
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required.
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera - scan the code below and download the Kindle app.
Barbarians at the Gate: The Fall of RJR Nabisco (2008-05-04) Mass Market Paperback
Book recommendations, author interviews, editors' picks, and more. Read it now.

Explore your book, then jump right back to where you left off with Page Flip.
View high quality images that let you zoom in to take a closer look.
Enjoy features only possible in digital – start reading right away, carry your library with you, adjust the font, create shareable notes and highlights, and more.
Discover additional details about the events, people, and places in your book, with Wikipedia integration.
Customers who viewed this item also viewed
- “Recognize that ultimate success comes from opportunistic, bold moves which, by definition, cannot be planned.”Highlighted by 2,498 Kindle readers
- “I learned,” he said, “you always tell people how badly you’ve been running the goddamned company, so they’ve got some upside.”Highlighted by 2,031 Kindle readers
- The basics of an LBO were relatively simple and familiar to all three men. A firm such as Kohlberg Kravis, working with a company’s management, buys the company using money raised from banks and the public sale of securities; the debt is paid down with cash from the company’s operations and, often, by selling pieces of the business.Highlighted by 1,363 Kindle readers
- The backbone of any successful LBO is a set of projections: profits, sales, and, most important, cash flow. Because they dictate the amount of debt a company can safely repay, projections are the key to formulating a bid. And the right bid means everything to an LBO: The higher the price, the higher the debt. Too much debt can crush the healthiest companies.Highlighted by 1,298 Kindle readers
- “That was a blinding glimpse of the obvious” (sometimes shortened to simply “a BGO”).Highlighted by 770 Kindle readers
Product details
- ASIN : B01FIX57Q0
- Publisher : Collins Business
- Item Weight : 1.03 pounds
- Customer Reviews:
About the authors
Discover more of the author’s books, see similar authors, read book recommendations and more.
Bryan Burrough is a special correspondent for Vanity Fair, a former reporter for The Wall Street Journal and the author of three previous books.
Photo by Udaymanju239 (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons.
Discover more of the author’s books, see similar authors, read book recommendations and more.
Customer reviews
- 5 star4 star3 star2 star1 star5 star74%21%5%0%0%74%
- 5 star4 star3 star2 star1 star4 star74%21%5%0%0%21%
- 5 star4 star3 star2 star1 star3 star74%21%5%0%0%5%
- 5 star4 star3 star2 star1 star2 star74%21%5%0%0%0%
- 5 star4 star3 star2 star1 star1 star74%21%5%0%0%0%
Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find this book a fascinating read that rivals the best fiction for suspense and intrigue, with thorough research and insightful character portrayals that provide great insight into personalities involved. Moreover, the book receives positive feedback for its historical accuracy, with one customer noting how it captures an era of pushing boundaries. However, the pacing receives mixed reactions, with some finding it fast-paced while others describe it as slow going in the beginning.
AI Generated from the text of customer reviews
Customers find the book to be a fascinating and entertaining read, with one customer noting that it rivals the best fiction books for suspense and intrigue.
"This book, written in 1990, tells the detailed story of one of the largest Wall Street deals of all time - the leveraged buyout of the RJR Nabisco..." Read more
"This is one of the great books of business. Not only is it a great story in its own right, the authors were able to put together the facts of the..." Read more
"...Barbarians at the Gate is a great tale for anyone interested in business or financial history." Read more
"...The authors do a masterful job of telling a story about what was the biggest business deal in history and the complexity of the big personalities,..." Read more
Customers find the book well-written and engaging, comparing it to a movie, and consider it a must-read for students of business.
"...+ fantastic insight into the corporate world of the '80s Cons: - not enough financial details to learn from -..." Read more
"...is a great book I would recommend to anyone, but it is a must read for students of business." Read more
"Love the level of detail that went into compiling this book...." Read more
"...do a masterful job of telling a story about what was the biggest business deal in history and the complexity of the big personalities, big egos, big..." Read more
Customers praise the book's thorough research and educational content, with one customer noting it provides a complete picture of motivations and decisions.
"...interviewing the players involved, and, in so, have come up with a very thorough (and presumably accurate) description of the events that took..." Read more
"...much of the truth as they could get to and shared it with us in an intelligent, enlightening and often humorous way...." Read more
"...They capture wisecracks and witticisms, errors of arithmetic, grousing, and flippancy...." Read more
"...academic than Barbarians At The Gate but it's often both fun and educational to look at some of the same topic matter from different angles...." Read more
Customers appreciate the character variety in the book, noting how it provides great insight into the personalities involved, with one customer mentioning how the characters leap out of the page.
"...like the photographs included in the book - they put faces on the people described so thoroughly...." Read more
"...They paint this story on a big enough canvas to let a large cast of incredible characters act out their part in this amazing saga...." Read more
"...what was the biggest business deal in history and the complexity of the big personalities, big egos, big fees and big everything that encompassed it...." Read more
"...The book does a great job of explaining the characters, the ethics, the strategy, the nonsense, the egos and the dollars exchanged in effectively a..." Read more
Customers find the book suspenseful, describing it as one of the most exciting non-fiction books, with one customer noting it reads like an espionage saga.
