| PrintNumber | ErrorLocation | Error | Correction | DateAdded |
|---|---|---|---|---|
| 1 | viii | First Printing August 2011 | Second Printing September 2011 | 8/16/2011 |
| 1 | p 1 | U.S. President George Walker Bush, a former investment banker, set out his administration’s agenda for “an ownership society in America” clearly on December 16, 2003: | U.S. President George Walker Bush, a Harvard MBA, set out his administration’s agenda for “an ownership society in America” clearly on December 16, 2003: | 9/13/2011 |
| 1 | p 10 | The theme is the roaring twenties—jazz, cocktail waitresses dressed as flappers, and art deco décor, including a scale model of the Chrysler Building minus Fay Wray and King Kong. | The theme is the roaring twenties—jazz, cocktail waitresses dressed as flappers, and art deco décor, including a scale model of the Empire State Building minus Fay Wray and King Kong. | 9/13/2011 |
| 1 | p 27 | John Maynard Keynes famously described gold as “a barbarous relic.” | John Maynard Keynes famously described the gold standard as “a barbarous relic.” | 9/13/2011 |
| 1 | p 81 | Tighter regulations and accounting rules, such as the Sarbane-Oxley (SOX) laws passed in the aftermath of the Internet stock scandals, discouraged foreign companies from listing on American stock exchanges or raising money there. | Tighter regulations and accounting rules, such as the Sarbanes-Oxley (SOX) laws passed in the aftermath of the Internet stock scandals, discouraged foreign companies from listing on American stock exchanges or raising money there. | 9/13/2011 |
| 1 | p 136 | In July 1909, during a debate on introducing corporate income tax and making interest expenses tax deductible, U..S Senator Augustus O. Bacon prophetically noted: “It will be within the powers of corporations to convert their stock into bonds…in so doing, they will escape the payment of this tax.”4 | In July 1909, during a debate on introducing corporate income tax and making interest expenses tax deductible, U.S Senator Augustus O. Bacon prophetically noted: “It will be within the powers of corporations to convert their stock into bonds…in so doing, they will escape the payment of this tax.”4 | 9/13/2011 |
| 1 | p 139 | Unfortunately, as Edward Deming, the management expert, noted: “American management thinks that they can just copy from Japan—but they don’t know what to copy!”15 | Unfortunately, as Edwards Deming, the management expert, noted: “American management thinks that they can just copy from Japan—but they don’t know what to copy!”15 | 9/13/2011 |
| 1 | p 135 | The popular Boston Consultant Group (BCG) growth-share matrix categorized businesses as “stars,” “cash cows,” “question marks,” and “dogs.” |
The popular Boston Consulting Group (BCG) growth-share matrix categorized businesses as “stars,” “cash cows,” “question marks,” and “dogs.” |
9/13/2011 |
| 1 | p 97 | A reviewer in the Publishers Weekly noted the only thing missing was an exhortation to buy stocks for the Gipper— | Aaron Brown, the reviewer in the Publishers Weekly noted the only thing missing was an exhortation to buy stocks for the Gipper— | 9/13/2011 |
| 1 | p 314 | At a conference on the Australian economy, CEO of Macquarie Bank Allan Moss, who annually earned A$33.5 million, was shocked to discover that the best paid teachers earned A$65,000 per year (less than 0.2 percent of his remuneration) . | At a conference on the Australian economy, CEO of Macquarie Bank Allan Moss, who earned A$33.5 million in a single year, was shocked to discover that the best paid teachers earned A$65,000 per year (less than 0.2 percent of his remuneration) . | 9/13/2011 |
| 1 | p 336 | Part 5 | Part V | 9/13/2011 |
| 1 | p 381 | She lightly touches the other woman’s head in a sympathetic gesture, recalling playwright Harold Pinter’s last words in No Man’s Land: “Tender the dead as you would yourself be tendered, now, in what you would describe as your life.” | She lightly touches the other woman’s head in a sympathetic gesture, recalling playwright Harold Pinter’s words in No Man’s Land: “Tender the dead as you would yourself be tendered, now, in what you would describe as your life.” | 9/13/2011 |
| 1 | p 436 | Deming, Edward, 139 | Deming, Edwards, 139 | 9/13/2011 |
| 1 | p 445 | laws, Sarbane-Oxley (SOX), 81 | laws, Sarbanes-Oxley (SOX), 81 | 9/13/2011 |
| 2 | p 17 | Walter Bagehot, the famed economic historian and founder of The Economist, noted that people are most credulous when they are making money. | Walter Bagehot, the English businessman and journalist who wrote on economic affairs, noted that people are most credulous when they are making money. | 2/27/2012 |
| 2 | p 18 | As Gordon Gecko, played by Michael Douglas, tells his son-in-law in Oliver Stone’s Wall Street Money Never Sleeps, the 2010 reprise of the original, it isn’t about the money; it’s about the game! | As Gordon Gekko, played by Michael Douglas, tells his son-in-law in Oliver Stone’s Wall Street Money Never Sleeps, the 2010 reprise of the original, it isn’t about the money; it’s about the game! | 5/24/2012 |
| 2 | p 25 | The gold standard was the basis of money for substantially all of human economic history. | The gold standard was the basis of money for substantially all of recent human economic history. | 5/24/2012 |
