By Karen Ho
Monetary collapses—whether of the junk bond marketplace, the web bubble, or the hugely leveraged housing market—are frequently defined because the inevitable results of marketplace cycles: What is going up needs to come down.
In Liquidated, Karen Ho punctures the air of secrecy of the summary, omnipotent marketplace to teach how monetary markets, and especially booms and busts, are built. via an in-depth research into the standard studies and ideologies of Wall road funding bankers, Ho describes how a financially dominant yet hugely volatile industry approach is known, justified, and produced throughout the restructuring of companies and the bigger economy.Ho, who labored at an funding financial institution herself, argues that bankers’ techniques to monetary markets and company the USA are inseparable from the constructions and techniques in their places of work.
Her ethnographic research of these places of work is stuffed with the voices of under pressure first-year affiliates, overworked and alienated analysts, undergraduates desirous to be employed, and pro dealing with administrators. Recruited from elite universities as “the top and the brightest,” funding bankers are socialized right into a global of excessive threat and excessive gift. they're paid handsomely, with the knowledge that they're allow move at any time. Their place of work tradition and networks of privilege create the belief that activity lack of confidence builds personality, and worker liquidity ends up in shrewdpermanent, effective company.
Based in this tradition of liquidity and reimbursement practices tied to profligate deal-making, Wall highway funding bankers reshape company the United States of their personal photograph. Their challenge is the construction of shareholder worth, yet Ho demonstrates that their practices and assumptions frequently produce crises as an alternative. via connecting the values and activities of funding bankers to the development of markets and the restructuring of U.S. organisations, Liquidated unearths the actual tradition of Wall road frequently obscured via triumphalist readings of capitalist globalization.
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Extra info for Liquidated: An Ethnography of Wall Street
Example text
I had just been called upon to streamline a ‘‘back office’’ department at bt that played a support role for the investment management ‘‘front office,’’ processing trades, managing ledgers, and fielding customer accounts. ’’ I knew immediately that I would resist; for me, this was the freedom of being a future fieldworker. Specifically, I was asked to conduct a Taylorist time-motion study of their workday, actually charting and measuring the kinds of tasks and the time needed for completion to judge how many workers were necessary.
He further explains that ‘‘stories’’ serve to ‘‘authorize’’ and ‘‘found’’ a set of social practices, to delimit and carve out ‘‘a theater of actions’’ (Certeau 1984, 123). ’’ I argue similarly that Wall Street’s narratives of shareholder value resignify the business landscape, creating an approach to corporate America that not only promotes socioeconomic inequality but also precludes a more democratic approach to corporate governance. Banker talk of shareholder value simplifies corporate history, limits others who may have claims on corporate profits, and forecloses a range of more equitable corporate practices.
His art is arcane. But just as the rainmaker promised to draw from the sky the drops that nourished the farmers’ crops, so these latter-day rainmakers draw from the people and institutions around them the dollars 28 introduction that are needed to build the nation’s factories. . What is investment banking? Simply the art of raising money for a client. (Jensen 1976, 1–2) One of the key ways in which Wall Street investment bankers control their present and future representation as a fountain of capital that ‘‘build[s] the nation’s factories’’ is to strengthen their hold on the past.