binding of isaac free download pc take these glib lies like a greased and nameless asshole? While this route might mike the book appealing to a broader audience, the ability to seriously examine strategic issues is compromised and its value to academicians and practitioners is diminished. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting.">
Ask yourself: What kind of legacy do you want to leave behind? Not loaded yet? Try Again. In keeping with this credo, his career was peppered by bold, unplanned moves such as his decision to meet with Tylee Wilson, the CEO of R. Reynolds Industries.
Burrough and Helyar provide a masterful account of the clash of cultures and management styles at the union of the paternalistic, conservative tobacco company, entrenched in the ways of the deep South, and that of the entrepreneurial ruggedness of Nabisco Brands from New York. Through deft political maneuvering, Johnson ousted Wilson, took over his job, and moved the headquarters of the company to the more cosmopolitan climes of Atlanta. Having reached the pinnacle of his career, Ross Johnson could not rest.
Perhaps because of his accounting background, he measured his success by vigilantly monitoring the stock price of the company.
During the latter part of Barbarians at the Gate, the scene shifts to Wall Street, the investment banking capital of the world. The relatively parochial atmosphere of the South is left behind and Ross Johnson is downgraded to a minor player in a series of events that has every veteran investment banker scrambling to get a piece of the biggest deal in history.
Here, Burrough and Helyar are in their element. By carefully profiling the personalities of the myriad characters and detailing the history of the investment houses on Wall Street, the authors reveal the intricate nature of the interrelationships among them.
From their perspective, Wall Street seems like a very small place where everybody is acutely aware of each others success and failure and where no stone is left unturned in satisfying giant egos or salving wounded pride. One by one, the reader is introduced to every body who is anybody in the investment banking industry though vivid portraits of their personal and professional lives. Although the authors spend an inordinate amount of time assessing the role of each individual, they succeed in transporting the reader to the epicenter of the world of investment banking.
Perceiving this bid to be low, and mindful of the enormous amount of money and publicity the historic LB0 could generate, two additional groups emerged as serious contenders: KKR with a legendary reputation of successful LBOs and First Boston, whose investment banking division needed a major deal to boost its sagging reputation.
Both Kravis and Maher of First Boston independently attempted cooperative efforts with the management group but were unable to work out agreements that satisfied all the parties.
Their disagreements had nothing to do with shareholder values of fiduciary duties. In the final chapters, the readers are privy to the activities of all three groups, as the authors recreate minute by minute the conversations and negotiations in each camp, thus revealing the process by which they generated, evaluated, and discarded alternate strategies.
However, KKR emerges the winner as the board is loath to allow Johnson, whom they no longer trust, to head the company. That layer is wall street which is looking to extract money from the valued center companies. Business for the sake of business. RJR Nabisco did not need to be sold. It wasn't in trouble. It was profitable. Johnson just wanted more. How does it provide a benefit of the overall economy to allow this to happen? I couldn't say.
LBO's died down after that, but something else always takes it place and does damage before it's prevented. During that time you also had junk bond abuse and savings and loan scandal kinda a precursor to Enron. After that it was Enron shaking down California by getting energy to be treated like a market and then limited demand to jack up price, then it was the real estate swindle which created an economic time bomb with predatory lending and ballooning mortgages. What's next? I think it might center around this thought:If it's too big to fail, it's too big.
This book was recommended to me by a business school professor who referred to it as 'the best business book on private equity. The book turned out to be a wonderful read. I learned a tremendous deal about private equity, the mid-to-late century evolution of finance on Wall Street, and the important role of corporate governance in business.
Some of these points were not discussed on an academic level e. Evolution of finance and corporate governance , but this book provided great case examples of topics I had learned in school.
I would definitely recommend to others interested in business history and finance! This book is weird. It's written like a taut spy-thriller, and superficially it's a 'page-turner'- everything on the page seemed very exciting and I kept wanting to read it. But the stuff being written about- the tale of some investment bankers fighting over who gets to buy RJR Nabisco- is boring beyond belief. Lots of arcana about leveraged buy outs, endless paragraph-long sketches of interchangeable middle-aged white guys engaged in a financial dick swinging contest, pages upon pages devote This book is weird.
Lots of arcana about leveraged buy outs, endless paragraph-long sketches of interchangeable middle-aged white guys engaged in a financial dick swinging contest, pages upon pages devoted to what this lawyer said to that lawyer.
And yet I more or less read it to the end! It's a conundrum. Did this get made into a movie? I guess I'd watch that. Read this one again. Even better after reading Benjamin Barber's 'Consumed. Then there's the other kind of greed, the greed that is just nasty, heartless, s Read this one again.
It's worth reading more than once. Still five stars. Then there's the other kind of greed, the greed that is just nasty, heartless, shameful and yet shameless, as epitomized in Barbarians at the Gate, a wonderful non-fiction book by Bryan Burrough and John Helyar. In the book they paint a picture of egos and cash chasing after RJR Nabisco, a conglomerate that makes everything from cigarettes to Oreo cookies.
I found the book at a library sale over the weekend, and feel like the dollar I spent buying it was well spent Sorry to the authors; but I rarely buy new books these days. In fact, it's been at least ten years since I last bought a new one. The story was so captivating I had to read it midstream, interruping my reading of Max Hastings' Nemesis, which si good, but just not as compelling.
So what makes Barbarians so compelling? It's the perspective. Over the weekend, we got a little perspective ourselves. We're looking for a new vehicle, one to replace our van but one that has the towing capacity to haul our camper. So we went to the local Toyota dealership and started looking at SUVs.
