The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its "thundering herd" of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only "bullish on America," it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months' work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell's "Crash of the Titans" is a Shakespearean saga of three flawed masters of the universe. E. Stanley O'Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch--where he engineered a successful turnaround--was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O'Neal's support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm's balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O'Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname "Super Thain." He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill's problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose "my way or the highway" management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn't understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the "Beverly Hillbillies." BofA's inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol'-boy network in which competence played second fiddle to blind obedience."Crash of the Titans" is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people's money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.

    Zeroing in on his original management style and leadership approach, author James O'Loughlin exposes the powerful and practical lessons of Buffett, demonstrating how he became the second richest man in America.

    In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will phish us as phools.Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and Shiller bring this idea to life through dozens of stories that show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay the next month's bills. The financial system soars, then crashes. We are attracted, more than we know, by advertising. Our political system is distorted by money. We pay too much for gym memberships, cars, houses, and credit cards. Drug companies ingeniously market pharmaceuticals that do us little good, and sometimes are downright dangerous.Phishing for Phools explores the central role of manipulation and deception in fascinating detail in each of these areas and many more. It thereby explains a paradox: why, at a time when we are better off than ever before in history, all too many of us are leading lives of quiet desperation. At the same time, the book tells stories of individuals who have stood against economic trickery--and how it can be reduced through greater knowledge, reform, and regulation.

    The great American maverick of our time releases his long-awaited memoir, revealing his lonely childhood, the devastating loss of his father, intimate details of his marriage to Jane Fonda, and his unparalled success as a businessman and philanthropist.

    Read this sensational and controversial account of the often dazzling business of derivatives trading, and see if you agree.No money is ever really made in financial markets. Markets merely transfer wealth. As to how to make money? Well, it is basically theft, misrepresentation, lies, cheating, deception or force. It is impossible to make the staggering amounts made in derivatives in good years honestly.Traders, Guns & Money is a wry and wickedly comic exposé of the culture, games, and pure deceptions played out every day in trading rooms around the world, usually with other people's money. Whether you move in the financial world yourself, know people who do, or have money invested in stocks, shares or derivatives, this is a fascinating read guaranteed to make you think.

    A cyber-enigma with an enthusiastic following, it pops up in headlines and fuels endless media debate. You can apparently use it to buy anything from coffee to cars, yet few people seem to truly understand what it is. This raises the question: Why should anyone care about bitcoin?In The Age of Cryptocurrency, Wall Street journalists Paul Vigna and Michael J. Casey deliver the definitive answer to this question. Cybermoney is poised to launch a revolution, one that could reinvent traditional financial and social structures while bringing the world's billions of "unbanked" individuals into a new global economy. Cryptocurrency holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash.But bitcoin, the most famous of the cybermonies, carries a reputation for instability, wild fluctuation, and illicit business; some fear it has the power to eliminate jobs and to upend the concept of a nation state. It implies, above all, monumental and wide-reaching change-for better and for worse. But it is here to stay, and you ignore it at your peril.Vigna and Casey demystify cryptocurrency-its origins, its function, and what you need to know to navigate a cyber-economy. The digital currency world will look very different from the paper currency world; The Age of Cryptocurrency will teach you how to be ready.

    Completely updated every two years with Buffett's latest moves and countermoves, this best-selling biography returns with new insights into the tactics and strategies of the "Oracle of Omaha."Over 100 easy-to-read chapters trace Buffett from childhood to his recent headlining investments and acquisitions, and provide a unique, in-depth look into Buffett's life and mind. Only here will Buffett enthusiasts find coverage this comprehensive, with valuable benefits that include:*A quarter-by-quarter replay of Buffett's remarkable investing record*Insights into his favorite investment moves *Over 250 black and white photos

    He warns that fundamentalists are deliberately blurring the lines between politics and religion. As a believing Christian, Carter takes on issues that are under fierce debate -- women's rights, terrorism, homosexuality, civil liberties, abortion, the death penalty, science and religion, environmental degradation, nuclear arsenals, preemptive war, and America's global image.

