How will you be spending your weekend? I know what I’ll be doing, which is reading all the Lehman bankruptcy documents. They’ve been online for a week or two and we’ve had some teasers today, covering how much all the big fish got paid and how much all the medium-sized fish in IBD got paid. Naturally those were the first things anyone noticed because, y’know, money. And money is important. But this industry isn’t just about money. It’s also about hope:

It’s about faith:

It’s about valuation methods, and the limitations thereof:

It’s about the government being useless:

And perhaps most of all, it’s about making the first-year lawyer stay up all night to turn the purchase agreement on a deal:

Anyway. They’re linked below in their jumbled glory. If you find anything good, by all means let us know.

Huge, amazing pile of documents about Lehman [Jenner & Block]

100 comments (hidden to protect delicate sensibilities)
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Comments (100)

  1. Posted by Blah | April 27, 2012 at 6:19 PM

    Hurts a bit after reading some of the emails from people that I used to work for.

  2. Posted by Tanto | April 27, 2012 at 7:00 PM

    Matt, this ppt was made for you alone: page 13

  3. Posted by festicles | April 27, 2012 at 7:02 PM
  4. Posted by BS MD | April 27, 2012 at 7:04 PM

    Also really interesting (account of Paulson's ball-busting meeting)
    "Lehman senior staff (not Fuld) in a separate room"

    – guy who normally likes jokes but not always

  5. Posted by BS MD | April 27, 2012 at 7:05 PM

    see also: first disclaimer

  6. Posted by HungryIntern | April 27, 2012 at 7:34 PM

    Between the opening tag and the EPS analysis on page 12 this is just sad…

  7. Posted by NYC ex Lehman | April 27, 2012 at 9:53 PM

    There are all kinds of individual compensation and rankings of employees going fairly deep into the organization. I'm not linking to it since many ex-colleagues and friends I've lost touch with are in there – some looking good, some bad, some ok.

    A real invasion of privacy for poor foot soldiers who have been dragged into the mud by big strategic errors at the top – I'm not shedding tears for those in the top 50, however.

  8. Posted by NYC ex Lehman | April 27, 2012 at 10:28 PM

    Here's a good one – presentation to Audit Committee reg Matthew Lee, the 60 Minutes guy…

  9. Posted by NYC ex Lehman | April 27, 2012 at 10:37 PM

    In March 08, a call by a senior Lehman guy to issue more equity…

  10. Posted by NYC ex Lehman | April 27, 2012 at 10:41 PM

    Dubai was willing to consider an equity investment in Lehman in Mar 08 but Lehman said no thanks…

  11. Posted by FckfceMulan | April 28, 2012 at 11:00 AM

    … creating a bad bank, like the UBS model, …

    UBS sucks.

  12. Posted by Guest | April 28, 2012 at 2:14 PM
  13. Posted by 745Vet | April 28, 2012 at 2:19 PM
  14. Posted by 745Vet | April 28, 2012 at 2:24 PM

    GS – always willing to help out, what a fine gesture

  15. Posted by 745Vet | April 28, 2012 at 2:26 PM
  16. Posted by 745Vet | April 28, 2012 at 2:31 PM

    F*ck Paulson (GS), F*ck Geithner, F*ck the Fed

  17. Posted by 745Vet | April 28, 2012 at 2:47 PM

    bad quarter? just raise the repo 105 limit, no problem Lehman san…dōitashimashite どういたしまして

  18. Posted by 745Vet | April 28, 2012 at 3:02 PM

    50B Euros with the ECB sounded massive just 4yrs ago:

  19. Posted by 745Vet | April 28, 2012 at 3:05 PM

    Do you believe in miracles or do you just have a big set of iron clad balls between your legs?

