The emotion is real. Lehman is truly a terrific firm to work for. It will be a sad day if at some point it loses its unique culture for whatever reason.
@ 1:25
Yes a unique culture indeed now that Bear has become extinct. Lehman and Bear share the same bottom feeding culture.
They are/were the Plankton of Wall Street.
I used to work at LB, and left for another career when I finished grad school, but I always think fondly of the firm and I miss it every day now that I am working at a place that lacks Lehman’s special environment and character. Truly I experienced there a meritocracy and a community.
I detect a little subtext in this post:
Carney “interviews” disconsolate young female associates in small bars on the LES while they do shots.
I expect nothing less.
Posted by beentheredonethat | June 19, 2008 at 2:55 PM
I have seen this movie before. I was sittibg at my desk when the old Lehman Bros. evaporated. The only reason that name exists today is the last time they went under, they were owned by American Express. Previous names were Shearson Lehman Bros., Shearson Lehman American Express, etc. I worked for 3 different companies without changing my office. Peter Cohen, CEO, had offered a bridge loan to Prime computer which was outstanding at the time Drexel took out the junk bond market. The firms capital was gone, Amex recapitalized the firm under the Lehman name and tossed it off. The old Lehman has been dead for years. This one is a figment of the marketers. It will soon join its namesake. Drexel then, BSC now. Junk bonds then, mortgages now. Even politicians have longer memories than Wall Street.
@2:55
you’re absolutely right. never thought of LEH that way. thanks for enlightening.
I was at Smith Barney when they were still trying to use up the the Smith Barney Shearson stationary. you know Sandy, wast not want not.
Posted by beentheredonethat | June 19, 2008 at 3:22 PM
Yep, Smith Barney as well. One of my responsibilities was after absorbing EF Hutton, we attempted to locate, to little avail, one BILLION dollars in customer CD’s. I can’t begin to tell you the mess that was created and a firm at war with itself. Talk about enlightening! Jimmy Three sticks was running American Express and for the longest time he had the thickest coat of teflon. Until the day he didn’t. Keep your seatbelts fastened and your tray in the upright position.
Posted by beentheredonethat | June 19, 2008 at 4:26 PM
To the current LEH crowd, check how many bodies are buried in this NYT article from 1989…….and this is just an excerpt……
Cutting the stake in Shearson, whose shares yesterday fell 25 cents, to $20.875, would not bring in that much cash for American Express, but it would mean the parent company would no longer have to consolidate Shearson’s debt into its balance sheet.
Shearson has been slimming down. It has opened talks about selling the Lehman Management Company, an institutional investment operation, and last week it announced plans to move the mutual fund transfer operations of Shearson’s Boston Company unit from Shearson to American Express, which will pay $275 million for it.
”Both are operations that Shearson hasn’t gotten paid for in the market,” said John Keefe, an analyst at Drexel Burnham Lambert Inc. ”It’s a sign they are trying to raise the book value of Shearson.”
Mr. Robinson said Shearson went ”through a difficult year because of the consolidation of Hutton,” and said the general revenue problems of the brokerage industry were being fought through continued belt-tightening. He dismissed as ”100 percent inaccurate” any speculation that American Express would be less likely to reduce its stake in Shearson because of Mr. Gerstner’s departure but said he would wait until the timing was right.
If this chick really worked at Lehman, she would have said, “To Uncle Dick!” That’s how we always toasted the firm. HA!
[Embittered ex-employee who only took profits on half of her stock]
Ha! I love this.
What BS.
Don’t the employees own something like 30% of the stock? That’s worth tearing up, or at least getting drunk, over.
wah
Are you crying? There’s no crying. There’s no crying in investment banking!
The emotion is real. Lehman is truly a terrific firm to work for. It will be a sad day if at some point it loses its unique culture for whatever reason.
@1:25…
enough with that hippie sh*t
women cry frequently in IB. men are not allowed to
@ 1:25
Yes a unique culture indeed now that Bear has become extinct. Lehman and Bear share the same bottom feeding culture.
