In addition to being extremely informative on the topic of how the largest banks in the U.S. nearly killed the country's economy, the following titles do a good job of taking you inside the halls, cubicles, meeting rooms and corner offices of some of the major players involved, giving you an accurate look at what life is like (and, in some cases, was like) on Wall Street. Of course, they're also quite entertaining.
Today, Goldman Sachs sued seven former private wealth management employees recently poached by Credit Suisse...Some argue that poaching talent is unethical; others say it encourages competition.
Since this past February, when the U.S. government unveiled its salary cap for top executives at firms accepting TARP funds, experienced dealmakers have been making a mass exodus from large banks to little ones—where the bonuses are big and the losses are small.
If you’re employed by one of the big or small firms that have accepted funds under TARP—will feel the pinch of Uncle Sam’s grip sometime soon, and you have 418 or so employees over at the U.S.-owned (if not quite operated) American International Group to thank.
Irrespective of the bailout’s provisions, given the slow deal market, bankers throughout the industry will certainly receive much lighter bonuses this year versus last. And with the market expected to remain dry through 2009, bonuses next year won’t look much better.
Lehman Brothers’ bankruptcy means most of its 25,000 remaining employees will soon be out of job without a substantial severance package, leaving them with little breathing room with which to search for a new job.