Experience The Collapse Of Lehman Brothers Again, For The First Time

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]

(hidden for your protection)
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100 Responses to “Experience The Collapse Of Lehman Brothers Again, For The First Time”

  1. Blah says:

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

  2. Tanto says:

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

  3. BS MD says:

    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

  4. NYC ex Lehman says:

    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.

  5. NYC ex Lehman says:

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

  6. NYC ex Lehman says:

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

  7. NYC ex Lehman says:

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

  8. FckfceMulan says:

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

    UBS sucks.

  9. 745Vet says:

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

  10. 745Vet says:

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

  11. 745Vet says:

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

  12. 745Vet says:

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

  13. 745Vet says:

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

  14. 745Vet says:

    consistently 5yrs behind the curve and still in business:

  15. 745Vet says:

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

  16. 745Vet says:

    Ah memories…debating repo 105

  17. 745Vet says:

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

  18. 745Vet says:

    Fuld – "the BRos always wins!"

  19. 745Vet says:

    # move quickly on that spin bitch!

  20. 745Vet says:

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

  21. 745Vet says:

    c'mon E&Y, "we need you guys…" !!

  22. 745Vet says:

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

  23. 745Vet says:

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

  24. 745Vet says:

    liquidity verification etc. by the best of the best

  25. 745Vet says:

    this partnership probably would have saved everything #sarcasm

  26. 745Vet says:

    …our children will be proud…

  27. 745Vet says:

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

  28. 745Vet says:

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

  29. 745Vet says:

    just put your creative thinking hat on!

  30. 745Vet says:

    sorry Dick, not in your lifetime

  31. 745Vet says:

    ah the French are so hard to please…

  32. RubberNecking says:

    Great Job, 745Vet!! Keep them coming…

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

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