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

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Before the summer ended three other partners had left or announced their intention to: Edmund Hajim, who had been demoted to the banking division in May, announced plans to leave and become chairman of Furman, Selz, Mager, Dietz & Birney; international banker Mario d’Urso, a social friend of Peterson’s, was squeezed out by Glucksman and left to run for the Italian Parliament; and banker George Wiegers went to Dillon, Read, late that spring, before Glucksman had ousted Peterson. When partners leave they withdraw, over a period of time, the cash value of the stock they own, thus depleting the immediate net worth of the firm, and the long-term capital of the partnership. Coupled with everything else that had transpired, these costly departures further ...

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