The Accidental Investment Banker: Inside the Decade That Transformed Wall Street Reviews

• Very True, Very Real

  
  By A2RWHTNM5P3I8Y on 2006-09-10
  I could really relate to this book. Up until four months ago, for the previous seven years, I was the General Counsel of a medium sized publishing company. Our company was backed by Private Equity, and a large part of my role was mergers and acquisitions. During that time I interacted with more investment bankers, bankers, and money fund managers than I could possibly remember. Prior to that I worked for a couple of years in the M&A group of a Fortune 500 publishing company, and prior to that I spent 20 years in government and large law firms.
  
  I have never personally met Jonathan Knee, at least not that I remember, but my company danced and flirted several times with his current company. I knew people at pretty much every boutique publishing investment bank in New York. So, while I didn't work as an insider at an investment banking firm, I've been as close as you can get. And this books is absolutely dead on accurate both in its historical perspective as well as its view of what life is like inside the investment banking industry.
  
  Knee comes across as somewhat conflicted. He obviously likes the money and maybe the prestige of investment banking, but he knows that investment banking has a side that is ugly and corrupt. He wants to continue in the industry, but he also wants to expose its faults. As a consequence sometimes the book waffles. For example, he criticizes Mary Meeker and defends her at the same time. He clearly does not want to burn any bridges.
  
  He accurately captures the sense of power and feeling of doing something important that comes from investment banking. In particular the satisfaction of advising CEOs and seeing ones advice taken. Based on my own experience, in the world as it is today, the feeling of doing something important can be much more tangible when working with big business than working in the government as he notes.
  
  Still, he longs for a different time when relationship investment banking was the heart of the business. I have the sense that if one were really to talk with him heart to heart that his awareness of the corruption runs deeper than he is willing to fully disclose in this book. In part I think this is the reason some of the reviewers here were disappointed with the book. However, I also think the palpably conflicted nature of his feelings ultimately makes this book more interesting, if less of a simple entertainment.
  
  If you are looking for a rollicking but superficial account of the investment banking world, along the lines of Liar's Poker, this is not the book. If you are looking for a deep historical analysis of the growth of investment banking, along the lines of something written by Ron Chernow, this is not the book. But as a thoughtful insiders account with good historical perspective, this is an excellent book
  
  

• Stay on Story

  
  By A136YD08SCJ2LV on 2006-09-28
  As an I-Banker at a regional firm I always enjoy reading books such as this. This is a mixed bag. Knee starts the book discussing his internship in London, what a "rookie" does, what he did well, what he did not do well, and why he didn't want to do this forever. But, after an MBA and a short career with an airline, he's back at it again, and with success. He "accidentally" fell into a role and used his wit to carve out a successful niche. This is where this book is at its best and an excellent, fast read.
  
  Unfortunately, it's not quite a full book and Knee feels the need to regurgitate a past history of Goldman Sachs, the excellent firm for which he works. This is where the book slows down and is totally out of character with the title. Given I had just read "Goldman Sachs: Culture of Success" written by Lisa Endlish to whom he refers liberally, this was really of no interest to me.
  
  Finally, we're back to his career change to Morgan Stanley in New York and now have a new problem, the total collapse of deals where bankers earn their money. This is quite interesting also. As I-bankers will attest, the business becomes ruthless with inter-fighting as everyone grabs for the few crumbs of income, people must be let go and mansions and egos must be protected.
  
  Overall, I love the book and I'd rather he had shortened the book and stayed on subject instead of spending 30% of time on a history lesson before jumping back to his career. So, be forewarned, it's good with a twist.
  
  
  

• DILUSIONAL BOOK THAT MISSES ITS OWN MESSAGE

  
  By A155HW1W8ZZZ47 on 2006-09-11
  The Accidental Banker is a good book for those who buy every book in the genre; for anyone more discerning than that, it is a 'must leave.'
  
  The premise of the book is a personal memoir but the author is apparently too keen to maintain his relationships to engage in any personal stories really. So it turns into a partial memoir, the rest readable from old newspaper articles.
  
  He misses talking about the scandals in the closet of Goldman Sachs or Morgan Stanley. He was there when John Thornton ran Europe, and does not comment on the power struggle that caused Jon Corzine to leave, for John Thornton to then leave, for Rob Kaplan to leave, and so on and so forth, and how the investment banking side got eclipsed from the management of Goldman. What about the Morgan Stanley power struggle, about which he could have offered some information.
  
