The inside story of what really happened at Lehman Brothers and why it failed The fall of Lehman Brothers has been one of the most controversial and debated topics of 2008. Was it the great mistake of 2008, and the catalyst for the credit crisis that has spun out of control? Was it just a matter of moral hazard or was it in fact the cumulation of a series of mistakes made within Lehman and outside it? Did egos and the fight for survival among all financial institutions cause Lehman to be sacrificed in an ultimately fruitless attempt to save themselves? Only Vicky Ward, an insider journalist who writes for Vanity Fair and the London Evening Standard can uncover just what happened the weekend of September 14, 2008 and how the decisions made could continue to affect us for years to come. With access to the key players in this saga and a detailed understanding of the world of finance, Ward offers you a fascinating up close look at the individuals, institutions, and events responsible for the fall of Lehman.
* Here's what really went on behind-the-scenes-not just the weekend that Lehman Brothers was set to fail, but inside Lehman for the twenty years preceding it * Takes us right inside the feudal culture that was to prove both Lehman's strength and survival through several potential wipeouts-and its Achilles' heel * Written by Vicky Ward, one of today's most connected business and finance writers A can't put it down page turner that opens the world of Wall Street to view unlike any book since Bonfire of the Vanities, except that The Great Mistake isn't fiction.
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 Rich-ard Clarke, Francois Pinault, the Getty, the Guggenheim, Fairfield Greenwich Group (a Madoff feeder fund), Brooke Astor, and Kate Moss. Ward is a weekly columnist for the Huffington Post and a contributor to CNBC. 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.