A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
One of the biggest questions of the financial crisis has not been answered until now. What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers—right from the belly of the beast.
InA Colossal Failure of Common Sense, Larry McDonald, a Wall Street insider, reveals, the culture and unspoken rules of the game like no book has ever done. The book is couched in the very human story of Larry McDonald’s Horatio Alger-like rise from a Massachusetts “gateway to nowhere” housing project to the New York headquarters of Lehman Brothers, home of one of the world’s toughest trading floors.
We get a close-up view of the participants in the Lehman collapse, especially those who saw it coming with a helpless, angry certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth finally demolished the nation’s oldest investment bank. The Wall Street we encounter here is a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that sometimes fuels prosperity but occasionally destroys it.
The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it was a devastating blow to America’s—and the world’s—financial system. And it need not have happened. This is the story of why it did.
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Review: A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman BrothersUser Review - Nic - Goodreads
Since 2008,I have done a pretty fair amount of reading up on the events leading up to the financial crisis. In almost every case, the author seemed to have some sort of ax to grind against he person ... Read full review
Review: A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman BrothersUser Review - Ray Rials - Goodreads
Excellent read which connects consequences of legislation, greed and company leadership. The book does a great job of explaining key concepts which lead to the collapse of which existed since 1850 and ... Read full review
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