A Nose for Trouble

About the Author

Michael Ainslie is an American businessman known for his tenure as the president and CEO of Sotheby’s from 1984 to 1994. He also served as a director of Lehman Brothers from 1996 until its bankruptcy in 2008, overseeing the sale and disposition of the company’s remaining assets by 2010. Ainslie’s extensive experience in the business world provides a unique perspective on leadership, adversity, and ethical behavior in high-stakes environments.

Main Idea

A Nose for Trouble: Sotheby’s, Lehman Brothers, and My Life of Redefining Adversity by Michael Ainslie is a memoir that explores how Ainslie navigated significant personal and professional challenges. From a life-threatening illness in his teens to his involvement in one of the most public price-fixing scandals of the twentieth century and the largest bankruptcy in world history, Ainslie shows that success is possible through ethical behavior, resilience, and a willingness to do the right thing. The book illustrates how adversity can be a powerful catalyst for growth and leadership.

Table of Contents

1. Introduction
2. The First Decades
3. Strengthened by Weakness
4. Traveling the World
5. Modernizing Sotheby’s
6. Sotheby’s Scandal
7. Family
8. Public Service
9. Posse
10. Raising Funds for a Cause
11. Creating Beginnings for Others
12. Conclusion

Introduction

Michael Ainslie’s memoir opens with a vivid recounting of his role on the Lehman Brothers board during the largest bankruptcy in world history. This moment encapsulates the essence of Ainslie’s life: making difficult, yet ethical decisions in the face of adversity. The introduction sets the stage for a story about resilience, ethical leadership, and personal growth.

“Late on Sunday evening, September 14, 2008, the Lehman board considered a vote that could have sent markets plummeting at an even faster rate than they did in the next few days.” - Michael Ainslie

Ainslie reflects on the critical moments of his life where he was faced with immense challenges and the necessity to make tough decisions. These moments include not only his time at Lehman Brothers but also his earlier experiences that shaped his character and leadership style.

The First Decades

Ainslie’s early life was marked by significant challenges, including his father’s need to support the family after his grandfather’s early death. This experience instilled in Ainslie a deep respect for hard work and ethical behavior. His father’s example of treating everyone with respect, regardless of their status, became a cornerstone of Ainslie’s own leadership style.

Growing up in a family that valued integrity and resilience, Ainslie learned the importance of perseverance and treating people with kindness. His father's entrepreneurial spirit, despite limited resources, influenced Ainslie's approach to business and life.