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

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After a long illness, Bobbie Lehman died in 1969. His death left a void, for he had been the firm’s guiding spirit for forty-four years. For all those years Bobbie enjoyed watching competition among his partners almost as much as he enjoyed watching his stable of beloved horses race. There were tales of fistfights among partners at the Polo Lounge at the Beverly Hills Hotel; for nineteen years senior partners Frederick Ehrman and John Hertz did not speak, although their desks were five feet apart in the partners’ room on the third floor. Squabbling was normal among the vain and talented partners—over bonuses, over credit for bringing in a piece of business. The squabbling, the aggressive internal competition, the entrepreneurial spirit—all became ...

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