This ties in with Barbarians because with the amounts of money involved in competing attempts to buy RJR Nabisco, there is no perspective. Billions of dollars flying through the air, pushed there by men and companies poised to make millions in fees. And little of the money they're playing with is their own. Soak this in a bit:There were, Finn admitted, some unique problems to be ironed out. According to Finn's calculations, this single transaction would boost the annual federal budget deficit by 2 percent.
If first Boston proposed it, RJR Nabisco's board would almost certainly have to take into account the political fallout. The reason Kravis can pay these incredible sums is that his money isn't real. It's funny money. It's wampum. That's the perspective I gained from the book. Anybody who plays with insane amounts of money - whether they're corporate raiders or the federal government - has lot perspective on what they're actually doing, or spending.
It's all funny money or wampum. A billion here or three billion there is meaningless when you're dealing in hundreds of billions, or trillions. If a little leaks out along the way, it doesn't matter, because there's always more wampum where that comes from. So spend, friend, spend.
I'm sure, unfortunately, that the greed depicted in Barbarians is eclipsed by what's gone on in the past few years, from Enron to the mortgage meltdown. I'm grateful that we have fine writers like Burrough and Helyar to chronicle these kinds of things.
But it's a truism in the business world, especially in New York, that the kinds of shenanigans displayed in this book are cheered on by the business press and the business world in general, unless the deals go sour and people don't make money.
Everyone wants to be their friends even their enemies until the accusations start. The authors do an excellent job of providing background for the many people involved in the final bids, much of which is crucial for understanding their motivations and decisions. This book paints a grim picture of high finance and corporate excess. Although I'm fairly certain most of this wouldn't fly today because of how hard it is to keep secrets, and the media's scrutiny of corporate missteps.
He constantly shakes up the company because he gets bored easily, and goes snif This book paints a grim picture of high finance and corporate excess.
He constantly shakes up the company because he gets bored easily, and goes sniffing out a possible deal where a private equity firm would buy the company with borrowed and seemingly imaginary money at a markup to the public stock price, netting the shareholders and himself a hefty profit. A bidding war ensues, and unleashes the theatrics of a first-rate Wall Street drama. This book enraged me at times - it's what you might call a 'sausage maker' - the more you know about what goes into high finance, the more unpalatable it becomes.
All that mattered now was keeping up a steady flow of transactions that produced an even steadier flow of fees — management fees for the buyout firms, advisory fees for the banks, junk-bond fees for the bone specialist. The entire Leveraged Buyout industry had become the province of quick buck artists. They hadn't visited the factories, hadn't talked with more than a handful of executives.
All they had was a pile of annual reports, government filings, and stacks of what computer runs - little more financial guidance than that available to an RJR Nabisco retiree. For much of this book, that's an apt recommendation.
It's a large, well-sourced, tomb that is a dense tick-tock of a specific corporate situation. The difference, is that Eichenwald tends to exam corporate malfeasance and the ne'er-do-wells getting their comeuppance. When you run out of Eichenwald books to read, most algorithms point you here. In the epilogue here there seems to be a sort of apologetic tone for 'Ross was just a product of his time', rather than perhaps the roasting on a spit that would have been deserved.
That said, an enjoyable recommended read, if you're into that sort of thing. Sometimes you have to check, am I reading a kindergarten manifest with grown up words or do these people exist for real? The tactics, backstabbing, gossiping and most of all the foul mouthing is bizarre and thus intriguing.
The authors have done a really good job at making this eminently readable and accessible, and one doesn't need beyond a basic knowledge of financial instruments to understand most of the things.
And the volume of the book only speaks to the sheer journalistic effort they have put into this, while at the same time not allowing it to become boring at any point. It took me a while to get through 'You can't make this stuff up.
It took me a while to get through the first odd pages, but the remaining I got through over the weekend. All in all, a must read it if you are interested in Wall Street and the world of finance in general. If you ever thought non-fiction cannot be as exciting as fiction, this is the book to prove you wrong. An absolute page-turner to beat any thriller. I literally powered through the last half of the book over a couple of days — work or no work.
As the epilogue says — the raw material for the story was quite crazy and incredible in itself, but the ability of the authors to recreate for us the scenes of not just the few weeks in late but months and years preceding that is amazing and god know If you ever thought non-fiction cannot be as exciting as fiction, this is the book to prove you wrong.
It was a bit slow for the first pages or so, but once it got into the actual story I couldn't put it down. It was dramatic, and informative, and helped crystallize a lot of things I'm confused about, like:- How do companies work?
Like in basic economics, you think about market participants each trying to maximize their profits, and everyone acting in their own interest ends up maximizing total welfare, and that makes sense in a zoomed-out way, and as far as I can tell is not a crazy model of It was a bit slow for the first pages or so, but once it got into the actual story I couldn't put it down.
Like in basic economics, you think about market participants each trying to maximize their profits, and everyone acting in their own interest ends up maximizing total welfare, and that makes sense in a zoomed-out way, and as far as I can tell is not a crazy model of the behavior of companies.
But how do companies end up behaving this way? My very uninformed impression of how companies work is something like:- there is a CEO, who is a guy- there is a board, consisting of a bunch of guys who are friends with the CEO- they all have fiduciary duties and if they fail to meet them they will get yelled at by a judge in Delaware-??? This is scary, for obvious reasons. But also reassuring, because it's kind of relatable.
Money is nice, but it's so abstract; it's some numbers on a piece of paper. I'm way more motivated by things like revenge, or the desire to prove that I was right, or making guys think I'm attractive, or getting nice articles written about me in the newspaper, or expensive perks. You can buy perks with money, but it's not really the same if you have to buy it yourself. And so is everyone in this book, and it is reassuring that the whole system seems to kinda work anyway.