Showing posts with label Street. Show all posts
Showing posts with label Street. Show all posts

Saturday, October 23, 2010

A Global Life: My Journey Among Rich and Poor, from Sydney to Wall Street to the World Bank

A Global Life: My Journey Among Rich and Poor, from Sydney to Wall Street to the World Bank Review



Before the reader sits down with Mr. Wolfensohn's book he is best advised to be well-rested because in addition to a fascinating autobiography they are also receiving a forum on international development and global relations, a primer on business, and an introduction to the personal and professional psychological machinations of interpersonal/organizational relationships. Jeffrey Goldstein, one of Wolfensohn's first hires at his investment firm in the 1980s, described Wolfensohn as being "a sponge" during the time they were building Jim's business but judging from his humble childhood in Sydney, Australia to his movement into the highest echelons of power, Wolfensohn also has to be viewed as a laser guided torpedo constantly locking onto new targets be they in business, development, or in the arts. The book paints a picture of a self-assured almost cocky young boy who finds himself, at the outset, getting his head "dunked" by a farmhand into a bucket of lime and who later upon making the Australian Olympic team as a fencer is dismissed by a young autograph seeker who states, "Oh don't worry about him, he's only a fencer." This pattern of challenge and personal reassessment is sprinkled throughout his life. After applying to Oxford (rejected) and failing to receive an appointment as a Rhodes Scholar, Wolfensohn took what was behind door number three, Harvard Business School, and that to paraphrase Frost, "Made all the difference." After that Wolfensohn slammed down onto a personal gas pedal that led to Europe, Wall Street, two terms as the president of the World Bank, an appointment as the Special Envoy to the Gaza Disengagement in addition to numerous corporate boards and the chairmanship of both Carnegie Hall and the Kennedy Center. At four-hundred and forty-four pages the reader's time is well spent and he will come away feeling about this book in much the same way that one of his mentors, Julius Stone, wrote on his Harvard application that Wolfensohn possessed, "Indefinable attributes."



A Global Life: My Journey Among Rich and Poor, from Sydney to Wall Street to the World Bank Feature


  • ISBN13: 9781586482558
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed



A Global Life: My Journey Among Rich and Poor, from Sydney to Wall Street to the World Bank Overview


The autobiography of the larger-than-life, visionary financier and humanitarian who led the World Bank through one of its most intense and tumultuous decades in the struggle against global poverty.

As president of the World Bank for a decade, James Wolfensohn tackled world poverty with a passion and energy that made him a uniquely important figure in a fundamental arena of change. Using a lifetime of experience in the banking sector, he carved a distinct path in Asia, Africa, Latin America, and Europe for the institution that serves as the major lender to the world's poor.

In A Global Life, Wolfensohn tells his astonishing life story in his own words. A man of surpassing imagination and drive, he became an Olympic fencer and a prominent banker in London and New York. An Australian, he navigated Wall Street with uncommon skill. Chairman of Carnegie Hall and the Kennedy Center for many years, he is also an amateur cellist. But it was his tenure at the World Bank that made him an international force. While at the helm of this controversial institution, Wolfensohn motivated, schemed, charmed, and bullied all the constituencies at his command to broaden the distribution of the world's wealth. Now he bluntly assesses his successes and failures, reflecting on the causes of continuing poverty.

Much more than a business story, this is a deeply reflective account of a fascinating career and personality.


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Friday, October 22, 2010

The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History

The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Review



"The Greatest Trade Ever" does a terrific job of showing how John Paulson realized in 2006 that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson figured out a way to wager against housing by buying credit default swaps (CDS). In 2007 the markets began to implode and by the end of the year Paulson had pulled off the greatest trade in financial history, earning more than BILLION for his firm. What he did may be entirely legal, but I don't find it particularly admirable.

I wish the author would have provided the following information:
-How much money did Paulson pay for his entire CDS coverage and which firms sold the CDS certificates to Paulson?
-Would Paulson have been able to get the billion for his CDS coverage if the US Government hadn't bailed out so many firms?
-If the US Government had let more firms go bankrupt, would Paulson have received anything?
-Are the US tax payers the people who are actually paying for the billion Paulson received?

The book describes a few other men attempting to do the same thing as Paulson, but no one else did as well. None of them tried to warn the US government of the coming meltdown. Apparently none of those profiting from the crash have done anything with their money except satisfy their own desires.

Ultimately, Paulson was able to get billion because of combinations of greed, incompetence, and dishonesty of the following: people lying to qualify for subprime loans, people encouraging unqualified people to get subprime loans, subprime loans being bundled and rated as safer than they really were, politicians looking the other way as Fannie and Freddie were used to provide subprime loads to all kinds of unqualified people, and the rest of us for trusting all of those listed above.

It is interesting to compare "The Greatest Trade Ever" with a book I am currently reading, "The Dam Busters" by Paul Bricknill (first published in 1951 and again in 1979).

"The Dam Busters" and "The Greatest Trade Ever" describe two completely different groups of men. "The Greatest Trade Ever" men appear to be addicted to acquiring money, without any concern for anyone or anything but themselves. The men in "The Dam Busters" were a squadron of hand-picked fliers who destroyed two of Germany's major dams in the most daring and successful raid of WWII. They put their lives on the line on a regular basis and demonstrated incredicle devotion, self-sacrifice and courage. Most of them lost their lives while they were protecting others and defeating Hitler.

After reading "The Greatest Trade Ever" I felt sad about all the rotten people and policies that contributed to the latest meltdown in the US that damaged almost all of us, but "The Dam Busters" reminded me that there are courageous, honorable men and women whose focus is on helping to defeat evil.

If our society ever has a major breakdown due to some catastrophic event, I think that most of us would prefer to join in survival efforts with people like those described in "The Dam Busters". I suspect that most of us would be afraid that "The Greatest Trade Ever" types would focus on how they could personally benefit from the disaster and not focus on how to help anyone survive.

What do you think?







The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Feature


  • ISBN13: 9780385529914
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed



The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Overview


In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall.  Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing.  He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it.  Colleagues at investment banks scoffed at him and investors dismissed him.  Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about.  But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line.
     In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992.  Paulson made billions more in 2008 by transforming his gutsy move.  Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough.
     Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.


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