MURDER OF LEHMAN BROTHERS

The Murder of Lehman Brothers Prologue

2010-01-21T21:30:00.001-05:00

Prologue An Insider's Look at the Global Meltdown‎

While I was not present for what I describe below, the story is true and, at Lehman,was legend, especially among tenured veterans of the firm.

On this one page, I have allowed myself reasonable poetic license. Still, as I have known and observed both of the men I describe, and heard the story first-hand from Fuld with Kaplan confirming it, I believe I have nailed the tenor of this event.

Piled high with the usual paperwork, Allan Kaplan, an old-school
senior executive, whom many came to regard as the “conscience of
Lehman Brothers,” sat as his desk. Dick Fuld, one of the fixed
income1 traders, appeared in his office door.

Kaplan, as always, continued methodically working through the piles
stacked and arranged in perfect right angles before him. He glanced
expressionlessly in Fuld’s direction, returned his gaze to the work on his
desk. Kaplan acknowledged the figure in his office doorway, just loud
enough for Fuld to hear, and then ignored him as he continued his
progress through the great volume of paper that required his attention, his
sanction.

Fuld was unable to shuffle his feet in the threshold of Kaplan’s office for
very long, and like a shark that must keep moving to live, strode to the
senior executive’s desk, announcing that he required a signature so that he
could complete a profitable, time-sensitive trade. Kaplan lifted his head,
placed his half-smoked Cohiba in an ashtray and blankly looked at the
impertinent, headstrong Fuld. Moving only his lips, he informed Fuld in
crisp words that seemed to disappear into the pile of the carpet, that he,
Kaplan, from his mile-high aerie, would consider approval of Fuld’s trade
once his desk was clear of the many piles.

Fuld, his veins filled with adrenaline rather than blood, could not sit on
this trade. Every second that passed increased the risk that he would lose
it. For Fuld, it was all about the moment. In this one, as in so many others,
he saw the purpose of his very existence and that of his firm as one: to
make money. It was written in stone that no one wanted to rub Kaplan the
wrong way. To do so could precipitate unpredictable wrath. But Kaplan
was increasingly an anachronism. Time would not stand still to accommodate
the outdated approval process that tied Fuld’s hands.

To consummate the trade, Fuld required Kaplan’s immediate sanction.
Making the situation doubly frustrating was a clear expectation, undoubtedly
shared by Kaplan, that the trade would be quickly approved once the
titan’s eyes fell on the paperwork. Slam-dunk. But Fuld was tangled in the
red tape of this powerbroker, known for his traditional, understated manner,
as well as limited tolerance for hotheads who came to him halfcocked,
ill-prepared, or disrespectful of the process.

Still there was a monetary bottom line and it flashed neon in Fuld’s
eyes: the trade will not wait. Kaplan, still ignoring him, had become an
intolerable brick wall. And so, acting on pure impulse and instinct, the
very innards of the best traders, Fuld cleared Kaplan’s desk with a single
sweep of his arm, scattering the exalted one’s neat piles around his desk.
Sucking in his breath, Fuld told the implicitly fearsome Allan Kaplan that
now he could approve the trade; his desk was clear.

If Kaplan flinched, it was not visible to the human eye. But he did fix
his stare on Fuld, eyes widening, this, the only discernible reaction. Fuld’s
cheeks filled with blood as he awaited his fate. Inwardly, Kaplan smiled
puckishly. Yes, he was amused and impressed. This Fuld had potential.
Kaplan silently reviewed the documents requiring his approval of the
insubordinate trader’s transaction, and with dispatch, delivered his signature.

Fuld rotated on heels of wing tips, utterly in the dark as to what the
poker-faced Kaplan had in store for him. Would he even have a job the
next day? But Fuld was in the moment, like the best of traders, the risk
takers, and held the authorization to trade in his hand.
Many years later, in May of 2003, Dick Fuld stood before a packed
chapel of mourners, including numerous employees of the firm that Fuld,
now CEO, transformed into a major force on Wall Street. He lauded and
joked affectionately about Kaplan, making great mention of his deceased
colleague’s integrity and ethics, and about the suit pants Kaplan belted so
high — Fuld affectionately chuckled — that they reached Kaplan’s chin.
Until a week before, Allan Kaplan had been fully engaged at Lehman,
despite a festering illness, serving the firm he had made his second home
for thirty-six years. In summing up Kaplan’s tenure, Richard Fuld, the
hard-assed titan, one of the most powerful men on Wall Street, always
bursting with testosterone, choked tearfully on his closing words: “Allan
was my friend.”

