An insider′s look at the changing balance of power on Wall Street
A monumental battle is raging in the ever–shifting, always tumultuous world of Wall Street. The Battle for Wall Street follows the struggle for power between two giants: the sellers, traditional commercial and investment banks; and the buyers, upstart hedge funds, private equity firms, and the like.
Richard Goldberg who has spent thirty years working with financial industry leaders gives you a detailed understanding of what is going on in this dynamic arena and the forces behind the shift of power from the old sell–side gatekeepers to the new buy–side players.
The Battle for Wall Street examines the instruments of change liquidity and financial technology and the agents of change: hedge funds, private equity, financial entrepreneurs, endowments, exchanges, and sovereign wealth funds. Even more importantly, it outlines the strategic implications for the winners and losers. Goldberg describes all this against the dramatic backdrop of the subprime mortgage and credit crisis and the resulting capitulation of global firms such as Bear Stearns and Lehman Brothers.
Goldberg′s unique access to major players brings this book to life with fascinating anecdotes and stories about the financial generals who have left their mark in the battle for Wall Street.
Introduction: Let the Battle for Wall Street Begin ix
Part One: Instruments of Change 1
Chapter 1 Sea of Liquidity 3
Chapter 2 Financial Information in a Digital Age 17
Chapter 3 Prime Brokerage Meeting Hall 37
Part Two: Agents of Change 47
Chapter 4 Hedge Funds: Buy–Side Player, Sell–Side Foe 49
Chapter 5 Private Equity: Buy–Side Player, Sell–Side Friend 67
Chapter 6 Entrepreneurs to Endowments: Buy–side Catalysts 87
Chapter 7 Exchanges: Sell–Side Voice, Buy–Side Electronics 107
Chapter 8 Sovereign Wealth Funds: Sell Side Today, Buy Side Tomorrow 123
Part Three: Implications of Change 135
Chapter 9 Sell–Side Casualties, Buy–Side Implications 137
Chapter 10 Buy–Side Casualties, Sell–Side Implications 155
Chapter 11 Regulatory Implications 171
Chapter 12 Future Implications 191
About the Author 235
Richard Goldberg (New York, NY) is currently a Managing Director of Putnam Lovell NBF Securities Inc., a leading investment bank to the global financial services community. He is also an Adjunct Associate Professor at Columbia University′s School of International & Public Affairs and is a visiting Adjunct Professor at Brandeis University′s International Business School. Goldberg has advised on significant deals including the Dean Witter/Morgan Stanley merger, the UBS acquisition of PaineWebber the Herzog Heine sale to Merrill Lynch, the DLJ sale to Credit Suisse, the D.E. Shaw sale of selected businesses to KBC Bank N.V. and SunAmerica merger with AIG. He received an MBA from the Wharton School of Business at the University of Pennsylvania.