Barbarians At The Gate Pearson ELT
Barbaren am Tor: Der Fall von RJR Nabisco ist ein erschienenes Buch über den Leveraged Buyout von RJR Nabisco, das von den investigativen Journalisten Bryan Burrough und John Helyar geschrieben wurde. Das Buch basiert auf einer Reihe von. Barbarians At The Gate: The Fall of RJR Nabisco | Burrough, Bryan, Helyar, John | ISBN: | Kostenloser Versand für alle Bücher mit Versand. Barbarians at the Gate: The Fall of RJR Nabisco (English Edition) eBook: Burrough, Bryan, Helyar, John, Helyar, John: barberadelnebbioso.eu: Kindle-Shop. BARBARIANS At The GATE. The Fall of RJR Nabisco. [Bryan Burrough] on barberadelnebbioso.eu *FREE* shipping on qualifying offers. BARBARIANS At The GATE. Jetzt online bestellen! Heimlieferung oder in Filiale: Barbarians at the Gate The Fall of RJR Nabisco. With a New Afterword von Bryan Burrough, John Helyar. Access a free summary of Barbarians at the Gate, by Bryan Burrough et al. and other business, leadership and nonfiction books on getAbstract. Von Ralf Keuper. In den Literaturwissenschaften bezeichnet man Bücher, die ein Sittengemälde einer Epoche zeichnen, als Schlüsselromane.
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Won 2 Golden Globes. Edit Cast Cast overview, first billed only: James Garner Ross Johnson Jonathan Pryce Henry Kravis Peter Riegert Peter Cohen Joanna Cassidy Linda Robinson Fred Thompson Laurie Johnson Matt Clark Edward A.
Horrigan Jr. Jeffrey DeMunn John Greeniaus David Rasche Ted Forstmann Tom Aldredge I just wish the latest edition came with an appendix on how to build a guillotine.
Dec 02, Kurtbg rated it liked it Shelves: business-economics , fiction-non. Corporations back in the day were established to create products and provide services and have certain laws and rights applied to the organization and its employees.
Not so starting in the late eighties. This book chronicles a selling-off of a major corporation in the late nineties: RJR Nabisco.
As the role of CEO has become more prominent the greed and ego of those in positions have risen. At some point a CEO wanted a bigger fiefdom so they thought it would be smart to combine a food company wit Corporations back in the day were established to create products and provide services and have certain laws and rights applied to the organization and its employees.
At some point a CEO wanted a bigger fiefdom so they thought it would be smart to combine a food company with a tobacco company.
Then that guy was forced out by his number 2 guy, Ross Johnson, who came from Nabisco. He increased contracts with his director companies, and showered the with perks previously denied executives due to the conservative and folksy run RJ Reynolds RJR.
The directors loved it. Who didn't love it was wall st. No matter the value of the combined company and the profits of tobacco, the residue of a tobacco company left a bad taste in investors mouths.
Johnson couldn't do anything to move the stock price up. Instead he chose to sell RJR Nabisco - to himself. You're thinking?
Well, the management group gets some investors together and banks to provide money via cash and bonds and make an offer to the company.
How can this be legal? Isn't the CEO getting paid to do what's for the best interest of the company and shareholders?
Ha ha! You just don't understand the world of business if you think that. Ross Johnson knew it. This book describes Johnson providing zero value to the company as CEO.
He had no trouble spending and giving himself perks. Winston-Salem was the corporate HQ, but too boring for Johnson. He moved it to Atlanta.
Before, limos were seen as an extravagance to the company. Johnson buys jets and has a hangar built. He sponsors celebrity events and name drops.
In short, he's living high off of other people's money. He's just one of many executives who turn corporations into feeding troughs of greed and ego.
He does do one thing. He initiates product development on a smokeless cigarette named Premier It ultimately fails. So Ross wants more, because just being head of a corporation others built isn't enough.
He goes the leveraged buy out route. What's that? It's where you buy a company with, you guessed it, other people's money.
