That, at least, is how Lawrence McDonald tells it. The former Lehman trader's inside account of the investment bank's collapse, published earlier this summer (and newly in paperback in Britain), has been branded by Mr Fuld as “absolutely slanderous”, not least for its description of him bunkered in his huge office on the 31st floor of Lehman's headquarters (“Well, I left my office, I left my office plenty,” he has countered). It would come as no surprise to learn that Mr McDonald (who wrote his account with Patrick Robinson) has taken some liberties in his highly readable yarn, which hits its stride a few chapters in. He provides no sources for scenes that take place after he was fired in early 2008, many of which show Mr Fuld in a particularly bad light. Yet “A Colossal Failure of Common Sense” largely rings true. It expresses the anger that many former Lehman employees still feel toward Mr Fuld. And it convincingly characterises the investment bank as a house divided against itself, between the bears who had foreseen bubbles and the bulls who wrongly believed that this time would be different.
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