  The book itself is dilusional because it begins with the premise that Jonathan Knee, a VP hired at the salary and bonus of $225,000, was knowledgeable of John Thornton's inner circle or capable of knowing about it. In the period discussed, John Thornton had alone taken a baseball bat to the New York office and won, and had it not been the unusual talent of Lloyd Blankfein, and his fixed income commodities crowd, be running Goldman Sachs today. There could have been no confusion that Jonathan Knee was his Chief of Staff in New York, as he appears to think initially. So the disappointment reflected his own overly bloated ego.
  
  Thirdly, the book misses out the fact that his group heads, Peter Kiernan and others were replaced by Frank Connor, then still a VP. So if Mr. Knee's boss was a VP in New York, he was unlikely to be the powerplayer he claims to be.
  
  Fourthly, he gingerly offers information about David Lawrence, an ex-FBI agent, now an MD, but the scandal surrounding what Mr. Lawrence does is well known, certainly on the street, so the author could have said more without hurting anyone.
  
  Fifthly, his tenure at Morgan Stanley appears to have gone badly, because the author seeks to be nice to everyone but attack his employers based on public knowledge.
  
  The book thus fails to achieve any goal, it does not offer the truth, it does not offer scandal and it certainly does not analyze the business. It reads like a 150 page resume.
  
  

• An Insider's Look at I-Banking History

  
  By A27TY87CUOECLF on 2006-08-20
  Jonathan Knee's book provides an insider's look at the wild ride that was investment banking in the internet boom and then bust. For anyone who lived through this era, the book provides an enjoyable and realistic trip down memory lane with enough fun anecdotes and keen observations to keep you laughing. More importantly, though, the book gives a sense for history and makes a compelling argument about what has changed in investment banking and why. Regardless of whether one agrees or disagrees with Knee's thesis, this is one topic worth debating and Knee does an artful job of blending history and conversational story-telling, sprinkled with entertaining personalities. Easy enough to understand for someone outside the industry while sophisticated enough for someone inside, the book is an enjoyable and worthwhile read.
  
  

• Nothing New

  
  By AECK649D9Q6UJ on 2006-08-16
  I had been looking forward to reading this book for quite some time & purchased it the day it came out. Although the book is a pretty easy read & at times entertaining there really was nothing new.
  
  I have read most if not all of the "Wall Street" investment memoires & books and this would rank in the middle of them. Liars Poker it is not.
  
  
  
  
  
  
  
  
• Wall Street Spectator
  By AUGHHGQJX5PXO on 2006-08-30
  The Accidental Investment Banker (the "AIB") has been compared with Liar's Poker, and surely readers who enjoyed the latter will also enjoy the AIB. But in some respects the comparison is unfair to the AIB, because as it is not only a quick and amusing story of Wall St in the '90s, but a serious analysis of a transformative decade in investment banking. As an attorney who participated in the process on the periphery, I can testify that Knee understands the key economic, business and regulatory trends and knows the"trophy" bankers who shaped decade, and the culture of their firms. The AIB is a great read for anyone on the Street (or in the "City," for that matter), anyone in the "codependent" professions (lawyers and consultants), MBA candidates and those contemplating it, and anyone who enjoys Wall St. as a spectator sport.
  
  
  
• Excellent
  By A1TNQX36402TJ4 on 2006-09-05
  The Accidental Investment Banker is an excellent mix of Wall Street "war stories" and an analysis of the evolution of investment banking. The "war stories" are both engaging and colorful, and are weaved into a thoughtful discussion of how investment banking has changed - specifically, from institutions focused on building long-term relationships with their clients to myopic firms focused solely on short-term profits.
  
  A must-read for anyone working on (or interested in) Wall Street, and one of those rare books where the intellectual value is equal to the entertainment value.
  
  
  
• A "must read" for past, current and prospective bankers
  By A9VAVXIB5UBV9 on 2006-09-05
  As a fellow banker, this book served two very important purposes unlike any other Wall Street book I've read (Liar's Poker, Monkey Business, Beyond Wall Street, etc.). First, it provides a unique, compelling and entertaining first-hand perspective of the evolution (both positive and negative) of the investment banking industry. Second, it delivers an easy-to-read explanation of the role of an investment banker in connection with its account of the industry changes. For those in investment banking or financial services, more broadly, this book is a "must read" to understand the past events, the present state, and future possibilities of the profession.
  