They are/were the Plankton of Wall Street.
pussy, crying into her beer. she should not be in IB.
She is nowhere near as stong as Bess or Girl.
Lehman has their employees drinking the kool aid for sure.
“I need about tree fidy.”
I used to work at LB, and left for another career when I finished grad school, but I always think fondly of the firm and I miss it every day now that I am working at a place that lacks Lehman’s special environment and character. Truly I experienced there a meritocracy and a community.
Mark my words: if LEH goes down, we all go down with it.
I detect a little subtext in this post:
Carney “interviews” disconsolate young female associates in small bars on the LES while they do shots.
I expect nothing less.
I have seen this movie before. I was sittibg at my desk when the old Lehman Bros. evaporated. The only reason that name exists today is the last time they went under, they were owned by American Express. Previous names were Shearson Lehman Bros., Shearson Lehman American Express, etc. I worked for 3 different companies without changing my office. Peter Cohen, CEO, had offered a bridge loan to Prime computer which was outstanding at the time Drexel took out the junk bond market. The firms capital was gone, Amex recapitalized the firm under the Lehman name and tossed it off. The old Lehman has been dead for years. This one is a figment of the marketers. It will soon join its namesake. Drexel then, BSC now. Junk bonds then, mortgages now. Even politicians have longer memories than Wall Street.
i too detect a little subtext in this post. Carney is full of shit. I would expect nothing less.
@2:55
you’re absolutely right. never thought of LEH that way. thanks for enlightening.
I was at Smith Barney when they were still trying to use up the the Smith Barney Shearson stationary. you know Sandy, wast not want not.
Yep, Smith Barney as well. One of my responsibilities was after absorbing EF Hutton, we attempted to locate, to little avail, one BILLION dollars in customer CD’s. I can’t begin to tell you the mess that was created and a firm at war with itself. Talk about enlightening! Jimmy Three sticks was running American Express and for the longest time he had the thickest coat of teflon. Until the day he didn’t. Keep your seatbelts fastened and your tray in the upright position.
Ahh Jim Robinson what a character that guy was
Ahem. James D. Robinson III. Shithead. Married his PR babe. And I’m not talking San Juan.
good to know there are readers here older that the “models and bottles” crew
@2:55, Yep, good book written in the aftermath of that era: “Greed and Glory on Wall Street: The Fall of the House of Lehman.”
yep, glucksman was hanging out at Smith barney after fall of the old LEH
To the current LEH crowd, check how many bodies are buried in this NYT article from 1989…….and this is just an excerpt……
Cutting the stake in Shearson, whose shares yesterday fell 25 cents, to $20.875, would not bring in that much cash for American Express, but it would mean the parent company would no longer have to consolidate Shearson’s debt into its balance sheet.
Shearson has been slimming down. It has opened talks about selling the Lehman Management Company, an institutional investment operation, and last week it announced plans to move the mutual fund transfer operations of Shearson’s Boston Company unit from Shearson to American Express, which will pay $275 million for it.
”Both are operations that Shearson hasn’t gotten paid for in the market,” said John Keefe, an analyst at Drexel Burnham Lambert Inc. ”It’s a sign they are trying to raise the book value of Shearson.”
Mr. Robinson said Shearson went ”through a difficult year because of the consolidation of Hutton,” and said the general revenue problems of the brokerage industry were being fought through continued belt-tightening. He dismissed as ”100 percent inaccurate” any speculation that American Express would be less likely to reduce its stake in Shearson because of Mr. Gerstner’s departure but said he would wait until the timing was right.
Too long, didn’t read.
@3:15 — I think you mean “stationery” not “stationary.”
That “”attachment” is Dick Fuld’s fist….good luck getting it out!
@6;50
yes, thats what i meant. you’re hired as my secretary to proofread all my blog posts. if you give good head.
If this chick really worked at Lehman, she would have said, “To Uncle Dick!” That’s how we always toasted the firm. HA!
[Embittered ex-employee who only took profits on half of her stock]
Long live Lehman! The culture rocks and we will be back on top soon. Look at the league table, debt/equity underwriting 1H08, then lets talk….