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Greed and Glory on Wall Street: Analysis
Pages 8 (2008 words)
The following paper analyses the book titled Greed and Glory on Wall Street by Ken Auletta. The paper begins by capturing the gist of the book and discusses Auletta's style of writing. Hardly dogmatic in approach for a work of non-fiction, it is an absorbing narrative of the collapse of Lehman Brothers…
It shows how even in a corporate setting human emotion and relationships override financial transactions and can impact the fall of a business institution that is more than hundred years old. It highlights the changes occurring in the marketplace in investment banking and the pressure it imposed on the bygone style of functioning. The paper examines the impact of class resentment, which makes individual ambitions larger than company mission and destroys the very institution, which creates wealth for its members. That for an institution to sustain itself money cannot be the basis, a common purpose and shared vision is indispensable.
Greed and Glory on Wall Street, narrates the downfall of Lehman Brothers, one of the most prestigious business houses in the US and its take over by Shearson/American Express. It covers the period from July 1983 to April 1984. The story is about the very conservative Lehman Brothers which began speculation on Wall Street and with greed dictating every financial transaction, the famous investment banking house spelt its own doom. The battle for wealth and glory is the pivot that governs this business story. Based on interviews with the principals Pete Peterson and Lewis Glucksman, the co-CEOs of Lehman Brothers, the book unfolds the battle for power between the chief adversaries. ...
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