At The Altar of Wall Street: The Ritual, Myths, Theologies, Sacraments, and Mission of the Religion Known as the Modern Global Economy by Scott W. Gustafson

2017 ◽  
Vol 31 (1) ◽  
pp. 105-107
Author(s):  
Guillermo Hansen
Keyword(s):  
Global Economy ◽  
Wall Street

Wall Street women: professional saviors of the global economy

2015 ◽  
Vol 11 (2) ◽  
pp. 137-155 ◽  
Author(s):  
Melissa Fisher
Keyword(s):  
Financial Crisis ◽  
Global Economy ◽  
First Generation ◽  
Field Work ◽  
Financial Policy ◽  
Wall Street ◽  
Content Type ◽  
Cultural Power ◽  
The 2008 Financial Crisis ◽  
Practical Implications

Purpose – This paper aims to, by drawing on two decades of field work on Wall Street, explore the recent evolution in the gendering of Wall Street, as well as the potential effects – including the reproduction of financiers’ power – of that evolution. The 2008 financial crisis was depicted in strikingly gendered terms – with many commentators articulating a divide between masculine, greedy, risk-taking behavior and feminine, conservative, risk-averse approaches for healing the crisis. For a time, academics, journalists and women on Wall Street appeared to be in agreement in identifying women’s feminine styles as uniquely suited to lead – even repair – the economic debacle. Design/methodology/approach – The article is based on historical research, in-depth interviews and fieldwork with the first generation of Wall Street women from the 1970s up until 2013. Findings – In this article, it is argued that the preoccupation in feminine styles of leadership in finance primarily reproduces the power of white global financial elites rather than changes the culture of Wall Street or breaks down existent structures of power and inequality. Research limitations/implications – The research focuses primarily on the ways American global financial elites maintain power, and does not examine the ways in which the power of other international elites working in finance is reproduced in a similar or different manner. Practical implications – The findings of the article provide practical implications for understanding the gendering of financial policy making and how that gendering maintains or reproduces the economic system. Social implications – The paper provides an understanding of how the gendered rhertoric of the financial crisis maintains not only the economic power of global financial elites in finance but also their social and cultural power. Originality/value – The paper is based on original, unique, historical ethnographic research on the first generation of women on Wall Street.

Investment Banking in 2008 (A): Rise and Fall of the Bear

2017 ◽  
pp. 1-25
Author(s):  
David P. Stowell ◽  
Evan Meagher
Keyword(s):  
Asset Management ◽  
Hedge Funds ◽  
Global Economy ◽  
Investment Banking ◽  
Housing Crisis ◽  
Wall Street ◽  
Investment Bank ◽  
Sunday Afternoon ◽  
Asset Class ◽  
The Impact

Gary Parr, deputy chairman of Lazard Freres & Co. and Kellogg class of 1980, could not believe his ears. “You can't mean that,” he said, reacting to the lowered bid given by Doug Braunstein, JP Morgan head of investment banking, for Parr's client, legendary investment bank Bear Stearns. Less than eighteen months after trading at an all-time high of $172.61 a share, Bear now had little choice but to accept Morgan's humiliating $2-per-share, Federal Reserve-sanctioned bailout offer. “I'll have to get back to you.” Hanging up the phone, Parr leaned back and gave an exhausted sigh. Rumors had swirled around Bear ever since two of its hedge funds imploded as a result of the subprime housing crisis, but time and again, the scrappy Bear appeared to have weathered the storm. Parr's efforts to find a capital infusion for the bank had resulted in lengthy discussions and marathon due diligence sessions, but one after another, potential investors had backed away, scared off in part by Bear's sizable mortgage holdings at a time when every bank on Wall Street was reducing its positions and taking massive write-downs in the asset class. In the past week, those rumors had reached a fever pitch, with financial analysts openly questioning Bear's ability to continue operations and its clients running for the exits. Now Sunday afternoon, it had already been a long weekend, and it would almost certainly be a long night, as the Fed-backed bailout of Bear would require onerous negotiations before Monday's market open. By morning, the eighty-five-year-old investment bank, which had survived the Great Depression, the savings and loan crisis, and the dot-com implosion, would cease to exist as an independent firm. Pausing briefly before calling CEO Alan Schwartz and the rest of Bear's board, Parr allowed himself a moment of reflection. How had it all happened?An analysis of the fall of Bear Stearns facilitates an understanding of the difficulties affecting the entire investment banking industry: high leverage, overreliance on short-term financing, excessive risk taking on proprietary trading and asset management desks, and myopic senior management all contributed to the massive losses and loss of confidence. The impact on the global economy was of epic proportions.

