Barbarians at the Gate Book Summary

Barbarians at the Gate recounts the thrilling true story of the fierce battle for control of RJR Nabisco, one of America's largest food companies, as the age of leveraged buyouts reaches a fever pitch. At the heart of the drama are ruthless financiers, corporate raiders, and the golden age of Wall Street, all vying for power and wealth amidst the excesses of the 1980s. As the stakes escalate, alliances shift and moral dilemmas arise, revealing the darker side of corporate ambition. This gripping tale not only exposes the lengths to which individuals will go for success but also critiques the very foundations of capitalism. Prepare to be captivated by the intrigue, betrayal, and sheer audacity of one of the biggest takeovers in history!

By Bryan Burrough, John Helyar

Published: 2009

"Admit it: you’re curious. You want to know what were they thinking?"

Book Review of Barbarians at the Gate

#1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco at the hands of a buyout from investment firm KKR. A book that stormed both the bestseller list and the public imagination, a book that created a genre of its own, and a book that gets at the heart of Wall Street and the '80s culture it helped define, Barbarians at the Gate is a modern classic—a masterpiece of investigatory journalism and a rollicking book of corporate derring-do and financial swordsmanship. The fight to control RJR Nabisco during October and November of 1988 was more than just the largest takeover in Wall Street history. Marked by brazen displays of ego not seen in American business for decades, it became the high point of a new gilded age and its repercussions are still being felt. The tale remains the ultimate story of greed and glory—a story and a cast of characters that determined the course of global business and redefined how deals would be done and fortunes made in the decades to come. Barbarians at the Gate is the gripping account of these two frenzied months, of deal makers and publicity flaks, of an old-line industrial powerhouse (home of such familiar products a Oreos and Camels) that became the victim of the ruthless and rapacious style of finance in the 1980s. As reporters for The Wall Street Journal, Burrough and Helyar had extensive access to all the characters in this drama. They take the reader behind the scenes at strategy meetings and society dinners, into boardrooms and bedrooms, providing an unprecedentedly detailed look at how financial operations at the highest levels are conducted but also a richly textured social history of wealth at the twilight of the Reagan era. At the center of the huge power struggle is RJR Nabisco's president, the high-living Ross Johnson. It's his secret plan to buy out the company that sets the frenzy in motion, attracting the country's leading takeover players: Henry Kravis, the legendary leveraged-buyout king of investment firm KKR, whose entry into the fray sets off an acquisitive commotion; Peter Cohen, CEO of Shearson Lehman Hutton and Johnson's partner, who needs a victory to propel his company to an unchallenged leadership in the lucrative mergers and acquisitions field; the fiercely independent Ted Forstmann, motivated as much by honor as by his rage at the corruption he sees taking over the business he cherishes; Jim Maher and his ragtag team, struggling to regain credibility for the decimated ranks at First Boston; and an army of desperate bankers, lawyers, and accountants, all drawn inexorably to the greatest prize of their careers—and one of the greatest prizes in the history of American business. Written with the bravado of a novel and researched with the diligence of a sweeping cultural history, Barbarians at the Gate is present at the front line of every battle of the campaign. Here is the unforgettable story of that takeover in all its brutality. In a new afterword specially commissioned for the story's 20th anniversary, Burrough and Helyar return to visit the heroes and villains of this epic story, tracing the fallout of the deal, charting the subsequent success and failure of those involved, and addressing the incredible impact this story—and the book itself—made on the world.

Similar books you might like →

Showing 8 of 30 similar books

Similar Book Recommendations →

Alex Lieberman's Book Recommendations

Alex Lieberman is the co-founder and executive chairman of Morning Brew, a media company that delivers engaging business news. Under his leadership, Morning Brew has grown to reach millions of subscribers, becoming a significant player in modern business journalism. Lieberman is also known for his insightful commentary on entrepreneurship and media trends. His work has significantly influenced the way business news is consumed by younger audiences. Beyond Morning Brew, Lieberman frequently writes and speaks about the intersection of media and technology, further cementing his role as a thought leader in the industry.

Business and LeadershipMedia and Pop CultureTechnology and Future

Chris Dixon's Book Recommendations

Chris Dixon is a notable venture capitalist and technology entrepreneur, best known for his influential role as a general partner at Andreessen Horowitz, where he leads investments in cryptocurrency and blockchain technology. Before joining the firm, Dixon co-founded two startups: SiteAdvisor, a web security company acquired by McAfee, and Hunch, a recommendation engine acquired by eBay. In addition to his investment career, Dixon is a prolific writer and thought leader on technology and innovation, contributing insightful essays and articles to various platforms such as his personal blog and Medium. His writings often explore the future of technology, the internet, and the impact of blockchain, making significant contributions to contemporary tech literature. Dixon's work has earned him recognition as a visionary in both the tech and literary worlds.