"...authors were able to put together the facts of the story in an incredibly lively and detailed way...." Read more
"...inevitably set up the KKR win, this book is filled with an abyss of unputdownable plots and subplots that leaves one edu-tained from start to..." Read more
"...a nonfictional piece of Wall Street history, it by no means reads like a history textbook...." Read more
"...Despite being written ~30 years ago, the themes and lessons ring loudly today, if not more so, for the way we as a country have come to tolerate..." Read more
Customers appreciate the book's sensitivity to greed, with one customer highlighting its fantastic glimpse into the world of leveraged buyouts during the late 1980s.
"...All that being said, I enjoyed the tale of greed, ego and power struggle." Read more
"...A lot of today's issues are explored: real business vs the financial world, the possibilities and risks of leverage, captured boards and profligate..." Read more
"Really interesting, a tale of greed that still haunts our society today. Very interesting to read about all the glitz and glamour behind the curtain." Read more
"...despite their finanical backgrounds, seem to prefer story-telling to financial details...." Read more
Customers appreciate the historical accuracy of the book, describing it as a classic that captures an era of pushing boundaries, with one customer noting its valuable relevance for investors.
"This is a well written book on a subject which has valuable historical relevance for investors and those interested in the corporate finance world..." Read more
"This book is a fascinating account into the '80s - the 'golden era' for Leveraged Buyouts (LBOs)...." Read more
"...Perfectly encapsulating an era, it’s the humorous details sprinkled throughout that enliven esoteric descriptions of PIK bonds and resetting..." Read more
"This is a timeless book that tells a tale of a wall street era that also provides great insights on negotiation, corporate politics, and getting..." Read more
Customers have mixed opinions about the pacing of the book, with some finding it fast-paced while others describe it as slow going in the beginning and tedious.
"...For someone with a basic finance background, this was not only simple to follow along, but written in a way that allowed to form my own opinions." Read more
"...It actually took me a while to finish this book...." Read more
"...(mergers and acquisitions) and brings it to life in a thrilling, fast paced book that would be entertaining even if it wasn't packed with great..." Read more
"...and companies is so large that I had to re-read sections and take time to digest it all...." Read more
Reviews with images

Top reviews from the United States
There was a problem filtering reviews. Please reload the page.
- Reviewed in the United States on July 9, 2007This book, written in 1990, tells the detailed story of one of the largest Wall Street deals of all time - the leveraged buyout of the RJR Nabisco Corporation. The authors, Bryan Burrough and John Helyar, are former Wall Street Journal reporters. They spent many hours interviewing the players involved, and, in so, have come up with a very thorough (and presumably accurate) description of the events that took place.
Ross Johnson, CEO of RJR Nabisco, decided to take the company private. Officially, his reason was to improve shareholder value, since the RJR Nabisco stock was undervalued (and Johnson's attempts to boost it have failed). His other reasons may have included money and the constant urge to change things up. He teamed up with Shearson Lehman Hutton to make a bid to the board. In their shortsightedness, this "management group" did not expect anyone else to compete - due to the sheer size of the deal. However, Kohlberg Kravis Roberts & Co. made a tender offer, which started off a bidding war between the two groups (and a few third party bidders). This book describes everything in detail - starting with how Johnson got to Nabisco - and finishing off with a gripping climax of Shearson and KKR's final bid war.
It is a long narrative, over 500 pages long. The authors take a lot of side tangents to describe many personal biographies. I found those of major players (like Ross Johnson and Henry Kravis) very interesting, and those of lesser-involved people somewhat excessive. Nevertheless, I was never tempted to skip over paragraphs or pages, as I sometimes am in lengthy books with lots of characters.
The authors clearly have done a lot of research. I liked that they included footnotes when stories from different people didn't match up. I also like the photographs included in the book - they put faces on the people described so thoroughly. The "Players" section in the beginning of the book is also very helpful - it lists the names of almost everyone involved in the deal.
The narrative is great. The story is gripping, with many twists and surprises. We learn about the multiple final bids submitted by KKR and the management group, the backstabbing plots, and the emotions and broken spirits behind the closed doors. It's as if we are there amidst the board meetings - kudos to the authors for their great writing. However, as some reviewers before me mentioned, it would have been nice to see more financial details - and more on what actually transpired after the takeover (the epilogue provides some details, but not nearly enough). Check out John Helyar's article in Fortune (October 13, 2003) - it describes what happened to RJR after the LBO. KKR took 60% of the company public in 1991 and then finally got rid of it in 1995. In the end, KKR had very disappointing returns on its LBO and drove RJR into the ground with poor leadership.
In conclusion, it's a great read for anyone interested in business or history. It works as both a fun thriller and a good historical account of the events that took place. However, I am a bit skeptical of why this book is a recommended read for many MBA curriculums. Other than describing the corporate culture and Wall Street in the late '80s, it doesn't really provide the financial details from which the readers could learn something practical.
