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Business Movers

The Collapse of Lehman Brothers | Author Vicky Ward and the Devil’s Casino | 5

Business Movers

Wondery

History, Business, Entrepreneurship

4.81.5K Ratings

🗓️ 7 October 2021

⏱️ 34 minutes

🧾️ Download transcript

Summary

Vicky Ward, author of The Devil’s Casino: Friendship, Betrayal and the High Stakes Games Played Inside Lehman Brothers, explores the dramatic story of Lehman’s downfall, and the people responsible for one of the greatest financial failures in history.

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Transcript

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0:00.0

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0:31.0

It's the 1960s on the University of Colorado campus in Boulder in the office of the Reserve Army Training Corps or the ROTC.

0:42.0

A young college student, Cadet, stands at attention as the head of the ROTC walks in the room.

0:48.0

Sit down, son. Yes, sir.

0:51.0

As the young man sits, he knows he's in big trouble. He's been struggling with his grades and his behavior.

0:58.0

Recently, he got into a violent altercation with a commanding officer.

1:02.0

Now he's been called to the head of the ROTC to receive his punishment.

1:06.0

Do you want to tell me what happened, son? He stepped on my shoes, sir.

1:10.0

You can have to do better than that.

1:12.0

We were in the middle of an inspection at the quadring. He got in my face and told me my shoes weren't polished, but they were.

1:19.0

When I pointed that out, he stepped on them, scuffed them up, and sent me off to redo them.

1:24.0

When I came back, he was bullying one of my fellow cadets.

1:27.0

And that's when you said the officer reaches for a piece of paper.

1:32.0

Hey, asshole, why don't you pick on someone your own size?

1:36.0

Yes, sir. And then you assaulted him.

1:40.0

That behavior is not becoming a macadet.

1:43.0

I understand that, sir, but I'd like you to hear my side of the story.

1:46.0

There's only one side of the story, son.

1:48.0

When I came back, he was pressing his boot on my friend's ankle.

1:52.0

My friend was crying out in pain, begging him to stop.

1:55.0

I'm sorry, son, but you assaulted a commanding officer.

1:58.0

I can't have you in this program.

...

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