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.
"From the Hardcover edition."
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