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Lorence G. McDonald and Pattrick Robinson analyse the “A Colossal Failure of Common Sense” that invited Recession

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.In McDonald’s account, the characters at Lehman are cast in either black or white: they either contributed to the failure of Lehman (e.g., chairman and CEO Richard S. Fuld and COO Joseph Gregory) or were dedicated employees with professional pride, determination, exceptional talent, and a strong work ethic (e.g., the guys on the trading floor). Fuld is described as a Machiavellian operator, who became completely detached from the daily activities of his firm over time, communicating through a select group of loyal subordinates and plotting strategies to elevate Lehman to the level of the larger investment banks he envied. Fuld and Gregory aggressively pursued a leverage-fueled expansion spree into real estate–related assets and highly risky, very sophisticated financial products. Commercial real estate and securitization were the focus of their strategy. Throughout the book, McDonald and Robinson describe the intricacies of modern finance and the financial meltdown in an easily accessible way and in the style of a good thriller. All of the tension, pressure, and nervous aggression that characterize the trading desk come alive. The authors provide a nontechnical explanation of why large banks failed and needed government support.You 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. RightBooks.in witnesses it all, and www.rightbooks.in/product_details.asp?pid=9780091936150&A%20Colossal%20Failure%20of%20Common%20Sense is the link for you to click.

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