Pros:
+ great narrative - gripping story with twists
+ many details on personal lives of the people involved
+ fantastic insight into the corporate world of the '80s
Cons:
- not enough financial details to learn from
- for some readers, can feel lengthy with lots of tangents
- Reviewed in the United States on January 20, 2003This is one of the great books of business. Not only is it a great story in its own right, the authors were able to put together the facts of the story in an incredibly lively and detailed way. They paint this story on a big enough canvas to let a large cast of incredible characters act out their part in this amazing saga.
The easy larger than life characters are Ross Johnson, Henry Kravis, George Roberts, Peter Cohen, and maybe even Ted Forstmann, but there are so many more. There were so many times a deal could have been put together and most likely should have been, but in each instance it slipped away because one ego or another wanted to carve its initials in the bark of what was then the largest deal in history.
For those of us who are interested in how business really works, this is one of the epics in business history. It begins with the founding of the companies involved and the rather amazing story of how Ross Johnson ended up at the helm of RJR Nabisco. The book also gives plenty of evidence of Wall Streeters seeking out their own interest over their clients' needs and desires and contrary to their own promises and assurances. You will become convinced of the aptness of Ross Johnson's adage about the rules of behavior on Wall Street: "Never play by the rules, never tell the truth, and never pay in cash".
Another of the many things I enjoyed about this book is that the personalities of the major and secondary characters are given enough room to become more than just stick figures. There are times you will want to support them, when you will root for them, when you will be appalled by their behavior and ego, and other times you will laugh until your sides hurt. This isn't a simple story drawn with stick figures. If you want to understand American business, this is one of the stories you simply have to know.
While the movie made from this book is quite good and very funny, it doesn't offer you the full range of characters involved nor the detail of the actual negotiations and how the deal finally came to its strange end. The movie captures the mood and the essentials of the story and that might be enough for most. I recommend the movie for those who want the story in broad strokes. However, if you want to really gain an understanding of how this deal in particular and how business deals in general really come together and fall apart, the book is the way to go. The people involved become more three dimensional in the book and where some events and characters are left out or compressed in the movie the book has the room to let the story be told more fully. It isn't that the book is the ultimate truth (I am sure every person involved could point to things they find inadequate in the book), it is that the authors dug hard, got as much of the truth as they could get to and shared it with us in an intelligent, enlightening and often humorous way.
This is a great book I would recommend to anyone, but it is a must read for students of business.
- Reviewed in the United States on March 19, 2025Format: KindleVerified PurchaseLove the level of detail that went into compiling this book. For someone with a basic finance background, this was not only simple to follow along, but written in a way that allowed to form my own opinions.
Top reviews from other countries
-
李沢群Reviewed in Japan on August 25, 2024
5.0 out of 5 stars Wall Streetを見せてくれました。
Format: KindleVerified Purchase出てくる関係者が大勢で、名前と会社を覚えることが大変くらい。しかし、アメリカ会社の経営者の仕事ぶり、生活ぶり、金融機関関係者の緊迫感のある活動に、ある程度知っていながらも、驚かされています。
自分も上場会社のCFOながら、随分地味なまた誠実な経営活動に従事していることに、思わず誇りが湧いてきました。
- Shawmit ChoudharyReviewed in India on April 16, 2019
5.0 out of 5 stars One of the best business related books that I've read
Format: HardcoverVerified PurchaseIncredibly insightful book detailing the LBO of RJR Nabisco. Very rarely do you come across a business book which has such a detailed blow by blow encounter of what took place during a deal. Though the accuracy of a few events in this book are disputed, nevertheless its a brilliant effort at putting everything together and making it so interesting even though its a long read (530+ pages). Saw the movie by the same title and was drawn to the book. The book i would say is more interesting and detailed and is a fabulous read for business students/ professionals as it deals with subjects like negotiation, finance, ethics, business. Definitely a must read!
- Marcelo Henriques de BritoReviewed in Brazil on June 18, 2017
5.0 out of 5 stars Excellent book on finance - namely on M&A and LBO
Format: KindleVerified PurchaseA classic account of a real story on the battle during a corporate acquisition.
Entertaining with several messages.
There is even an HBO film. However, the book brings more information as usual.
I have a printed copy and the e-book.
- kkReviewed in Saudi Arabia on March 8, 2023
1.0 out of 5 stars Biased
It was the deficiencies in both content and format that made reading the book an arduous task. The author presents one personality in particular, that of Kravis, in such a glorifying light while simultaneously ridiculing all of his adversaries, including his ex-wife who is not remotely connected to the events in question. This unabashedly biased point of view would lead one to not unreasonable suspect that the publication is at least blessed by Kravis himself.
-
Valérie ElmassianReviewed in France on August 26, 2022
5.0 out of 5 stars Excellent livre
Format: HardcoverVerified PurchaseUn des meilleurs livres de Business, palpitant, très bien écrit et documenté, sans point de vue partisant. Comme très peu de livres le sont dans ce domaine.