Tag Archives: financial collapse

When the Music’s Over

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald with Patrick Robinson (Crown Business Reprint Edition; $16.00; 368 pages)

A Colossal Failure of Common Sense describes a CEO acting as if his firm was too big to fail…  One might be tempted to think that Lehman’s bankruptcy was too mild a punishment for the firm’s management.”   James Freeman, The Wall Street Journal 

The bankruptcy of Lehman Brothers is now 2 years behind us.   It was the largest bankruptcy in history and the first in a series of banking and financial institutional failures linked to the housing bust.   It marked a low point in the chronology of Wall Street.   Former Lehman vice president of trading, Lawrence McDonald, and a veteran professional writer, Patrick Robinson, have painstakingly detailed the intellect, honesty and caring at the heart of the Lehman trading groups that tried valiantly to warn upper management of the impending doom.

This one hundred and fifty-eight-year-old institution was leveled by a small clique of men at its very top who lacked the restraint and manners that were the key to traditional corporate culture at Lehman.   The arrogance, greed, weak egos and excesses (think of TV’s Dynasty) are similar to the unfortunate behaviors exhibited by members of any and all cliques.

We view the action from McDonald’s perspective starting with his early yearning to work at a major player on the Street.   If you think every aspect of the real estate bubble and bust has been examined and reported on, think again.   This hefty book is written from an insider’s perspective.   Credit is given to whomever it is due at both ends of the spectrum of good and evil.  

The reader can feel the suspense building as the story continues to develop.   This book became a true page-turner prior to its end, even though its conclusion had already been written.   Recommended.

This review was written by Joseph Arellano.   Reprinted courtesy of Sacramento Book Review.

Leave a comment

Filed under Uncategorized

Another Book Giveaway!

Thanks to Anna at Hachette Audio, we’re giving away three (3) audio book sets of On the Brink: Inside the Race to Stop the Collapse of the Global Financial System by Henry M. (Hank) Paulson, Jr.   This is the unabridged version, on 13 CDs, that contains a special conversation with the author not found in the printed book version.   Each audio book is valued at $34.98 U.S.; $41.98 Canadian.

Here is a synopsis of On the Brink, followed by two excerpts from recent reviews:

When Hank Paulson, the former CEO of Goldman Sachs, was appointed in 2006 to become the nation’s next Secretary of the Treasury, he knew that his move from Wall Street to Washington would be daunting and challenging.   But Paulson had no idea that a year later, he would find himself at the the very epicenter of the world’s most cataclysmic financial crisis since the Great Depression.   Major institutions literally teetered at the edge of collapse.   Worst of all, the credit crisis spread to all parts of the U.S. economy and grew more ominous with each passing day.

This was truly a once-in-a-lifetime economic nightmare.   Events no one had thought possible were happening in quick succession.   All eyes turned to the United States Treasury Secretary to avert the disaster.  

This, then, is Hank Paulson’s first-person account.   From the man who was in the very middle of this perfect economic storm, On the Brink is Paulson’s fast-paced account of the key decisions that had to be made with lightning speed.   On the Brink is an extraordinary story about people and politics – all brought together during the world’s impending financial Armageddon.

Paulson’s first-person account of the epic financial collapse is just that – straightforward and direct.   Shorn of anonymous, unsourced dish, it nonetheless offers plenty of excellent color and detail.   Daniel Gross, The Washington Post

Provides a palpable sense of the nearly moment-to-moment developments and obstacles…   Ted Sturtz, New York Journal of Books

This contest is easy to enter.   Just post a comment here or send an e-mail to Josephsreviews@gmail.com .   This will count as one entry.   For a second entry, just tell us why you like to listen to audio book versions of best sellers.  

You must be a resident of the U.S. or Canada and have a valid residential address.   Audio books cannot be mailed to P.O. boxes.   

The On the Brink contest will be open until midnight PST on Sunday, April 18, 2010.   Good luck and good listening!

30 Comments

Filed under Uncategorized