One of the biggest questions of the financial crisis has not been answered until now. What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers—right from the belly of the beast. In A Colossal Failure of Common Sense , Larry McDonald, a Wall Street insider, reveals the culture and unspoken rules of the game like no book has ever done. The book is couched in the very human story of Larry McDonald’s Horatio Alger-like rise from a Massachusetts “gateway to nowhere” housing project to the New York headquarters of Lehman Brothers, home of one of the world’s toughest trading floors. We get a close-up view of the participants in the Lehman collapse, especially those who saw it coming with a helpless, angry certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth finally demolished the nation’s oldest investment bank. The Wall Street we encounter here is a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that sometimes fuels prosperity but occasionally destroys it. The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it was a devastating blow to America’s—and the world’s—financial system. And it need not have happened. This is the story of why it did.
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Detailed explanation. Well written. Very interesting tale of the dawn of a company.
评分拉裏·麥剋唐納(Larry McDonald)早年就想成為華爾街的交易員，通過持久努力的工作，擁有堅定決心的他最終達到瞭這個目標。麥剋唐納曾在自己的汽車外售賣豬肉，也曾假裝成送披薩的人，糊弄進入公司辦公室，一旦他得到一個交易頭寸的下單機會，他比任何人都要努力。 麥剋唐納在選擇目標和基點時很有遠見，當他發現並且確定在可轉債定價和買賣方麵亟需增加透明度時，他在一個十分正確的時間創立瞭ConvertBond.com。 麥剋唐納對無盡的房地産市場的繁榮以及從中以指數成長獲利的抵押放貸者持懷疑態度。麥剋唐納和他的交易團隊由於對次級貸款泡沫持懷疑態度而替雷曼兄弟賺瞭好幾百萬，但是卻不能說服這個大人物不參與這場次貸交易，最終免於破産的命運。他的書《常識的慘敗：雷曼兄弟破産背後的故事》講述瞭他的
评分次貸危機，按揭貸款抵押債券市場裏的信用違約掉期，商業不動産貸款抵押債券，金融創新過度。
评分Not a journalism specimen but pretty informative, 10 years later.
评分Detailed explanation. Well written. Very interesting tale of the dawn of a company.
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