Ebook Download Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald
Well, still perplexed of ways to get this book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald here without going outside? Just attach your computer system or gizmo to the web as well as begin downloading and install Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald Where? This web page will reveal you the web link web page to download and install Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald You never ever worry, your preferred publication will certainly be faster your own now. It will certainly be a lot easier to appreciate reviewing Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald by on the internet or obtaining the soft data on your gadget. It will regardless of that you are and also just what you are. This book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald is created for public and you are one of them that can enjoy reading of this book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald
Ebook Download Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald
This is it guide Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald to be best seller just recently. We offer you the very best deal by obtaining the magnificent book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald in this website. This Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald will not just be the type of book that is hard to discover. In this site, all sorts of publications are provided. You can search title by title, author by author, and publisher by author to find out the most effective book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald that you could review now.
Why should be this book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald to check out? You will never ever obtain the expertise and also experience without obtaining by on your own there or attempting by on your own to do it. Thus, reading this book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald is required. You can be great and also proper enough to obtain just how important is reviewing this Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald Also you consistently review by obligation, you can sustain yourself to have reading book habit. It will certainly be so useful as well as enjoyable then.
But, just how is the method to get this e-book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald Still confused? It matters not. You can appreciate reading this publication Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald by on-line or soft file. Just download the publication Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald in the link supplied to check out. You will get this Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald by online. After downloading, you can conserve the soft data in your computer system or device. So, it will certainly alleviate you to read this publication Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald in certain time or place. It could be unsure to take pleasure in reading this publication Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald, considering that you have bunches of task. But, with this soft data, you can enjoy reviewing in the downtime even in the spaces of your works in workplace.
Again, reviewing behavior will certainly always offer helpful benefits for you. You may not need to spend often times to review guide Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald Simply established apart a number of times in our spare or downtimes while having dish or in your office to read. This Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald will certainly reveal you new point that you can do now. It will certainly aid you to enhance the quality of your life. Occasion it is just a fun e-book Last Man Standing: The Ascent Of Jamie Dimon And JPMorgan Chase, By Duff McDonald, you can be healthier as well as more fun to take pleasure in reading.
In the midst of the most disastrous economic climate of Wall Street’s history, one executive has weathered the storm more deftly than any other: Jamie Dimon, chairman and CEO of JPMorgan Chase. In 2008, while Dimon’s competitors watched their companies crumble, JPMorgan not only survived, it made an astonishing $5 billion profit. Dimon’s continued triumph in the face of an industry-wide meltdown has made him a paragon of finance.
In Last Man Standing, award-winning journalist Duff McDonald provides an unprecedented and deeply personal look at the extraordinary figure behind JPMorgan’s success. Using countless hours of interviews with Dimon and his full circle of friends, family, and colleagues, this definitive biography is by far the most comprehensive portrait of the man known as the Savior of Wall Street.
Now, in an updated prologue, McDonald offers insight into the future of Wall Street and how Dimon will overcome the challenge of aggressive new regulation from Washington—and how he plans to continue to thrive as the world’s preeminent banker.
- Sales Rank: #191303 in Books
- Published on: 2010-10-19
- Released on: 2010-10-19
- Original language: English
- Number of items: 1
- Dimensions: 8.44" h x 1.10" w x 5.50" l, .73 pounds
- Binding: Paperback
- 352 pages
- ISBN13: 9781416599548
- Condition: USED - Very Good
- Notes: 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Review
“An intimate . . . three-dimensional portrait of the executive, with lots of reporting from his friends and family.”
—Mara Der Hovanesian, BusinessWeek
About the Author
A contributing editor at The New York Observer, Duff McDonald has also written for Vanity Fair, The New Yorker, New York magazine, Fortune, and Esquire, among other publications.
Excerpt. © Reprinted by permission. All rights reserved.
PROLOGUE
On the morning of September 18, 2008, the phone rang in Jamie Dimon’s office. It was Hank Paulson, the secretary of the treasury. For the second time in six months, Paulson had a pressing question for the chairman and CEO of JPMorgan Chase. Would Dimon be interested in acquiring the floundering investment bank Morgan Stanley—at no cost whatsoever?
During one of the most tumultuous months in the history of the stock market—stocks fell 27 percent between August 29 and October 10, 2008—the storied investment bank Lehman Brothers had already failed, the brokerage giant Merrill Lynch had been sold to Bank of America, and the insurance heavyweight AIG had received an emergency loan of $85 billion from the federal government. One of the only remaining questions was whether it would be Morgan Stanley or Goldman Sachs that fell next. The government was desperately seeking to stave off what could have been a wipeout of Wall Street. And here was Paulson, offering Dimon Morgan Stanley for the bargain basement price of $0 per share.
