Greed and Glory on Wall Street The Fall of the House of Lehman eBook Ken Auletta
Download As PDF : Greed and Glory on Wall Street The Fall of the House of Lehman eBook Ken Auletta 
The inside account of a financial meltdown that reshaped Wall Street
In 1983, Lew Glucksman, then co-CEO of the heralded investment bank Lehman Brothers, demanded the resignation of chairman Pete Peterson, with whom he had long argued over how to manage the company. Shockingly, Peterson, who had taken charge a decade earlier and led Lehman from near collapse to record profits, agreed to step down. In this meticulously researched volume, Ken Auletta details the turmoil, infighting, and power struggles that brought about Peterson’s departure and the eventual sale of one of Wall Street’s oldest and most prestigious firms.
Set against the backdrop of the 1980s stock exchange, where hotshot young traders made and lost millions in a single afternoon, the story of Lehman’s fall is a suspenseful battle of wills between bankers, traders, and executives motivated by greed, envy, and ego. Auletta, who conducted hundreds of hours of interviews and was granted access to private company records, has crafted a thorough, enduring, and engaging account of pivotal events that continued to influence this storied financial institution until its ultimate demise in 2008.
In 1983, Lew Glucksman, then co-CEO of the heralded investment bank Lehman Brothers, demanded the resignation of chairman Pete Peterson, with whom he had long argued over how to manage the company. Shockingly, Peterson, who had taken charge a decade earlier and led Lehman from near collapse to record profits, agreed to step down. In this meticulously researched volume, Ken Auletta details the turmoil, infighting, and power struggles that brought about Peterson’s departure and the eventual sale of one of Wall Street’s oldest and most prestigious firms.
Set against the backdrop of the 1980s stock exchange, where hotshot young traders made and lost millions in a single afternoon, the story of Lehman’s fall is a suspenseful battle of wills between bankers, traders, and executives motivated by greed, envy, and ego. Auletta, who conducted hundreds of hours of interviews and was granted access to private company records, has crafted a thorough, enduring, and engaging account of pivotal events that continued to influence this storied financial institution until its ultimate demise in 2008.
Greed and Glory on Wall Street The Fall of the House of Lehman eBook Ken Auletta
The author masterly paints what happend in the year during which Lehman Brothers Kuhn Loeb ceased to exist.The battle to survive on the market for which the firm needed more capital in times of macroeconomic turbulence went along with internal battle involving strong characters, friend and foes, greedy and full of pride for beign part of Wall Street legendary partnership.
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Greed and Glory on Wall Street The Fall of the House of Lehman eBook Ken Auletta Reviews
Good history of Investment Banking and especially Lehman Brothers. Tough reading sometimes due to the insider point of views on specific personalities and conflicts, but all in all a good representation of the historical facts and details leading up to the eventual demise of one of the largest institutional collapses of our time.
The story of Lehman Brothers' problems in the mid-1980s. The author does a great job of depicting the characters.
I hope he does one or more sequel. One could be about Lehman's problems in 2008 and another could be about two of the characters in this book who went on to found BlackRock and become two of the richest men in the world.
The handling of pictures was much better than in most editions.
This is a classic tale of a company run into the ground because it had two CEOs and two different departments fighting one another for the juicy bonuses. Moreover, the CEOs had totally different characters and a completely different business vision. One was extrovert, overambitious, jealous, profoundly selfish, impulsive, volatile, dominated by lust for power, vindictive, an intriguer. The other was rather introvert, cold, too trusting, apersonal, a bad communicator, self-centered, rather an intellectual aristocrat.
The introvert was ousted by the extrovert, who wanted to run his own show.
The house of Lehman was divided in two different clans the bankers who were rather fixed on medium and long term business with stable clients and the traders who were only fixed on the short term.
While the introvert CEO could stand above both business divisions in the battle for the bonuses, the extrovert was himself a trader and was rather despised by the bankers. When the latter took the rein, key banking personal left the company. The traders wanted to cash in their shares as quickly as possible and the company was gobbled up by a third party.
This story shows also that `human relations matter as much as the bottom-line.'
A very worth-while read.
This story of greed and glory is one that has been acted out in all types of businesses - large or small, service or product, new or old. It is a parable of overinflated egos, hyperpolitical environments and the inability of individuals to see their limits when blinded by the light of self-glorification. It is essential reading for anyone in a shared leadership role - partners, executives in tightly run corporations, etc. - and is most valuable for the lessons people should learn about themselves through Lehman's demise.
Enjoyed this view of what happened to a great financial firm. Makes one wonder what other towers of power are running amuck today!
Learned a lot about the Lehman Brothers. Cotton trading of Lehman brothers in Montgomery, Alabama to 55 Water street in Manhattan to Shearson/American Express buyout in 1985. Egotistical, greedy millionaires. Read about the final couple years that ended in 2008 with bankruptcy. Now I know how they started.
good reading
The author masterly paints what happend in the year during which Lehman Brothers Kuhn Loeb ceased to exist.
The battle to survive on the market for which the firm needed more capital in times of macroeconomic turbulence went along with internal battle involving strong characters, friend and foes, greedy and full of pride for beign part of Wall Street legendary partnership.
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