    Mellon, the American colossus who bestrode the worlds of industry, government, and philanthropy, leaving his transformative stamp on each. Following a boyhood in nineteenth-century Pittsburgh, during which he learned from his Scotch-Irish immigrant father the lessons of self-sufficiency and accumulation of wealth, Andrew Mellon overcame painful shyness to become one of America’s greatest financiers. Across an unusually diverse range of enterprises, from banking to oil to aluminum manufacture, he would build a legendary personal fortune, tracking America’s course to global economic supremacy. Personal happiness, however, eluded him: his loveless marriage at forty-five to a British girl less than half his age ended in a scandalous divorce, and for all his best efforts, he would remain a stranger to his children. He had been bred to do one thing, and that he did with brilliant and innovative entrepreneurship. The Mellon way was to hold companies closely, including such iconic enterprises as Alcoa and Gulf Oil. Collecting art, a pursuit inspired by his close friend Henry Clay Frick, would become his only nonprofessional gratification. And by the end of his life, Mellon’s “pictures” would constitute one of the world’s foremost private collections.Mellon’s wealth and name allowed him to dominate Pennsylvania politics, and late in life he was invited to Washington. As treasury secretary under presidents Harding, Coolidge, and finally Hoover, he made the federal government run like a business—prefiguring the public official as CEO. But this man of straightforward conservative politics was no politician. He would be hailed as the architect of the Roaring Twenties, but, staying too long, would be blamed for the Great Depression, eventually to find himself a broken idol. The New Deal overthrew Andrew Mellon’s every fiscal assumption, starting with the imperative of balanced budgets. Indeed, he would become the emblem—and the scapegoat—for the Republican conviction and policy that the role of government is to help business create national wealth and jobs. At the age of seventy-nine, the former treasury secretary suffered the ultimate humiliation: prosecution by FDR’s government on charges of tax evasion. In the end Mellon would be exonerated, as he always trusted he would be, and throughout the trial, which lasted more than a year, he never abandoned what had become his last dream: to make a great gift to the American people. The National Gallery of Art remains his most tangible legacy, although he did not live to see its completion.The issues Andrew W. Mellon confronted—concerning government, business, influence, the individual and the public good—remain at the center of our national discourse to this day. Indeed, the positions he steadfastly held reemerged relatively intact with the Reagan revolution, having lain dormant since the New Deal. David Cannadine’s magisterial biography brings to life a towering, controversial figure, casting new light on our history and the evolution of our public values.

    Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as Heads, I win! Tails, I don't lose that much!, Few Bets, Big Bets, Infrequent Bets, Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks. Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.

    Morale had deteriorated, competition was more intense, and technology was changing faster than at any time in the company's history. "I knew there was nothing to be gained from arguing over the past," Iger writes. "The only thing that mattered was the future, and I believed I had a clear idea of the direction Disney needed to go." It came down to three clear ideas: 1) Create the highest quality content Disney could produce. 2) Embrace and adopt technology instead of fighting it. And 3) Think bigger--think global--and turn Disney into a stronger brand in international markets.Twelve years later, Disney is the largest, most respected media company in the world counting Pixar, Marvel, Lucasfilm and 21st Century Fox among its properties. Its value is nearly five times what it was when Iger took over, and Iger is recognized as one of the most innovative and successful CEOs of our time.Now, he's sharing the lessons he's learned while running Disney and leading its 200,000 employees--taking big risks in the face of historic disruption; learning to inspire the people who work for you; leading with fairness and communicating principles clearly. This book is about the relentless curiosity that has driven Iger for forty-five years, since the day he started as a studio supervisor at ABC. It's also about thoughtfulness and respect, and a decency-over-dollars approach that has become the bedrock of every project and partnership Iger pursues, from a deep friendship with Steve Jobs in his final years to an abiding love of the evolving Star Wars myth."Over the past fourteen years, I think I've learned so much about what real leadership is," Iger writes. "But I couldn't have articulated all of this until I lived it. You can't fake it--and that's one of the key lessons in this book."Librarian Note: This is an Advance Reader Copy issued with ISBN 9780399592096. That ISBN has been moved to the final published copy, found here

    The daughter of a successful investor and bestselling financial author of Rule #1, Phil Town, she spent most of her adult life avoiding investing—until she realized that her time-consuming career as lawyer was making her feel anything but in control of her life or her money. Determined to regain her freedom, vote for her values with her money, and deal with her fear of the unpredictable stock market, she turned to her father, Phil, to help her take charge of her life and her future through Warren Buffett-style value investing. Over the course of a year, Danielle went from avoiding everything to do with the financial industrial complex to knowing exactly how and when to invest in wonderful companies.In Invested, Danielle shows you how to do the same: how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons.In each chapter, Danielle examines the investment strategies she mastered as her increasing know-how deepens the trust between her and her father. Throughout, she streamlines the process of making wise financial decisions and shows you just how easy—and profitable—investing can be.Capturing a warm, charming, and down-to-earth give and take between a headstrong daughter and her mostly patient dad, Invested makes the complex world of investing simple, straightforward, and approachable, and will help you formulate your own investment plan—and foster the confidence to put it into action.

