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

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
Author: Lawrence G. McDonald - Patrick Robinson
ISBN 13: 9780307588340
ISBN 10: 307588343
Edition: Reprint
Publisher: Crown Business
Publication Date: 2010-10-12
Format: Paperback
Pages: 368
List Price: $16.00

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...

The New York Times - Michiko Kakutani

Mr. McDonald's book gives the reader a visceral sense of what it was like to work at Lehman Brothers and the fateful decisions and events that led to the company's death spiral—decisions that turned the once-proud firm into a grim illustration, in the words of one of the author's colleagues, of the "colossal failure of common sense."