Lehman

Woody Young Dumps Lehman

Over the weekend we started hearing rumors that a big shot at Lehman Brothers had quit the firm, perhaps because he was passed over for the job of running the corporate finance group.
This morning Andrew Sorkin reports that telecom banking giant George H. Young IIII (aka, “Woody”) resigned from Lehman on Friday. According to Sorkin, Woody was “the top producing banker at Lehman Brothers.” Running the global communications group–Lehman’s most profitable–Woody was responsible for bringing in mountains of fees last year, advising on a reported $231 billion of deals last year.
Of course, Woody’s not talking and no-one is going on the record about why he left or where he’s likely to land next. A source who once attended a fundraiser for John Edwards in Woody’s Chelsea home describes him as “very nice.” Which is no fun at all. So feel free to engage in irresponsible speculation or swap random Woody tales in the comments section below.
Top-Producing Banker Resigns Abruptly at Lehman Brothers [New York Times]

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15 Responses to “Woody Young Dumps Lehman”

  1. Scott says:

    I’d like to coin the term “scoop backdating” . In the example here, Carney is backdating his scoop on this story insisting that he “heard rumors” over the weekend.

  2. John Carney says:

    Ha. Scott, I claim no credit. First, because we didn’t print anything. But mostly because my “scoop” was pretty hollow. Hearing “someone quit” isn’t quite enough to make news even at DealBreaker. I’m sure lots and lots of people heard that rumor. The scoop rightfully belongs to Andrew Ross Sorkin who had the facts and got them into print first. Nothing I say about things drunk traders told me in an East Village dive bar on Saturday night can take away from that.

  3. RAB says:

    You’re both wrong. Dennis Berman broke this story on the Wall St Journal’s website Saturday night. Sorkin was, as usual, a day behind.

  4. John Carney says:

    Wow. Didn’t see that. I saw the WSJ story, but the one I saw had today’s date. Admittedly, I wasn’t reading the journal website Saturday night.

  5. Bulging Bracket says:

    GK:
    My god, people doing all nighters at a bank. Well, I never!
    You going to have the vapours too? You’ve pretty much written the job description of every senior banker in the world and the view of all of their underlings.
    It was nice how you denigrated his family and the US military in one clicheed swipe. Takes talent to be that much of an asshole, and you’ve shown that you’re worldclass.

  6. SH says:

    Was this a good decision? Is Lehman doing it right? What are you thoughts?

  7. Lusty says:

    I vehemently defend Woody Young! He may have ground me into the carpeted floor on 26 to the point of losing my sanity, but I am now the King of Big Deals! As JPVA would say, “Big Deals! Big Deals!”

  8. Raine-Man says:

    But now who am I going to impersonate?

  9. HB says:

    I had the fortunate opportunity to work with Woody on a few occassions. While he was very demanding and sometimes difficult to tolerate, below that surface, he’s a very nice person!! I agree with what Gordon said about his personality, but there’s always two sides of a coin – apparently Gordon never saw that other side?!?

  10. HB says:

    I had the fortunate opportunity to work with Woody on a few occassions. While he was very demanding and sometimes difficult to tolerate, below that surface, he’s a very nice person!! I agree with what Gordon said about his personality, but there’s always two sides of a coin – apparently Gordon never saw that other side?!?

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