Apparently the coffee cart guy parked directly in front of Lehman Brothers headquarters has had it with the journalists covering the Lehman Brothers story, and the schadenfreude pouring out of their every orifice. The article from the Wall Street Journal yesterday that quoted a guy talking on his cell phone outside the building, who the reporter didn't actually speak with but rather eavesdropped on, not really having any idea what he was talking about, probably didn't help either. We realize there's something self-serving in all of this, as Coffee Cart Man probably doesn't want all his customers to lose their jobs and lunch money, but I like that he's sticking up for his buddies. Fuck those jerk reporters! I'm going to go interview this guy at 10 on Monday (apparently he leaves at 11 am). If there's anything in particular you'd like me to ask, let me know (hopefully CCM will name names).
In Defense Of Lehman Brothers
Posted by Bess Levin, Sep 12, 2008, 10:55am
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Posted by guest , Sep 12, 2008 10:59AM
If he really wants to help he should serve coffee to the reporters...with rat poison.
Posted by guest , Sep 12, 2008 10:59AM
Apparently the coffee cart guy parked directly in front of Lehman Brothers headquarters has had it with the journalists covering the Lehman Brothers story
Hard to believe, but there is something more obnoxious than "wall street" employee, and that's a professional wall street voyeur, aka "financial journalist."
Like maggots, the show up around the exchange on days when they expect the market to crash, say because it sold off hard the day before.
Like cockroaches they gather, extend their antennae into the air, and eagerly wait for the host to perish so they can feed on it.
Fuck them, indeed.
Posted by guest , Sep 12, 2008 11:01AM
well OK I mashed up my metaphors but you get the point.
Bess wouldn't do that with *her* metaphors, I know.
Posted by guest , Sep 12, 2008 11:01AM
If he really wants to help Lehman out he should serve coffee to the reporters...with rat poison.
Posted by guest , Sep 12, 2008 11:04AM
Where are Lehman peoples boozing tonight?
Posted by guest , Sep 12, 2008 11:04AM
@1 & 4,
It would be funnier if they put some ecstasy in the coffee
Posted by BSD , Sep 12, 2008 11:05AM
Anyone else seeing the action on LEH CDS?
Posted by AJ , Sep 12, 2008 11:08AM
@BSD What's the spread now?
Posted by guest , Sep 12, 2008 11:10AM
can someone seriously tell me why blackstone doesnt take this whole thing private, whack it up (ie sell, NB, dump real estate garbage) and then spin off the bank when the market comes back??? we all know what an ego maniac schwarzman is, dont you think he wouldnt love to own the bank that kicked him out??!!!
Posted by guest , Sep 12, 2008 11:12AM
@9,
dumbass, its illegal!
Posted by BSD , Sep 12, 2008 11:13AM
Anyone else seeing the action on LEH CDS?
Posted by BSD , Sep 12, 2008 11:15AM
sorry for the double post.
AJ - 750/780
Posted by guest , Sep 12, 2008 11:15AM
@ 11
I'm not a CDS guy but BB has a chart that looks like the skyline of Paris with the Eiffel Tower appearing in today's range, and the number "539" next to it.
Paulson says, "NO CAPITAL FOR YOU!"
Posted by guest , Sep 12, 2008 11:16AM
Bess, Coffee Cart Guy leaves by 11, maybe 10:30 if its slow, or uninteresting.
So get there by 10, watch him work, and wear something exciting for a change.
I'm sure he'll love to to talk to you. Never know, he may give you buybacks.
Posted by AJ , Sep 12, 2008 11:17AM
Bess, felix stole your picture: http://www.portfolio.com/views/blogs/market-movers/2008/09/12/photo-of-the-day
Posted by guest , Sep 12, 2008 11:18AM
@aj- salmon is a cocksucker
Posted by BSD , Sep 12, 2008 11:19AM
@13 BB generic CDS (like what you get from LEH ECCG is like 3 days old).
BTW it was trading 690/735 range about an hour ago. Also check out the sudden yield move on Treasuries. Something's going to break soon.
Posted by guest , Sep 12, 2008 11:19AM
10 Please explain. What's illegal? I think the answer instead is that it would be difficult to make a business case (i.e. make money from this idea) given the huge amounts of capital that would be required to nurse along the core business until its ready to sell.
