A book that stormed both the bestseller list and the public
imagination, a book that created a genre of its own, and a book
that gets at the heart of Wall Street and the '80s culture it
helped define, Barbarians at the Gate has emerged twenty years
after the tumultuous deal it so brilliantly recounts as a modern
classic--a masterpiece of investigatory journalism and a rollicking
book of corporate derring-do and financial swordsmanship.
The fight to control RJR Nabisco during October and November of
1988 was more than just the largest takeover in Wall Street
history. Marked by brazen displays of ego not seen in American
business for decades, it became the high point of a new gilded age
and its repercussions are still being felt. The tale remains the
ultimate story of greed and glory--a story and a cast of characters
that determined the course of global business and redefined how
deals would be done and fortunes made in the decades to come.
Barbarians at the Gate is the gripping account of these two
frenzied months, of deal makers and publicity flaks, of an old-line
industrial powerhouse (home of such familiar products a Oreos and
Camels) that became the victim of the ruthless and rapacious style
of finance in the 1980s. As reporters for The Wall Street Journal,
Burrough and Helyar had extensive access to all the characters in
this drama. They take the reader behind the scenes at strategy
meetings and society dinners, into boardrooms and bedrooms,
providing an unprecedentedly detailed look at how financial
operations at the highest levels are conducted but also a richly
textured social history of wealth at the twilight of the Reagan
era.
At the center of the huge power struggle is RJR Nabisco's
president, the high-living Ross Johnson. It's his secret plan to
buy out the company that sets the frenzy in motion, attracting the
country's leading takeover players: Henry Kravis, the legendary
leveraged-buyout king whose entry into the fray sets off an
acquisitive commotion; Peter Cohen, CEO of Shearson Lehman Hutton
and Johnson's partner, who needs a victory to propel his company to
an unchallenged leadership in the lucrative mergers and
acquisitions field; the fiercely independent Ted Forstmann,
motivated as much by honor as by his rage at the corruption he sees
taking over the business he cherishes; Jim Maher and his ragtag
team, struggling to regain credibility for the decimated ranks at
First Boston; and an army of desperate bankers, lawyers, and
accountants, all drawn inexorably to the greatest prize of their
careers--and one of the greatest prizes in the history of American
business.
Written with the bravado of a novel and researched with the
diligence of a sweeping cultural history, Barbarians at the Gate is
present at the front line of every battle of the campaign. Here is
the unforgettable story of that takeover in all its brutality. In a
new afterword specially commissioned for the story's 20th
anniversary, Burrough and Helyar return to visit the heroes and
villains of this epic story, tracing the fallout of the deal,
charting the subsequent success and failure of those involved, and
addressing the incredible impact this story--and the book
itself--made on the world.
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