Monday, October 26, 2009

The more things change the more they stay the same

How could the firm disappear in less than two weeks after one senior manager assured certain employees that the financial condition was sound - more than that, strong? How could any firm with $880 million in net worth go bankrupt?

Shades of the financial crisis of 2008? Actually, the bankruptcy of Drexel Burnham Lambert from page 8 of Dan Stone's April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham. Connie Bruck's Predator's Ball is more entertaining and readable.

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