Barbarians at the Gate

Resumen del libro

Bryan Burrough and John Helyar are investigative journalists who covered the story of RJR Nabisco’s buyout as it happened. Their in-depth research and extensive interviews paint a fascinating picture of a unique period in the history of Wall Street.

Leveraged buyouts (LBOs), initially designed in the 1960s as a tax-efficient way for retiring business owners to transfer wealth, evolved into a controversial financial tool by the 1980s, associated with corporate greed and high-risk strategies. Ross Johnson, a flamboyant executive who prioritized investor interests over loyalty, rose to prominence during this era, embracing questionable tactics and a lavish lifestyle. His attempt to acquire RJR Nabisco through an LBO, marked by inexperience and lack of discretion, ultimately failed, exposing his greed and damaging his reputation. Meanwhile, Henry Kravis, a rival and co-founder of KKR, refined LBOs into a dominant force for corporate takeovers, focusing on large-scale deals and securing unprecedented funding to outpace competitors. This clash of styles and ambitions set the stage for one of the most dramatic chapters in corporate history.

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