The ‘Real’ Wolf of Wall Street- COVID-19’s Impact on Healthcare Systems & Global Economies

2021 ◽  
Vol 1 (4) ◽  
pp. e235
Author(s):  
Mir Ibrahim Sajid ◽  
Alizah Pervaiz Hashmi ◽  
Dania Khan ◽  
Mir Rafe Sajid ◽  
Rizwan Sohail ◽  
...  
Keyword(s):  
Health Systems ◽  
Capital Accumulation ◽  
Global Economy ◽  
Web Of Science ◽  
Healthcare Systems ◽  
Wall Street ◽  
Economic Journals ◽  
Business Analysis ◽  
China Model ◽  
Novel Coronavirus

Background: Globally, over 7.8 million people have contracted COVID-19 and > 430,000 have died. The outbreak has strangled the world economy and has tested the resilience of all health systems —robust or fragile. Main Text:  A thorough literature review of published articles in Medline, Web of Science, Google Scholar, renowned business analysis blogs, and indexed economic journals using keywords: novel coronavirus, economy, and healthcare systems was carried out with particular emphasis on United States (U.S.) healthcare systems, National Health Service (NHS) in United Kingdome (U.K.), China, Singapore and Pakistan. While all categories of the economy have been affected, pandemic has directly affected people and possession processing services the most. For all countries analyzed, an average economic impact of -4.5% of GDP is expected. Despite its success, the China model cannot be the go-to paradigm everywhere as level of compliance to local authorities, harsh lockdown measures, and ability to quickly complete labor-intensive projects may not be replicable in other countries. Conclusions: COVID-19 pandemic has exposed multiple fault lines in health systems in term of accessibility, adaptability, and preparedness. It has also become clear that a global economy centered on the principle of capital accumulation and not societal uplift is not sustainable through times of crises.

scholarly journals The ‘Real’ Wolf of Wall Street- COVID-19’s Impact on Global Economies & Healthcare Systems

2020 ◽  
Author(s):  
Mir Ibrahim Sajid ◽  
Alizah Pervaiz Hashmi ◽  
Dania Khan ◽  
Mir Rafe Sajid ◽  
Muhammad Rizwan Sohail ◽  
...  
Keyword(s):  
Health Systems ◽  
Capital Accumulation ◽  
Global Economy ◽  
World Economy ◽  
Healthcare Systems ◽  
Wall Street ◽  
Surge Capacity ◽  
The World ◽  
China Model ◽  
Context Specific

Globally, over 3.3 million people have contracted COVID-19 and > 230,000 have died. The outbreak has strangled the world economy and has tested the resilience of all health systems —robust or fragile. While all categories of the economy have been affected, pandemic has directly affected people and possession processing services the most. For all countries analyzed, an average economic impact of -4.5% of GDP is expected. We assessed the response to the COVID-19 pandemic by healthcare systems in terms of testing capability, surge capacity, and collaboration; focusing on United States, United Kingdom, Singapore, China, and Pakistan. Despite its success, the China model cannot be the go-to paradigm everywhere as level of compliance to local authorities, harsh lockdown measures, and ability to quickly complete labor-intensive projects may not be replicable in other countries. Therefore, a context-specific strategy is necessary to deal with pandemic. COVID-19 pandemic has exposed multiple fault lines in health systems in term of accessibility, adaptability, and preparedness. It has also become clear that a global economy centered on the principle of capital accumulation and not societal uplift is not sustainable through times of crises.

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