Barbarians at the Gate：The Fall of RJR Nabisco

Abookthatstormedboththebestsellerlistandthepublicimagination,abookthatcreatedagenreofitsown,andabookthatgetsattheheartofWallStreetandthe'80scultureithelpeddefine,BarbariansattheGatehasemergedtwentyyearsafterthetumultuousdealitsobrilliantlyrecountsasamodernclassic--amasterpieceofinvestigatoryjournalismandarollickingbookofcorporatederring-doandfinancialswordsmanship.ThefighttocontrolRJRNabiscoduringOctoberandNovemberof1988wasmorethanjustthelargesttakeoverinWallStreethistory.MarkedbybrazendisplaysofegonotseeninAmericanbusinessfordecades,itbecamethehighpointofanewgildedageanditsrepercussionsarestillbeingfelt.Thetaleremainstheultimatestoryofgreedandglory--astoryandacastofcharactersthatdeterminedthecourseofglobalbusinessandredefinedhowdealswouldbedoneandfortunesmadeinthedecadestocome.BarbariansattheGateisthegrippingaccountofthesetwofrenziedmonths,ofdealmakersandpublicityflaks,ofanold-lineindustrialpowerhouse(homeofsuchfamiliarproductsaOreosandCamels)thatbecamethevictimoftheruthlessandrapaciousstyleoffinanceinthe1980s.AsreportersforTheWallStreetJournal,BurroughandHelyarhadextensiveaccesstoallthecharactersinthisdrama.Theytakethereaderbehindthescenesatstrategymeetingsandsocietydinners,intoboardroomsandbedrooms,providinganunprecedentedlydetailedlookathowfinancialoperationsatthehighestlevelsareconductedbutalsoarichlytexturedsocialhistoryofwealthatthetwilightoftheReaganera.AtthecenterofthehugepowerstruggleisRJRNabisco'spresident,thehigh-livingRossJohnson.It'shissecretplantobuyoutthecompanythatsetsthefrenzyinmotion,attractingthecountry'sleadingtakeoverplayers:HenryKravis,thelegendaryleveraged-buyoutkingwhoseentryintothefraysetsoffanacquisitivecommotion;PeterCohen,CEOofShearsonLehmanHuttonandJohnson'spartner,whoneedsavictorytopropelhiscompanytoanunchallengedleadershipinthelucrativemergersandacquisitionsfield;thefiercelyindependentTedForstmann,motivatedasmuchbyhonorasbyhisrageatthecorruptionheseestakingoverthebusinesshecherishes;JimMaherandhisragtagteam,strugglingtoregaincredibilityforthedecimatedranksatFirstBoston;andanarmyofdesperatebankers,lawyers,andaccountants,alldrawninexorablytothegreatestprizeoftheircareers--andoneofthegreatestprizesinthehistoryofAmericanbusiness.Writtenwiththebravadoofanovelandresearchedwiththediligenceofasweepingculturalhistory,BarbariansattheGateispresentatthefrontlineofeverybattleofthecampaign.Hereistheunforgettablestoryofthattakeoverinallitsbrutality.Inanewafterwordspeciallycommissionedforthestory's20thanniversary,BurroughandHelyarreturntovisittheheroesandvillainsofthisepicstory,tracingthefalloutofthedeal,chartingthesubsequentsuccessandfailureofthoseinvolved,andaddressingtheincredibleimpactthisstory--andthebookitself--madeontheworld.