Book of the week: Crash of the Titans by Greg Farrell
Farrell's focus is the collapse of Merrill Lynch and near-collapse of Bank of America, which he traces to a culture that put the “preservation of bonuses” above all else.
(Crown Business, $27)
Greg Farrell’s “gossipy” new book retells the story of the Wall Street meltdown with an emphasis on executive-suite greed, said Kathyrn Canavan in USA Today. The collapse of Merrill Lynch and near-collapse of Bank of America are Farrell’s ostensible focus, but with “eye-popping” details he builds a case that the crisis was a direct result of an industry that put the “preservation of bonuses” above all else. The “culture of opulence” had reached “levels of tragicomic excess,” said Devin Leonard in Bloomberg BusinessWeek. Onetime Merrill CEO Stan O’Neal took heat for insisting on a private elevator, but his “regular-guy” successor John Thain green-lighted a $1.2 million office makeover, then “pestered his board for a $40 million bonus” at the very moment the firm was going under. While Farrell’s juicy stories lack clear sourcing, the level of detail suggests that the Financial Times veteran had access to the big shots he berates. “Of course, some don’t have much else to do these days.”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
'Make legal immigration a more plausible option'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
LA-to-Las Vegas high-speed rail line breaks ground
Speed Read The railway will be ready as soon as 2028
By Peter Weber, The Week US Published
-
Israel's military intelligence chief resigns
Speed Read Maj. Gen. Aharon Haliva is the first leader to quit for failing to prevent the Hamas attack in October
By Justin Klawans, The Week US Published