Technology and FutureInspiring ReadsCreativity and Innovation

David Heinemeier Hansson's Book Recommendations

David Heinemeier Hansson, also known as DHH, is a Danish programmer, entrepreneur, and author, best known as the creator of Ruby on Rails, a popular web application framework. Heinemeier Hansson is also a partner at Basecamp, a project management and collaboration software company he co-founded. His contributions to software development have earned him widespread recognition, with Ruby on Rails being used by thousands of developers and companies worldwide. Heinemeier Hansson is also a vocal advocate for remote work, simplicity in business, and sustainable work practices, ideas he explores in his bestselling books Rework and It Doesn’t Have to Be Crazy at Work. In addition to his work in tech, he is an accomplished race car driver, having competed in the 24 Hours of Le Mans. Heinemeier Hansson’s approach to work-life balance and entrepreneurship has made him a thought leader in the tech community, where he continues to challenge traditional business practices and advocate for more human-centered approaches to work

Business and LeadershipProductivityInspiring Reads

Charlie Munger's Book Recommendations

Charlie Munger is an American investor, businessman, and philanthropist, best known as the vice chairman of Berkshire Hathaway, where he partners with Warren Buffett. Renowned for his insights on investment strategies and mental models, Munger has significantly influenced the world of finance. His notable literary contributions include "Poor Charlie's Almanack," a compilation of his speeches and writings that distill his wisdom on decision-making and business principles. Munger's work emphasizes the importance of multidisciplinary thinking and continuous learning. Beyond his financial acumen, he is celebrated for his charitable efforts, particularly in education and healthcare.

Business and LeadershipMoney MattersInspiring Reads

Drew Houston's Book Recommendations

Drew Houston is an accomplished American entrepreneur best known for co-founding Dropbox, a widely-used cloud storage service, in 2007. As the CEO, he has led the company to serve millions of users worldwide and become a key player in the tech industry. Although not primarily known for literature, Houston has shared his entrepreneurial insights and experiences through various interviews and public speaking engagements, offering valuable lessons to aspiring business leaders. His work has significantly influenced the way people and organizations manage and share digital content. Houston's innovative vision continues to shape the future of cloud computing and digital collaboration.

Business and LeadershipTechnology and FutureSuccess Stories and Life Lessons

David Cancel's Book Recommendations

David Cancel is a prominent entrepreneur and author best known for his influential work in the tech and startup communities. As the CEO and co-founder of Drift, a leading conversational marketing platform, he has revolutionized how businesses engage with their customers online. Cancel has also authored insightful books such as "Hypergrowth," which offers valuable strategies for scaling startups rapidly. His contributions extend beyond literature as he frequently shares his expertise through speaking engagements and his popular podcast, "Seeking Wisdom." David Cancel's innovative ideas and practical advice continue to inspire and guide entrepreneurs worldwide.

Business and LeadershipSuccess Stories and Life LessonsInspiring Reads

Andrew Chen's Book Recommendations

Andrew Chen is a venture capitalist, entrepreneur, and thought leader in growth marketing, currently serving as a general partner at Andreessen Horowitz. Chen is known for his expertise in network effects, viral growth strategies, and marketplace dynamics, making him a sought-after advisor for startups looking to scale. Prior to joining Andreessen Horowitz, he worked in leadership roles at Uber, helping to grow the ride-sharing platform’s user base and develop key growth strategies. Chen is also a prolific writer, sharing his insights on growth, technology, and startups through his popular blog and newsletter, which has attracted a loyal following in the tech community. His work has helped shape how many startups approach user acquisition, retention, and product-market fit. As a venture capitalist, Chen focuses on early-stage companies in the consumer internet, SaaS, and marketplace sectors, and he has been involved in funding and advising several successful startups. His insights on technology and growth continue to influence both founders and investors alike.

Business and LeadershipTechnology and FutureFounders Playbook

Brad Feld's Book Recommendations

Brad Feld is a prominent American entrepreneur, venture capitalist, and author known for his influential work in the startup ecosystem. Co-founder of the Foundry Group, he has played a pivotal role in funding and mentoring early-stage technology companies. Feld is also a key figure behind the Techstars accelerator program, which has helped launch numerous successful startups. As an author, he has penned several essential books on entrepreneurship and venture capital, including "Venture Deals" and "Startup Communities," which provide invaluable insights for aspiring entrepreneurs and investors. His writings and active blogging have cemented his reputation as a thought leader in the tech and startup communities.

Business and LeadershipFounders Playbook

Showing 8 of 16 related collections

Admit it: you’re curious. You want to know what were they thinking?

Barbarians at the Gate

By Bryan Burrough, John Helyar