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The Inside Story of the Collapse of Lehman Brothers
Crown Business
August 2009
On Sale: July 21, 2009
368 pages
ISBN: 0307588335
EAN: 9780307588333
Hardcover
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Non-Fiction
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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