  
  
• Eye opening if you have no background in the space
  By A3FV5CZWXUBE83 on 2007-01-19
  When I was eight or so, we moved from Houston TX to Greenwich CT. My Dad was a scientist, but many of my classmates had names like Greenhill or Biggs -- apparently they did something odd for living called "Investment Banking". I had never heard of Investment Banking (sounded kind of stodgy and boring) but I remember that nonetheless I came home from school in third grade and announced that I wanted to be an Investment Banker (which sounded pretty cool, although not quite as cool as "Headhunters", which I had learned a little about from Gilligan's Island -- spears, grass skirts, and the like.) At any rate, I had no idea at the time what Investment Bankers actually did, but I assumed I would eventually figure it out.
  
  I didn't.
  
  Here's what I knew: They worked long hours. They made lots of money. They did M&A and IPO's, and occasionally financed companies. A lot of them hated it. But I had no idea how they actually spent their day -- and I was curious -- was investment banking something that I would have been good at? (If I had majored in Economics instead of English?)
  
  The Accidental Investment Banker is a great introduction to the profession -- I didn't realize that i-banking is, at the top, a sales job (not unlike law and consulting). But of course like all of those other jobs, you have to slog some really hard and pointless hours to get there: creating "blue books" for clients. Which sounds to me like writing "decks" for consultants, and "briefs" for lawyers. Lots of work that really has fairly few real ideas, but justifies big price tags, and by all means has to look "professional".
  
  I also didn't realize that the bonuses were basically fixed in a range by class. I had always assumed a commission based compensation system.
  
  Anyway, Knee's book is terrific, even if you already know what bankers do, because you get an inside look and comparison between Morgan Stanley and Goldman in the 90's. He thinks banking as a profession has gotten too big and has lost its way/values, but its hard to think of any major business/industry that criticism doesn't apply to ("the kids these days"). This is a great place to start if you are interested in the subject; next I will check out some of these other histories that he has cited extensively, namely House of Morgan by Chernow, and Goldman by Lisa Endlich.
  
  I would add that it becomes clear that like say Michael Wolff (who wrote Burn Rate and has a similar style) that Mr. Knee is probably somewhat of an unreliable narrator and potentially a polarizing figure in person (you get a strong whiff of this from hints like his unapologetically messy office, or the mere fact he is willing to write a tell-all book)...but like Mr. Wolff he wears that more or less on his sleeve, so I don't have a problem with the fact that the narrative is unreliable. It is more fun to read between the lines.
  
  
• Worthless
  By A3AFGN5Q9LOI20 on 2006-08-21
  This book was a joke. You could have written a more in depth look at the world of Investment Banking if you had just read Fortune magazine for the time period that this author covered. The publisher should be ashamed of themselves for wasting the paper to print this thing.
  
  
• Excellent I-banking stories
  By A38350ERY6K731 on 2007-03-13
  This book describes the personal journey the author had gone through during his decade in investment banking. He talks about what's involved in investment banking, office politics, the incentives that drive the hehavior of the bankers, dynamics of the competitive landscape the clients. He also quotes or put in a nontrivial amount of material that he did not experience first hand, in order to provide the background or history of stories or issues he's talking about. The author is quite candid, albeit with a trace of hidden bragging of his smarts and achivements.
  
  I have read "Monkey Business", "Liar's Poker" and "Goldman Sachs : The Culture of Success". Each book has its own strength. The strength of this book is description of politics, dynamics of the relationship between investment bankers and their clients.
  
  As writing style, this book is easy to follow, a pleasure to read. In a way, it reads like a story, keeps you wanting to find out what happended next. However, it is relative slow to go through this book, as least for me, because the book is actually quite dense.
  
  
• Young Investor, Avid Reader
  By AJHG6LDUBGZ4L on 2006-08-19
  I expected this book (according to critical reviews) to be much more comical than it really was. The primary thesis of the book is that "relationship banking" has deteriorated into "transactional banking". In other words, bankers no longer care about the one-one-one relationship with corporate executives. Instead, they only care about pushing as much revenue through the door as possible, usually regardless of how it affects the company.
  I expected the book to be a bit more colorful in it's approach and not quite as dry or pedantic. Nonetheless it is a good read, particularly for those interested in the history of Goldman Sachs or Morgan Stanley.
  
