Liquidated

Karen Ho is Associate Professor of Anthropology, University of Minnesota.

Acknowledgments ix Introduction: Anthropology Goes to Wall Street 1 1. Biographies of Hegemony: The Culture of Smartness and the Recruitment and Construction of Investment Bankers 39 2. Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work 73 3. Wall Street Historiographies and the Shareholder Value Revolution 122 4. The Neoclassical Roots and Origin Narratives of Shareholder Value 169 5. Downsizers Downsized: Job Insecurity and Investment Banking Corporate Culture 213 6. Liquid Lives, Compensation Schemes, and the Making of (Unsustainable) Financial Markets 249 7. Leveraging Dominance and Crises through the Global 294 Notes 325 References 353 Index 369

"Liquidated is an interesting description of many of the practices and orientations that exist in large investment banks, one that confirms what the reader may suspect: that these institutions are forcing-grounds for the sort of hubris and invulnerability that goes with the phrase Masters of the Universe', the incomprehensible money that sales staff receive, and the idea that they are 'doing God's work'. It also, however, indicates the reverse of the strength of the social studies of finance. Liquidated may help explain why those in investment banks think and operate in the ways that they do." - James C. Carrier, Journal of the Royal Anthropological Institute "We're pretty familiar with the economic rationale for the regime of cost-cutting and downsizing throughout corporate America in recent decades. But Karen Ho's research greatly enriches our understanding of how Wall Street's own peculiar culture of transient relationships and relentless competition has contributed to the shareholder revolution. And, along the way, her interviews and fieldwork offer a very revealing picture of the mind of Wall Street. A fascinating and important book." - Doug Henwood, editor of Left Business Observer " Karen Ho has picked an excellent time to publish her fascinating new study...patient ethnographic analysis has produced a fascinating portrait that will be refreshingly novel to most bankers...Ho peppers her account with revealing eyewitness stories...Most fascinating of all is her account of how Wall Street becomes deluded by its own rhetoric about "market efficiency"...I, for one, would vote that Ho's account becomes mandatory reading on any MBA (or investment banking course); if nothing else, it might be more entertaining than the other texts that bankers swallow so uncritically." - Gillian Tett, Financial Times, 2nd October 2009 "Ho's study shows the intense competitiveness that is instilled in these primarily Ivy League recruits even before they are finished with their Bachelor's degrees. And she examines the myth that stockowners and companies are best served by maximizing shareholder profits. If anything, this book gives faces to the people who work in that abstract entity called Wall Street that seems to affect our world so much of late. I highly recommend it, especially if you have no idea how the world of high finance operates." James Franco, The Huffington Post, June 4th 2012