Liars Poker: Two Cities, True Greed by M. Lewis - Book Report/Review Example

Book Review: Lewis, M. (1989) Liar’s Poker: Two Cities, True Greed Book Review: Lewis, M. (1989) Liar’s Poker: Two Cities, True Greed Citation: Lewis, M. L., 1989. Liars Poker: Two Cities, True Greed. Reprint ed. New York: Coronet. Regardless of the era, investment banking has been an attractive occupation for many because of its prospects and perks. However, many non-fictional characters tend to share their respective experiences within the field of investment banking. One of the widely acclaimed non-fictional works considering the investment banking has been published in 1989 by Lewis (1989). The experiences that have been discussed in detail by the author are first hand since he has worked with the investment companies. It will not be incorrect to state that the book is an exceptional work because it allows an in-depth assessment of the field. Critics have claimed that the autobiographical work by Lewis (1989) has astonished many who believed that investment banking was a gentlemen’s cup of tea. The aim of this book review is to clearly assess the thesis and focus of the book entitled, “Liar’s Poker: Two Cities, True Greed” written by Lewis (1989). It will not be incorrect to state that the author of the book has been able to make the experience of reading 249 pages of the book worthwhile. Readers who may be new to the field of investment banking will notice that the author has explained each and everything about Wall Street in the best possible manner. The author initiated his autobiographical experience by discussing the manner in which he learned practical investment banking. A number of tricks and moments of being fooled enabled the author to understand the survival in the field of investment banking. The targeted audience of the book is not just the practitioners of the investment-banking field but also the general audience as the author has explained each and every aspect of investment banking from the point of a beginner. In particular, the core message of the book is directed towards the fresh practitioners who aim to work in the field of investment banking (Lewis, 1989). The author has conveyed all the messages of the giants of the field of investment banking through the context of his book. The author has not just discussed the way of dealing the clients when the company reaches the level of mismanagement, but also showed the true colours of the field. The book interprets investment banking to be all about selling the bonds and undertaking trade to minimize personal loss. In other words, the author notes that he had been made to sell bonds at highest loss that risked his reputation in front of the clients as well. The book can be used as a case study of researchers who tend to look at the prospects of investment banking and the investment bankers. The book is a great contribution to the field of investment banking because it talks about the way organizations undertake wrong decision-making. The book also indicates as to what should be done when organizations face increased risk of bankruptcy. Solomon Brothers have been discussed in the book as an example of a failure (Syers, 2013). The readers can introduce themselves to the investment company Solomon Brothers who were known to be perfect and masters in their respective field of interest. However, readers will be astonished to know that the author has given out some very insightful context to the way the company was being run. The author has clearly stated that the company was making losses every passing year because of increased overspent capital. It should also be noted that the book talks about the agony that was caused by the Solomon Brothers to its customers in America and Europe. The book created a history when it stated that European companies were not ready to pardon the company for undertaking bluffs (Brown, 2011). At one point, the readers would also notice that the author tries to make confessions about the tricks that he learned along the way. The book shows a clear fact about the author that he was just a 24 years old fresh graduate who made money in a very short span of time. The book leaves a lot of room for questions that are somehow answered by the author in advance when he shed light on imperative subjects such as the decision to continue putting capital and budgeting at the disposal. The method that has been selected by the author in order to present his experiences is self-observation. The usage of such a selection is more likely to leave a room for bias, but it is probable to provide proper inclination of the facts gather and noted as first-hand knowledge (Syers, 2013). The aspect of credibility remains as one of the factors that are very significant for increasing the interest of the readers to read the text. The author is well known for his credibility because he has worked for the investment giant referred as Solomon Brothers. Herein, it should be noted that the author has been able to discuss many significant aspects in the book that surrounds the origination of the mortgage bonds. Readers will also find the book to be curriculum vitae of the author as he explains his talents and skills. The readers will notice at one point that the author explains himself to be a survivor of the downsizing strategy of Solomon Brothers. The company had to cut down on its expenses and other costs that were not possible without undertaking downsizing and eliminating many departments. In the conditions explained, the author was able to survive because he was good at selling the bonds and closing the deals between the company and its clients (Lewis, 2009). It must also be taken into consideration that books concerning investment banking may sound dry when it comes to reading. Therefore, the author has been able to present his understanding and experiences of the investment-banking field in an entertaining manner. The author has represented himself as a person with increased glamor that is connected with famous CEOs such as John Gutfreund (Lewis, 1989). As a matter of fact, the author has drafted the book just before leaving the organization. The author was able to witness the rise and fall of the company. However, the critics claim that the author rather had a positive outlook on the practice of the organization. It is accounted that may be the author stated a positive stance for the organization, but rather in a sarcastic way. It is estimated that it was merely because he had to set out a background for switching the job (Lewis, 1989). The book creates a bridge between the theory of business ethics and practical or real-life scenarios. As noted by Jones, et al. (2005), business ethics have been put as a top priority of individuals in bigger organizations that result in a number of critical circumstances. The book under review has also touched the subject of organizational ethics to a great extent. It should also be noted that the author has not just applied the theory to his practical experience but also highlighted the major reason behind the poor situation of Solomon Brothers was their unethical way of doing business. Readers or audience who may be fresh candidates in the field of investment banking may find this book to be more than a guide because it shows the result of the violation of business ethics. Another research that was conducted by (Parker, 1998) further goes in relation to the content of the book under review. Parker has mentioned in his book that in order to work on organizational ethics, it is significant that the top management (often referred to as opinion leaders or role models) set standards and ethical examples in front of its employees. In accordance with the author and the organization, Solomon Brothers, it is easy to state that the ethical management has not been given the top priority. The interest of stakeholders is a common subject that the book under review, as well as Parker, discusses in detail. Therefore, comes to understanding that the author has contributed a great deal concerning stakeholder interests (Parker, 1998). Additionally, the readers will also note that the author did not find working with Solomon Brothers meaningful to his career. The experience of an author in this regard has its base in the Kantian Theory of Meaningful Work. As per the theory of Kantian Theory of Meaningful Work, an individual needs to have a sense of moral growth (Bowie, 1998). In the case of Lewiss (1989) address about his experience in Solomon Brothers, he did not find moral growth. He rather found himself in a situation where he had to follow the wrong examples as set by the top management. Personally, I found the book to be quite interesting and informative as many people do not understand the ups and downs of the industry. The author has used a blend of autobiographical and critical approach to discussing significant aspects of investment banking. I would surely recommend this book to people who have a lot of interest in knowing the Wall Street and especially young, fresh and budding investment bankers of the modern era. List of References Bowie, N., 1998. A Kantian theory of meaningful work. Journal of Business Ethics, 17(9/10), p. 1083. Brown, A., 2011. The Poker Face of Wall Street. First ed. San Francisco: John Wiley & Sons. Jones, C., Parker, M. & Bos, R. t., 2005. For Business Ethics. First ed. Washington DC.: Routledge. Lewis, M., 2009. Panic: the story of modern financial insanity. First ed. New York: W. W. Norton & Company. Lewis, M. L., 1989. Liars Poker: Two Cities, True Greed. Reprint ed. New York: Coronet. Parker, M., 1998. SAGE Publications. First ed. New York: SAGE Publications. Syers, D., 2013. 100 Statements about Liars Poker That Almost Killed My Hamster. First ed. New York: Kniga po Trebovaniyu. Read More