A Colossal Failure Of Common Sense
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A Colossal Failure Of Common Sense
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Author : Lawrence G. McDonald
language : en
Publisher: Crown Currency
Release Date : 2010-10-12
A Colossal Failure Of Common Sense written by Lawrence G. McDonald and has been published by Crown Currency this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-12 with Business & Economics categories.
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. In A 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.
A Colossal Failure Of Common Sense
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Author : Lawrence G. McDonald
language : en
Publisher: Crown Pub
Release Date : 2009
A Colossal Failure Of Common Sense written by Lawrence G. McDonald and has been published by Crown Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
A former vice president of Lehman Brothers explains the financial collapse of the securities giant in 2008, what led to the financial crisis, and who had been responsible for its downfall.
The Money Noose Jon Corzine And The Collapse Of Mf Global
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Author : Scott E.D. Skyrm
language : en
Publisher: ibooks
Release Date : 2014-10-29
The Money Noose Jon Corzine And The Collapse Of Mf Global written by Scott E.D. Skyrm and has been published by ibooks this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-29 with Business & Economics categories.
“Skyrm makes complex financial scenarios accessible to all interested readers in an informative and entertaining manner. We can all learn something from this book.” —Thomas Peterffy, Chairman, CEO, and President of Interactive Brokers “Skyrm put together the story of MF Global like no one else could in providing the ultimate autopsy covering destructive financial engineering that’s played such a big role in our capital markets.” —Lawrence G. McDonald, New York Times best selling author of A COLOSSAL FAILURE OF COMMON SENSE “God is in the details...first come the reporters, then the lawyers. Skyrm’s book is the necessary antidote. Only someone who has ‘done’ it can explain it. Perhaps the best ‘counterfactual’ rationale for reading The Money Noose: If John Corzine had been able to before, there would likely have been no after.” —Stan Jonas, Managing Partner, Axiom Management Partners In 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. MF Global was bankrupt less than a year after the law’s passage. THE MONEY NOOSE is a general accounting of the facts that led to MF Global’s collapse, as well as the story of the major players involved. It is a chaotic story, one in which individual actions taken in and of themselves are relatively minor. But the sum of those individual actions equal the same end result. This book is designed to tell the story of MF Global, what went wrong and how things came to an abrupt end. In those regards, it’s an incredible story.
Crash Of The Titans
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Author : Greg Farrell
language : en
Publisher: National Geographic Books
Release Date : 2011-09-13
Crash Of The Titans written by Greg Farrell and has been published by National Geographic Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-13 with Business & Economics categories.
The intimate, fly-on-the wall tale of the decline and fall of an America icon With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience. Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.
Nothing Is Too Big To Fail
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Author : Kerry Killinger
language : en
Publisher: Rosetta Books
Release Date : 2021-03-23
Nothing Is Too Big To Fail written by Kerry Killinger and has been published by Rosetta Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-23 with Business & Economics categories.
No institution, government, or country is "too big to fail." A behind-the-scenes account of what led to the 2008 crisis—and may soon lead to a bigger one. Written by two bank executives with firsthand experience of several financial crises, Nothing is Too Big to Fail holds a stiff warning about the future of finance and social justice—revealing how the US government's fiscal and monetary policies are creating asset and debt bubbles that could burst at any time. The COVID-19 pandemic is just one of many risks that could derail our highly leveraged and fragile economic system. The authors also tell how government actions and an unregulated shadow banking system are leading to inequitable distribution of wealth, destroying the middle class, reducing trust in government, and accelerating racial injustice. No institution, government, or country is "too big to fail." This book offers lessons learned from past crises and recommended actions for business and government leaders to take today to return our economic system and our democracy to a safer trajectory.
