Early in the new millennium the investment banks were on their knees. Beaten by the boom and bust of the dot.com bubble, mixed up in corporate scandals and accused of uncontrolled and rampant conflict of interest, the game seemed over for the masters of the universe. Then the bounce back came. New rules, promises to be more vigilant and rising markets took the heat off. Having learned their lesson and paid their dues, the investment banks could be relied upon to oil the wheels of capitalism in this best of all possible worlds.Philip Augar's cutting critique challenges this consensus. By being able to act simultaneously for buyers, sellers and themselves, they can generate huge returns at their customers' expense. This book explains how this systematic and legal transfer of wealth occurs and answers some important questions. Do the investment banks add value through their advice? Is there a cartel? Are there any alternatives? What will happen next?
- ISBN10 0713997850
- ISBN13 9780713997859
- Publish Date 26 May 2005 (first published 21 April 2005)
- Publish Status Out of Print
- Out of Print 23 May 2006
- Publish Country GB
- Publisher Penguin Books Ltd
- Imprint Allen Lane
- Format Hardcover
- Pages 256
- Language English