The inside account of a financial meltdown that reshaped Wall Street In 1983, Lew Glucksman, then co-CEO of the heralded investment bank Lehman Brothers, demanded the resignation of chairman Pete Peterson, with whom he had long argued over how to manage the company. Shockingly, Peterson, who had taken charge a decade earlier and led Lehman from near collapse to record profits, agreed to step down. In this meticulously researched volume, Ken Auletta details the turmoil, infighting, and power struggles that brought about Peterson’s departure and the eventual sale of one of Wall Street’s oldest and most prestigious firms. Set against the backdrop of the 1980s stock exchange, where hotshot young traders made and lost millions in a single afternoon, the story of Lehman’s fall is a suspenseful battle of wills between bankers, traders, and executives motivated by greed, envy, and ego. Auletta, who conducted hundreds of hours of interviews and was granted access to private company records, has crafted a thorough, enduring, and engaging account of pivotal events that continued to influence this storied financial institution until its ultimate demise in 2008.
On October 28, 1986, just one day after winning one of the most thrilling World Series in history, the New York Mets were feted by more than two million fans with a parade through the city. In news accounts of the event, there was a small aside, as this one in the New York Times: "Notable in his absence was the pitcher Dwight Gooden, who Mets officials later said had overslept." No, the Mets' twenty-one-year-old phenom had not slept too late. He had not slept at all, in fact. For Gooden, his postgame champagne celebration kicked off a cocaine binge that took him to a club in Long Island and wound up with him, wired, watching his teammates roll through the streets as he sat with strangers in a public housing project. Such were the 1980s in New York City, a gilded era buttressed by fast money from a real estate boom and the explosion of Wall Street wealth. The Mets and Giants, bolstered by lightning-rod personalities like Gooden and Lawrence Taylor, brought the city sporting glory while its celebrity wealthy added a tabloid-friendly touch of intrigue and national envy. Iconoclastic real estate developer Donald Trump gained national celebrity for his deal-making skill and the flaunting of his outsize ego. Even mayor Ed Koch had gained coast-to-coast fame and mention as a potential future president. Beneath the opulence was a tenuous foundation, one that collapsed spectacularly over the last half of the decade. Away from the cameras focused on the city's nouvelle riches, New York was beset by crisis after crisis--homelessness, AIDS, crack cocaine, organized crime. The swell of outrage over the unwillingness of the city elite to address those problems took years to finally reach a tipping point. Through interviews and detailed research, Greed and Glory gives the narrative of New York during these times, tracing the arc of its sports heroes and celebrities of that era, from their memorable highs to their ultimate lows.
Charles Ferguson's hilarious, hard-boiled journey into the heart of high-tech darkness has become the signal book of the start-up generation. Charles Ferguson started Vermeer Technologies and turned his very big idea into FrontPage, the first software product for creating and managing a website. Ferguson took a good idea, started a company, and sold it to Microsoft for $133 million -- all in less than two years. High Stakes, No Prisoners is both a blistering inside account of how he did it and a brilliant tour of the brutally competitive and utterly unique world of Silicon Valley. - Publisher.
NEW YORK TIMES BESTSELLER • A tale of vaulting ambitions, explosive feuds, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance. • "Rips the roof off of one of Wall Street's most storied investment banks." —Vanity Fair Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built. William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company. Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein. Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly. The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for $1.4 billion. Bruce’s take: more than $600 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable. The Last Tycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance.
One of the most important questions of human existence is what drives nations to war—especially massive, system-threatening war. Much military history focuses on the who, when, and where of war. In this riveting book, Dale C. Copeland brings attention to bear on why governments make decisions that lead to, sustain, and intensify conflicts.Copeland presents detailed historical narratives of several twentieth-century cases, including World War I, World War II, and the Cold War. He highlights instigating factors that transcend individual personalities, styles of government, geography, and historical context to reveal remarkable consistency across several major wars usually considered dissimilar. The result is a series of challenges to established interpretive positions and provocative new readings of the causes of conflict.Classical realists and neorealists claim that dominant powers initiate war. Hegemonic stability realists believe that wars are most often started by rising states. Copeland offers an approach stronger in explanatory power and predictive capacity than these three brands of realism: he examines not only the power resources but the shifting power differentials of states. He specifies more precisely the conditions under which state decline leads to conflict, drawing empirical support from the critical cases of the twentieth century as well as major wars spanning from ancient Greece to the Napoleonic Wars.
The human has always prided himself as an exceptional ‘moral species’ but has always been haunted by two questions: ‘Why am I not good when I want to be; ‘why do I do bad when I don’t want to’. This is at the heart of what scriptures and sages have long alluded to as the eternal internal struggle-between good and evil - that wages in the human consciousness. The book posits that much of our confusion and angst stems from our inability to recognize the ramifications of this ‘war’ between two sides of our own ‘self’. It is because we are ignoring this ‘war’ between two sides of our own ‘self’. It is because we are ignoring this war that we are losing all other wars of the world. That ignorance is the primary source of all the horrors, malevolence, and violence that fill us with so much dread. But a ‘favorable’ outcome is possible only if the forces of goodness are aided to get an upper hand consistently - and that calls for two cathartic changes: consciousness-change by inducing a turn from the mind to the heart; and contextual-change, by radically reconstructing the roles of morality, money, and mortality in our everyday lives. The book offers a menu of insights and options we all can use to tilt the scales in the war waging inside each of us.
The Cosmic Ocean shares the treasures that Paul K. Chappell, a West Point graduate and Iraq War veteran, who grew up in a violent household, has extracted from trauma. To explain how these treasures—which take the form of timeless truths—can help us solve our personal, national, and global problems, this book uses personal stories and extensive research to journey through time, around the world, and into every facet of the human condition. To survive and progress as a global human family, Chappell explains that we need a paradigm shift that can transform our understanding of peace, justice, love, happiness, and what it means to be human. To help create this paradigm shift, The Cosmic Ocean explores diverse subjects such as empathy, rage, nonviolent struggle, war, beauty, religion, philosophy, science, Gandhi, the Iliad, slavery, human sacrifice, video games, sports, and our shared humanity.
What are the origin and meaning of the words "greed is idolatry" found in Ephesians 5:5 and Colossians 3:5? In what sense are the greedy guilty of idolatry? Many different answers have been given to this question throughout the history of interpretation. In fact, a consensus exists on only one score -- that the expression serves to vilify greed. Brian Rosner ably takes on the challenge of interpretation by tackling the phrase as a metaphor, structuring his argument around an intriguing comparison to mountain climbing. From this vantage point, he offers a thorough history of interpretation of the phrase, including a study of the origin of the concept of idolatrous greed in biblical and Jewish sources. Rosner concludes that the comparison of greed with idolatry teaches that to desire to acquire and keep for oneself more money and material things is an attack on God's exclusive right to human love, trust, and obedience. With this work comes a stunning, fresh understanding of familiar terms -- "greed," "idolatry," and even "God" -- challenging both the church as a whole and individual believers to consider the far-ranging implications of our materialistic world. The first full-length study of this intriguing Pauline expression, Greed as Idolatry has profound implications for theological ethics today.