The Murder Of Lehman Brothers
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Author : Joseph Tibman
language : en
Publisher: Joseph Tibman
Release Date : 2009
The Murder Of Lehman Brothers written by Joseph Tibman and has been published by Joseph Tibman this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
For the first time, Joe Tibman pulls back the kimono to share intriguing information and detail about Lehman Brothers and the economic meltdown that has never before been revealed:
The Lehman Trilogy
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Author : Stefano Massini
language : en
Publisher: HarperCollins
Release Date : 2020-06-02
The Lehman Trilogy written by Stefano Massini and has been published by HarperCollins this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-02 with Fiction categories.
Basis for the 2022 'Tony Award Best Play' winner Magnificent in scope, internationally lauded, and transcendent, the novel in verse that inspired the sensational West End and Broadway play of the same name. The Lehman Trilogy follows the epic rise and fall of three generations of that infamous family and through them tells the story of American ambition and hubris. After leaving his native Bavaria, Henry Lehman arrives in America determined to make a better life. Sensing opportunity in the Deep South, he opens a textile shop in Alabama, laying the foundation for a dynasty that will come to dominate and define modern capitalism. Emanuel and his brother Mayer begin investing in anything and everything that will turn a profit, from cotton to coal to railroads to oil to airplanes—even at the expense of the very nation that forged them. Spanning three generations and 150 years, The Lehman Trilogy is a moving epic that dares to tell the story of modern capitalism through the saga of the Lehman brothers and their descendants. Surprising and exciting, brilliant and inventive, Stefano Massini’s masterpiece—like Hamilton—is a story of immigration, ambition, and success; it is the story of America itself from a daring and original perspective. Translated from the Italian by Richard Dixon
The Lost Bank
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Author : Kirsten Grind
language : en
Publisher: Simon and Schuster
Release Date : 2013-07-16
The Lost Bank written by Kirsten Grind and has been published by Simon and Schuster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-16 with Business & Economics categories.
Based on reporting for which the author was named a finalist for the Pulitzer Prize and the Gerald Loeb Award, this book traces the rise and spectacular fall of Washington Mutual.
A Colossal Failure Of Common Sense
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Author : Larry McDonald
language : en
Publisher: Random House
Release Date : 2009-11-24
A Colossal Failure Of Common Sense written by Larry McDonald and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-24 with Biography & Autobiography categories.
When Lehman Brothers bank went under, the world gasped. One of the world's biggest and most successful banks, its downfall was the event that sparked the slide of the world economy toward a Great Depression II. This is the gripping inside story of the dark characters who ruled Lehman, who refused to heed warnings that the company was headed for an iceberg; the world-class, mid-level people who valiantly fought to get Lehman off its disastrous course; the crash that didn't have to happen. A news-breaking explanation that answers the question everyone still asks: "why did it happen?" Larry McDonald, a former vice-president at Lehman Brothers in charge of distressed debt trading and convertible securities, was right at the centre of the meltdown of the company and gives an intimate look at the madhouse that Lehman became. This book shows beyond a doubt that Richard Fuld, the long-time CEO of Lehman, and his top executives, were totally out to lunch, allowing Lehman's risk profile to reach gargantuan proportions. While the traders, like Larry McDonald, clearly predicted more than two years in advance that the market for packaged subprime mortgages and credit default swaps would evaporate, the high-flying Lehman bosses pushed hard on the gas pedal until the very end.
Resisting Corporate Corruption
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Author : Stephen V. Arbogast
language : en
Publisher: John Wiley & Sons
Release Date : 2013-03-18
Resisting Corporate Corruption written by Stephen V. Arbogast and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-18 with Business & Economics categories.
Taking a unique approach to business ethics unlike the typical focus on conceptual/legal frameworks, this book features 25 case studies that cover a full range of business practices, controls, and ethics issues. The new edition is fully updated with new case studies from the recent financial crisis, comparing it with Enron's crossing of various ethical lines. Interpretive essays explore financial control systems and lessons learned from specific case studies and circumstances. Readers will find a practical toolkit they can use to identify ethics issues and tackle problems effectively within corporations.