A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Patrick Robinson - PDF free download eBook

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  • Published: Nov 12, 2015
  • Reviews: 370

Brief introduction:

The Inside, Untold Story of The Collapse of Lehman Brothers-As Its Never Been Told BeforeThe CEO and his court . . .Richard Fuld had even turned Lehmans board of directors into a kind of largely irrelevant lower chamber. This was yet another group...

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

ISBN
9780307702418
Publisher
Crown Publishing Group
Publication date
Age range
18+ Years
Book language
EN
Format
PDF, FB3, RTF, TXT
Quality
Normal quality OCR
Dimensions
5.04 (w) x 6.00 (h) x 1.66 (d)
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Some brief overview of this book

The Inside, Untold Story of The Collapse of Lehman Brothers-As Its Never Been Told Before

The CEO and his court . . .

Richard Fuld had even turned Lehmans board of directors into a kind of largely irrelevant lower chamber. This was yet another group to rubber-stamp his decisions and collect generous fees. It was not for supplying well-meant and lucid wisdom in the current wild marketplace but for agreeing with the monarch, accepting his all-knowing take on the banks investments. Above all, the board was created not to rock the royal barge as it made its stately way downstream.

What they didnt understand . . .

Later that day, Mike confided to Larry and Alex, Neither he Lehman president Joe Gregory nor our chairman Richard Fuld understands the dangers of securitization, the leverage in the system. They cannot understand. And they will never understand. When I beg either of them to listen to what I am saying, their eyes glaze over.

The efforts to turn the ship around . . .

They implored Dick Fuld and Joe Gregory to slam on the brakes, to cut that $ 500 billion debt drastically. They had proposed that instead of being thirty-four times leveraged, we cut back to twenty-five times, which would bring the debt down to $380 billion. Instead of that, we were headed straight up . . .

The coup . . .

He invited his senior colleagues to dinner at a private members dining club on the Upper East Side on June 5. . . . The Bordeaux played its soothing role in freeing up inhibitions, and it swiftly became apparent that this select gathering had all the necessary qualities to provoke the most thoughtful and genteel of corporate riots. And as academic discussionsbecame intermingled with profoundly held opinions, which were in stark contrast to those on the thirty-first floor, the mood changed. . . . It had become blatantly obvious that drastic action was called for. Either Dick Fuld or Joe Gregory had to go.

Going over the cliff . . .

The issue is the credit default swaps, said Pete. Theres $72 trillion of them out there held by seventeen banks, and Lehman must be sitting on $7 trillion of them. Likewise, since Lehman is a prime broker, what happens to all the other prime brokerages if Hank Secretary of the Treasury Paulson lets Lehman go? Right there, youre talking Armageddon.

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A few words about book author

Lawrence G. McDonald is a managing director of Pangea Capital Management LP. He was, until 2008, vice president of distressed debt and convertible securities trading at Lehman Brothers. He ran an extremely successful joint venture between the firm’s fixed income and equity divisions and was one of Lehman’s most consistently profitable traders.

bove all, the board was created not to rock the royal barge as it made its stately way downstream.

What they didnt understand . . .

Later that day, Mike confided to Larry and Alex, Neither he Lehman president Joe Gregory nor our chairman Richard Fuld understands the dangers of securitization, the leverage in the system. They cannot understand. And they will never understand. When I beg either of them to listen to what I am saying, their eyes glaze over.

The efforts to turn the ship around . . .

They implored Dick Fuld and Joe Gregory to slam on the brakes, to cut that $ 500 billion debt drastically. They had proposed that instead of being thirty-four times leveraged, we cut back to twenty-five times, which would bring the debt down to $380 billion. Instead of that, we were headed straight up . . .

The coup . . .

He invited his senior colleagues to dinner at a private members dining club on the Upper East Side on June 5. . . . The Bordeaux played its soothing role in freeing up inhibitions, and it swiftly became apparent that this select gathering had all the necessary qualities to provoke the most thoughtful and genteel of corporate riots. And as academic discussionsbecame intermingled with profoundly held opinions, which were in stark contrast to those on the thirty-first floor, the mood changed. . . . It had become blatantly obvious that drastic action was called for. Either Dick Fuld or Joe Gregory had to go.

Going over the cliff . . .

The issue is the credit default swaps, said Pete. Theres $72 trillion of them out there held by seventeen banks, and Lehman must be sitting on $7 trillion of them. Likewise, since Lehman is a prime broker, what happens to all the other prime brokerages if Hank Secretary of the Treasury Paulson lets Lehman go? Right there, youre talking Armageddon.

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