By Patrick Robinson, Lawrence G. McDonald
One of the most important questions of the monetary trouble has no longer been replied in the past. What occurred at Lehman Brothers and why was once it allowed to fail, with aftershocks that rocked the worldwide economic system? during this news-making, frequently superb ebook, a former Lehman Brothers vp provides us the directly answers—right from the stomach of the beast.
In A large Failure of universal Sense, Larry McDonald, a Wall highway insider, unearths the tradition and unstated principles of the sport like no publication has ever performed. The e-book is couched within the very human tale of Larry McDonald’s Horatio Alger-like upward thrust from a Massachusetts “gateway to nowhere” housing undertaking to the hot York headquarters of Lehman Brothers, domestic of 1 of the world’s hardest buying and selling floors.
We get a close-up view of the contributors within the Lehman cave in, in particular those that observed it coming with a helpless, indignant sure bet. We meet the Brahmins on the best, whose reckless, pedal-to-the-floor dependancy to development eventually demolished the nation’s oldest funding financial institution. The Wall road we stumble upon here's a ruthless position, the place brilliance, conceitedness, ambition, greed, means for relentless toil, and different human features mix in a powerful combine that typically fuels prosperity yet sometimes destroys it.
The complete importance of the dissolution of Lehman Brothers continues to be measured. yet this a lot is bound: it was once a devastating blow to America’s—and the world’s—financial procedure. And it don't need to have occurred. this can be the tale of why it did.
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Additional info for A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
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