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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 was feeling angry about the Peterson dinner, and much else. “The dinner was very significant,” he says. “It says something about the schisms in the organization he did nothing to heal. The farewell party, by just inviting bankers, could only create divisions here, which it did.”

Yet such was his sense of vulnerability at the time that Glucksman controlled his anger, struggled to ignore the rumors, the unhappiness among partners, the sense of betrayal he felt. Lew Glucksman was determined to be a statesman, and this urge led him to make a fateful decision. The only way to keep partners from fleeing, he said, was to have some means of “liquifying their capital.” To placate what he believed was an emerging majority who wanted to cash ...

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