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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]

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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
    http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  3. BS MD says:

    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

  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.

    • dave says:

      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).

  5. NYC ex Lehman says:

    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

  6. NYC ex Lehman says:

    In March 08, a call by a senior Lehman guy to issue more equity… http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  7. NYC ex Lehman says:

    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

  8. FckfceMulan says:

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

    UBS sucks.
    http://www.jenner.com/lehman/docs/US%20TREASURY-B

  9. 745Vet says:

    GS – always willing to help out, what a fine gesture
    http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  10. 745Vet says:

    F*ck Paulson (GS), F*ck Geithner, F*ck the Fed
    http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  11. 745Vet says:

    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

  12. 745Vet says:

    50B Euros with the ECB sounded massive just 4yrs ago:
    http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  13. 745Vet says:

    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

  14. 745Vet says:

    consistently 5yrs behind the curve and still in business: http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  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 http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  17. 745Vet says:

    what's wrong with a little relaxing of the standards? http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  18. 745Vet says:

    Fuld – "the BRos always wins!" http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  19. 745Vet says:

    # move quickly on that spin bitch! http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  20. 745Vet says:

    always nice to have an auditor (Partner) willing to work with you on earnings release http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  21. 745Vet says:

    c'mon E&Y, "we need you guys…" !! http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  22. 745Vet says:

    oh boy i've got a busy day ahead of me !!! http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  23. 745Vet says:

    thank goodness this agency was on the case! quality due diligence http://www.jenner.com/lehman/docs/debtors/LBEX-WG

  24. 745Vet says:

    liquidity verification etc. by the best of the best http://www.jenner.com/lehman/docs/debtors/LBEX-WG

  25. 745Vet says:

    this partnership probably would have saved everything #sarcasm http://www.jenner.com/lehman/docs/debtors/LBEX-WG

  26. 745Vet says:

    …our children will be proud… http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  27. 745Vet says:

    alright who's ready for balance sheet exercises? see you at the gym bitchez! http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  28. 745Vet says:

    another outfit at the top of their game!!! #sarcasm http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  29. 745Vet says:

    just put your creative thinking hat on! http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  30. 745Vet says:

    sorry Dick, not in your lifetime http://www.jenner.com/lehman/docs/debtors/LBEX-DO

  31. 745Vet says:

    ah the French are so hard to please… http://www.jenner.com/lehman/docs/debtors/LBHI_SE

  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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