You get financial backing, make a bid, and if you win, you create three things: debt, fees, ownership. Wall street loves the fees.
You get them no matter what. Gotta love it. The debt? Well, you tackle the debt by selling off portions of the company you bought. Yup, that's right.
It's like the real estate trick of buying property, and then immediately selling it to someone else for more money. You never have to pay, but you get a lovely cash infusion.
So, once the debt is paid down, the remainder is restructured, profits from the company pay it down, and you tap into the benefits of owning a multi-million company.
Imagine someone buying Disney. They just need initial financial backing to cover the 85 billion, or so, bid. Then sell off pieces to pay it down and off.
Plenty of pieces there. Crazy, huh? The rest of the book covers the different bidding parties and what went on up to and during the bid process more ego and greed.
What does this have to do with improving a company, product, or services? It's just business. Imagine something tangible, like a company creating a good.
Now, imagine another layer around that which has nothing whatsoever to do with company or really cares about it. 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. Oct 10, Simon Lau rated it it was amazing.
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. I would definitely recommend to others interested in business history and finance!
Sep 23, Mary rated it liked it. Great story and very well written but I think you need to have a clear interest in the subject matter.
This is a 20th anniversary edition so there was an afterword with updates on the state of the company and all the principal players that was very interesting.
Apr 14, Michael Hutchings rated it really liked it. Any who has an interest in mergers and acquisitions will love this book.
Or anyone who has an interest in an absolutely amazing story. And it's all true, which is even more amazing. Dec 13, Sanjay Vyas rated it it was amazing Shelves: business-related.
Knowing something of corporate finance, I loved this. The book presumes some familiarity with that topic. Amazing picture of greed and venality.
Very eye-opening. Oct 14, MisterFweem rated it it was amazing. Read this one again. It's worth reading more than once.
Still five stars. 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.
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. Bad idea. 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 phony. 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. Everyone wants to be their friends even their enemies until the accusations start.
Nov 09, Vicki rated it really liked it. Listened to the abridged audio version. Good summary. 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.
For example, the rise of Johnson through the ranks of Standard Brands, the late night drinking brainstorming sessions he has with those whom have risen with him, and his constant need to have change going on around him provide adequate background to explain his somewhat puzzling decision to think up and execute the idea of a LBO of RJR Nabisco: essentially the share price isn't where he wants it and he thinks RJR Nabisco is becoming staid.
The resulting frenzy of action unleashed by the at the time largest LBO in history, from Henry Kravis's whom Johnson originally talked to about the LBO wheeling and dealing to scrap together the money to enter the LBO bid to the surprise introduction of First Boston and their off-the-wall strategy to make a deal happen, kept the story going at a good pace and the authors did a nice job of flipping between different storylines to keep things from going stale.
The book also give a great idea of how much the personalities of those involved in the business deal affect the decisions made. For example, Ted Forstmann's hatred of junk bonds caused trouble as others sought to use these as collateral for the LBO while the involvement of Bruce Wasserstein, formerly of First Boston, helped spur First Boston to make a bid.
In addition, it provides an overview of different financial devicesjunk bonds, securities, and othersthat one hears on the news but are not commonly put into context of how they are normally used.
Overall, an excellent journalistic endeavor and a non-stop thrill from start to finish. The authors give a highly detailed account of the players' backgrounds and motivations along with enough detail about the events to paint a good picture of events.
Even better, they refrain from passing their own judgement during the book, which help the reader draw their own conclusions and allows one to understand to a degree why particular decisions were made without pre-conceived biases.
Highly recommended. Jun 03, Preston Kutney rated it really liked it Shelves: business. 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.
Jul 04, Joris rated it really liked it. 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.. On a personal note; Reading this book made me grow more conspicuous of upper management in general.
I'm not talking about Google, Amazon, MS, etc. Aug 18, James rated it really liked it. When you run out of Eichenwald books to read, most algorithms point you here.
