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

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By late March the board’s skepticism had hardened into cynicism. The climate inside Lehman was fractious and unpleasant. Yet the internal battles, the hatreds, were still, essentially, a private matter. As long as those outside knew nothing of this, there was hope that Lehman could command a generous sales price. In February bits and pieces of Lehman’s dirty laundry began to show. Banking partners were unnerved by a February cover story in Business Week, featuring a glowering Lew Glucksman, under this headline: THE TRADERS TAKE CHARGE. Partners were appalled by a February story in Institutional Investor, titled: IS LEW GLUCKSMAN CLEANING HOUSE? Page one of the story contained a caricature of Captain Glucksman, astride his ship, with partners ...

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