A former hedge fund worker takes an ethnographic approach to Wall
Street to expose who wins, who loses, and why inequality endures.
Who do you think of when you imagine a hedge fund manager? A greedy
fraudster, a visionary entrepreneur, a wolf of Wall Street? These
tropes capture the public imagination of a successful hedge fund
manager. But behind the designer suits, helicopter commutes, and
illicit pursuits are the everyday stories of people who work in the
hedge fund industry-many of whom don't realize they fall within the
1 percent that drives the divide between the richest and the rest.
With Hedged Out, sociologist and former hedge fund analyst Megan
Tobias Neely gives readers an outsider's insider perspective on
Wall Street and its enduring culture of inequality. Hedged Out
dives into the upper echelons of Wall Street, where elite white
masculinity is the standard measure for the capacity to manage risk
and insecurity. Facing an unpredictable and risky stock market,
hedge fund workers protect their interests by working long hours
and building tight-knit networks with people who look and behave
like them. Using ethnographic vignettes and her own industry
experience, Neely showcases the voices of managers and other
workers to illustrate how this industry of politically mobilized
elites excludes people on the basis of race, class, and gender.
Neely shows how this system of elite power and privilege not only
sustains itself but builds over time as the beneficiaries
concentrate their resources. Hedged Out explains why the hedge fund
industry generates extreme wealth, why mostly white men benefit,
and why reforming Wall Street will create a more equal society.
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