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Former Lehman Trader and 'Colossal Failure' Author Lawrence McDonald Goes Back to Wall Street

Julia La Roche, Business Insider
Lawrence Mcdonald

Newedge recently hired Lawrence McDonald, a Lehman Brothers veteran, as the senior vice president in corporate credit sales.

The move comes as Newedge pushes to build its credit business.

In his new position,McDonald will focus on convertible and junk bonds, Dow Jones reported .

McDonald, 46, the author of the bestselling book called "A Colossal Failure of Common Sense— the Inside Story of the Collapse of Lehman Brothers," has a long history in corporate bonds.

He previously served as the vice president of distressed debt and convertible securities trading at Lehman Brothers from July 2004 to September 2008, when the firm folded.

While working as a trader at Lehman he netted over $83 million in trading profits .

Prior to working at Lehman, he was the co-founder of , a website that provided convertible securities information with news, valuation, terms and analysis tools for convertible bonds, convertible preferred stocks, and other convertible securities. Convertbond was was acquired by Morgan Stanley in 1999.

McDonald received is bachelor's in economics from the University of Massachusetts Dartmouth.

This story originally appeared on Business Insider

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