Fuld would later honor Kaplan by naming the auditorium on the lower
level of Lehman’s majestic Time Square tower after him. He wanted to do
something. And it was a fine gesture. But the man called the conscience of
Lehman had expired.

Click here to further explore book, including review quotes, at Amazon

I think I got a plug on MainStreet.com today

2010-01-16T17:49:00.000-05:00

MainStreet.com posted a piece today on the upside of unemployment. As I intimated in my book I was at least temporarily unemployed at some point after Barclays scooped up Lehman. The article talks a bit about my writing of the book is the product of having time to focus. While meant in good fun, the article speculates that the book was an opportunity for me to vent or rant. Clearly, the reporter had not read the book. With one notable exception, the professional reviews have all been positive, and have generally noted that my telling is balanced, humanizes the firm, lets no one off the hook, but also has no ax to grind.

Lehmanites.com, the Lehman alumni website, perhaps not the most high-profile of reviewers, but certainly one very familiar with events at Lehman had the following to say:
"The book is particularly valuable because it presents a more human figures of what has become the symbol of this financial crisis without trying to settle personal accounts."

link to Lehmanites.com review
link to Mainstreet.com story

What Caused the Great Recession?

2010-01-14T11:32:00.002-05:00

"A global recession became inevitable once the government decided not to rescue Lehman Brothers. "

Comings & Goings: A Lehman Reunio

2010-01-14T11:26:00.002-05:00

Bart McDade and Alex Kirk: It looks like two more Lehman Bros. executives have found work. The New York Post reported that top trader Kirk is to be joining with the former second-in-command, McDade, to launch a fund called River Birch Capital.

L. Randall Wray: Fire Geithner Now!

2010-01-14T11:23:00.000-05:00

"Geithner's closest advisors were Thain, William McDonough (Vice Chairman at Merrill), Gerald Corrigan (Managing Director at Goldman), Jamie Dimon (also Goldman), and Richard Fuld of Lehman's"

VALUE INVESTING RECOMMENDS "MURDER OF LEHMAN"

2010-01-08T21:27:00.000-05:00

BANKRUPTCY WEEK AHEAD: Lehman Seeks Claims- Resolution Approval

2010-01-08T21:08:00.000-05:00

The Daily Docket: Reliance Ups LyondellBasell Bid

2010-01-08T21:04:00.000-05:00

Did Bear, Lehman Pay Cause Collapses?

2010-01-08T20:58:00.002-05:00

Excerpt from Murder of Lehman

2010-01-07T21:28:00.001-05:00

"The team from Lehman was devastated. It appeared an agreement had come together to save the firm and its employees, only to be snatched from their hands as they readied to ink it. Bart McDade, by Sunday afternoon, called Fuld to deliver the news. Fuld was stunned. I suppose, like many of us at Lehman, he never believed the government would let Lehman fail. In Dick’s case, however, it was more personal. He believed that all the months of courting Paulson ensured that Lehman would benefit from a worst-case-scenario safety net. As far back as April, following a dinner with Paulson, Fuld had said we “have huge brand with Treasury.” At last he understood what other Wall Street CEOs had gleaned that recent Friday evening: Lehman was not considered essential by Paulson."

Lehman default hit CSOs hardest, says Standard & Poor's

2010-01-07T21:01:00.002-05:00

Pickens Said to Have Sold $42 Million of Lehman Claims to RBS

2010-01-07T20:58:00.003-05:00

The Lehman Lesson and pain thresholds…

2010-01-07T20:58:00.000-05:00

The Myth of Dick Fuld

2010-01-07T20:51:00.000-05:00

Some explosive comments on this post. I do agree that exec compensation has been wacky, but I also don't think reducing it will solve our problems. There are two separate issues: Totally in a vacuum, is exec comp too high? Of course it is. Second, will people take less risk because they have something, but not as much to gain? Doubtful. For many of the people who took the biggest risk it was more about winning than the actual dollars. How many people would see their lifestyle noticeably change if their fortune fell from $1.5 billion to $500 million?

