Langley Monica - Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World. . .and Then Nearly Lost It All

M y utmost gratitude goes to The Wall Street Journal, which generously gave me the necessary time and support to pursue this project, and imbued me with the journalistic integrity and professionalism that I so value and appreciate.

I will always be indebted and grateful to Paul E. Steiger, the Journal s brilliant and awe-inspiring managing editor, who has encouraged me in every step of my career, including the decision to write this book. My mentor since I joined the Journal straight out of law school in 1983, he wholeheartedly welcomed me back to the newspaper when I ended a midcareer stint practicing law in order to return to my first love, journalism.

Stephen J. Adler, my phenomenal and perceptive editor for several years, both for the newspaper and as the head of Wall Street Journal Books, guided this book from its inception. I appreciate his thoughtful input, sound judgment, and adroit stewardship of the project. He also contributed the books title.

I am deeply grateful to Doug Sease, whose enthusiasm, intellect, and superb editing skills helped me immeasurably as we plowed through many late nights and long weekends. As my Journal editor on this project, he was truly a godsend whose editorial handiwork graces every page.

Im fortunate to have benefited from the wisdom and friendship of many other colleagues at The Wall Street Journal, especially Daniel Hertzberg, Mike Miller, Alix Freedman, Tom Herman, and Ellen Pollock.

I want to thank the Journal s outstanding librarians, Frances Housten (who did double duty as my indefatigable fact-checker), Lottie Lindberg, and Elizabeth Yeh, for researching thousands of queries. Roe DAngelo acted as the Journal liaison with the publisher, Daniel Nasaw went the extra mile on photo research, and Stuart Karle provided a legal review. Im grateful to Journal associates Cathy Panagoulias, Jim Pensiero, and Jared Sandberg for their help when my notes and research were trapped for months in the World Financial Center following the tragic events of September 11, 2001.

My heartfelt thanks to my able assistants James Kernochan, who transcribed hundreds of hours of interviews, and Ethan Zindler, who supplied critical fact-gathering; both performed flawlessly, often under intense time pressure.

At Simon & Schuster, Frederic Hills, my delightful and astute editor, provided conceptual guidance, sage advice, and enduring patience. A passionate advocate for the book, he munificently educated this first-time author every step of the way. He provided keen insights into every chapter, and then skillfully accommodated revisions as news broke in the final weeks before publication.

Also at the publisher, I am most appreciative of Leslie Ellen for her sharp professional eye for detail and nimble copyediting supervision, Patty Romanowski for her talented copyediting of the manuscript, Kelly Gionti for her efficient and cheerful assistance, and Jennifer Weidman for her incisive observations and wise advocacy. I thank Martha Levin, publisher, and Dominick Anfuso, editor in chief, at The Free Press, for making it possible to publish the book under The Wall Street Journal imprint at Simon & Schuster.

James B. Stewart, the best-selling author, was the first outside reader of the manuscript, and rendered invaluable advice. I will always treasure his exceptional candor and support.

I greatly appreciate the hundreds of men and women I interviewed for the book, some as many as twenty times and for several days. A few sources deserve special mention.

My first exposure to the Citigroup CEO occurred when I wrote a page-one article for The Wall Street Journal on Sandys leadership of Carnegie Hall; Jay Golan, senior director of the famed institution, was particularly helpful. Mary McDermott, an executive in Sandys companies for three decades, was the one of the first to open up to me when Sandys initial position on my book was one of neither encouraging nor discouraging his colleagues to talk.

Ultimately, I obtained unprecedented access to Sandy and Citigroup. After Sandy received his own accounts of my objective and extensive reporting about his business life, he agreed to occasional interviews in his office. The Citigroup CEO also invited me to several corporate and personal occasions, from the gala of the Alvin Ailey American Dance Theater chaired by his wife, Joan, where he boogied at midnight, to the recent ceremony where he was named CEO of the Year. During the two years I spent on this book, I saw Sandy at least monthly, including at such news events as business meetings, charitable functions, and press conferences.

Members of Sandys inner circle to whom I am grateful for permitting me to interview them repeatedly include Citigroup president Robert Willumstad, chief executive officer of the global corporate and investment group Charles Prince, chief operating officer of the global consumer group Marge Magner, and longtime Citigroup director and Sandys close friend Arthur Zankel.

I also thank the two men who worked most closely with Sandy over the years as his deputies for several extensive interviews: Peter Cohen on the first financial empire that became Shearson, and Jamie Dimon on the second empire that became Citigroup.

Many other sources, often extremely busy executives, recalled for me their experiences with Sandy. A great number of these sources provided generously of their knowledge and time, but didnt want to be named. Thank you all.

During this intense and lengthy process, I gained strength and cheer from the love and patience of my friends and family, even as I was frequently preoccupied and unavailable. I wish to thank for their help, in ways large and small, Jennifer Gourary, Jonathan Lampert, Barbara Landreth, Ellen McGrath, Suzanne Meth, Vincent Scotto, and Benjamin Weil (who also proofread the galleys). My apologies to those Im inadvertently leaving out.

Special thanks go to Faneeza Khan and Margot Golden, the wonderful women who love and care for my four-year-old daughter when Mommy is working. Also I appreciate the teachers and parents at Langley Graces preschool, The Episcopal School, for their understanding of my grueling schedule.

I thank my parents for a lifetime of giving and love. My mother, Helen S. Langley, nurtured my love of books with countless hours of reading to me, as well as our weekly visits to the Knoxville, Tennessee, public library during my childhood. A devoted cheerleader, she always believed I would become an author one day. My father, Fred R. Langley, eagerly exposed me, from the time I was knee-high, to his love of finance and entrepreneurship by taking me on frequent business trips and office outings. He and his wife, Faye T. Langley, have been ardent supporters of my career. My sisters, Melissa Langley and Julie Langley Campos, are my best friends whose comfort and conversation were crucial during this process. I also thank other family members, especially Don and Joanne Wallace, James Travis, and Lisa McElvaney.

This book wouldnt have been possible without the unfailing support of my husband, Roger P. Wallace, who bore the brunt of my distractions and absences with understanding and love. Im indebted to him for his patience and perspective during what was a nearly all-consuming preoccupation, filled with moments of anguish and exhilaration. A fellow journalist, Roger has seen me through it all, from reading my rough drafts at midnight to being the worlds best dad with our daughter.

I did my best to keep the book from dominating our home life. Only twice did Langley Grace meet Sandy, when we were guests at the annual apple-picking events at the Weills mansion. When the Citigroup CEO occasionally appeared on TV news shows, my daughter observed, Theres Mr. Weill, the apple farmer!

Nevertheless, my four-year-old daughter knew very well that her mother was deeply involved in the solitary process of writing a book filled with chapters and more chapters. Every evening, she asked if I had finished a chapter as she counted them down until the end. Even though I have worked on this book for half of her young life, Langley Grace Wallace has kept my life in balance and filled it with love and laughter, pride and joy.