| 2 | p 146-147 | Held at the Beverly Hills Hotel, owned by Ivan Boesky, an investor specializing in risk arbitrage (betting on outcomes of mergers and acquisitions), the Predator’s Ball was the bacchanalian centrepiece of the world of hostile takeovers and debt. | Centered around the Berverly Hilton and the Beverly Hills Hotel, then owned by Ivan Boesky, an investor specializing in risk arbitrage (betting on outcomes of mergers and acquisitions), the Predator’s Ball was the bacchanalian centrepiece of the world of hostile takeovers and debt. | 5/24/2012 |
| 2 | p 167 | In the 1987 film Wall Street, Gordon Gecko (played by Michael Douglas) tells his star acolyte Bud Fox (Charlie Sheen) that in zero sum money games somebody wins and somebody loses but no money is ever made or lost. Private equity was always a zero sum game, with money simply being transferred between different perceptions. |
In the 1987 film Wall Street, Gordon Gekko (played by Michael Douglas) tells his star acolyte Bud Fox (Charlie Sheen) that in zero sum money games somebody wins and somebody loses but no money is ever made or lost. Private equity was always a zero sum game, with money simply being transferred between different perceptions. |
5/24/2012 |
| 2 | p 170 | If there are four separate bonds, the first class receives prepayments before the other classes, getting repaid earlier. The first class receives a lower interest rate reflecting lower risk. The second class receives payments next and so on. The Z tranche, at the bottom, receives the highest return but does not receive any payment until all other tranches are fully paid off. CMOs allow 30-year mortgages to be converted into bonds with different, theoretically more predictable maturities to match investor needs. | If there are four separate bonds, the first class has priority to the prepayments. This class receives a lower interest rate reflecting both the shorter maturity and greater certainty of maturity. The second class receives payments next and so on. The Z tranche, at the bottom, receives the highest return but does not receive any payment until all other tranches are fully paid off. CMOs allow 30-year mortgages to be converted into bonds with different, theoretically more predictable maturities to match investor needs. | 5/24/2012 |
| 2 | p 179-180 | The concept of home ownership was enthusiastically adopted in America. During the Great Depression, mass mortgage defaults and bank failures caused the home loan market to collapse. In 1934, the U.S. government created the Federal Housing Administration (FHA), the world’s largest public mortgage insurer, to insure private banks’ higher risk, nonprime home loans. In 1938, the Federal National Mortgage Association (FNMA or Fannie Mae) was created to allow low and middle-income buyers to purchase home with subsidized mortgages. In 1968, the Johnson administration privatized Fannie Mae to finance growing budget deficits, also creating the Government National Mortgage Association (GNMA or Ginnie Mae) to provide U.S. government guarantees for MBSs backed by federally insured or guaranteed loans. Two years later, the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) was created, primarily to provide competition for Fannie Mae. Freddie was privatized in 1989. | The concept of home ownership was enthusiastically adopted in America. During the Great Depression, mass mortgage defaults and bank failures caused the home loan market to collapse. In 1934, the U.S. government created the Federal Housing Administration (FHA), to revive home lending and the housing market by standardising mortgage terms, interest rates and insuring repayments. In 1938, the Federal National Mortgage Association (FNMA or Fannie Mae) was created to allow low and middle-income buyers to purchase home with subsidized mortgages. In 1968, the Johnson administration privatized Fannie Mae to finance growing budget deficits, also creating the Government National Mortgage Association (GNMA or Ginnie Mae) to provide U.S. government guarantees for MBSs backed by federally insured or guaranteed loans. Two years later, the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) was created, primarily to provide competition for Fannie Mae. Freddie was privatized in 1989. |
5/24/2012 |
| 2 | p 232 | As Warrant Buffet quipped: “All I can say is, beware of geeks…bearing formulas.” | As Warren Buffett quipped: “All I can say is, beware of geeks…bearing formulas.” | 5/24/2012 |
| 2 | p 310 | In Wall Street, Gordon Gecko (Mike Douglas) derisively dismisses Harvard MBA types as not adding up to dog shit. He wants guys who are poor, smart, hungry, without feelings and who keep on fighting. | In Wall Street, Gordon Gekko (Mike Douglas) derisively dismisses Harvard MBA types as not adding up to dog shit. He wants guys who are poor, smart, hungry, without feelings and who keep on fighting. | 5/24/2012 |
| 2 | p 319 | In Wall Street, Gordon Gecko thought that having your own jet was what qualified a true player in the game—someone who was rich enough not to have to waste time. Everything else amounted to nothing. | In Wall Street, Gordon Gekko thought that having your own jet was what qualified a true player in the game—someone who was rich enough not to have to waste time. Everything else amounted to nothing. | 5/24/2012 |
| 2 | p 425 | John Micklethwaite and Adrian Wooldridge (1996) The Witch Doctors: What the Management Gurus Are Saying, Why It Matters and How to Make Sense of It, Heinemann, London. | John Micklethwait and Adrian Wooldridge (1996) The Witch Doctors: What the Management Gurus Are Saying, Why It Matters and How to Make Sense of It, Heinemann, London. | 5/24/2012 |
| 2 | p 440 | Gecko, Gordon, 310, 319 | Gekko, Gordon, 310, 319 | 5/24/2012 |