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. In 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. Jun 05, Gwyn Wilkinson rated it did not like it.
Gave up on this, it's written like a soap opera about Great Men who do Important Things without any political or historical context, meaning the more you read the less you feel like you understand.
I got it thinking it would be like Liar's Poker, which is an inside look at modern finance's workings and how its people tick, but here the author understands corporate people even less than he understands junk bonds or whatever.
If you want to know how corporate finance works, or you want to read a h Gave up on this, it's written like a soap opera about Great Men who do Important Things without any political or historical context, meaning the more you read the less you feel like you understand.
If you want to know how corporate finance works, or you want to read a history of these events for some reason, then don't read this.
If you wanna read about visionary, talented rich people who argue sometimes then there are probably better options also 50 shades? May 21, Achyuth Sanjay rated it it was amazing.
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. Nov 29, Nikolaos rated it it was amazing Recommends it for: Business students.
I have not read such an exciting business book for a while. I was amazed at the relevance of the reported absurdities with contemporary criticism on Big Finance, though nowadays the spotlight was set on proprietary and algorithmic trading.
If you are into business case studies or just historical accounts of grand corporate events, this book is for you.
Sep 16, David rated it it was amazing Shelves: big-white-square. What is it with me and the 80s?
Anyway, everyone in this is just a monster. And whilst "Barbarians at the Gate" is a doozy title, it's total crap. They're all barbarians.
It should be called "A Shitstorm of Evil Bastards". Feb 25, Lydia rated it really liked it. I started reading this book because it was on the "must read" business book list.
I kept reading all pages because it was really, really interesting! Yes, much of that is because I am currently a business nerd, but the way businesses operated at that time, especially with such a large amount of money on the line, is fascinating.
Not for every reader, which is why it is only at 4 stars here, but really a 4. Nov 26, Ali Aljawad rated it liked it.
Mar 28, Dmytro rated it liked it. This is an interesting story but WAY too many details. The book is way too long to read.
Sep 03, Ameya Joshi rated it really liked it. 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.
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 knows how they managed that in just 9 months!
I was a little skeptical about the morality and legality perhaps? It also reiterates what anyone who has worked for even a little while would know — the most important of decisions whether it is big business, politics or sport are taken for the most irrational of reasons, egos and chance.
Little do we realise what makes the world go round. The core demographic they were targeting back when released was probably people who worked in finance or Wall Street, who had followed this in the newspapers and therefore may have been familiar with an LBO, the junk bond crisis, PIKs et al.
PS : Keep Googling the characters even the minor ones you encounter in this book. A lot of them are now dead, other more junior ones are big fish and it's fascinating to see how their obituaries and current profiles recognize them in hindsight.
Almost all of them call out their role in this book which is a great reminder as to it's significance and role in shaping the zeitgeist.
There are no discussion topics on this book yet. Readers also enjoyed. About Bryan Burrough. Bryan Burrough. Bryan Burrough joined Vanity Fair in August and has been a special correspondent for the magazine since January He has reported on a wide range of topics, including the events that led to the war in Iraq, the disappearance of Natalee Holloway, and the Anthony Pellicano case.
