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The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played
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The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers Paperback - 2011

by Vicky Ward


From the publisher

Das Scheitern von Lehman Brothers und die Entscheidung, die altehrwrdige Investmentbank untergehen zu lassen, wird Jahrzehnte fr Diskussionsstoff sorgen. Whrend die meisten Analysten, Experten und Investoren sich auf ungesicherte Hypothekenkredite, ?faule? Sicherheiten und Abfindungen und Boni fr die Managementebene fokussierten, konzentrierten sich einige wenige Blicke auf den berchtigten Vorstandsvorsitzenden bei Lehman, Dick Fuld. Denn es gibt eine gr ere Geschichte, die in den Blickpunkt geraten wird, sobald sich der Tumult legt, und diese Geschichte hei t: Warum wurde Lehman gestattet zu scheitern und wer genau setzte sich fr den Niedergang ein? Welche Beweggrnde gab es? Wussten die in den Untergang Lehmans verstrickten Akteure, was sie taten, und um die Konsequenzen? Oder opferten sie lieber die Bank, um so selbst ungeschoren davonzukommen ? mit katastrophalen Folgen. Nur Vicky Ward, eine Insiderin unter den Journalisten, Autorin fr Vanity Fair und Kolumnistin beim Evening Standard, hat Zugang zu den Schlsselfiguren und das notwendige Verstndnis fr die Finanzwelt, um enthllen zu knnen, was genau am Wochenende des 14. September geschah und zu welch schrecklichen Konsequenzen dies fhrte. Es ging nicht so sehr darum, dass die Anteilseigner ausradiert wurden oder sogar die Fremdkapitalgeber, sondern es ging um die aufbrausende Schockwirkung, als sich zahllose Kunden und Geschftspartner um ihr Geld betrogen sahen, und um eine Entwicklung, die zu dem anschlie enden Chaos fhrte, unter dem die Welt noch heute leidet. Wie konnte dies geschehen, whrend die Bank of America, Merrill Lynch, Bear Stearns, AIG, Fannie Mae und Freddie Mac, um nur einige zu nennen, gerettet wurden? Warum wurde IndyMac geschtzt und WaMu in die Arme von Chase getrieben, Lehman aber erlaubt, in den Ruin zu gehen? Vicky Ward zeigt dies den Lesern in der dnnen Luft der Wall Street, wo selbst die Top-Vorstnde nach Luft schnappen, in einer Welt hchster Einstze, in der es um das finanzielle berleben geht.
Von Hochzeitsfeiern bis hin zu Konferenzen, auf denen die Hauptfiguren, von denen man annahm, sie seien dort, nicht erschienen -
Vicky Ward enthllt, was an jenem schicksalhaften Wochenende und in den der Finanzkrise vorangegangenen wirklich geschah. Sie demaskiert die tatschlichen Schlsselfiguren und legt ihre Beweggrnde offen. Sie stellt eine Welt dar, in der die sogenannten ?bad guys? letztlich gar nicht so bel erscheinen, und die wei en Ritter nicht so makellos sind, wie wir dachten.

From the rear cover

PRAISE FOR THE DEVIL'S CASINO

"Readers of this remarkable tale do not stand outside looking in--we are inside looking out . . . the stuff that makes novels come alive." --KEN AULETTA

"Ward carefully and skillfully tracks the last 25 or so years of [this] great, doomed enterprise, and her portrait of a business entity is often engaging, spicy, and amusing. The book also does a fine job of sketching several outlandishly banal individuals who rose to prominence in the firm and ultimately were responsible, each in a different way, for its demise."
--The Washington Post

"What's remarkable about this narrative is that Ward . . . humanize[s] many of the central figures involved in the rise and fall of one of Wall Street's largest firms, offering profound insight into the titans of finance whose recklessness, greed, and competitiveness brought the U.S. economy to the brink of collapse. The story plays out like a Shakespearean tragedy in which the very principles upon which the firm was built prove to be its undoing. The Devil's Casino offers a fascinating glimpse into the culture of one of the most powerful firms on Wall Street. One hopes that the history it chronicles will also serve as a cautionary tale for the financial industry's still-uncertain future."
--The Boston Globe

"A terrific tale of the weird and not-so-wonderful world of Lehman Brothers: the personalities, the bonuses, and, best of all, the backstabbing politics of the Louboutin-shod bankers' WAGs. The now-vilified former CEO, Richard Fuld, is portrayed not just as the aggressive 'Gorilla' of Wall Street lore but as a human sponge who absorbed the attributes of smarter colleagues to the point of stealing their entire personalities."
--The Guardian

"Well researched, chatty, lively . . . As she charts the rivalries of life on Wall Street, Ward entertains with rich detail. The book skillfully depicts the lives lived in the background of great clashing events. And it also hints at what Wall Street has become since the crisis, at the apparent dominance of two survivors, Goldman Sachs and JPMorgan Chase."
--The New York Times

"Vicky Ward serves up a book about an investment bank that is a spicy, dishy dish. . . . Ward builds a convincing case that duplicity and betrayal in the mid-'90s eventually led to the demise of Lehman Brothers."
--Bloomberg BusinessWeek

"The Devil's Casino has everything readers might want to know about the personal foibles and shopping habits of key Lehman leaders and their wives...a fascinating read."
--Financial Times

Details

  • Title The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers
  • Author Vicky Ward
  • Binding Paperback
  • Edition Reprint
  • Pages 296
  • Volumes 1
  • Language ENG
  • Publisher Wiley, U.S.A.
  • Date 2011-04-05
  • ISBN 9781118011492 / 111801149X
  • Weight 0.74 lbs (0.34 kg)
  • Dimensions 8.66 x 5.61 x 0.81 in (22.00 x 14.25 x 2.06 cm)
  • Dewey Decimal Code 332.109

About the author

VICKY WARD has been a contributing editor to Vanity Fair since 2001, specializing in investigative reporting. She has profiled, among others, Jean-Marie Messier, Carly Fiorina, CIA agent Valerie Plame, businesswoman Louise MacBain, Morgan Stanley, the late Bruce Wasserstein, counterterrorism expert Richard Clarke, Franois Pinault, the Getty, the Guggenheim, Fairfield Greenwich Group (a Madoff feeder fund), Brooke Astor, and Kate Moss. Ward is a columnist for the Huffington Post and a former contributor to CNBC and Bloomberg TV. She was previously the executive editor of Talk magazine. Her work has appeared in the New York Times, the Financial Times, the London Times, and the Daily Telegraph. A native Briton, Ward was the runner-up for the Catherine Pakenham Award in 1994, Britain's most prestigious award for young women writers. She holds a master's degree in English literature from Cambridge University and has lived in New York City since 1997.

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