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]
Hurts a bit after reading some of the emails from people that I used to work for.
Matt, this ppt was made for you alone: page 13
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
This is hysterical http://www.jenner.com/lehman/docs/frbny/FRBNY%20t…
Also really interesting (account of Paulson's ball-busting meeting) http://www.jenner.com/lehman/docs/frbny/FRBNY%20t…
"Lehman senior staff (not Fuld) in a separate room"
- guy who normally likes jokes but not always
see also: first disclaimer
Between the opening tag and the EPS analysis on page 12 this is just sad…
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.
Here's a good one – presentation to Audit Committee reg Matthew Lee, the 60 Minutes guy… http://www.jenner.com/lehman/docs/debtors/LBEX-AM…
In March 08, a call by a senior Lehman guy to issue more equity… http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
Dubai was willing to consider an equity investment in Lehman in Mar 08 but Lehman said no thanks…
http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
… creating a bad bank, like the UBS model, …
UBS sucks.
http://www.jenner.com/lehman/docs/US%20TREASURY-B…
Boaz vs. Lehman
http://www.jenner.com/lehman/docs/debtors/LBEX-AM…
f'ing barfbag
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
GS – always willing to help out, what a fine gesture
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
BuyBuyBuy!!!
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
F*ck Paulson (GS), F*ck Geithner, F*ck the Fed
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
bad quarter? just raise the repo 105 limit, no problem Lehman san…dōitashimashite どういたしまして
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
50B Euros with the ECB sounded massive just 4yrs ago:
http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
Do you believe in miracles or do you just have a big set of iron clad balls between your legs? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
consistently 5yrs behind the curve and still in business: http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
what if my eyes are dry? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
Bid em'! http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
counterparty risk much? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
All of these emails involve executive committee members and/or heads of trading desks/legal/credit, etc…top of the crop…or crap
Ah memories…debating repo 105 http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
what's wrong with a little relaxing of the standards? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
more repo 105…do it ! http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
sadness http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
Fuld – "the BRos always wins!" http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
# move quickly on that spin bitch! http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
always nice to have an auditor (Partner) willing to work with you on earnings release http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
This is not the 'B' Team http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
window dressing? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
c'mon E&Y, "we need you guys…" !! http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
oh boy i've got a busy day ahead of me !!! http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
lesson here: don't do drugs http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
what's another 5B ? http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
desperation http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
hit those applebee bids http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
thank goodness this agency was on the case! quality due diligence http://www.jenner.com/lehman/docs/debtors/LBEX-WG…
liquidity verification etc. by the best of the best http://www.jenner.com/lehman/docs/debtors/LBEX-WG…
this partnership probably would have saved everything #sarcasm http://www.jenner.com/lehman/docs/debtors/LBEX-WG…
moving fast http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
…our children will be proud… http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
alright who's ready for balance sheet exercises? see you at the gym bitchez! http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
counterparty risk color http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
another outfit at the top of their game!!! #sarcasm http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
hey shorty, what's your price? http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
just put your creative thinking hat on! http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
get Dick to call Ken! http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
lol
subbprime is getting a little played
sorry Dick, not in your lifetime http://www.jenner.com/lehman/docs/debtors/LBEX-DO…
ah the French are so hard to please… http://www.jenner.com/lehman/docs/debtors/LBHI_SE…
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).
You, sir are a gem.
A real fine person.
Great Job, 745Vet!! Keep them coming…
The 516 number works….give the guy a call.
Ah "Jewish genes"…. Explains a lot of screw ups in the bank.
Stunning femme model. By the way you might have a educational web site
Remember “The War on Terror” and the term “Colateral Damage”.
Let me refresh your memory, when you drop bombs on someone, say Al Quida or the Taliban, sometimes you skip and get women and children. To make it a bit more palatable to the public at home, you call it “Colateral Damage”, didn’t mean to get those innocent bystanders, but they were in the wrong place.
MKs are “Colateral Damage”. The generals sent the NTM troops into foreign lands to drop religon on the masses. But the MKs ended up in boarding school along with a few in the Sergeants were a bit heavy with all the discipline in addition to a bit free with their hands and other bits of anatomy. The war may are actually going well, but look at the “Colateral Damage”.
Time for OPERATION CLEANUP and a few court marshalls.
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