At the government’s urging, Dimon had agreed to take over Bear Stearns for $2 a share in March 2008, in a whirlwind 48-hour deal. (The price was ultimately raised to $10.) The transaction had catapulted JPMorgan Chase to the forefront of the financial industry and established Dimon as the government’s banker of last resort. “Some are coming to Washington for help,” Sheila Bair, chairman of the Federal Deposit Insurance Corporation, later said. “Others are coming to Washington to help.”
Considered in a historical light, a takeover of Morgan Stanley would have been much more profound than that of Bear Stearns. Dimon was already being compared to John Pierpont Morgan, the legendary banker who was his company’s founder, and this deal would have meant a reassembling of the empire that had been forcibly dismantled during the Great Depression, when banks were barred from the securities trade. Dimon, in other words, would have been sitting atop the very same empire his firm’s namesake had lorded over nearly a century before.
But it was not to be. Dimon reportedly said he’d discuss it with his board, but his initial view was that his bank shouldn’t do it—it would involve a bloodbath for employees on both sides, a doubling of risk, and years of distraction for the company. What’s more, the ultimate cost of a deal would have been quite substantial, whether in terms of layoffs, writedowns, or a de-risking of Morgan Stanley’s balance sheet. (Dimon has always said it doesn’t make sense for two major investment banks to merge.) Moreover, his team was already busy preparing a bid to take over the deposits and loans of the Seattle-based bank Washington Mutual, also on the verge of failure.
The amazing thing: Paulson really didn’t have anyone else to turn to. Dimon was quite literally the only chief of a major bank to have properly prepared for the hundred-year storm that had hit Wall Street with such vengeance. Everyone had known that the capital base of the financial sector had been in desperate need of shoring up, but Jamie Dimon was alone among his peers in having actually done something instead of just talking about it. As a result, of all the actions taken by the government in the fifteen months since the crisis had started, the only thing that had really worked was giving it to Jamie. Which is exactly why a desperate Paulson was trying to do it again. But he proved unable to persuade Dimon to pull off a third major deal in 2008. Morgan Stanley eventually pulled through. But even without this deal, Dimon’s reputation continued to ascend to new heights. In the midst of the most serious and far-reaching financial crisis since the 1930s—much of it caused by plain old avarice and bad judgment—Dimon and JPMorgan Chase stood apart. Much of the melodramatic coverage of Wall Street postcrisis has focused on its flaws—the hubris and the greed. Jamie Dimon’s story contains the opposites—the values of clarity, consistency, integrity, and courage. By sticking to them, Dimon has unquestionably become the dominant banking executive of his era. “Banking is a very good business if you don’t do anything dumb,” says Warren Buffett. “Morris Shapiro said long ago that there are more banks than bankers, and that’s fundamentally the problem. But Jamie is a banker from head to toe.”
© 2009 Duff McDonald
Most helpful customer reviews
27 of 29 people found the following review helpful.
Fascinating - and flattering - profile of financial power
By Rolf Dobelli
Duff McDonald's book covers a fascinating historical moment - the 2008-2009 Wall Street debacle - by profiling a pivotal character in the thick of it, Jamie Dimon, CEO of JPMorgan Chase. Having spent extensive time with Dimon, McDonald combines his reporting with published sources, Dimon's own writings and statements, and interviews with his associates, employees or relatives. McDonald covers Dimon's youth, business school education and evolving career. Dimon was a nonconformist in business school and politics, an astute lieutenant of his mentor Sandy Weill, and a pivotal figure in the financial crisis. Notably, he preserved JPMorgan Chase, bought Bear Stearns and helped lead the market back to stability. Readers interested in a critical take on Dimon may find the book too flattering, but if you want to see how the financial wars looked from the CEO's chair, getAbstract recommends this intriguing perspective.
47 of 57 people found the following review helpful.
Verbose and Vauge, but Still Useful
By Loyd Eskildson
Wouldn't it be wonderful to read a book about Jamie Dimon, CEO of J.P. Morgan Chase, and obtain an increased understanding of banking, the 2008 crash, and how Dimon has successfully managed banks? Unfortunately, it won't happen easily via "Last Man Standing." The book fails to take a management emphasis, rarely defines terms and concepts, and is basically a chronology of Dimon's life. Nonetheless, some good can be derived from its reading.
Dimon, without question, is highly talented. However, his career received two initial major boosts. The first was working for several Harvard Business School professors in finance prior to beginning his Harvard Business School (HBS) experience. This provided him with early high-level exposure to the area and undoubtedly enriched his education experience as well. The second was joining forces with Sandy Weill in 1982 upon graduating from Harvard (Baker Scholar - top 5%), and having the opportunity to participate in top-level analyses and decision-making with many a 'mover and shaker.' (Dimon's alternative was more remunerative, but much lower level positions in investment banking.)
