Brief Summary – A Colossal Failure Of Common Sense

“It’s not where you start in life… it’s where you finish.”

Lawrence G. McDonald has just written the inside story of the collapse of Lehman Brothers, to be published by Random House this summer. It’s about how the world’s greatest investment bank got rich on toxic financial instruments called CDO’s, buried their balance sheet with mountains and mountains of debt, credit derivatives and ludicrous gambles, then blew up like a stick of dynamite in a mining shaft, obliterating the world economy as it went.

The book was written with Patrick Robinson, the #1 New York Times bestselling author of Lone Survivor. This latest book, which frankly knocks the spots off Liar’s Poker, is a gripping thriller, and explains the financial world in such basic terms, anybody can understand it. It’s appropriately called A Colossal Failure Of Common Sense.

 

Oh, and that’s the Wall Street bull on the jacket. Not the Merrill Lynch bull! It’s an ironic symbol of how capitalism went bananas during one of the great bull markets, until it all came crashing down last Fall, as the Fed let the 158-year-old firm go to the wall. Some would say it was a misguided decision. Others will tell you that the government couldn’t keep bailing everyone out. Bear Sterns, Fannie, Freddie… maybe Lehman was a step too far. But the real story is far more sinister, revealed for the first time by the man who watched it happen.

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