  
• OK, but no great shakes.
  By A2FUP8C90I1XHS on 2006-08-21
  This was a pretty easy read, but lacked any really compelling narrative. Most of what it's said has been said before, and sometimes in a much more entertaining way. If you can stand the raunch, I would much more highly recommend Monkey Business: Swinging Through the Wall Street Jungle.
  
  All in all, not a bad read, but maybe wait until it shows up at your local library.
  
  
• A Solid & Accurate Account of the Industry
  By A6W5M7MS5CXE on 2006-09-04
  This book is one of the most convincing accounts of the investment banking industry, and how it has changed in recent history, that I have come across. I feel that it is the author's firsthand experience during this period that gives the story its edge. Although certain of the historical material (e.g., the early history of banking) is covered in other books, the account of the boom and, more importantly, the bust is not to be missed.
  
  I think comparisons to Liar's Poker or Monkey Business are potentially misplaced, as in my opinion this book has an entirely different purpose. The funny moments in this one are simply an added bonus.
  
  This is a must read for anyone in, interested in, or soon to be joining the industry.
  
  
• Entertaining and Insightful
  By A3CS8HAK2PL3D8 on 2006-09-26
  The Accidental Investment Banker is an excellent and entertaining history of investment banking. Mr. Knee uses his experience and knowledge to accurately describe both the intricacies of the job and the role investment bankers actually play. Most importantly, he provides thoughtful insight on trends in the industry over the past ten years witnessing firsthand the decline of relationship banking and the impact of the internet bubble.
  
  It should be required reading for anyone interested in investment banking or business in general.
  
  
  
• Very interesting view of life in investment banking
  By AUHG8KSHI529U on 2007-01-01
  While the title of the book may be a tad cute, this is a terrific book. I enjoyed it tremendously because the author writes clearly and honestly (if not beautifully) about his experiences in working for Goldman Sachs and then Morgan Stanley in the years leading up to, through, and after the boom of the 90s and the crash of the early 2000s. Jonathan Knee does not shy away from naming names and provides detail about how investment banking worked at his level in both firms, some history of investment banking, evaluation of how it has changed over time, what the implications of those changes are, and the cause and effects of the new regulatory regime after the crash and the big corporate corruption scandals.
  
  This may seem like a lot to cover in 230 pages, and it is. The book moves along well. It has some very entertaining aspects - especially when he is recounting war stories and we get to meet and learn about the work habits, peculiarities, and the rise and fall of such characters as John Thornton, Joe Perella, Jon Corzine, and Bruce Wasserstein. There are many other less well known names who add to the color of this tale, as well.
  
  The title refers to the less than typical way the author became an investment banker. Unlike the driven MBA student who spends every waking hour trying to crash the gates into the big investment banking firms, the author already had a career and was recruited into Goldman Sachs. A very unusual way to enter than firm, as we are told. The title also refers to the way in which he built his own area of publishing M&A. His discussion of why this worked for him is most informative. As is his discussion of why he left Goldman for Morgan Stanley.
  
  Since I have not worked in an investment bank, I cannot say for sure that it is exactly right, but it reads right. If you have read Michael Lewis' classic, funny, and beautiful "Liar's Poker", Roger Lowenstein's "When Genius Failed" and "Origins of the Crash", Alex Berenson's "The Number", Dan Reingold's "Confessions of a Wall Street Analyst", Andy Kessler's "Wall Street Meet", or any number of others, this book rings true. For me, it fleshed out a lot about how the Investment Banking trade works because Knee isn't focused only on the top players at each firm. He lets us know how it worked for the actual bankers - not exactly down in the trenches - but those who did the flying all over the world, put together the presentations, and were affected by the decisions and battles that took place above them.
  
  There is a chapter basically blasting the way MBAs are educated and while he has a few points, I think he is mistaken in his notion that the degree is less useful because two years only gives the student a cursory introduction to all the fields covered in an MBA. While that is certainly true, it misses the point of what a college education is. It IS an introduction to a field and is supposed to provide you a basis and skill set for continuing your learning on your own and in your profession. It is supposed to give you a broader exposure to business than you would ever get in a single career. Why? Because it will allow you at least communicate with others for whom that topic is their job. And it will help you understand the argot of the various business topics. No, an MBA will not make you an expert in anything, but no college degree short of a Ph.D. or a medical degree does. For most areas of knowledge, becoming an expert is something you accomplish when other people refer to you as one. I don't think most business people need a Ph. D. or to spend six to twelve years in school as medical doctors do. An MBA provides a toolkit and a foundation, not actual expertise.
  
