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

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Glucksman began to nibble at Peterson’s authority. Instead of consulting Peterson on personnel decisions, he began to act unilaterally. Within days of Glucksman’s appointment, a stunned Edmund A. Hajim, chairman and CEO of the Lehman Management Company (Lemco), appeared in Peterson’s office. The chief of Lehman’s money management arm told the chairman that Lew Glucksman had terminated him as CEO of Lemco, and was transferring him to the banking department. Peterson says he was flabbergasted. How could Lew remove Hajim? By every bottom-line measure, Hajim was a success. When Peterson became chairman in 1973, money management was viewed as an auxiliary business at Lehman. Peterson had the vision to significantly expand this effort. Within six years, ...

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