A review of 'Greed and Glory on Wall Street: the Fall of the House of Lehman' by Ken Auletta.
Written in 2006; 1,676 words; 1 sources; MLA; $ 54.95
Paper Summary:
This paper takes a look at Ken Auletta's book 'Greed and Glory on Wall Street: the Fall of the House of Lehman'. According to the paper, the book tells the story of how the old and prestigious company Lehman Brothers Kuhn Loeb (LBKB) self-destructed from within because of infighting among its leaders.
From the Paper:
"At the same time, the SEC relaxed certain investing rules, which made it tempting to ignore the long term picture -- Peterson's strong suit -- in favor of short-term investment decisions -- Glucksman's preference. But for long-term stability, the company needed to consider the long-term picture when making short-term decisions. Glucksman could not or would not do that. The market turned from bull to bear, and LBKB's profits began to decline (p. 144). Meanwhile, Glucksman nominated Robert S. Rubin, a man who openly stated that he might not be suitable for the position, as President of LBKB, which brought the dislike some felt for Glucksman to the surface. Gradually Peterson and others discovered that significant opportunities had been lost, such as an offer to buy LBKB for three times its worth at the time, which would have been a huge windfall for all of the partners. Peterson didn't hear it because those in the know didn't like him and didn't take the information to him (p. 154). "
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