  Anyway, this is a very good book. It seems particularly suited for business students interested in investment banking and a general reader who is fascinated by business and particularly in the way those banking houses on Wall Street work.
  
  Very much recommended.
  
  
• Ascension of the Celebrity Culture; the Decline of Deeply Held Values
  By A3CZWVO53MLZI9 on 2007-01-09
  Author Jonathon Knee's "The Accidental Investment Banker" provides a detailed but easily read account of the investment banking industry's own "bubble" - a period when Investment Banking Institutions were fundamentally transformed by the unprecedented number of deals that the forces they unleashed created.
  
  The investment banking boom of the late 1990s brought the ascension of a celebrity culture at banking firms and a fundamental shift in investment banking to a more aggressive, opportunistic, and transactional business model from one rooted in long-term client relationship and deeply held business values. With it, a significant line was crossed when the firms moved from agent to principal.
  
  Knee traces the roots of the "bubble" back to the emergence in the 1970s of sales and trading and M&A as profit centers - the seeds that changed the culture and structure of the investment banking industry. The cultural and structural evolution of the industry then converged with the boom calling into question historical values on which Goldman and Morgan where built. It is in this convergence that Knee tells his story gained from being an employee at both Goldman Sachs and Morgan Stanley. He does not disappoint as he provides an excellent behind the scenes look as the industry moved to a new world order in which individual considerations reigned supreme over institutional ones where the firm and the client reigned supreme.
  
  The behind the scenes story includes the battle between Phil Purcell and John Mack for control of Morgan Stanley which could be a book by itself - a detailed account of the Plebeians outwitting the patricians.
  
  Knee, a philosophy major, describes himself throughout as one who, unlike most of his peers, became an investment banker by accident rather than by design. He rose within a few years from a modest salary to compensation well into the seven figures. And he rose to the "King of Publishing" in the world of investment banking during the bubble to wind up at the end of his reign as the "King of Shitty Little Companies."
  
  Today, "the dirty little secret of investment banking is that these institutions are unsure of what there business model is and what role they really want to play. The emergence of the financial supermarkets has complicated the lives of investment bankers." With the change, a culture has emerged that undermines the integrity of investment banking in a way that will make it difficult if not impossible for these institutions to ever regain the role they once had.
  
  
  
  
  
• Entertaining and Informative (with lots of tiny errors)
  By A20MOGSXBF52BG on 2007-02-01
  I agree with the majority of prior reviews saying this book is on the whole an interesting and informative work. However, as a former i-banker, I find it hugely ironic that an author hailing from an industry that prides itself on attention to detail would publish a book that is littered with a surprising number or typos and grammatical errors. I would definitely recommend it to anyone with an interest in the investment banking universe, but I can't resist chiding the author (and his editors) for these tiny mistakes - especially given the book's modest length.
  
  
• M. Shoemaker
  By A6XPMRP76CU29 on 2006-09-19
  A wonderful, entertaining and insightful personal account and study of the investment banking industry.
  
  
• Entertaining, Realistic, Sarcastic
  By A36K2VS2LRDNDX on 2006-10-14
  If you want to get a peek at the investment banking world, then this book is the one. I found the book to be entertaining and insightful. It is difficult to find detailed, objective accounts of Goldman Sachs and Morgan Stanley, and Jonathan provides that here.
  
  At times the book flips from one topic to another. The author also tends to get a bit too righteous at times. But overall, definitely worthwhile.
  
  
• Interesting to former and aspiring investment bankers only
  By ASDV2HY5BI84P on 2006-10-26
  In the first category and having known most of the characters in this book, it was amusing but made me wonder why I worked in investment banking for so long (Money, just money!!).
  The aspiring bankers may reconsider their career choice after reading this. Better to go to private equity or the hedge fund industry!
  For the rest, a review of the incomprehensible, egomaniacal and childish power struggle of overpaid and insecure people working in Wall Street. One of the most interesting chapters deals with the survivors, those bankers who lose hundreds of millions of dollars for their firms but never get fired (Chris Harland, Knee's former boss).
  Knee's prose is entertaining and he offers a scathing critique of an industry in which he still makes a living.
  Book needs some editing (e.g., Wolfensohn is spelled as Wolfensen)
  
  
• Good Primer
  By A326M115WP6E1C on 2007-02-05
  Reading this book is like reading a primer about investment banking. It's not a bad read though. However, in my humble opinon this book does not match up to Liers Poker or Monkey Business.
  