Posted by guest , Sep 12, 2008 11:20AM
I think it's OK cause they help pay the bills.
Posted by guest , Sep 12, 2008 11:21AM
@ BSD any other way of getting it out of BB? How about through Numerix????
Grasping...
Posted by guest , Sep 12, 2008 11:21AM
someone please snap a pic of BL on monday. that way you guys can stop whacking off to a mental image of a chick you've never actually seen (and who may in fact be carney himself)
Posted by guest , Sep 12, 2008 11:22AM
@21 -- no, definitely not carney -- can tell by the prose.
by the same yardstick, maybe rosie odonnell.
Posted by Anal_yst , Sep 12, 2008 11:24AM
@ 18
Not an expert here by any means but pretty sure a p/e fund can't own a primary b/d or something along such lines, anyone else confirm here?
Posted by guest , Sep 12, 2008 11:26AM
@23,
http://www.reuters.com/article/reutersEdge/idUSN2825520720080828
This sort of explains it, but still a little unclear.
Posted by BSD , Sep 12, 2008 11:27AM
@18, et.al.
There are regulations prohibiting PE from buying a bank due to the obvious conflict of interest that would arise. There was some rumors that Bernanke/Paulson were trying to make a case for a temporary lift (horrible idea, btw).
@20: Haven't used numerix, so not sure, but generally you still need to get the sell-side traders to email you quotes. Otherwise there's no way to extract the info. If you already get the quotes in your BB then you can use their own CDS reader function - RMCR, which is OK if you're not trading CDS...
Posted by guest , Sep 12, 2008 11:28AM
What time of the morning does he spit in the coffee?
Posted by guest , Sep 12, 2008 11:28AM
Coffee cart guy is really Vince Offer, the sham-wow is not selling well.
Posted by guest , Sep 12, 2008 11:29AM
@25 wow you're too cool for DB.
thx
Posted by guest , Sep 12, 2008 11:30AM
Dude. He's no Mother Teresa. He's doing this because he has some equity in LEH
Posted by guest , Sep 12, 2008 11:32AM
BlandeBanker has decreed that one can't be Mother Theresa and work in Finance.
I guess she ought to know.
Posted by guest , Sep 12, 2008 11:34AM
DAVID EINHORN JUST BLEW A LOAD OF WARM STICKY CUM ON ERIN CALLAN'S FACE.
AND SHE IS SWALLOWING WHAT TRICKLED INTO HER LIPS.
Posted by guest , Sep 12, 2008 11:34AM
goawaymoron.
Posted by guest , Sep 12, 2008 11:35AM
we all understand its currently not allowed
that being said, why the eff isnt blackstone buying this?! c'mon, these are clever guys and the govt/fed is freaking out looking for any possible option. a little rule breaking here would leave them in much better shape then backstopping some other deal. you really think bofa is going to be able to pull this off??!?
Posted by Clown Capital , Sep 12, 2008 11:37AM
Bess,
Fuck Lehman. I've got a question for that cart guy! Ask him if those midnight kabobs that they serve on late nights are REALLY made out of chicken. I personally think it's pigeon meat. The public demands to know!!!
Posted by guest , Sep 12, 2008 11:45AM
I bet Fuld kicks Bess' ass for coming to his house. (He is reported to be a bit of a hot head.)
Good luck with the coffee!
Posted by BSD , Sep 12, 2008 11:46AM
OK, so with the breaking news that BAC is leading the LEH bid does anyone remember what Ken Lewis said less than a year ago? “I never say never, but I’ve had all the fun I can stand in investment banking at the moment.”
http://blogs.wsj.com/deals/2007/10/18/for-bofas-lewis-investment-banking-is-a-4-letter-word/
Posted by RAW DOG , Sep 12, 2008 11:50AM
@ BSD - Cluzo reminded us of so much yesterday. Get with the program. Also, cart guy is gone along with his sign.
Posted by guest , Sep 12, 2008 11:55AM
People are right - get picture of BL on Monday. Lets end this debate once and for all.
Posted by guest , Sep 12, 2008 11:57AM
In Europe, Capon or small birds are highly prized for eating....
Pussy is somethine thinner and finer as well...
Posted by guest , Sep 12, 2008 12:00PM
#36 - how is it breaking news if it was reported last night?
