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

Ward, Vicky

Published by Wiley
ISBN 10: 0470540869 / ISBN 13: 9780470540862
Used / Hardcover / Quantity Available: 0
Available From More Booksellers
View all  copies of this book

About the Book

We're sorry; this specific copy is no longer available. AbeBooks has millions of books. We've listed similar copies below.

Description:

0470540869 BRAND-NEW, Unread Copy in Perfect Condition. FAST UPS shipping (you'll receive your order within 1-5 business days after shipping in most cases*), this helps to ensure your order arrives in perfect condition. PLEASE NOTE: FedEx does not generally deliver to PO Boxes or APO addresses, so please be sure to give us a physical street address to deliver to; also, unfortunately, we cannot ship this item to Alaska or Hawaii. THANKS! *(this applies to domestic shipments within the continental US - other destinations may take longer). Bookseller Inventory #

About this title:

Book ratings provided by GoodReads:
3.46 avg rating
(352 ratings)

Synopsis: 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.

Review: 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.

Amazon Exclusive: Q&A with Author Vicky Ward

The Devil?s Casino traces the history of the players and the company in a way that makes the fall of Lehman seem inevitable. Would you agree with that statement and why or why not?
Yes I would. I don?t think that the way Lehman was run was sustainable in the long-term. You cannot run a major securities firm without tolerating dissent or change at the top. Lehman?s ?one firm? culture that made it so great when it was a tiny sub-division of a much larger entity became its nemesis when it was a stand-alone investment bank. Anyone who disagreed with Dick Fuld, or more importantly, the firm?s day-to-day manager Joe Gregory was either fired or quit. That is not the way Goldman Sachs is run, nor JP Morgan Chase. In those houses the CEOs seek out all sorts of different views in their senior executives. At Lehman anyone who argued about risk management was shoved aside. Eventually that position is not tenable.

Discuss some of the people you were able to talk to throughout the writing process. Do you have a favorite interview or experience during the process?
Well, I loved talking to Peter A. Cohen because he?s famous (to readers of Barbarians at the Gate) as being one of the most terrifying cigar-chomping bankers on The Street but I found him rather charming. He still carries his cigar. He just doesn?t smoke it anymore!

I also really enjoyed meeting Bob Steel, the former Treasury Undersecretary. I found him to be a very thoughtful judge of character who had a very large perspective not just on Wall Street but on the world. Hank Paulson too was really terrific. Very blunt, and actually very, very funny! When he told me that he used to tell Goldman Sachs bankers ?listen, everyone hates you except your mother ? and if you are lucky ? your wife? it was hilarious! He was making the point that bankers become their own worst enemies if they are ostentatious ? which he most certainly is not.

Some of the best interviews were off the record so I cannot say who they were with but I talked to some people so often that I felt my life would be dramatically different once the book was over: it would be very odd not to talk to them all the time.

I also did love Karin and Bradley Jack. Karin Jack has got to have the funniest sense of humor in a Wall Street wife I?ve ever heard ? and I loved the fact that her ex-husband actually backed up everything she said (which was essentially how grim it was to be a Lehman wife!). They were a terrific pair.

And then there were just some fabulous people who really saw things straight and put me straight. John Cecil, Lehman?s former CFO, was painstakingly patient with me. I really owe him. And Tom Hill, the vice-chairman of Blackstone was a man I came to greatly admire. Even though Dick Fuld had shafted him back in 1993, he had a lot of sympathy for the Lehman people and I think really felt the tragedy of the firm?s collapse.

Share with us one of your key takeaways from your experience writing The Devil?s Casino.
Weirdly, that not all bankers are bad and that there are many shades of grey on Wall Street; it isn?t black and white. I think there was a lot of good and bravery in some of the protagonists of the book, and not all of them chose to take the Machiavellian path to ultimate power and riches, no matter what the risk or cost. Tom Tucker is an unsung hero: the former head of sales, who grew horrified at what they?d all turned into and gave back his bonus and set up a non-profit foundation for underprivileged children. Dick Fuld, too, actually was a very moral man, whose mistakes, I think were more unintentional, than intentional for the most part. This doesn?t excuse him. It just makes the story more interesting.

What are the implications for the future, post-Lehman and post-crash?
Well, to be honest, not good. I think the book is really a kind of morality-tale. It shows us how the best intentions go astray and how the will to acquire, to succeed, is in the end a force of human nature and is rarely tempered and overcome. I think the book shows that no matter what the ?rules? or ?regulations? are on the Street, clever or hungry bankers have always historically found a way around them. So I think that we will see history repeated ? probably not tomorrow. But eventually ? yes. Doesn?t history always get repeated? Isn?t that the irony of humanity?

"About this title" may belong to another edition of this title.

Bibliographic Details

Title: The Devil's Casino: Friendship, Betrayal, ...
Publisher: Wiley

Binding: Hardcover
Book Condition: New

Top Search Results from the AbeBooks Marketplace

1.

Vicky Ward
Published by John Wiley & Sons (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Quantity Available: 1
Seller
Rheinberg-Buch
(Bergisch Gladbach, Germany)
Rating
[?]