  
• On the Money
  By A3CJ7IV18C8TOW on 2007-08-15
  As far as I'm concerned, Jonathan Knee's book is the best of the "life on Wall St" books out there. It isn't the most shocking (Monkey Business), nor about the biggest deal (Barbarians). But it tells the true story of his climb up the ladder (and the trends shaping the industry) with engaging, self-deprecating humor. I worked at DLJ during the "monkey business" years and never encountered any of the unethical frat boy moments recounted in Troob's book (guess I wasn't invited to the cool parties; ha).
  The Accidental Investment Banker doesn't dwell on the gutter moments of banking, nor does it glorify the industry. If you're considering a career in banking or just want to understand how the Street works (and laugh along the way), I highly recommend this book.
  
  Vince Scafaria
  CEO, DealMaven Inc.
  
  
• good book - wildly misleading cover blurb
  By A1HHSCH9YA57GL on 2007-09-22
  The cover of this is so misleading that you wonder what the publisher was thinking. This book does not do for IB what Liar's Poker did for fixed income trading (no slobbish bond salesmen throw telephones around here - though on a couple of occasions people make inappropriate comments at parties and irritate clients, and towards the end, during the internet bubble, they decide to dress down on Fridays, then, when the bubble bursts, they stop doing it again). What it delivers is a critical assessment of the state of the IB business, framed in terms of the author's own experience and observations of life at Goldman and Morgan, together with an apologia pro vita sua.
  
  Both are pretty good and pretty useful. If you work in any branch of professional services, then there is a lot of interesting stuff here (pitch books are, alas, not unique to IB) and it is also readable. Knee's prose is a bit, um, prosaic, he is not Michael Lewis, but it goes by easily - there is a bit of New-Yorker-itis (people are introduced as 'slim, handsome and elegant', even 'elfin' a couple of times - does no-one read Leonard's rules for writers?), but nothing on the scale of Barbarians at the Gate, which, it if it were not so unreadably, incompetently badly written, would be the Liar's Poker of IB. And there are some definite gems, such as the description of the Goldman IBS team as resembling 'a German olympic swimming team' (which is even better than 'the Chets') which must have made some people wince.
  
  In fact there is one possible reference to BatG here, where Knee describes the final negotiations in the sale of West, where he and his team successfully engineered that the 'right' bidder won an open auction, albeit at an extra cost of 50-100m (exhibit A in the 'apolgia'), to be compared and contrasted with the climax of BatG, where Felix Rohatyn efficiently extracted an extra 230 million dollars from KKR. Rohatyn would point out, in his defence, that there were no 'right' bidders for RJR, there were just different packs of predatory carnivores, and RJR was a public company, etc. True, but the parallel is still striking.
  
  Neither Goldman nor Morgan come out of the book looking very good, but Goldman definitely comes out far ahead of Morgan.
  
  What else? Knee crashed into the middle ranks, and moved up fast, so he does not say a lot about the endless diet of midnight pizza and the regular crashing under your desk in your suit which also go with the job, at least in my - very occasional - experience. There are also some interesting notes about Hank Paulson, which must have been written just before he left GS to be Treasury Secretary - Knee is, shall we say, not so impressed.
  
  In conclusion: Definitely worth reading, but not for the jokes, or the madcap anecdotes - there aren't any. Knee comes across convincingly as an honorable, intelligent and likeable man and he delivers a lot of useful information and analysis. Finally, I can also reassure him that his somewhat self-conscious author's pic at the back is enough to guarantee that no-one will ever describe him as 'elfin'.
  
  
  
• As expected....
  By A3CU7VO7VHMMOS on 2006-11-04
  For those veterans of Wall Street, many names mentioned here were familiar. The anecdotes were credible if conforming to the expected stereotype. For us the read violated no sensibilities about content or style while reminding all that capitalism promotes occaisional bad behavior. The book was perhaps more interesting because of the familiarity. For non Wall Street participants the stories will reaffirm the myths. Rather than a particularly insightful visit to high finance. the tales were simply a variation of a common theme found everywhere money and power meet.
  
  
• Insider Wall Street Stuff
  By A1AC25E7TCG6PS on 2006-11-10
  If you have spent some time on, near or around the securities industry (Wall Street), you'll enjoy this book. It presents a lot of good info and perspectives on the investment banking business as practiced by the biggest such firms. Lots of good vignettes about key people. Very well written and readable. But, unless you have the indicated background or at least a passionate interest in the "Street," you may well find the Knee book too esoteric for you.
  
