Scott Bok on How Bankers Spread the Gospel of Capitalism

When we think about the prospect of deglobalization (whatever that means) we often think about it in terms of the goods economy. Supply chains get rerouted. Manufacturing becomes more localized, and possibly less efficient. But changes to the global world order also have implications for Wall Street, and the world of dealmaking. On this episode of the podcast, we speak with Scott Bok, the longtime former chairman and CEO of the investment bank Greenhill & Co., which is now part of Mizuho. Scott is the author of the new book, Surviving Wall Street: A Tale of Triumph, Tragedy, and Timing, which covers his long career as an investment banker starting in the early 1980s. We talk about what investment bankers actually do, and also how the great Wall Street dealmaking boom over the last several decades is, in large part, a story of globalization, and the opportunity for firms to roll up localized companies into cross-border giants. He talks to us about how the bankers themselves served as essentially evangelists of the pro-capitalism message of the Reagan era, spreading the gospel of shareholder primacy all around the world. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

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