McDonald, a former vice president at Lehman Brothers, offers an intimate look inside the mad house that Lehman became, and shows beyond a doubt that Lehman's top executives were totally out to lunch, allowing Lehman's risk profile to reach gargantuan proportions.
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McDonald, a former vice president at Lehman Brothers, offers an intimate look inside the mad house that Lehman became, and shows beyond a doubt that Lehman's top executives were totally out to lunch, allowing Lehman's risk profile to reach gargantuan proportions.
Read Less
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To put my comments in perspective, I believe in the power of now; which essentially, in my view, enables one to be objective. This book by Mr McDonald is a graphic description of "Collective Insanity" - it is an excellent read, full of the anecdotal stuff that enables the underlying issues to be highlighted in readable, non-technical format. No One, especially not a Master of the Universe, should be allowed to play Russian Roulette with other (unsuspecting) people's money, NEVER. So the key to WHY this was a "Colossal Failure of Common Sense" was simply the repeal of the Glass Steagall Act of 1933, to render "legal", it seems, the merger of Traveller's Insurance with CitiBank. Any institution that is allowed to take deposits from unsuspecting people should be precluded from owning or carrying on Investment Bank activities - gearing up $44 of debt for every $1 of equity! Until this is STOPPED, it can and will happen again so Goldman Sachs, Morgan Stanley et al should be precluded from taking retail deposit funds - FULL STOP.