Weill had recently been pushed out of American Express, so Dimon was taking a bit of a gamble joining up with Weill. Fortunately, it wasn't too long before Control Data asked for help with its newly acquired Commercial Credit unit - lender to those with relatively low household incomes. Weill was appointed CEO in 1986, a leveraged buy-out soon followed, assuring a rich options opportunity for both himself and Dimon. Other steps included a 10% staff cut, selling off the car leasing and accounts-receivable insurance businesses (too much risk), and cutting executive perks (magazine subscriptions, country club memberships, flowers). Return on equity jumped from 4% to 18%. McDonald also lets readers know that Dimon was seen as abrasive and arrogant, as well as an incredible fact-digger and student of corporate financials. (If your child's report card says "Doesn't work well with others," don't worry.)
The business model Weill and Dimon adopted was that of running the business conservatively, building fortress balance sheets (high-quality capital - common and preferred stock, conservative accounting and loss reserves) to make acquisitions during downturns when assets were cheap. Aim to make the firm either more distinctive (eg. provide customers with a more comprehensive accounting statement), or the low-cost producer - aka Porter's HBS strategic advice. They went on to buy Primerica (Gerry Tsai's over-leveraged American Can, plus acquisitions), then Drexel Burnham, Barclay's American/Financial, and ultimately Traveler's Insurance. (The latter was caught between real estate defaults in its investments and annuity investors wanting their returns.)
Weill eventually became jealous over the publicity and attention afforded Dimon (New Yorkers had seen this movie before when Mayor Giuliani pushed the highly successful Police Chief Bratton out for the same reason), was outraged that Dimon denied Weill's daughter a promotion (McDonald says Dimon was correct in doing so; regardless, probably not a good career move by Dimon), and shortly after Weill acquired Citibank, Dimon is pushed out in 2000. (How Weill got the laws changed and the Federal Reserve to go along is a whole other, 'dark,' topic.)
After about a year, Banc One, 4th-largest bank in the U.S. was having problems with its most recent merger involving a Chicago-based bank. Banc One had been built up by buying competitors with the promise they'd be allowed to keep on doing what they had been doing. The result was more willing sellers, and a failure to take advantage of scale or synergies. Another problem was top-level political infighting between the two banks over who would remain. A third problem was First USA - a credit card unit bought for $8 billion in 1997 that was losing 16% of customers/year due to rate hikes and poor service.
Dimon resolved the infighting problem within a year - all but one of the thirteen executive committee members were replaced (seven came from Citibank), he reduced the combined board from 22 to 13 and put his own allies on it. New hires from Citibank were given a one-year contract at 2/3 their prior salary, for a smaller job at a worse-off company. (Weill complained, Dimon told him to look at his own operation to see why they were leaving.)
Another early focus was on standardizing computer systems (seven deposit systems, five loan systems- these were combined), improved financial controls (Dimon believed the bank had taken on excessive risk, and also wrote-off $15 billion in bad assets from 2000-2003), and revised reporting structures. Neither grand strategy nor acquisitions were on the agenda - Dimon wanted to first get a solidly executing base. Cash was conserved by cutting the dividend in half, freeing up $1 billion/year, despite objections from some shareholders. Twelve thousand were laid off, and accountability improved by establishing P&L reports for each branch. Management motivation was intensified by switching from the historic 5-12% raises for all, to 100% for the top 10%, 50% for the next 10%, 30% for the following 50%, and nothing for the lagging 30%. Hours were extended to match competitors. Consultants, especially those working on implementation, were cut to a minimum (anything over $100,000 required Dimon's approval - he believed managers should do their own work), executive coaches and perks were eliminated, and options were restructured to expire in six years rather than ten.
Another major initiative was Dimon's canceling the bank's large IT outsourcing deal - he saw this area as a core competency. Finally, some lines of business were exited - eg. auto leasing (Dimon disliked involvement with rapidly depreciating investments, especially mobile homes).
Meanwhile, back in New York City, the head of J.P. Morgan Chase was concerned about succession, and decided to solve that problem (and a few others) by acquiring Banc One and Jamie Dimon. A 14% stock premium was paid, Dimon pocketed $44 million on the shares he bought when moving to Banc One, and a new #2 bank ($1.1 trillion in assets, vs. Citigroup's $1.3 trillion) came into being.
