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

In 1983, Lew Glucksman, co-CEO of Lehman Brothers, demanded the resignation of chairman Pete Peterson, with whom he had long disagreed over the company's management. Peterson, who had led Lehman from near collapse to record profits over the previous decade, agreed to step down. Ken Auletta's meticulously researched account details the turmoil, infighting, and power struggles that led to Peterson's departure and Lehman's eventual sale. Set against the backdrop of the 1980s stock exchange, where traders made and lost millions daily, the narrative follows the conflict between bankers, traders, and executives driven by greed, envy, and ego. Based on hundreds of hours of interviews and access to private company records, Auletta provides a thorough account of pivotal events that influenced Lehman until its collapse in 2008.