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

"Lehman Brothers, the oldest partnership on Wall Street, was always a brilliant but cursed child. Its life, and death, tells us why it was a magnet for talent, and why it was toxic. There have been a slew of terrific books on how Wall Street brought the economy to its knees, but in __The Devil's Casino__, Vicky Ward does something unusual. She takes the reader inside. Not just inside the financial instruments, but inside the culture that sired them; inside the families, including the spouses and children that enjoyed lavish riches; and inside the internal rivalries and mismanagement that speeded the fall. Readers of this remarkable tale do not stand outside looking in, their noses pressed to the glass; we are inside looking out. We feel the seething greed and jealousies—the stuff that makes novels come alive. In the end, the child dies. But because of the way Vicky Ward unspools the saga of Lehman, its life and death will both instruct and forever sear your memory." —**KEN AULETTA**, author of __Googled: The End of the World as We Know It__ and __Greed and Glory on Wall Street: The Fall of the House of Lehman__ "__The Devil's Casino__ tells the riveting story of the four best friends who rebuilt Lehman Brothers, vowing to be 'the good guys of Wall Street,' only to find themselves corrupted by the poisonous culture there. With its illicit affairs, treachery, séances, boardroom backstabbing, and friendships and families torn apart, the book reads like a page-turning thriller. Who would guess that the story of life at Lehman would turn out to be even more dramatic than the firm's headline-grabbing, economy-shaking demise." —**ARIANNA HUFFINGTON**, cofounder and Editor in Chief of __The Huffington Post__ "__The Devil's Casino__ is the totally compelling true story, deeply researched but as exciting as a thriller—the almost mythical saga of four friends destroyed by money, sex, and ambition, with a cast of greedy larger-than-life Wall Street monsters, and an intimate history of the fall of Lehman. As exciting and important as Barbarians at the Gate, it's a gripping portrait of American society and financial culture that explains much of what is happening today. I can already see the movie." —**SIMON SEBAG MONTEFIORE**, author of __Stalin: The Court of the Red Tsar__ "__The Devil's Casino__ is more than a history of Lehman Brothers; it is a saga of four friends who were prepared to sacrifice everything—including each other—in the quest for money and power. The devil here is not in the details, but in the souls of the men who lost their moral compass while looking for the corner suite. Vicky Ward has written a superb social history that should serve as a warning and a reminder to all who work on Wall Street." —**Dr. AMANDA FOREMAN**, author of __Georgiana: Duchess of Devonshire__

They were the Rat Pack of Wall Street. Four close friends: one a decorated war hero, one an emotional hippie, and two regular guys with big hearts, big dreams, and noble aims. They were going to get rich and prove that men like them—with zero financial training—could more than equal the Ivy League-educated, white-shoe bankers who were the competition. They were going to create an institution for others like them—hungry outsiders—and they were going to win, but not at the cost of their souls. In short, they were going to be the good guys of finance. These four men were determined to rebuild the broken brand of Lehman Brothers, America's oldest partnership, which had imploded in 1984 and was consumed by American Express and Shearson. For a decade or so, they drove into the office from the same middle-class town in Long Island at 4 a.m. They became known as the Huntington Mafia and the Ponderosa Boys. At first, their unity and their grit were undefeatable. The men atop American Express and Shearson—supposedly their bosses—found they were no match for the defiant team spirit that confronted them in Lehman Commercial Paper Inc., which, in 1990, became known simply as Lehman. Under their watch, Lehman Brothers started to grow and became independent again in 1994. But, along the way, something went wrong. The men slowly, perhaps inevitably, changed. As Lehman Brothers grew, so too did the cracks in and among the men who had rebuilt it. Until it all came undone on September 15, 2008. Investigative writer and Vanity Fair contributing editor Vicky Ward takes you inside Lehman's highly charged offices. You’ll meet beloved leaders who were erased from the corporate history books, but who could have taken the firm in a very different direction had they not fallen victim to infighting and their own weaknesses. You will encounter an unlikely and almost unknown Marcus Brutus, who may have had more to do with Lehman’s failings than anyone—including Dick Fuld, considered by many to be the poster child for the mistakes and greed of all bankers. What Ward uncovers is that Lehman may have lost at the risky games of collateralized debt obligations, swaps, and leverage, but that was simply the tail end of a much bigger story. "Little Lehman" was the shop known to be forever fighting for its life and somehow succeeding. On Wall Street, it was cheekily known as "the cat with nine lives." But this cat pushed its luck too far and died—the victim of men and women blinded by arrogance. Come inside The Devil's Casino and see how good men lose their way, and see how a firm that rose with the glory and bravado of Icarus fell burning in flames—not so much from the sun, but from a match lit from within.