  20. Posted by 745Vet | April 28, 2012 at 3:19 PM

    consistently 5yrs behind the curve and still in business:

  21. Posted by 745Vet | April 28, 2012 at 3:25 PM
  22. Posted by 745Vet | April 28, 2012 at 4:07 PM
  23. Posted by 745Vet | April 28, 2012 at 4:22 PM
  24. Posted by 745Vet | April 28, 2012 at 4:27 PM

    All of these emails involve executive committee members and/or heads of trading desks/legal/credit, etc…top of the crop…or crap

  25. Posted by 745Vet | April 28, 2012 at 4:28 PM

    Ah memories…debating repo 105

  26. Posted by 745Vet | April 28, 2012 at 4:36 PM

    what's wrong with a little relaxing of the standards?

  27. Posted by 745Vet | April 28, 2012 at 4:52 PM
  28. Posted by 745Vet | April 28, 2012 at 4:54 PM
  29. Posted by 745Vet | April 28, 2012 at 5:01 PM

    Fuld – "the BRos always wins!"

  30. Posted by 745Vet | April 28, 2012 at 5:08 PM

    # move quickly on that spin bitch!

  31. Posted by 745Vet | April 28, 2012 at 5:38 PM

    always nice to have an auditor (Partner) willing to work with you on earnings release

  32. Posted by 745Vet | April 28, 2012 at 5:47 PM
  33. Posted by 745Vet | April 28, 2012 at 5:52 PM
  34. Posted by 745Vet | April 28, 2012 at 5:59 PM

    c'mon E&Y, "we need you guys…" !!

  35. Posted by 745Vet | April 28, 2012 at 6:02 PM

    oh boy i've got a busy day ahead of me !!!

  36. Posted by 745Vet | April 28, 2012 at 6:03 PM

    lesson here: don't do drugs

  37. Posted by 745Vet | April 28, 2012 at 6:16 PM
  38. Posted by 745Vet | April 28, 2012 at 6:17 PM
  39. Posted by 745Vet | April 28, 2012 at 6:40 PM
  40. Posted by 745Vet | April 28, 2012 at 6:45 PM

    thank goodness this agency was on the case! quality due diligence

  41. Posted by 745Vet | April 28, 2012 at 6:48 PM

    liquidity verification etc. by the best of the best

  42. Posted by 745Vet | April 28, 2012 at 6:51 PM

    this partnership probably would have saved everything #sarcasm

  43. Posted by 745Vet | April 28, 2012 at 6:54 PM
  44. Posted by 745Vet | April 28, 2012 at 6:56 PM

    …our children will be proud…

  45. Posted by 745Vet | April 28, 2012 at 7:01 PM

    alright who's ready for balance sheet exercises? see you at the gym bitchez!

  46. Posted by 745Vet | April 28, 2012 at 7:07 PM
  47. Posted by 745Vet | April 28, 2012 at 7:08 PM

    another outfit at the top of their game!!! #sarcasm

  48. Posted by 745Vet | April 28, 2012 at 7:14 PM

    hey shorty, what's your price?

  49. Posted by 745Vet | April 28, 2012 at 7:36 PM

    just put your creative thinking hat on!

  50. Posted by 745Vet | April 28, 2012 at 7:56 PM
  51. Posted by March of 07 | April 28, 2012 at 8:13 PM


    subbprime is getting a little played

  52. Posted by 745Vet | April 29, 2012 at 12:36 PM

    sorry Dick, not in your lifetime

  53. Posted by 745Vet | April 29, 2012 at 5:46 PM

    ah the French are so hard to please…

  54. Posted by dave | April 29, 2012 at 8:06 PM

    hahaha! Found it! So happy to see the stupid ex-Lehman dickhead that interviewed me a while back (for a different firm) was a low-tier Associate with bottom-of-the-class pay. Also happy to see that a good friend's wife brazenly lied about her ranking (and claimed she was shocked she got laid-off so early). I would have paid good money to see comps for analysts (got a couple of ex-Leh analysts of questionable quality currently working with me that need verification).

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  56. Posted by RubberNecking | April 30, 2012 at 11:37 AM

    Great Job, 745Vet!! Keep them coming…

  57. Posted by HungryIntern | April 30, 2012 at 12:46 PM

    The 516 number works….give the guy a call.

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    Ah "Jewish genes"…. Explains a lot of screw ups in the bank.

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