Those were the days.
Lehman Brothers Will Be Making Money Until At Least 2018
THE BROS ALWAYS WINS!
THE BROS ALWAYS WINS!
As some of you may recall, a month after Lehman Brothers went under, the House Committee on Oversight and Government Reform released an interesting email Dick Fuld had sent to LEH vice-chairman Thomas Russo on Saturday, April 12, 2008, circa midnight. Dick had just come back from a dinner with Hank Paulson and was so excited to relay the details he couldn't wait 'til the next day to get in touch with Russo, who he apparently viewed as his "teacher." Fuld said his key "takeaways" were that the government loved Lehman, that Paulson wanted to "kill the bad hedge funds" (like those diabolical shorts Fuld knew were to blame for his problems), and that while the then Treasury Secretary appeared to have a "worried view" of Merrill Lynch, Dick got the sense that Paulson thought Lehman was in terrific shape. Per the bankruptcy documents put online last week, here's how the rest of the conversation between Fuld and his Sensei went.
"We are proud to announce Lehman's exit from chapter 11 and entrance into the final stage of this process -- distributions to creditors. Our objective remains to provide the best results possible for creditors -- by continuing to strategically position assets to produce strong values, to pursue the resolution of disputed claims and other matters in litigation, and to manage expenses in line with the asset disposition process," said John Suckow, who is managing director with bankruptcy adviser Alvarez & Marsal and Lehman's president and COO. Suckow also thanked Lehman employees for working "diligently" since the bank's collapse in September 2008 to reach the milestone. [NYP]
As previously mentioned, if one were inclined to relive the fall of Lehman Brothers, one could do so via the bankruptcy documents that were recently made available online. There you'll find, among other things, countless examples of what has been said so many times since September 15, 2008, which is that it's amazing how delusional the people at the very top were, vis-à-vis the firm's solvency/what people thought of it/everything. Also worth marveling at? The fact that Lehman lasted as long as it did with what appear to be barely literate troglodytes running the place. [The following dialogue is re: CITIC considering an investment in a US bank and the suggestion that it is more interested in Bear Stearns.]