Monday, June 25, 2007
single event led to their downfall
Despite their considerable prowess, investment banks are fragile organizations. It took only one major scandal to bring down Salomon Brothers, the king of Wall Street in the 1980s, and Bankers Trust, one of the top two derivatives firms. In each case, it took some years before the firm lost its independence, but in each case, a single event led to their downfall.