Street Freak: Money and Madness at Lehman Brothers

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Simon and Schuster, Sep 13, 2011 - Biography & Autobiography - 368 pages
2 Reviews
When Jared Dillian joined Lehman Brothers in 2001, he fulfilled a life-long dream to make it on Wall Street—but he had no idea how close to the edge the job would take him.

Like Michael Lewis’s classic Liar’s Poker, Jared Dillian’s Street Freak takes readers behind the scenes of the legendary Lehman Brothers, exposing its outrageous and often hilarious corporate culture.

In this ultracompetitive Ivy League world where men would flip over each other’s ties to check out the labels (also known as the “Lehman Handshake”), Dillian was an outsider as an ex-military, working-class guy in a Men’s Wearhouse suit. But he was scrappy and determined; in interviews he told potential managers that, “Nobody can work harder than me. Nobody is willing to put in the hours I will put in. I am insane.” As it turned out, on Wall Street insanity is not an undesirable quality.

Dillian rose from green associate, checking IDs at the entrance to the trading floor in the paranoid days following 9/11, to become an integral part of Lehman’s culture in its final years as the firm’s head Exchange-Traded Fund (ETF) trader. More than $1 trillion in wealth passed through his hands, but at the cost of an untold number of smashed telephones and tape dispensers. Over time, the exhilarating and explosively stressful job took its toll on him. The extreme highs and lows of the trading floor masked and exacerbated the symptoms of Dillian’s undiagnosed bipolar and obsessive compulsive disorders, leading to a downward spiral that eventually landed him in a psychiatric ward.

Dillian put his life back together, returning to work healthier than ever before, but Lehman itself had seemingly gone mad, having made outrageous bets on commercial real estate, and was quickly headed for self-destruction.

A raucous account of the final years of Lehman Brothers, from 9/11 at its World Financial Center offices through the firm’s bankruptcy, including vivid portraits of trading-floor culture, the financial meltdown, and the company’s ultimate collapse, Street Freak is a raw, visceral, and wholly original memoir of life inside the belly of the beast during the most tumultuous time in financial history. In his electrifying and fresh voice, Dillian takes readers on a wild ride through madness and back, both inside Lehman Brothers and himself.
 

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I could not put the book down... This, together with Liars Poker (M. Lewis) are the funniest books on finance...

Contents

7
7
Fall2001
29
Winter 2002Spring 2002
75
8T+1
149
Fall 2004Winter 2005
185
21
207
GOING TO BE
237
101
241
REMEMBER
281
Winter 2007Summer 2008
317
EPILOGUE
339
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About the author (2011)

Jared Dillian is the founder of the subscription-based, daily financial market report "The Daily Dirtnap. "He worked on the Pacific Options Exchange from 1999 to 2000, and was a trader for Lehman Brothers from 2001 to 2008, specializing in index arbitrage and ETF trading. Dillian is a graduate of the United States Coast Guard Academy and earned a Masters in Business Administration from the University of San Francisco. He lives in Myrtle Beach, South Carolina. Visit JaredDillian.com.

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