The Devil's Casino Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers

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Edition: 1st
Format: Paperback
Pub. Date: 2011-04-05
Publisher(s): Wiley
List Price: $16.95

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Summary

They were the Rat Pack of Wall Street. Four close friends: one a decorated war hero, one an emotional hippie, and two regular guys with big hearts, big dreams, and noble aims. They were going to get rich on Wall Street. They were going to prove that men like them with zero financial training - could more than equal the Ivy-League-educated white shoe bankers who were the competition. They were going to create an institution for men like them -- men who were hungry and untrained and they were going to win, but not at the cost of their souls. In short, they were going to be the good guys of finance. Under their watch, Lehman Brothers started to grow and became independent again in 1994. But something had gone wrong on the journey. The men slowly, perhaps inevitably, changed. As Lehman Brothers grew, so too did the cracks in and among the men who had rebuilt it. Ward takes you inside Lehman's highly charged offices. You'll meet beloved leaders who were erased from the corporate history books, but who could have taken the firm in a very different direction had they not fallen victim to infighting and their own weaknesses. You will encounter an unlikely and almost unknown Marcus Brutus, who may have had more to do with Lehman s failings than anyone including Dick Fuld, who has widely been considered the poster-child for the mistakes and greed of all bankers. What Ward uncovers is that Lehman may have lost at the risky games of collateralized debt obligations, swaps, and leverage but that was just the end of a bigger story. "Little Lehman" was the Wall Street shop known to be forever fighting for its life and somehow succeeding. On Wall Street it was cheekily known as "the cat with nine lives." But this cat pushed its luck too far -- and died, the victim of men and women blinded by arrogance. Come inside The Devil's Casino and see how good men lose their way, and see how a firm that rose with the glory and bravado of Icarus fell burning in flames not so much from a sun, but from a match lit from within.

Author Biography

Vicky Ward has been a contributing editor to Vanity Fair since 2001, specializing in investigative reporting. She has profiled, among others, Jean-Marie Messier, Carly Fiorina, CIA agent Valerie Plame, businesswoman Louise MacBain, Morgan Stanley, the late Bruce Wasserstein, counterterrorism expert Richard Clarke, Franois Pinault, the Getty, the Guggenheim, Fairfield Greenwich Group (a Madoff feeder fund), Brooke Astor, and Kate Moss. Ward is a columnist for the Huffington Post and a former contributor to CNBC and Bloomberg TV. She was previously the executive editor of Talk magazine. Her work has appeared in the New York Times, the Financial Times, the London Times, and the Daily Telegraph. A native Briton, Ward was the runner-up for the Catherine Pakenham Award in 1994, Britain's most prestigious award for young women writers. She holds a master's degree in English literature from Cambridge University and has lived in New York City since 1997.

Table of Contents

Cast of Charactersp. xi
Prologuep. 1
The Ponderosa Boys
A Long, Hot Summerp. 11
The Beginningp. 17
The Captainp. 25
The "Take-Under"p. 35
Slamexp. 47
The Phoenix Risesp. 57
Independence Dayp. 67
The Stilettop. 81
The Ides of Marchp. 89
Eulogiesp. 97
The Echo Chamber
Russian Winterp. 107
Lehman's Desperate Housewivesp. 127
The Young Lionsp. 135
9/11p. 141
No Ordinary Joep. 157
The Talking Headp. 173
The Sacrificial Ramp. 183
Korea's Rising Sump. 191
The Wart on the End of Lehman's Nosep. 199
Damned Flood?p. 217
Closing the Booksp. 229
Epiloguep. 235
A Note About the Sourcesp. 241
Notesp. 247
Referencesp. 255
Acknowledgmentsp. 257
Indexp. 263
Table of Contents provided by Ingram. All Rights Reserved.

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