The Decade of Discontent

2010-01-07T20:45:00.000-05:00

Dick Fuld from Lehman denied all the way to the end his company was in such dire straits

Culture Crash

2010-01-07T20:40:00.000-05:00

A Lehman Brothers insider reveals why the firm’s best traits turned out to be its worst.

HOPE GREENFIELD is former chief talent officer and managing director at Lehman Brothers. She now heads her own management consultancy.

This is an excellent piece, definitely worth reading. Ms. Greenfield is extremely classy in the way she covers the circumstances of Lehman's fall. Some might say she goes way easy on Fuld and Gregory. From my perspective, she takes the high road and lets the events and developments she describes speak for themselves when it comes to personalities. She does, however, offer some true insight. Read this.

The Biggest Business Bankruptcy Filings of the Decade

2010-01-07T02:58:00.002-05:00

The Biggest Financial Deception of the Decade

2010-01-07T02:24:00.002-05:00

Lehman Brothers' mini-bond fiasco weighs on HK banking system outlook

2010-01-07T02:22:00.000-05:00

Linklaters advises on Lehman Brothers International (Europe) claim resolution agreement to return client assets, which receives overwhelming support

2010-01-07T02:20:00.002-05:00

What is left of Lehman Brothers?

2010-01-07T02:19:00.000-05:00

just found this video

Lehman’s Plan for Claims Draws Fire From Banks

2010-01-07T02:17:00.000-05:00

gedupeerde citibank

2010-01-03T21:09:00.002-05:00

THE MURDER OF LEHMAN BROTHERS written by Joseph Tibman. For sale in the American Bookcenter in Amsterdam, and in Proxis in Belgium. An interesting blog related to it: lehmanbook.blogspot.com

Beware the crisis around the corner

2010-01-03T21:06:00.000-05:00

Taxpayers Help Goldman Reach Height of Profit in New Skyscraper

2010-01-03T21:03:00.000-05:00

http://lehmanlotto.blogspot.com/2010/01/lewis-fired-for-doing-his-job-fraud.html

2010-01-03T20:59:00.000-05:00

Much Talk, But Little Changed on Wall Street

2010-01-03T20:51:00.000-05:00

Judge Says Lehman Trustee Can Transfer Assets

2010-01-03T20:44:00.000-05:00

Smile or Die: How Positive Thinking Fooled America and the World

2010-01-02T23:04:00.002-05:00

Later, we watch Richard Fuld, former chairman and CEO of the now-defunct Lehman Brothers, pace through the rooms of his various properties at night, racked with insomnia. Over and over he asks himself: “What could I have done differently?”"

Wolinsky of Guru Focus likes Murder of Lehman

2010-01-02T23:00:00.002-05:00

This is just silly, but it's New Year's

2010-01-02T22:57:00.000-05:00

An I punched Dick Fuld t-shirt. This a rumor spread by the most irresponsible of journalists, Vicki Ward. She has a Lehman book coming out. Avoid it. Look instead,if you're looking for another Lehman read for the responsible book to be published by Mark Williams -- promises to be an intelligent read.

click on title and buy it if you must

What is the role of Lehman Brothers Inc.?

2010-01-02T22:51:00.000-05:00

Final Transfer update of 2009

2010-01-02T00:28:00.002-05:00

Oracle of NY

2010-01-01T10:35:00.001-05:00

"On September 15th, when Lehman Brothers collapsed, turning thousands more bankers into job-seekers, I received a call from a producer at Inside Edition, and a town car arrived at my sister’s house in Larchmont to whisk me to the mid-town television studio for an interview in response to the collapse."

How Goldman Sachs Made Tens Of Billions Of Dollars From The Economic Collapse Of America In Four Easy Steps

2010-01-01T10:31:00.000-05:00

Looking back at theGlobal Financial Crisis

2010-01-01T10:25:00.002-05:00

Looking back at the

Play "Beat Up Dick Fuld" A Free Online Game

2009-12-30T14:12:00.000-05:00

How to Pick a Good Fight

2009-12-30T13:54:00.003-05:00

"When Dick Fuld took over, he transformed a notoriously contentious workplace into one of Wall Street's most harmonious firms. But his efforts backfired - ddrectors and managers became too agreeable"

