Behind integrity

Author: (American) Pat Nooyi, translated by Shao Yan
Publisher:
Publishing Date: 2005-10-01
Features: This book is based on the author's personal experiences, documenting how Morgan Stanley, a renowned investment bank on Wall Street, transformed a Yale Law School graduate into a sharpshooter in the business world. These sharpshooters, traveling in first-class flights and staying in luxurious hotels, engage in transactions with major companies worldwide, dealing with financial products designed by top mathematicians and physicists. Countless self-proclaimed successful entrepreneurs and corporate managers, after only grasping the superficial aspects of Wall Street's financial products, have sent billions of dollars into Morgan Stanley's coffers. On Wall Street, if someone calls you a good person, the implication is that you are a fool. For most financial products, the sum of gains and losses between buyers and sellers equals zero, meaning one party's profit is another's loss. The department where the author worked earned an average of $15 million per person per year for the company. Many of the famous American companies mentioned in the book were the victims behind these profits. As China joined the WTO, its financial market has been rapidly integrating with the global financial system. At this critical historical juncture, this book is almost a textbook. It teaches us to recognize the risks of financial products and prevent Wall Street bankers from exploiting our ignorance of these products to charge us a fee. The recent China Aviation Oil incident and Morgan Stanley's acquisition ofbank in China should make us deeply regret not having read Behind the Veil of Trust earlier.