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A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers

Amazon.com Price:  $9.52 (as of 12/05/2019 17:40 PST- Details)

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Description

One of the vital biggest questions of the financial crisis has not been answered until now.  What happened at Lehman Brothers and why used to be it allowed to fail, with aftershocks that rocked the global economy? In this news-making, regularly 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 vital 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, offended certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth in any case demolished the nation’s oldest investment bank. The Wall Street we encounter here’s a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that on occasion fuels prosperity but sometimes destroys it.
 
The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it used to be a devastating blow to The usa’s—and the world’s—financial system. And it don’t need to have happened. This is the story of why it did.

From the Hardcover edition.

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