A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald, Patrick Robinson
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. Editorial Reviews ...gives the readers a visceral sense of what it was like to work at Lehman Brothers and the fateful decisions and events that led to the company's death spiral..." --Michiko Kakutani, The New York Times "Highly readable...A Colossal Failure of Common Sense largely rings true. It expresses the anger that many former Lehman employees still feel toward Mr. Fuld. And it convincingly characterizes the investment bank as a house divided against itself, between the bears who had foreseen bubbles and the bulls who wrongly believed that this time was different." --The Economist "... describes a CEO ≠acting as if his firm was too big to fail." --Wall Street Journal "...poignantly told...from an insider [who] witnessed, often in amazement and disgust, the corporate dysfunction and hubristic leadership that led to [Lehman's] demise." --BusinessWeek "...engaging and even funny." --Fortune - From the Publisher "Armageddon happens. The world freezes. But why were the shockwaves so devastating? How did Wall Street become so involved with this madness? Why did a home loan in an asparagus field outside San Francisco bring down Lehman Brothers and put Bank of America on life support? How did Lehman's bankruptcy obliterate hedge funds around the world? What was the connection? What really happened at Lehman?" In A Colossal Failure of Common Sense, former Lehman vice president Lawrence G. McDonald and Patrick Robinson, the coauthor of Lone Survivor, expose the largely untold story of the collapse of the behemoth global financial service firm. With its insider's perspective, clear, powerful prose, and biting analysis, this book earns comparisons with classics like House of Cards. - Mr. McDonald's book gives the reader a visceral sense of what it was like to work at Lehman Brothers and the fateful decisions and events that led to the company's death spiral-decisions that turned the once-proud firm into a grim illustration, in the words of one of the author's colleagues, of the "colossal failure of common sense." -The New York Times - Michiko Kakutani While you pore over the dry analysis of the financial crisis of 2008 with a cup of strong coffee in hand-take a few hours to listen to this engaging account of the investment firm Lehman Brothers. According to Robinson and McDonald, while the "mortgage guys" on the fourth floor wrecked the world economy and the "chowder heads" on the 31st floor wrecked Lehman, the risk-and-debt experts on the third floor saw it all coming. Forgive the authors their often-overwrought language and absorb their sense of the moment with respect to an extraordinary line of work. Erik Davies's tough-guy baritone is suitable and easy to understand. He delivers the story's vivid images and characters with panache. F.C. © AudioFile 2009, Portland, Maine - SEPTEMBER 2009 - AudioFile
Overview
Title: A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald, Patrick Robinson
Author: Lawrence G. McDonald, Patrick Robinson
Book Cover Type:
Pages: 368
Language: ENG- English
Condition
Publisher
Publishers: Crown Publishing Group
Location:
Year: 2010
Pages:
Illustrators
Edition
Dimensions
5.20(w) x 7.90(h) x 0.90(d)
Pickup available at Book Express Warehouse
Usually ready in 4 hours
Product information
New Zealand Delivery
Shipping Options
Shipping options are shown at checkout and will vary depending on the delivery address and weight of the books.
We endeavour to ship the following day after your order is made and to have pick up orders available the same day. We ship Monday-Friday. Any orders made on a Friday afternoon will be sent the following Monday. We are unable to deliver on Saturday and Sunday.
Pick Up is Available in NZ:
Warehouse Pick Up Hours
- Monday - Friday: 9am-5pm
- 62 Kaiwharawhara Road, Wellington, NZ
Please make sure we have confirmed your order is ready for pickup and bring your confirmation email with you.
Rates
-
New Zealand Standard Shipping - $6.00
- New Zealand Standard Rural Shipping - $10.00
- Free Nationwide Standard Shipping on all Orders $75+
Please allow up to 5 working days for your order to arrive within New Zealand before contacting us about a late delivery. We use NZ Post and the tracking details will be emailed to you as soon as they become available. Due to Covid-19 there have been some courier delays that are out of our control.
