In this dramatic and compelling account of Lehman Brothers’ spectacular rise and fall, author Mark T. Williams explains how uncontrolled risk toppled a 158-year-old institution—and what it says about Wall Street, Washington, D.C., and the world financial system. A former trading floor executive and Fed bank examiner, Williams sees Lehman’s 2008 collapse as a microcosm of the industry—a worst-case scenario of smart decisions, stupid mistakes, ignored warnings, and important lessons in money, power, and policy that affect us all. This book reveals:

The Congressional inquisition of disgraced CEO Dick Fuld: Did he really deserve it?
How the investment-banking money machine broke down: Can it be fixed?
The key drivers that caused the financial meltdown: Can lessons be learned from them?
The wild risk taking denounced by President Obama: Is Washington to blame, too?
The ongoing debate on reform and regulation: Can meaningful reform avert another financial catastrophe?
This fascinating account traces Lehman’s history from its humble beginnings in 1850 to its collapse in 2008. Lehman’s story exemplifies the everchanging trends in finance—from investment vehicles to federal policies—and exposes the danger and infectious nature of uncontrolled risk.

Drawing upon first-person interviews with risk management experts and former Lehman employees, Williams provides more than just a frontline report: it’s a call to action for Wall Street bankers, Washington policymakers, and U.S. citizens—a living lesson in risk management on which to build a stronger fi nancial future. Williams provides a tenpoint plan to implement today—so another Lehman doesn’t collapse tomorrow.

Includes a ten-point plan to ensure a strong financial future for both Wall Street and Main Street