The inside account of a financial meltdown that reshaped Wall Street.
In 1983, Lew Glucksman, then co-CEO of the heralded investment bank Lehman Brothers, demanded the resignation of chairman Pete Peterson, with whom he had long argued over how to manage the company. Shockingly, Peterson, who had taken charge a decade earlier and led Lehman from near collapse to record profits, agreed to step down.
In this meticulously researched volume, Ken Auletta details the turmoil, infighting, and power struggles that brought about Peterson's departure and the eventual sale of one of Wall Street's oldest and most prestigious firms. Set against the backdrop of the 1980s stock exchange, where hotshot young traders made and lost millions in a single afternoon, the story of Lehman's fall is a suspenseful battle of wills between bankers, traders, and executives motivated by greed, envy, and ego. Auletta, who conducted hundreds of hours of interviews and was granted access to private company records, has crafted a thorough, enduring, and engaging account of pivotal events that continued to influence this storied financial institution until its ultimate demise in 2008.
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Ken Auletta has written Annals of Communications columns and profiles for The New Yorker magazine since 1992. He is the author of ten books, including four national bestsellers: Three Blind Mice: How the TV Networks Lost Their Way; Greed And Glory On Wall Street: The Fall of The House of Lehman; The Highwaymen: Warriors of the Information Super Highway, and World War 3.0: Microsoft and Its Enemies, were national business bestsellers.
Auletta was among the first to popularize the so-called information superhighway with his February, 1993, profile of Barry Diller's search for something new. He has profiled the leading figures and companies of the Information Age, including Google, Bill Gates, Rupert Murdoch, AOL Time Warner, John Malone, Harvey Weinstein, and the New York Times; he has dissected media meteors that fell to earth like "push" technology and inter-active TV, probed media violence, the PAC giving of communication giants, the fat lecture fees earned by journalist/pundits, and explored what "synergy" may mean to journalism. His 2001 profile of Ted Turner won a National Magazine Award as the best profile of the year. He covered the Microsoft antitrust trial for the magazine. In ranking him as America's premier media critic, the Columbia Journalism Review concluded, "no other reporter has covered the new communications revolution as thoroughly as has Auletta." New York Magazine described him as the "media Boswell."
In another life, Auletta taught and trained Peace Corps volunteers; served as Special Assistant to the U.S. Under Secretary of Commerce; worked in Senator Robert F. Kennedy's 1968 campaign for the Presidency; was Executive Editor of the weekly Manhattan Tribune; was state Campaign Manager for Howard J. Samuels, helping him lose two races for Governor of New York; and was the first Executive Director of the New York City Off Track Betting Corporation.
Starting in 1974, he was the chief political correspondent for the New York Post, then staff writer and weekly columnist for the Village Voice and Contributing Editor of New York Magazine. He started writing for The New Yorker in 1977. Between 1977 and 1993, he wrote a weekly political column for the New York Daily News. He has hosted numerous public television programs and served as a political commentator for both WNBC-TV and WCBS-TV. He has wriFrom Publishers Weekly:
Based on probing research, this modern morality tale is an expansion of a 1984 New York Times Magazine article on the ruinous behind-the-scenes struggle between two top officers of the 134-year-old private investment banking firm Lehman Brothers Kuhn Loeb. Auletta (The Art of Corporate Success, etc.) recounts in detail the takeover of the traditional and specialized but dissent-ridden and undercapitalized Wall Street company by an outside trader, the recently formed global giant Shearson/American Express. The new conglomerates that emerge from such moves, Auletta maintains, emphasize transactual, service business rather than advisory functions, and short-term gains at the expense of long-range growth plans. Wall Street, he claims, is well on its way to being dominated by a few superpowers that combine all financial services under one roof. Photos not seen by PW. Major ad/promo; Fortune Book Club selection; BOMC alternate; author tour. January
Copyright 1985 Reed Business Information, Inc.
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Descripción Random House, 1986. Hardcover. Estado de conservación: New. book. Nº de ref. de la librería M0394544102
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