The Washington Post - Stanley Bing

Vicky Ward's The Devil's Casino is an able new entrant into this crowded genre…It chronicles the sad and messy end of the House of Lehman in a relatively terse and fast-moving 270 pages…Ward carefully and skillfully tracks the last 25 or so years of the great, doomed enterprise, and her portrait of a business entity is often engaging, spicy and amusing.

They were the Rat Pack of Wall Street. Four close friends: one a decorated war hero, one an emotional hippie, and two regular guys with big hearts, big dreams, and noble aims. They were going to get rich and prove that men like them—with zero financial training—could more than equal the Ivy League-educated, white-shoe bankers who were the competition. They were going to create an institution for others like them—hungry outsiders—and they were going to win, but not at the cost of their souls. In short, they were going to be the good guys of finance. These four men were determined to rebuild the broken brand of Lehman Brothers, America's oldest partnership, which had imploded in 1984 and was consumed by American Express and Shearson. For a decade or so, they drove into the office from the same middle-class town in Long Island at 4 a.m. They became known as the Huntington Mafia and the Ponderosa Boys. At first, their unity and their grit were undefeatable. The men atop American Express and Shearson—supposedly their bosses—found they were no match for the defiant team spirit that confronted them in Lehman Commercial Paper Inc., which, in 1990, became known simply as Lehman. Under their watch, Lehman Brothers started to grow and became independent again in 1994. But, along the way, something went wrong. The men slowly, perhaps inevitably, changed. As Lehman Brothers grew, so too did the cracks in and among the men who had rebuilt it. Until it all came undone on September 15, 2008. Investigative writer and Vanity Fair contributing editor Vicky Ward takes you inside Lehman's highly charged offices. You’ll meet beloved leaders who were erased from the corporate history books, but who could have taken the firm in a very different direction had they not fallen victim to infighting and their own weaknesses. You will encounter an unlikely and almost unknown Marcus Brutus, who may have had more to do with Lehman’s failings than anyone—including Dick Fuld, considered by many to be the poster child for the mistakes and greed of all bankers. What Ward uncovers is that Lehman may have lost at the risky games of collateralized debt obligations, swaps, and leverage, but that was simply the tail end of a much bigger story. Little Lehman was the shop known to be forever fighting for its life and somehow succeeding. On Wall Street, it was cheekily known as the cat with nine lives. But this cat pushed its luck too far and died—the victim of men and women blinded by arrogance. Come inside The Devil's Casino and see how good men lose their way, and see how a firm that rose with the glory and bravado of Icarus fell burning in flames—not so much from the sun, but from a match lit from within.

The New York Times - Graham Bowley

…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.

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 grere Geschichte, die in den Blickpunkt geraten wird, sobald sich der Tumult legt, und diese Geschichte hei 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 anschlieenden 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 weien Ritter nicht so makellos sind, wie wir dachten. They were the Rat Pack of Wall Street. Four close friends: one a decorated war hero, one an emotional hippie, and two regular guys with big hearts, big dreams, and noble aims. They were going to get rich on Wall Street. They were going to prove that men like them -- with zero financial training - could more than equal the Ivy-League-educated white shoe bankers who were the competition. They were going to create an institution for men like them -- men who were hungry and untrained -- and they were going to win, but not at the cost of their souls. In short, they were going to be the good guys of finance. Under their watch, Lehman Brothers started to grow and became independent again in 1994. But something had gone wrong on the journey. The men slowly, perhaps inevitably, changed. As Lehman Brothers grew, so too did the cracks in and among the men who had rebuilt it. Ward takes you inside Lehman's highly charged offices. You'll meet beloved leaders who were erased from the corporate history books, but who could have taken the firm in a very different direction had they not fallen victim to infighting and their own weaknesses. You will encounter an unlikely and almost unknown Marcus Brutus, who may have had more to do with Lehman's failings than anyone--including Dick Fuld, who has widely been considered the poster-child for the mistakes and greed of all bankers. What Ward uncovers is that Lehman may have lost at the risky games of collateralized debt obligations, swaps, and leverage but that was just the end of a bigger story. "Little Lehman" was the Wall Street shop known to be forever fighting for its life and somehow succeeding. On Wall Street it was cheekily known as "the cat with nine lives." But this cat pushed its luck too far -- and died, the victim of men and women blinded by arrogance. Come inside The Devil's Casino and see how good men lose their way, and see how a firm that rose with the glory and bravado of Icarus fell burning in flames not so much from a sun, but from a match lit from within.