Dimon then basically repeats the actions he had learned and taken previously. Perks went out - including the 15 corporate gyms, golden parachutes, deferred compensation, first-class air travel, chiefs of staff at any level, and 401(k) matching. Executive health insurance premiums were increased. Twelve thousand lost their jobs, and 80% of unallocated corporate expenses were pushed down to lower levels of responsibility. The bank's $5 billion IT outsourcing contract with IBM was canceled, and staff were given six weeks to decide on what the new single computer system would consist of. (Dimon promised to do it for them if the decisions weren't made by then.) The bank exited the business of providing loans for mobile homes, reduced exposure to sub-prime loans, SIVs, and derivatives because the risk premiums were not great enough. Dimon reasserted that borrowing short-term to finance long-term assets is a fundamental commandment that cannot be violated. And Dimon also found time to review the compensation of each of the top 500 managers, along with a committee.
The year 2007 ended with J.P. Morgan Chase leveraged at 12.7X, vs. 19.2 at Citigroup, and 33.5 for Bear, Stearns. 2008, however, would not be a good year for Bear, Stearns. It began the year paying 2.3% for credit insurance (2X that of Morgan, and 4X Deutsche Bank). This rose to 6.26% by March 10. Bear eventually asked for help - telling Morgan it needed between $4 - 20 billion. (This spread made it obvious to Morgan personnel that Bear leaders didn't know what they were talking about.) Eventually, J.P. Morgan Chase acquired Bear for $10/share (the price would have been $2 except for a major error by the outside attorney's used by Chase), and 10,000 of Bear's 14,000 employees left or were laid off. Market share was not emphasized by Dimon; building reserves and reducing risk (eg. returning to 80% loan-to-value standards, exiting business originated by loan brokers - formerly 30% of their home loans originated this way, and continuing to stay away from ARMs) was. (Unfortunately, this section of "Last Man Standing" was especially verbose and vague. The good news is that Dimon's "Letter to Stockholders" helps, and is included herein.)
The year 2008 brought the largest S&L failure in history - Washington Mutual. J.P. Morgan acquired its banking subsidiaries (including 2,200 branches) for $1.9 billion from the FDIC. (The FDIC and J.P. Morgan were subsequently sued for $13 billion by those believing the sale was a 'fire-sale' price. Chase is now the largest credit-card issuer in the nation, but only earns 5% on equity - hardly rapacious as many would claim. (Was 21% in 2007.) It now is raising credit-card lending standards and increasing loan reserves - anticipating greater losses due to unemployment, and no profits at all in the coming year. In each of its businesses, Chase ranks in the top three of that industry (aka Welch's mandate to G.E. - insure scale economies and focus on growth); however, Dimon insists market share is not the goal. Thirteen million square feet of excess real estate has been shed 2003 - 2007.
TARP money was accepted - not because Chase needed it, but to preserve unanimity and avoid other banks trying to avoid accepting it because it would signal weakness to the financial markets. Chase has reduced it dividend. Dimon also points out that 'this is not your grandfather's economy' - traditional banks now provide only 20% of lending in the economy; right after WWII it was 60%. Substitutes include money-market and bond funds, etc.
Bottom Line: "Last Man Standing" has too much fluff and unexplained material. However, careful reading, combined with reference to Dimon's 'Management Letters' make this a valuable endeavor.
29 of 37 people found the following review helpful.
Only the first of many chapters yet to be written about Jamie
By Thomas II
There will be obvious bias in this review. I have been with the bank for over 12 years. Having met Jamie on a couple of occasions, his attention to detail blows my mind. Years ago, I was invited to participate in a focus group soon after Jamie took over as CEO of B1. We were at a conference room on the executive floor throwing around some ideas, "best practices". A day before, we had some system issues. During our meeting, Jamie walked in and briefly listened in on our meeting. He asked the group about the system issue and whether or not it was causing any customer service quality issues. He cared. I was fortunate to meet him on a couple of more occasions. Each time, I walked away more inspired. He has that effect on people. His drive and determination is infectious. You just want to sit there, listen to him; then, go back and try even harder. As a top executive, he never seems to look down or turn his back on the junior soldiers in the company. He cares. He listens. He motivates and inspires.
It's a good feeling working for a company where what I do everyday for our clients (despite being just 1 out of over 200,000) actually matters. No one here is insignificant. And every detail, every employee, matters. And that's a healthy culture for any business to have. I am proud to be part of this great company; proud of our leader and our management team's diligent handling of our bank's financial affairs; proud to have been able to help our clients during a very difficult period for our country.
Duff's account of Jamie's career is a must read for any aspiring manager/leader. From his detailed account of Jamie's early career to the more recent events, this book is an easy, addictive read. It's hard to put it down. Great job researching the stories, issues and conducting interviews. In the aftermath of this complex system meltdown, it is refreshing to read a book in which complex financial issues can be easily understood by anyone. Strongly recommended.
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald PDF
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald EPub
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald Doc
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald iBooks
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald rtf
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald Mobipocket
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase, by Duff McDonald Kindle
Tidak ada komentar:
Posting Komentar