A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
by Lawrence G. McDonald, Patrick Robinson
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Book Summary Information
Author: Lawrence G. McDonald, Patrick RobinsonEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Format: Deckle Edge
Published: 2009-07-21
ISBN: 0307588335
Number of pages: 368
Publisher: Crown Business
Book Reviews of A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
Book Review: "Colossal" goes well beyond the walls of Lehman
Summary: 5 Stars
So I thought I understood the sub-prime mortgage crisis, that is until I read "A Colossal Failure of Common Sense" by Lawrence McDonald and Patrick Robinson. McDonald's personal and professional perspectives from within the crisis shed light on one of the greatest financial tragedies of our time. This, combined with Robinson's writing experience, makes "Colossal" a must read for anyone hoping for an insider's view of this historical event.
What I didn't understand prior to reading this book was how the decisions of so few individuals destroyed an entire world economy and so many lives along with it. I was stunned by the apparent attitude of both the "body builder" types as well as Lehman's top brass who felt that "whoever dies with the most toys wins." Their inability to grasp the consequences of their actions is intolerable.
McDonald's book is more than a study of the failure of one organization. It really represents a window into the challenges our financial system faces and how a lack of prudence can create a world-wide crisis. It also shows the inter-dependence of our world financial systems. No longer can the U.S. sell bad debt to a foreign investor and not feel the negative impact of such decisions.
I enjoyed McDonald's candidness in retelling personal interactions with each character in his book. In sharing his experiences on Lehman's trading floor - both good and bad - he brought each individual in the story to life. It's one thing to read a headline that says, "Sub-prime mortgage crisis is hurting U.S. economy." It's a completely different ball game when the crisis is brought to a personal level. That's exactly what McDonald accomplishes with his book.
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