid, but the wreck and ruin the big banks inflicted on this country lingers. Eight million jobs were destroyed in 2008. Even now three years later we are creating only 1/3rd as many jobs as are needed to absorb the entry of young workers into the labor force. The banks spread their toxic web of mortgage derivatives across the financial markets, wiping out tens of millions of retirement accounts. The banks enticed non-creditworthy customers to take out mortgages and home equity loans that were impossible to service after the economy went bust, wrecking the housing market with a flood of foreclosures.

The big banks caused tens of millions of Americans to lose their jobs, their pensions, and their homes. They have devastated our economy as surely as would a nuclear war. They have stolen the wealth of a generation.

Author Mike Mayo, who made a career as a Fed regulator and financial analyst, identifies three primary causes of the financial collapse.

First is the incestuous relationship between the big banks and the political parties. Both political parties have tried to sweep the financial fiasco under the rug because both were complicit in enabling it. The big banks provide much of the funding for both parties' political campaigns.
Read more ›
6 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
19 of 20 people found the following review helpful By David Merkel on November 15, 2011
Format: Hardcover
Why do you do what you do? Do you do it for money? Many do. Do you do it because you love it? Some get to do that. Do you do it because you think you have the truth, and want to make it known? Few do that.

Mike Mayo seems to be one who works for the latter two reasons, and that made him unusual on Wall Street. As an analyst of bank stocks on Wall Street, Mike Mayo was not always right, but he was right more often than not. He had a strong desire to tell what he saw to be the truth, which did not win him friends amid general overleverage in the banking sector (the banks lent too much).

Wall Street does not exist to make the buyers of the securities rich, rather, Wall Street exists to help companies get financing; the large profits of Wall Street come from the creation of stocks, bonds, and other securities to institutions and individuals.

There may be a question, though: if Wall Street does not exist to enrich the buyers of securities, then why do they employ analysts who try to point out value to potential buyers? Even today, it is because Wall Street wants to make money off of the underwriting of future securities. After all there is no money to be made in the secondary trading of ordinary securities anymore.

That is why the opinions of analysts still remain roughly 65% bullish, 30% neutral, and 5% bearish. Their posture reflects the way Wall Street positions itself for those they make money from: securities issuers, not securities buyers.

And similar to rating agencies, it has to be that way, because only the securities issuer has a concentrated interest in the issuance of a security, and for bonds, the rating.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
8 of 8 people found the following review helpful By Mark F. Pfeifer on April 5, 2012
Format: Hardcover Verified Purchase
Exile on Wall Street is an easy reading introduction to the world of the (sell side) Wall Street analyst over the past twenty years, both for those starting out (or wanting to) in the business and for readers interested in a valuable `how the world really works' addition to their investment reading. I would not recommend it for industry professionals who are already all too familiar with the issues and challenges at hand.

As a risk manager and analyst who has been evaluating financial institutions for twenty years, I found the book a welcome addition to a wide body of work, from Liar's Poker and Barbarians at the Gates to The Big Short. On the other hand, I was hoping for a wider range of anecdotes and incidents supporting Mike's underlying thesis: how difficult their employer makes it for a sell side analyst to be professional and objective in evaluating a company for investors, especially where bad news is concerned. In particular the underlying revenue driven reasons why and the complexity and contradictions of the business model. As an internal cop who rarely had to bother with placating the management of companies I was analyzing my approach is more reflective of Steve Eisman's adage: Always assume they are lying to you.

Perhaps because of his early experience he describes working at the Fed, Mike has what I view as an overly evolved regard for regulators and the Fed. In particular, like a previous reviewer I would remind Mike that the Too Big To Fail doctrine was first established by the bailout of Continental Illinois in 1984, with the approval of then chairman Paul Volcker, a man some of us refer to as the General Grant of central bankers. It's not meant as a compliment.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse

Most Recent Customer Reviews

Set up an Amazon Giveaway

Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more
Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves
This item: Exile on Wall Street: One Analyst's Fight to Save the Big Banks from Themselves
Price: $21.95
Ships from and sold by
Want to discover more products? Check out these pages to see more: brothers conflict, investments: mayo