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  • July 29, 2009 10:22 AM EDT by Alexis Glick

    Lehman Insider Divulges Juicy Secrets on Collapse

    This morning Lawrence McDonald the author of "Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers" joined me. It's a really interesting inside perspective that got very good reviews from the New York Times and has been on the best seller list's top ten in non-fiction.

    Lawrence was the vice president of distressed debt and convertible securities and actually left the firm before it collapsed. He knew all of the players, interviewed 150 insiders, many of which tried to warn Dick Fuld, the CEO of Lehman Brothers, and senior management of the risks the company was taking.

    Lawrence gives us some juicy details about the private meetings between Fuld and Paulson (then Treasury Secretary). What role Geithner played and how the former President's cousin tried to get help from the President.

    I confess that I have not read the whole book but I intend to. Lawrence had some very compelling lessons for the wall street community. Take a look at our interview.

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chuck

To me Lehman Brothers and Bear Sterns collaspe are the most interesting biz stories of the downturn. One there are so many elements to this. Last year Vanity Fair had a wonderful story on this and how with Bear Sterns how CNBC broke the story that weekend. Even before Bear Stearns could curb what was about to happen. Last week I went on Youtube and I watch u tell the story of Lehman Brothers debacle on the View and how your mother lost her pension? I maybe wrong their but to hear it was compelling and fascinating. Still its the human elemants. I wonder if those with Lehman who lost thier jobs,recovered and found new jobs. And the same with Bear Sterns. Still its the why and what caused it is what makes it interesting. For when these banks collasped think of how lives have been altered.

July 29, 2009 at 3:06 pm

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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