  
• Great I-Banking Read
  By A2PBE7E5SN0ZVK on 2007-09-17
  Though-provoking and pleasurable read that will be greatly appreciated by anyone who has/is working in the realm of high finance or wants to know more about it. A must read for any young, up-and-coming banker. While most i-banking books have their share of good vignettes and war stories, what separates this book apart is the thought-provoking analysis of internal politics with crucial underlying dictums.
  
  Positives:
  -Great description of the how the latest boom-and-bust period and other factors have (negatively) affected i-banking.
  -Candid opinions and vignettes of people currently or recently active on the Street.
  -Edifying/applicable i-banking politics analysis.
  -Laugh-out-loud war stories.
  
  Negatives:
  -Knee's own importance is likely overstated in some parts, but cut him a break, he's an investment banker!
  -Knee's joy in waxing poetic about the 'old days' of investment banking is undeniably in part a pitch for his newer role at Evercore, but again, you have to cut the author a little slack here.
  -Some controversial political analyses - I don't have inside information to argue whether Knee's view is the 'true' view or not. At a minimum he is willing to put forth views on matters where, in this day and age, the vast majority of writers are too chicken to attempt.
  
  The book ties together (1) Knee's career path, (2) Knee's most entertaining war stories, (3) Analyses of the rise-and-fall of several key figures on the Street and (4) Knee's main story: the changing roll of investment banks and the reasons for this change. While some have argued that certain parts are off topic, I would say that these stories and analyses are crucial to understanding the time and Knee's reasons for taking his particular view of i-banking. Moreover, we are all wiser and further entertained for its inclusion.
  
  There's one point on which I take issue with Knee. He asserts that his primary reason for staying in investment banking is to influence decision making at the top ranks of corporations; however, if this is one's primary interest, I believe that this goal is better served by a career in private equity. I think this is a view that Knee, whether or not he agrees with it, should have addressed. That said, my zeal for this point is largely driven by my own career decisions, so I'd probably have a hard time claiming to be entirely without bias myself!
  
  
• Superb!
  By A32WSP6PHY9X1U on 2008-01-28
  A must read for anyone intending to be an investment banker. Details the various personalities around the time circa 1997 - 2002, and surprisingly, the same folk are very much in play during the crisis of 2007/08.
  This book sets the stage for the next impending Wall Street recession.
  
  
• Good, not great
  By AU7LCYSBZDYSX on 2008-06-19
  This book isn't quite as good as its cover would suggest. You'd be better off getting a copy of Monkey Business, which is hysterical. My greatest frustration with this book is that it is so ridden with typographical errors (which any investment banker past or present will tell you is a HUGE no-no) that it was actually distracting.
  
  I am friends with someone mentioned in Knee's book, and fortunately my friend got off unscathed in Knee's commentary. Unlike many!
  
  
• The best of its kind
  By A3PRRM4DM13745 on 2006-08-22
  I've read other books from this genre ie. Liar's Poker and Monkey Business and have been waiting for a book like "The Accidental Investment Banker" to arrive on shelves. Knee has the fun and entertaining style of Michael Lewis and John Rolfe but there is one key difference--Knee is still in the business in which he dissects--with many more years under his belt than said authors.
  
  His story focuses on the rollercoaster ride that was the 90's internet boom and bust, and how it changed the tone of Wall Street for good. Using anecdotes and real life power player bankers, Knee explains how relationship banking came to a terrible demise. No longer is the Street's motto, "First class business in a first class way". Now mercenary bankers dictate how deals are made. Through Knee's fascinating account the reader is able to penetrate the walls of the grandiose institutions (such as Morgan Stanley and Goldman Sachs--where Knee worked in the 90's) to see what REALLY went on behind closed doors.
  
  Not only should this book be prerequisite reading for current bankers and young bankers-to-be, but it also serves as a demystification for all of us that wonder what investment bankers actually do, and how it affects us. And, the reader gets a lot of laughs along the way.
  
  

• Monkey Business: Swinging Through the Wall Street Jungle
• The Last Tycoons: The Secret History of Lazard Frères & Co.
• Liar's Poker: Rising Through the Wreckage on Wall Street
• When Genius Failed: The Rise and Fall of Long-Term Capital Management
• Goldman Sachs : The Culture of Success