The inside story of what really happened at Lehman Brothers and why it failed

In The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers, investigative writer and Vanity Fair contributing editor Vicky Ward takes readers inside Lehman's highly charged offices. What Ward uncovers is a much bigger story than Lehman losing at the risky game of collateralized debt obligations, swaps, and leverage.

A can't put it down page turner that opens the world of Wall Street to view unlike any book since Bonfire of the Vanities, except that The Devil's Casino isn't fiction.

• Details what went on behind-the-scenes the weekend Lehman Brothers failed, as well as inside Lehman during the twenty years preceding it
• Describes the feudal culture that proved both Lehman's strength and its Achilles' heel
• Written by Vicky Ward, one of today's most connected business and finance writers

On Wall Street, Lehman Brothers was cheekily known as "the cat with nine lives." But as The Devil's Casino documents, this cat pushed its luck too far and died?the victim of men and women blinded by arrogance.

The inside story of what really happened at Lehman Brothers and why it failed In The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers, investigative writer and Vanity Fair contributing editor Vicky Ward takes readers inside Lehman's highly charged offices. What Ward uncovers is a much bigger story than Lehman losing at the risky game of collateralized debt obligations, swaps, and leverage. A can't put it down page turner that opens the world of Wall Street to view unlike any book since Bonfire of the Vanities, except that The Devil's Casino isn't fiction. Details what went on behind-the-scenes the weekend Lehman Brothers failed, as well as inside Lehman during the twenty years preceding it Describes the feudal culture that proved both Lehman's strength and its Achilles' heel Written by Vicky Ward, one of today's most connected business and finance writers On Wall Street, Lehman Brothers was cheekily known as "the cat with nine lives." But as The Devil's Casino documents, this cat pushed its luck too far and died?the victim of men and women blinded by arrogance. Part one: the Ponderosa boys -- A long, hot summer -- The beginning -- The captain -- The "take-under"--Slamex -- The phoenix rises -- Independence day -- The stiletto -- The Ides of March -- Eulogies -- Part two: the echo chamber -- Russian winter -- Lehman's desperate houswives -- The young lions -- 9/11 -- No ordinary Joe -- The talking head -- The sacrificial ram -- Korea's rising sum -- The wart on the end of Lehman's nose -- Damned flood? -- Closing the books -- Epilogue Part one: the Ponderosa boys A long, hot summer The beginning The captain The "take-under" Slamex The phoenix rises Independence day The stiletto The Ides of March Eulogies Part two: the echo chamber Russian winter Lehman's desperate houswives The young lions 9/11 No ordinary Joe The talking head The sacrificial ram Korea's rising sum The wart on the end of Lehman's nose Damned flood? Closing the books Epilogue. Annotation Vicky Ward uncovers the events which led to the collapse of Lehman Brothers, America's fourth largest investment house, on 15 September 2008. With access to the key players and a detailed understanding of the world of finance, she offers a close look at the individuals, institutions and events responsible for the company's downfall Ward takes you inside Lehman's highly charged offices where you'll meet beloved leaders who were erased from the corporate history books, but who could have taken the firm in a very different direction had they not fallen victim to infighting and their own weaknesses. A finance writer explains what happened during the weekend of September 14, 2008, when Lehman Brothers failed, and describes how the feudal culture of the organization was both the company's strength and Achilles' heel. A long, hot summer The beginning The captain The "take under" Slamex The phoenix rises Independence day The stiletto The Ides of March Eulogies Epilogue.