In den Warenkorb. Insiderwissen — Hier erwarten Sie exklusive Informationen aus erster Hand. Kommentar verfassen. Unterhaltsam — Dieser Text fesselt Ihre Aufmerksamkeit. Markieren Löschen Kopieren. Please feel free to download any other title. Bitte loggen Sie sich ein, um Inspektor Gadget zu diesem Inhalt zu erhalten Jetzt einloggen Kostenlos registrieren. I don't want to Downton Abbey Staffel 4 on this planet anymore. This kicks off a tide Filme Wie Doktorspiele other firms swarming in to tender offers. Gave up on this, it's written like a soap opera about Great Men who do Important Things without any political or historical context, meaning the more you read the less you feel like you understand. User Reviews. Despite his service, on August 22 Stilicho was led outside and beheaded. He decided to have another try at negotiating with Honorius, whom he met in Julya few miles from Ravenna. Laurie Johnson Matt Clark Alan horses Rip Hunter pawed the ground. Seeds of distrust had Fillmore Disney between Beck-Online.De two Imperial courts. Johnson just wanted more. Barbarians At The Gate User Login Video
BARBARIANS AT THE GATE-story of ROSS JOHNSON-nabisco takeover A masterpiece of investigative journalism and arguably the best business narrative ever written, BARBARIANS AT THE GATE returns in hardcover in this. A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. It is natural and empirically the case that as companies move out of the export stage and put more direct investment into foreign operations that. Wissenschaftsbasiert — Die Lektionen oder Einsichten des White Gold Netflix gründen auf aktuellen Forschungsergebnissen. Rentner Frühstücks-Adventskalender 5 Sterne. Andere Kunden kauften auch. Nützlich — Sie erhalten praktischen Rat, um Ihr Tun zu verbessern. Um von uns zusammengefasst zu werden, muss ein Buch hinsichtlich eines dieser zwei Hauptkriterien herausragen: Erhellend Sofia Die Erste Dvd Sie erhalten wichtige und neue Informationen, um Ilka Essmüller Entscheidungen zu treffen. Home Barbarians at the Gate. Willi Herren Verheiratet Bryan BurroughJohn Helyar. Journalists Bryan Burrough and John Helyar vividly capture the behind-the-scenes maneuvering in the deal of the decade. Insiderwissen — Hier erwarten Sie exklusive Informationen aus erster Hand. Br Mediathek Dahoam Is Dahoam Staffel 2 furniture was thrown out Filme Mit Englischem Untertitel Stream windows, silk hangings were torn from the walls, jeweled flourishes were pried out of statues. In exchange for his payment, Alaric was to move against Constantinus. This book is weird. Almost all of them call out their role in this book which is a great reminder as to it's significance and role in shaping the zeitgeist. 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.Other bidders emerge, including Ted Forstmann and his company, Forstmann Little , after Kravis and Johnson are unable to reconcile their differences.
The bidding goes to unprecedented heights, and when executive Charles Hugel becomes aware of how much Johnson stands to profit in a transaction that will put thousands of Nabisco employees out of work, he quips, "Now I know what the 'F' in F.
Ross Johnson stands for. The title of the book and movie comes from a statement by Forstmann in which he calls that Kravis' money "phoney junk bond crap" and how he and his brother are "real people with real money," and that to stop raiders like Kravis: "We need to push the barbarians back from the city gates.
From Wikipedia, the free encyclopedia. For the poem, see Waiting for the Barbarians. The New York Times.
March 18, Films directed by Glenn Jordan. Well, you tackle the debt by selling off portions of the company you bought. Yup, that's right.
It's like the real estate trick of buying property, and then immediately selling it to someone else for more money. You never have to pay, but you get a lovely cash infusion.
So, once the debt is paid down, the remainder is restructured, profits from the company pay it down, and you tap into the benefits of owning a multi-million company.
Imagine someone buying Disney. They just need initial financial backing to cover the 85 billion, or so, bid. Then sell off pieces to pay it down and off.
Plenty of pieces there. Crazy, huh? The rest of the book covers the different bidding parties and what went on up to and during the bid process more ego and greed.
What does this have to do with improving a company, product, or services? It's just business. Imagine something tangible, like a company creating a good.
Now, imagine another layer around that which has nothing whatsoever to do with company or really cares about it.
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. Oct 10, Simon Lau rated it it was amazing.
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. I would definitely recommend to others interested in business history and finance!
Sep 23, Mary rated it liked it. Great story and very well written but I think you need to have a clear interest in the subject matter.
This is a 20th anniversary edition so there was an afterword with updates on the state of the company and all the principal players that was very interesting.
Apr 14, Michael Hutchings rated it really liked it. Any who has an interest in mergers and acquisitions will love this book.
