ApexNews
Return to Main
Book

True Greed: What Happened in the Battle for RJR Nabisco

1990

Purchase on Amazon

Synopsis

Hope Lambert’s True Greed offers a meticulously detailed account of the 1988 leveraged buyout of RJR Nabisco, a landmark event that remains a definitive symbol of Wall Street’s excesses during the late 1980s. The narrative centers on the ambition of F. Ross Johnson, the flamboyant CEO of RJR Nabisco, whose initial proposal to take the company private ignited a frenzied bidding war. Lambert captures the high-stakes environment of the boardroom, where corporate egos and the promise of massive payouts overshadowed the practicalities of managing a global conglomerate.

The book distinguishes itself by focusing on the intense interpersonal rivalries and the tactical maneuvers of the key players involved, most notably the private equity firm Kohlberg Kravis Roberts & Co. (KKR). As Henry Kravis and his associates enter the fray, the story transforms into a "barbarians at the gate" scenario, characterized by escalating bids and complex financial engineering. Lambert avoids overly dry financial analysis, instead leaning into the human drama and the ethical lapses that occurred as investment bankers and lawyers scrambled to secure their piece of the largest takeover in history at that time.

Ultimately, True Greed serves as a cautionary tale about the consequences of corporate avarice and the shift toward short-term profit at the expense of long-term stability. While the deal was a technical success for the victors, Lambert highlights the enormous debt burden placed on the company and the subsequent dismantling of its various divisions. The book provides a vivid snapshot of an era when "greed is good" was not just a movie line but a governing philosophy that reshaped the American economic landscape.

Suggested Reading

The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the Unit...

Purchase on Amazon View Details

Barbarians at the Gate: The Fall of RJR Nabisco

Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the...

View Details

We use cookies to improve your experience on our website. By continuing to browse, you accept our Cookie Policy and Privacy Policy.