Hedged Out

Inequality and Insecurity on Wall Street

Megan Tobias Neely

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English

University of California Press
25 January 2022

Gender studies, gender groups; Sociology; Economic history; Corporate finance

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.

By: Megan Tobias Neely
Imprint: University of California Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 33mm
Weight: 635g
ISBN: 9780520307704
ISBN 10: 0520307704
Pages: 336
Publication Date: 25 January 2022
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Contents List of Tables and Figure Acknowledgments Preface Introduction: Hedging In and Out 1 From Financial Steward to Flash Boy 2 Pathways to the Working Rich 3 Getting the Job 4 Inside the Firm 5 Moving Up the Ranks 6 Reaching the Top 7 View from the Top Conclusion: Picking Winners and Losers Methodological Appendix: Studying Up Notes Bibliography Index

Megan Tobias Neely is Assistant Professor in the Department of Organization at Copenhagen Business School and coauthor of Divested: Inequality in the Age of Finance.

Reviews for Hedged Out: Inequality and Insecurity on Wall Street

A clear-eyed assessment of hedge funds as engines of inequality. . . . Neely's analysis is on point and fair-minded. Finance industry workers and those aspiring to join the industry should consider it essential reading. * Publisher's Weekly *