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Audiobook7 hours
Young Money: Inside the Hidden World of Wall Street's Post-crash Recruits
Written by Kevin Roose
Narrated by Nicholas Tecosky
Rating: 4 out of 5 stars
4/5
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About this audiobook
Becoming a young Wall Street banker is like pledging the world's most lucrative and soul-crushing fraternity. Every year, thousands of eager college graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money-- as well as how to dress, talk, date, drink, and schmooze like real financiers.
YOUNG MONEY
Inside the Hidden World of Wall Street's Post-Crash Recruits
YOUNG MONEY is the inside story of this well-guarded world. Kevin Roose, New York magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process.
Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work.
YOUNG MONEY is more than an exposé of excess; it's the story of how the financial crisis changed a generation-and remade Wall Street from the bottom up.
YOUNG MONEY
Inside the Hidden World of Wall Street's Post-Crash Recruits
YOUNG MONEY is the inside story of this well-guarded world. Kevin Roose, New York magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process.
Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work.
YOUNG MONEY is more than an exposé of excess; it's the story of how the financial crisis changed a generation-and remade Wall Street from the bottom up.
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Reviews for Young Money
Rating: 4.022222240740741 out of 5 stars
4/5
135 ratings9 reviews
- Rating: 5 out of 5 stars5/5Cool, quick read that certainly reflects the picture accurately.
- Rating: 4 out of 5 stars4/5Enjoyable book, the insight of young people’s life in the banking industry. I have seen M&A people and it’s crazy hours and life. Impressive to have been able to follow these individuals over such a long time, considering they are young and rich.
- Rating: 5 out of 5 stars5/5Really good gives you an inside look at the finance industry and its effect on recent college grades, and how the industry is changing as a whole.
- Rating: 5 out of 5 stars5/5Interesting book loved the inside details on young analysts on Wall Street
- Rating: 3 out of 5 stars3/5It was a fun inside look at the new banking Industry.
- Rating: 5 out of 5 stars5/5Captivating, couldn't stop listening to it! Even non finance folks can enjoy.
- Rating: 2 out of 5 stars2/5this is really jsut a collection of case study examples of college graduates starting careers in the banking and finance industry. Interesting enough and well written, but not really worth reading a whole book about.
- Rating: 4 out of 5 stars4/5I enjoyed this book and would recommend that younger people particularly those in college, read this cautionary tale. Roose shadowed eight college students about to enter career life working in financial and investment companies. I have heard previous tales of how companies like Goldman Sachs would work their new interns and young employees to death ( literally.) The abuse that these young employees endured certainly was not worth the money and promised bonuses that they received. Some people thrive in this type of environment – – most don't.
Roose also described crashing a fraternity like event where various senior executives in financial services got together and mocked their wealth, bonuses and lifestyle. They reveled in the money they made given the opposition to their wealth and bonuses after the financial meltdown. When Roose was uncovered as a reporter, he was threatened as if he was an allied spy at a Nazi convention.
This is the type of book that makes many Americans suspicious and antagonistic towards the 1%.
Plenty of good stories – – some happy endings – – some lessons learned. - Rating: 4 out of 5 stars4/5Read from March 08 to 11, 2014This book is a look at the aftermath of that crisis and follows 8 newbies on Wall Street from 2010-2013.The basics: Their lives suck, but they make great money.The book reads quickly and while I would have liked a little more explanation of some of the job titles, acronyms, and the whats-its of finance, adding all of that would have slowed it down a lot. It's a good introduction to what it's like now for new recruits. I'm looking forward to skimming and viewing a few of the books (and a couple of movies) mentioned throughout Young Money.Reading about the experiences of these young analysts definitely shows how someone could turn into one of the douchebags of Wall Street we all seem to be familiar with. The long hours, little recognition, tons of stress, no social life outside of work, and bosses that just keep piling on the work can definitely lead to excessive drinking, drug use, and depression.But by the end of the book, there's definitely a little hope that Wall Street has changed its ways.