By Monica Langley
Publish 12 months note: First released in 2003
The very evening that Sanford "Sandy" Weill, the chairman and leader govt officer of Citigroup, used to be being feted at the ground of the recent York inventory trade as CEO of the 12 months, the tv monitors above the ground have been flashing chance: A congressional panel used to be tearing into Jack Grubman, the $20-million-a-year telecommunications analyst who labored for Sandy. Had Grubman and Citigroup favourite company consumers on the cost of regular traders? was once Citigroup recommending shares of bothered businesses to get their enterprise? The worst scandal of Sandy Weill's lengthy profession used to be breaking round him.
Here, from its very starting, is the riveting within tale of ways a rough-edged child from Brooklyn overcame terrific odds and deep-seated prejudice to place jointly Citigroup, the world's greatest monetary empire, and to remodel monetary prone in the USA — for higher or worse.
Tearing Down the Walls offers an remarkable examine how enterprise and finance are carried out on the optimum degrees, with remarkable perception into the nature and motivations of robust women and men. And it's the mesmerizing account of the interaction among energy and character. Sandy Weill, the son of an immigrant designer, is a larger-than-life personality, a mythical Wall highway CEO whose innovativeness, opportunism, or even worry drove him from the lowliest activity on Wall road to its so much commanding heights. Over a span of 5 a long time he has tangled with — and customarily bested — probably the most fashionable and strong titans of finance, together with the elitist financier John Loeb, the mutual-fund gunslinger and conglomerateur Gerald Tsai, the patrician American convey chairman Jim Robinson, and the cerebral banking visionary John Reed. A consummate deal maker, Sandy Weill accumulated after which misplaced an marvelous assemblage of securities companies, in simple terms to plunge forward to rebuild his empire and eventually create the trendy American financial-services grocery store. on the middle of Citigroup's contemporary crises, he's the multi-millionaire many are ready to work out topple, whereas many extra are attempting to determine how he succeeded.
Using approximately firsthand interviews with key gamers in his existence and occupation — together with Weill himself — The Wall road Journal's Monica Langley brilliantly chronicles not just his public personality, yet his hidden part: blunt and infrequently crude, but unpretentious and occasionally disarmingly captivating. Tearing Down the Walls unearths Weill's tyrannical rages in addition to his tearful regrets, the crass stinginess and the unheard of generosity, the fierce experience of loyalty and the ruthless removing of capability competitors — even these he loves. Langley illuminates a climb to the head jam-packed with classification clash — Jew opposed to WASP, immigrant opposed to Mayflower descendant, entrepreneur opposed to institution — and explores the risky character that evokes slavish devotion or utter disdain. through highlighting in new and startling element one man's existence in a story as richly textured and compelling as a unique, Tearing Down the Walls presents the historic context of the dramatic alterations not just in enterprise but additionally in American society within the final part century. Compulsively readable, it's also crucial for knowing the forces which are reshaping the yank economy this present day.