Read the full post by clicking above -- though I could not disagree more. The team culture at Lehman was an asset and underpinned the firm's success, particularly after the experience of 9/11. Also, there were a number of senior manager's who did speak out against the firms toxic asset accumulation, only to be pushed out of their positions or entirely out of the firm. Fuld and Gpresident, Joe Gregory, were tyrants. Yet, all is not always black and white. While Fuld defies comparison to a classic Greek tragic figure, typically done in by a single flaw, Dick has many. But is a human being. I am not a fan, but his finest hour came when he spoke to us after the 9/11 attack:

Excerpt form "The Murder of Lehman Brothers:"

My expectations for Fuld were low when he entered the Sheraton ballroom to address us. But I immediately saw that the usual ashen pallor of his face was ruddy, imbued with blood, alive. What followed was Fuld‘s finest hour. I know that others in the hushed, rapt ballroom wholeheartedly agreed. This man, who was Lehman in human form, spoke with both gravity and passion that connected from his first utterance. Today, I remember little of what he said, other than, those bastards got one of us. Still, his oratory was a passionate rallying cry. His tone, his demeanor, had everyone in the room experiencing both his call to arms and his empathy as intimate and personal... I believe that on that day he spoke to us not simply as a leader who badly needed to lead, but as an unguarded man. Fuld was both shaken and resolved, cared deeply about how we were all coping.When Dick finished talking, we were all on our feet—definitely not a response this one-time trader, our “Gorilla,” had ever elicited when he spoke to IBD, with the exuberance of a metronome.

I recall that it was at this precise moment, as the ballroom thundered with the collective cries of all those present, that Lehman’s survival, success and prosperity took on new purpose. Sure, everyone was worried about having a job. Much more importantly, though, we could not dissolve due to the circumstances that had left us temporarily homeless. Each of us, it was clear, had to do whatever it took. We owed this not just to ourselves, and the families most of us supported, and not just to each other. We also owed it to our country. No one came out and said it, but Lehman’s survival was now a patriotic imperative."

A financial review of 2009 from A to Z

2009-12-30T13:34:00.002-05:00

"...the unconditional love that even a man as vilified as Dick Fuld knows is always in that place. “You discern what, my mother loves me,” declared the ex-Lehman Brothers chairman in September, breaking almost a year’s silence..."

Lehman to distribute more frozen assets in 2010

2009-12-30T13:29:00.000-05:00

Goldman Sachs Buys $57 Million in Lehman Claims From Shinkin

2009-12-30T10:12:00.002-05:00

LEHMAN BROTHERS Bankruptcy News, Issue No. 38

2009-12-30T09:58:00.000-05:00

Morgan Stanley sued over failed $1.2 billion CDO

2009-12-30T09:44:00.000-05:00

Goldman Sachs Buys $57 Million in Claims on Lehman

2009-12-29T13:32:00.002-05:00

Lehman administrators PwC repay $11bn to creditors

2009-12-29T13:31:00.000-05:00

New interview published in Italian Business Magazine "Eccellere"

2009-12-29T12:49:00.002-05:00

Lehman Brothers to liquidate remaining assets

2009-12-29T09:29:00.000-05:00

click title to see the video

Winners & Losers 2009: Saints & sinners

2009-12-28T23:37:00.000-05:00

Winners & Losers 2009: Saints & sinnersWinners & Losers 2009: Saints & sinners

Dimon, Blankfein, Mack to Testify to Crisis Panel

2009-12-28T23:16:00.000-05:00

Dick Fuld, the last CEO of ill-fated Lehman Brothers: “I wake up every single night wondering what I could have done differently.”

2009-12-28T22:58:00.000-05:00

"You can blame the bankers all you want, but it is the government's job to prevent the financial sector from holding or exercising this kind of power over us.

2009-12-28T22:50:00.000-05:00

Lehman seeks to hire Neuberger to help sell $180 million ABS

2009-12-28T22:20:00.000-05:00

Lehman Brothers Holdings Inc (LEHMQ.PK) has sought bankruptcy court approval to hire Neuberger Berman Fixed Income LLC to help it sell asset-backed securities worth $180 million, court filings show.

OPG pension fund awarded €40m damages

2009-12-28T22:17:00.000-05:00

"The pension fund of the dispensing chemists chain and pharmaceutical wholesaler OPG was has been awarded €40m in damages by an Amsterdam court following the collapse of the US merchant bank Lehman Brothers, report various media on Monday"

Had Lehman Bros. been run as “Lehman Brothers and Sisters” it might have taken fewer risks and might still be operating

2009-12-28T22:12:00.002-05:00

Should Investment Firms Bet Against Their Clients?

