First published 2009
This memoir follows Larry McDonald's journey from a Massachusetts housing project to the trading floors of Lehman Brothers, where he served as Vice President during the investment bank's final years. McDonald witnessed the reckless growth addiction of senior executives that ultimately destroyed America's oldest investment bank. He reveals the unspoken rules and brutal culture of Wall Street, where brilliance mixes with arrogance and greed in dangerous combinations. The author provides insider access to the key players who drove Lehman toward collapse, including those who predicted the disaster but remained powerless to prevent it. McDonald exposes how the leadership's relentless pursuit of expansion created the conditions for catastrophic failure. His account explains why Lehman Brothers was allowed to fail and how its collapse sent shockwaves through the global financial system. The book offers readers direct answers to the biggest questions surrounding the financial crisis from someone who lived through it at the center of power.
Genres: business, non-fiction, 21st-century, finance, accounting
Vibes: emotional, fast-paced, thought-provoking
Tropes: insider-account, personal-journey
Setting: LEHMAN BROTHERS, MASSACHUSETTS, WALL STREET
Period: 21ST CENTURY
368 pages · Hardcover · Crown Business
Content warnings: addiction