Book Description John Wiley & Sons, 2010. Gebundene Ausgabe. Book Condition: Gebraucht. Gebraucht - Gut - Das Scheitern von Lehman Brothers und die Entscheidung, die altehrwürdige Investmentbank untergehen zu lassen, wird Jahrzehnte für Diskussionsstoff sorgen. Während die meisten Analysten, Experten und Investoren sich auf ungesicherte Hypothekenkredite, faule Sicherheiten und Abfindungen und Boni für die Managementebene fokussierten, konzentrierten sich einige wenige Blicke auf den berüchtigten Vorstandsvorsitzenden bei Lehman, Dick Fuld. Denn es gibt eine größere Geschichte, die in den Blickpunkt geraten wird, sobald sich der Tumult legt, und diese Geschichte heißt: Warum wurde Lehman gestattet zu scheitern und wer genau setzte sich für den Niedergang ein Welche Beweggründe 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 für Vanity Fair und Kolumnistin beim Evening Standard, hat Zugang zu den Schlüsselfiguren und das notwendige Verständnis für die Finanzwelt, um enthüllen zu können, was genau am Wochenende des 14. September geschah und zu welch schrecklichen Konsequenzen dies führte. 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 Geschäftspartner um ihr Geld betrogen sahen, und um eine Entwicklung, die zu dem anschließenden Chaos führte, unter dem die Welt noch heute leidet. Wie konnte dies geschehen, während die Bank of America, Merrill Lynch, Bear Stearns, AIG, Fannie Mae und Freddie Mac, um nur einige zu nennen, gerettet wurden Warum wurde IndyMac geschützt und WaMu in die Arme von Chase getrieben, Lehman aber erlaubt, in den Ruin zu gehen Vicky Ward zeigt dies den Lesern in der dünnen Luft der Wall Street, wo selbst die Top-Vorstände nach Luft schnappen, in einer Welt höchster Einsätze, in der es um das finanzielle Überleben geht. 288 pp. Englisch. Bookseller Inventory # INF3003134446

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.14
Convert Currency

Add to Basket

Shipping: 14.80
From Germany to U.S.A.
Destination, Rates & Speeds

2.

Ward, Vicky
Published by John Wiley & Sons (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
Goldstone Books
(Ammanford, United Kingdom)
Rating
[?]

Book Description John Wiley & Sons, 2010. Hardcover. Book Condition: Good. All orders are dispatched the following working day from our UK warehouse. Established in 2004, we have over 500,000 books in stock. No quibble refund if not completely satisfied. Bookseller Inventory # mon0002216549

More Information About This Seller | Ask Bookseller a Question

Buy Used
0.81
Convert Currency

Add to Basket

Shipping: 2.99
From United Kingdom to U.S.A.
Destination, Rates & Speeds

3.

Ward, Vicky
Published by John Wiley and Sons (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 2
Seller
Brit Books
(Milton Keynes, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons, 2010. Hardcover. Book Condition: Used; Good. Bookseller Inventory # mon0001752822

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.80
Convert Currency

Add to Basket

Shipping: 2.99
From United Kingdom to U.S.A.
Destination, Rates & Speeds

4.

Ward, Vicky
Published by John Wiley and Sons (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
Brit Books
(Milton Keynes, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons, 2010. Hardcover. Book Condition: Used; Good. Ex-library. Bookseller Inventory # 1977424

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.80
Convert Currency

Add to Basket

Shipping: 2.99
From United Kingdom to U.S.A.
Destination, Rates & Speeds

5.

Vicky Ward
Published by John Wiley & Sons 18/03/2010 (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Quantity Available: 1
Seller
AwesomeBooks
(Wallingford, United Kingdom)
Rating
[?]

Book Description John Wiley & Sons 18/03/2010, 2010. Book Condition: Very Good. This book is in very good condition and will be shipped within 24 hours of ordering. The cover may have some limited signs of wear but the pages are clean, intact and the spine remains undamaged. This book has clearly been well maintained and looked after thus far. Money back guarantee if you are not satisfied. See all our books here, order more than 1 book and get discounted shipping. . Bookseller Inventory # 7719-9780470540862

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.80
Convert Currency

Add to Basket

Shipping: 1.25
From United Kingdom to U.S.A.
Destination, Rates & Speeds

6.

Vicky Ward
Published by John Wiley and Sons (2010)
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 3
Seller
Greener Books
(London, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons, 2010. Hardcover. Book Condition: Used; Good. **SHIPPED FROM UK** We believe you will be completely satisfied with our quick and reliable service. All orders are dispatched as swiftly as possible! Buy with confidence!. Bookseller Inventory # mon0001566520

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.80
Convert Currency

Add to Basket

Shipping: 2.97
From United Kingdom to U.S.A.
Destination, Rates & Speeds

7.

Vicky Ward
Published by Wiley
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
Free Shipping Books
(Toledo, OH, U.S.A.)
Rating
[?]

Book Description Wiley. Hardcover. Book Condition: VERY GOOD. little to no wear, pages are clean. The cover and binding are crisp with next no creases. Bookseller Inventory # 2689579859

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.89
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

8.

Vicky Ward
Published by Wiley
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
Hippo Books
(Toledo, OH, U.S.A.)
Rating
[?]

Book Description Wiley. Hardcover. Book Condition: GOOD. Gently used may contain ex-library markings, possibly has some minor highlighting, textual notations, and or underlining. Text is still easily readable. Bookseller Inventory # 2690451389

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.89
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

9.

Vicky Ward
Published by Wiley
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
Pro Quo Books
(Hammond, IN, U.S.A.)
Rating
[?]

Book Description Wiley. Hardcover. Book Condition: VERY GOOD. little to no wear, pages are clean. The cover and binding are crisp with next no creases. Bookseller Inventory # 2692435970

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.89
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

10.

Vicky Ward
Published by Wiley
ISBN 10: 0470540869 ISBN 13: 9780470540862
Used Hardcover Quantity Available: 1
Seller
OwlsBooks
(Hammond, IN, U.S.A.)
Rating
[?]

Book Description Wiley. Hardcover. Book Condition: VERY GOOD. Very Good copy, cover and pages show some wear from reading and storage. Binding may have light creases. Lots of life left in these pages. Bookseller Inventory # 2692429953

More Information About This Seller | Ask Bookseller a Question

Buy Used
2.89
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

There are 53 more copies of this book

View all search results for this book