Posted by whatelseisgoingon , Sep 12, 2008 12:09PM
I like how you gave the coffee cart man the acronym CCM already
Posted by guest , Sep 12, 2008 12:16PM
@33 BX can not get funding for any deals above $5B (let alone a deal with this much risk)...Dont be fooled by LEH current mkt cap as the deal my be well above its current price. Also, BX doesnt have the capital base to absorb any further losses in LEH's crappy real estate portfolio. Thats why you will see a bank (such as BAC) in the deal. They have a deposit base.
Posted by blndebnker , Sep 12, 2008 12:22PM
@30 - Oh someone is still smarting from yesterday I see... I'm certainly no Mother Theresa, that's for sure, though I'm quite sure I never decreed anything.
Posted by guest , Sep 12, 2008 12:47PM
@42 -- "the deal may be well above its current price". Please explain.
Posted by guest , Sep 12, 2008 12:52PM
@44 The current stock price isnt going to be the deal price! You would be a idiot if you think the stock price is going to drive what the buyer pays. LEH has a valuable franchise. Just because some shorts have pushed the stock down doesnt mean LEH is going to be bought for a song and prayer. I think LEH will be taken out at a slight premium to where its at now.
-42
Posted by guest , Sep 12, 2008 12:54PM
@45 "Valuable Franchise"? Without a deal in place on Monday, LEH is done. Where is the value above its current share price?
Posted by guest , Sep 12, 2008 1:01PM
@46 LEH has one of the best M&A practices, Asset Mgmt, and Fixed Income businesses on the street. All worth way more than $4 a share. Why do you think BAC is kicking tires after saying they had enough of I-Banking? We can argue price all day but its obvious to everybody that LEH is worth way more than $4 a share.
-42
Posted by guest , Sep 12, 2008 1:07PM
@ 43 you said, "we're not in finance to make the world a better place..."
You know, some of us just might be.
Posted by blndebnker , Sep 12, 2008 1:12PM
@48 - Well I'm sorry if that is the case. I should have said "most of us". But judging from the candor of this site, I figured I was dead on. Do forgive me.
Posted by guest , Sep 12, 2008 1:13PM
I hope LEH lasts until Monday.
If there's no picture of Bess posted on Monday morning, I will be very disappointed in all of you.
Posted by guest , Sep 12, 2008 1:16PM
I hope LEH lasts until Monday.
If there's no picture of Bess posted on Monday morning, I will be very disappointed in all of you.
Posted by guest , Sep 12, 2008 1:28PM
this will never happen, the db slackers don't get out of bed before 11 am.
Posted by guest , Sep 12, 2008 2:07PM
@ 15 - Did you read the comments under Felix's post?
Someone's "source" said that some Lehman employee paid the cart guy not to serve the reporters.
Something you may want to ask him on monday, Bess.
Posted by guest , Sep 12, 2008 2:34PM
Bess IS CCM
Posted by guest , Sep 12, 2008 2:35PM
@52- agreed.
Posted by guest , Sep 12, 2008 3:41PM
Bess - Ask him if he has the orange cranberry muffins. They're the best!
Posted by guest , Sep 12, 2008 9:36PM
This guy rocks. I chat with him daily. He represents the best of America's entrepreneurial spirit. Leave him alone or give him some credit for trying to make an honest living. He is a good guy.
Posted by guest , Sep 12, 2008 9:38PM
Cannot tell you I ever saw the bigwigs go by the coffee cart...they swanned in via a private driveway behind 745 Seventh. And I never saw them on the trading floor, in credit or risk mgmt or legal; but I was only there five years, so I probably came late to the game.
Posted by guest , Sep 13, 2008 6:42AM
http://junkdrawered.blogspot.com/2008/09/is-sarah-palin-book-burner.html
Posted by guest , Sep 13, 2008 6:43AM
http://junkdrawered.blogspot.com/2008/09/dogs-of-lehman-brothers.html
Posted by guest , Sep 13, 2008 6:44AM
A humorous take on the Lehman Brothers fiasco
http://junkdrawered.blogspot.com/2008/09/dogs-of-lehman-brothers.html
Posted by guest , Sep 13, 2008 8:56AM
Junkdrawered? Not so funny.
Posted by guest , Sep 14, 2008 6:17PM
I hear CCM is the latest bidder for LEH. Fuld seriously entertaining.