    You don't need special access to "insider" information or a degree in accounting to figure it out. In fact, the secret is right in front of you--in black and white--in the words of every shareholder letter, annual report, and corporate correspondence you receive.Investing Between the Lines shows you how to:Decipher the "FOG" of confusing company communicationsDecode the real meaning behind corporate jargon and platitudesSeparate the facts from the fluff in annual reports and quarterly earnings callsSafeguard your money by investing in companies that steward investor capitalToo often, corporate executives and investment professionals are expected to deliver short-term results. As a result, they are compelled to turn to accounting techniques and unclear language to meet these expectations.In Investing Between the Lines, L.J. Rittenhouse lays out her time-tested approach for recognizing at-risk businesses before trouble hits. This is the same method she used to predict the collapse of Enron and the fall of Lehman.From comparing the statements of Ford, GM, and Toyota to revealing why FedEx and Wells Fargo have been so successful, Investing Between the Lines shows that Rittenhouse's system is one of the most powerful tools a corporate leader or investor can have. Once you learn the clues to decode CEO communications, you will be able to invest between the lines--to figure out exactly what a company's CEO is or isn't telling you.Whether you're a professional investor, a new shareholder, or a CEO who wants to improve how your company communicates, Investing Between the Lines is one of the best investments you'll ever make.Praise for Investing Between the Lines"Rittenhouse is still on the side of the angels."--WARREN BUFFETT, Chairman and CEO, Berkshire Hathaway"Tremendous! Investing Between the Lines is destined to become a classic in showing how candor is the language of trust and how trust is the basis on which companies ultimately succeed."--STEPHEN M. R. COVEY, author of the New York Times and #1 Wall Street Journal bestseller, The Speed of Trust, and coauthor of Smart Trust"Before investing only by the numbers, read Investing Between the Lines. In it, L.J. Rittenhouse makes a compelling case that CEOs' words matter too."--JAMES HESKETT, Baker Foundation Professor Emeritus, Harvard Business School, and author of The Culture Cycle"An intriguing read that gets to the heart of the 21st-century leadership challenge--the need for leaders to candidly build and earn the trust of their stakeholders in an enduring way."--DOUGLAS R. CONANT, Former President, CEO, and Director of Campbell Soup Company and New York Times bestselling author of TouchPoints"This book is the Rosetta Stone for investors and the high-water mark for CEOs."--DAVID CHILDERS, CEO of Compli, Inc., and Director, Society of Corporate Compliance and Ethics"L.J. Rittenhouse reports on over a decade of research analyzing executive communications and finds leadership clues that reveal the true values of a corporate culture which, in turn, determine performance." --LOUISE M. MORMAN, Executive Director, Lockheed Martin Leadership Institute, Miami University

     In The Hellhound of Wall Street, Michael Perino recounts in riveting detail the 1933 hearings that put Wall Street on trial for the Great Crash. Never before in American history had so many financial titans been called to account before the public, and they had come within a few weeks of emerging unscathed. By the time Ferdinand Pecora, a Sicilian immigrant and former New York prosecutor, took over as chief counsel, the investigation had dragged on ineffectively for nearly a year and was universally written off as dead. The Hellhound of Wall Street provides a minute-by-minute account of the ten dramatic days when Pecora turned the hearings around, cross- examining the officers of National City Bank (today's Citigroup), particularly its chairman, Charles Mitchell, one of the best known bankers of his day. Mitchell strode into the hearing room in obvious disdain for the proceedings, but he left utterly disgraced. Pecora's rigorous questioning revealed that City Bank was guilty of shocking financial abuses, from selling worthless bonds to manipulating its stock price. Most offensive of all was the excessive compensation and bonuses awarded to its executives for peddling shoddy securities to the American public. Pecora became an unlikely hero to a beleaguered nation. The man whom the press called "the hellhound of Wall Street" was the son of a struggling factory worker. Precocious and determined, he became one of New York's few Italian American lawyers at a time when Italians were frequently stereotyped as anarchic criminals. The image of an immigrant lawyer challenging a blue-blooded Wall Street tycoon was just one more sign that a fundamental shift was taking place in America. By creating the sensational headlines needed to galvanize public opinion for reform, the Pecora hearings spurred Congress to take unprecedented steps to rein in the freewheeling banking industry and led directly to the New Deal's landmark economic reforms. A gripping courtroom drama with remarkable contemporary relevance, The Hellhound of Wall Street brings to life a crucial turning point in American financial history.

    Changes in the fifth edition include: A new chapter on credit derivatives (Chapter 21). New! Business Snapshots highlight real-world situations and relevant issues. The first six chapters have been -reorganized to better meet the needs of students and .instructors. A new release of the Excel-based software, DerivaGem, is included with each text. A useful Solutions Manual/Study Guide, which includes the worked-out answers to the "Questions and Problems" sections of each chapter, can be purchased separately (ISBN: 0-13-144570-7).