New Books Network Megan Tobias Neely, "Hedged Out: Inequality and Insecurity on Wall Street" (U California Press, 2022)
Dec 16, 2025
In this insightful discussion, Megan Tobias Neely, a sociologist and former hedge fund worker, dives into her book, "Hedged Out: Inequality and Insecurity on Wall Street." She explores the cutthroat world of hedge funds, revealing how elite networks and the culture of homophily perpetuate privilege. Neely touches on career precarity and the toll of long hours while also linking financial ambition to status escalation. She highlights significant accountability failures and the political influence of hedge funds, painting a vivid picture of systemic vulnerabilities.
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Hedge Funds' Private Structure Shapes Power
- Hedge funds are private firms that pool wealthy and institutional money to invest across many strategies.
- Their private status plus investor eligibility limits creates powerful insulation from oversight.
Scale Gives Hedge Funds Market Power
- Large hedge funds can scale into many specialized funds and thousands of employees, letting them influence markets.
- That scale enables them to move prices and exert geopolitical and financial power globally.
Flatness Often Hides Executive Control
- The rhetoric of decentralization and 'flatness' often masks concentrated executive power.
- When problems arise, ultimate responsibility and authority revert to the founder-manager.