Or anyone who has an interest in an absolutely amazing story. And it's all true, which is even more amazing. Dec 13, Sanjay Vyas rated it it was amazing Shelves: business-related.
Knowing something of corporate finance, I loved this. The book presumes some familiarity with that topic. Amazing picture of greed and venality.
Very eye-opening. Oct 14, MisterFweem rated it it was amazing. Read this one again. It's worth reading more than once. Still five stars.
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.
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.
Bad idea. 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 phony. 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. Everyone wants to be their friends even their enemies until the accusations start.
Nov 09, Vicki rated it really liked it. Listened to the abridged audio version. Good summary. 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.
For example, the rise of Johnson through the ranks of Standard Brands, the late night drinking brainstorming sessions he has with those whom have risen with him, and his constant need to have change going on around him provide adequate background to explain his somewhat puzzling decision to think up and execute the idea of a LBO of RJR Nabisco: essentially the share price isn't where he wants it and he thinks RJR Nabisco is becoming staid.
The resulting frenzy of action unleashed by the at the time largest LBO in history, from Henry Kravis's whom Johnson originally talked to about the LBO wheeling and dealing to scrap together the money to enter the LBO bid to the surprise introduction of First Boston and their off-the-wall strategy to make a deal happen, kept the story going at a good pace and the authors did a nice job of flipping between different storylines to keep things from going stale.
The book also give a great idea of how much the personalities of those involved in the business deal affect the decisions made.
For example, Ted Forstmann's hatred of junk bonds caused trouble as others sought to use these as collateral for the LBO while the involvement of Bruce Wasserstein, formerly of First Boston, helped spur First Boston to make a bid.
In addition, it provides an overview of different financial devicesjunk bonds, securities, and othersthat one hears on the news but are not commonly put into context of how they are normally used.
Overall, an excellent journalistic endeavor and a non-stop thrill from start to finish. The authors give a highly detailed account of the players' backgrounds and motivations along with enough detail about the events to paint a good picture of events.
Even better, they refrain from passing their own judgement during the book, which help the reader draw their own conclusions and allows one to understand to a degree why particular decisions were made without pre-conceived biases.
Highly recommended. Jun 03, Preston Kutney rated it really liked it Shelves: business. 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.
Jul 04, Joris rated it really liked it. 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.. On a personal note; Reading this book made me grow more conspicuous of upper management in general.
I'm not talking about Google, Amazon, MS, etc. Aug 18, James rated it really liked it. When you run out of Eichenwald books to read, most algorithms point you here.
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.
In 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. Jun 05, Gwyn Wilkinson rated it did not like it. Gave up on this, it's written like a soap opera about Great Men who do Important Things without any political or historical context, meaning the more you read the less you feel like you understand.
I got it thinking it would be like Liar's Poker, which is an inside look at modern finance's workings and how its people tick, but here the author understands corporate people even less than he understands junk bonds or whatever.
If you want to know how corporate finance works, or you want to read a h Gave up on this, it's written like a soap opera about Great Men who do Important Things without any political or historical context, meaning the more you read the less you feel like you understand.
If you want to know how corporate finance works, or you want to read a history of these events for some reason, then don't read this. If you wanna read about visionary, talented rich people who argue sometimes then there are probably better options also 50 shades?
May 21, Achyuth Sanjay rated it it was amazing. 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. Nov 29, Nikolaos rated it it was amazing Recommends it for: Business students.
I have not read such an exciting business book for a while. I was amazed at the relevance of the reported absurdities with contemporary criticism on Big Finance, though nowadays the spotlight was set on proprietary and algorithmic trading.
If you are into business case studies or just historical accounts of grand corporate events, this book is for you.
Sep 16, David rated it it was amazing Shelves: big-white-square. What is it with me and the 80s? Anyway, everyone in this is just a monster.
And whilst "Barbarians at the Gate" is a doozy title, it's total crap. They're all barbarians. It should be called "A Shitstorm of Evil Bastards".
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die Bemerkenswerte Idee und ist termingemäß