International Delivery
We currently ship to Australia and a range of international locations including: Belgium, Canada, China, Switzerland, Czechia, Germany, Denmark, Spain, Finland, France, United Kingdom, United States, Hong Kong SAR, Thailand, Philippines, Ireland, Israel, Italy, Japan, South Korea, Malaysia, Netherlands, Norway, Poland, Portugal, Sweden & Singapore. If your country is not listed, we may not be able to ship to you, or may only offer a quoting shipping option, please contact us if you are unsure.
International orders normally arrive within 2-4 weeks of shipping. Please note that these orders need to pass through the customs office in your country before it will be released for final delivery, which can occasionally cause additional delays. Once an order leaves our warehouse, carrier shipping delays may occur due to factors outside our control. We, unfortunately, can’t control how quickly an order arrives once it has left our warehouse. Contacting the carrier is the best way to get more insight into your package’s location and estimated delivery date.
- Global Standard 1 Book Rate: $37 + $10 for every extra book up to 20kg
- Australia Standard 1 Book Rate: $14 + $4 for every extra book
Any parcels with a combined weight of over 20kg will not process automatically on the website and you will need to contact us for a quote.
Payment Options
On checkout you can either opt to pay by credit card (Visa, Mastercard or American Express), Google Pay, Apple Pay, Shop Pay & Union Pay. Paypal, Afterpay and Bank Deposit.
Transactions are processed immediately and in most cases your order will be shipped the next working day. We do not deliver weekends sorry.
If you do need to contact us about an order please do so here.
You can also check your order by logging in.
Contact Details
- Trade Name: Book Express Ltd
- Phone Number: (+64) 22 852 6879
- Email: sales@bookexpress.co.nz
- Address: 62 Kaiwharawhara Rd, Kaiwharawhara, Wellington, 6035, New Zealand.
- GST Number: 103320957 - We are registered for GST in New Zealand
- NZBN: 9429031911290
We have a 30-day return policy, which means you have 30 days after receiving your item to request a return.
To be eligible for a return, your item must be in the same condition that you received it, unworn or unused, with tags, and in its original packaging. You’ll also need the receipt or proof of purchase.
To start a return, you can contact us at sales@bookexpress.co.nz. Please note that returns will need to be sent to the following address: 62 Kaiwharawhara Road, Wellington, NZ once we have confirmed your return.
If your return is accepted, we’ll send you a return shipping label, as well as instructions on how and where to send your package. Items sent back to us without first requesting a return will not be accepted.
You can always contact us for any return question at sales@bookexpress.co.nz.
Damages and issues
Please inspect your order upon reception and contact us immediately if the item is defective, damaged or if you receive the wrong item, so that we can evaluate the issue and make it right.
Exceptions / non-returnable items
Certain types of items cannot be returned, like perishable goods (such as food, flowers, or plants), custom products (such as special orders or personalized items), and personal care goods (such as beauty products). We also do not accept returns for hazardous materials, flammable liquids, or gases. Please get in touch if you have questions or concerns about your specific item.
Unfortunately, we cannot accept returns on sale items or gift cards.
Exchanges
The fastest way to ensure you get what you want is to return the item you have, and once the return is accepted, make a separate purchase for the new item.
European Union 14 day cooling off period
Notwithstanding the above, if the merchandise is being shipped into the European Union, you have the right to cancel or return your order within 14 days, for any reason and without a justification. As above, your item must be in the same condition that you received it, unworn or unused, with tags, and in its original packaging. You’ll also need the receipt or proof of purchase.
Refunds
We will notify you once we’ve received and inspected your return, and let you know if the refund was approved or not. If approved, you’ll be automatically refunded on your original payment method within 10 business days. Please remember it can take some time for your bank or credit card company to process and post the refund too.
If more than 15 business days have passed since we’ve approved your return, please contact us at sales@bookexpress.co.nz.