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

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On January 1, 1984, Lew Glucksman achieved his American dream: he became chairman of Lehman Brothers Kuhn Loeb. He moved into Peterson’s suite of offices, claiming the corner office with its panoramic view of New York Harbor. Up on the walls and bookshelves went the bright red fire chief’s hat, the pictures of clipper ships and fish, the tool catalogues, the books on maritime warfare and marine life.

Yet Lew Glucksman felt no joy. He was worried about the weakened business climate, about liquidity, his partners’ unhappiness with how he was managing the firm, the personal insecurity of partners, their desire to participate in a single transaction that would net each a handsome premium. All of these factors came together at the same time that he ...

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