• 08 Sep 2009 at 5:31 PM

Write-Offs: 09.08.09

By Bess Levin

$$$ Ken Griffin (Meredith Whitney, Blankfein, Spitzer, etc) reflect on Lehman biting the big one : “I was at my grandmother’s house late Sunday afternoon when a colleague called and said it looked like bankruptcy was inevitable for Lehman. My grandmother, who is 96, lived her whole life in fear of the next depression. But in a great bit of irony, she took this catastrophe in stride. I, however, had been very worried. When the market was down only a few percentage points on Monday, I felt like the boy who cried wolf. But then the First Reserve money market fund broke the buck, and money markets stopped buying the commercial paper of financial institutions. What was set in motion was an underwater earthquake. There would be rumors in the days following that Morgan Stanley, Goldman Sachs, and Citadel would be next to fall. I credit my team for doing everything possible to make sure we were prepared for the worst.” [Fortune]
$$$ What it feels like to hug Dick Fuld [Daily Intel]
$$$ Cuomo considers charges against Bank of America execs. [MarketWatch]
$$$ Pornographer busted for faking it. [The Deal]
$$$ Fairfield Greenwich Settles Massachusetts Regulatory Action [Reuters]
$$$ In case you’re looking to meet up with Shia LaBeouf tonight. [FG]
$$$ Or tomorrow morning. 77th between Lex and Third. 6AM.

Comments (15)

  1. 1
    Posted by Anal_yst | September 8, 2009 at 5:39 PM

    can anyone else read that?

  2. 2
    Posted by guest | September 8, 2009 at 5:45 PM

    That’s a pretty messed up picture. Bess also need to close her tags.

  3. 3
    Posted by guest | September 8, 2009 at 5:45 PM

    i think they are filming a shot of WS2 there so no parking for a certain time.

  4. 4
    Posted by tastes good and nutritious | September 8, 2009 at 5:54 PM

    I’m short a jug of dogs milk. Can one of you cover me?
    Dennis Kneale

  5. 5
    Posted by guest | September 8, 2009 at 5:59 PM

    http://www.youtube.com/watch?v=lu-LPzVRPh8&NR=1

  6. 6
    Posted by guest | September 8, 2009 at 7:34 PM

    well done, cuomo!!!!!

  7. 7
    Posted by Seaman Bodine II | September 8, 2009 at 9:54 PM

    ABX buying back hedges with stock issuance, while spot is 1k+
    9.7 (party line) posting on DB regularly, with 16+ a more likely #
    M&A hype based on 1 deal where the holdout really just wants more cash
    Carry trade back on with a huge vengeance
    LEH BK is written about like some ridiculous, unbelievable event caused by 1 man
    America Fuck Yeah citizens dropping debt (probably by force) at ever increasing rate
    Talk to Chuck talking square root recovery
    DB still holds on to Bess Levin for dear life
    We are so fucked

  8. 8
    Posted by Anal_yst | September 8, 2009 at 10:57 PM

    @SBII
    Yup, don’t forget option-arm recasts, negative equity, and defaults coming up. Damn, everyone’s got a real short memory, sigh…
    http://www.calculatedriskblog.com/2009/09/fitch-on-option-arm-recasts.html

  9. 9
    Posted by guest | September 9, 2009 at 12:08 AM

    I need more stories and comments about blow.

  10. 10
    Posted by guest | September 9, 2009 at 5:25 AM

    Why the hell is Bloomberg reserving 25% of their homepage to some memoir about the Lehman bankruptcy like it’s fucking new/breaking news. Idiots.

  11. 11
    Posted by Seaman Bodine II | September 9, 2009 at 5:29 AM

    Related, I remember where I was the day an LEH MD told me they were going to BK. That was roughly 15 months prior to the actual BK. Slow train coming.

  12. 12
    Posted by guest | September 9, 2009 at 7:46 AM

    Isn’t the person who gave the $100 Bess? Well done!
    http://money.cnn.com/galleries/2009/fortune/0909/gallery.witnesses_meltdown.fortune/15.html

  13. 13
    Posted by guest | September 9, 2009 at 8:26 AM

    @12 yes!! suck it, sorkin.
    http://dealbreaker.com/2008/09/coffee-cart-man-doesnt-think-w.php

  14. 14
    Posted by guest | September 9, 2009 at 8:49 AM

    @ analyst
    option arm recasts are gonna be a train wreck. All the big banks are still saying that they had better underwriting because there was more risk initially, but since their track record on real estate during the 2005-2007 years is so awesome…

  15. 15
    Posted by Reader | September 9, 2009 at 11:53 AM

    Dick Fuld of collapsed bank Lehman Brothers says ‘his mother loves him’
    Dick Fuld, the former Lehman Brothers chairman who has spent much of the last 12 months shouldering the blame for the dramatic collapse of the investment bank, has spoken for the first time since the banks demise.
    Via Naked Capitalism…
    http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6158452/Dick-Fuld-of-collapsed-bank-Lehman-Brothers-says-his-mother-loves-him.html

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