Last night I attended the New York Hedge Funds Roundtable and heard Mike Mayo speak. He is a banking analyst who maintains high principles and dares to speak out about companies who do not.
He just published "Exile on Wall Street", which chronicles his career as arguably one of the country's top bank analysts and perhaps one of the few who understands that his fealty must be to the clients who invest, rather than to the companies he was employed by who were most interested in seeking profits. It is a great read - especially for his honesty and willingness to admit when he was wrong (rarely) and not to gloat when he is right (frequently). His mantra: bank executives must be held accountable. When fat compensation packages accrue to management who've managed to drive the share price down, thereby hurting its investors, something is wrong. Very wrong. He names several.
I've written before about banks and how those at the helm seem not to be accountable for the errors they made and the financial losses they have caused. We the people are paying the piper.
Mike Mayo calls them out with truth and humor.
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