Last updated: 11 september, 2009 - 12:59 GMT

Colossal failure

Larry Mcdonald

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Larry McDonald grew up in a poor district of Massachusetts on the east coast of the US.

He pursued the American dream and through a mixture of cunning, charm and hard work, he landed a job at Lehman Brothers - on one of the world's toughest trading floors.

As a vice president at Lehman, McDonald had a close-up view of the participants in the great meltdown. He blames the power crazed executives at the very top for what happened to the company.

He says their reckless, pedal-to-the-floor addiction to growth finally demolished the bank, with devastating consequences for millions of people around the world.

Listen to Larry McDonald as he explains why this financial disaster could have been avoided.


Larry McDonald's book is called click A Colossal Failure of Common Sense.

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