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Greed and Glory on Wall Street: The Fall of the House of Lehman by Ken Auletta

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Lew Glucksman had spent a lifetime accumulating resentments. The son of middle-class Hungarian Jews, he constantly inveighed against the “Our Crowd” Jews in banking—symbolized in his mind by the Lehman family. He thought of them as WASP’s, not as fellow Jews. “All my life I resented it,” Glucksman says, referring to the bigotry that he felt kept a heel to the throat of East European Jews and other minorities on Wall Street. Vividly he remembers how one senior partner, decades earlier, advised him not to apply to join the Century Country Club in Westchester, an “Our Crowd” bastion. He can still recite the exact number of black-balls—seventeen—he once received when he tried to join the New York Athletic Club. “I didn’t know seventeen people there,” ...

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