2009-12-27T01:51:00.000-05:00

always worth rreading whether u completely agree or totallyy disagree. There is thought here, regardless of ur perspective.

Banks come up with new Lehman offer

2009-12-27T01:38:00.001-05:00

I Just KILLED That Interview, Man

2009-12-23T10:47:00.000-05:00

Dick Fuld's take on the Paulson Dinner & EXCERPT FROM "MURDER OF LEHMAN BROTHERS" CLICK ON HEADLINE FOR THE ACTUAL MEMO FROM FULD, THEN READ THE EXCERPT FOR REALITY:
FROM THE MURDER OF LEHMAN BROTHERS:
"The team from Lehman was devastated. It appeared an agreement had come together to save the firm and its employees, only to be snatched from their hands as they readied to ink it. Bart McDade, by Sunday afternoon, called Fuld to deliver the news. Fuld was stunned. I suppose, like many of us at Lehman, he never believed the government would let Lehman fail. In Dick’s case, however, it was more personal. He believed that all the months of courting Paulson ensured that Lehman would benefit from a worst-case-scenario safety net. As far back as April, following a dinner
with Paulson, Fuld had said we “have huge brand with Treasury.” At last he understood what other Wall Street CEOs had gleaned that recent Friday evening: Lehman was not considered essential by Paulson."

Amazon link
link to prologue of Murder of Lehman

FULD Responses to “10/6 I’m not proud Lehman Lost-but-Comp system worked”

2009-12-23T10:46:00.000-05:00

FULD IN CONGRESS VIDEO

Lehman equity resolution reached - Hong Long

2009-12-23T10:28:00.000-05:00

The GOP wants us to believe that the CEO of Bank of America was forced to lie to Congress about the details of their buyout of Merril Lynch because he was pressured by Ben Bernanke and Hank Paulson. And who is leading the charge? A former criminal turned GOP politician. Mike Papantonio has all the details in this week's Pap Attack - Video link

2009-12-23T10:23:00.000-05:00

This fringe, conspiracy stuff. Have a look if you like

2009-12-16 Lehman Hearing Transcript

2009-12-22T21:54:00.001-05:00

Its going to take a while to read through this.

joy*love blog picks Murder of Lehman for Xmas read

2009-12-22T21:35:00.000-05:00

	Monday, December 21, 2009

Monday, December 21, 2009

A Christmas Present to Myself [The Murder of Lehman Brothers]

This Friday, on Christmas Day, I will be off on a fabulous holiday for two wonderful and blissful weeks away from work and all the things that keep me awake at night. I'm going somewhere cold, somewhere foreign and somewhere unreachable. How delightful!

So I bought something for my favourite bookshop to keep me company. Yes, I am unleashing the inner bookworm and relishing the thought of curling up to a good book after dinner one night all snuggly in my jammies, and NOT my laptop to finish that all important presentation for a hard deadline at work.

My book of choice is The Murder of Lehman Brothers, An Insider's Look at A Global Meltdown by Joseph Tibman.

I've long wanted to read something that would explain the events in the world economy in the past 12 months and I have been told that this book would be a good way to start. I don't have the luxury of reading one book a week so I need to be quite selective with the ones I do read.

New Review of Murder of Lehman on Guru Focus

2009-12-22T21:03:00.000-05:00

Reviewer scored it at 4-stars on Amazon, dragging down the 4.5 star avg.

"...gives the reader a good understanding of the financial crisis from the perspective of a long time Lehman insider."

" ...thought overall the author was fair in his criticism of the Government’s role in the demise of the financial system, without having a partisan bend towards either party."

"...admirable that the author does not try to glorify himself..."

"...clear the author wanted his book to appeal to readers without a background in economics..."

Goldman and Morgan Stanley were this close to bankruptcy - VIDEO

2009-12-22T20:55:00.000-05:00

Lehman Brothers investment arm puts BarCap into the big league Read more: http://www.dailymail.co.uk/money/article-1237643/Lehman-Brothers-investment-arm-puts-BarCap-big-league.html#ixzz0aTL0SbXS

2009-12-22T20:45:00.003-05:00

Paulson Pricks Bubble as Fuld Rages in Year’s Top Crisis Books

2009-12-22T20:22:00.000-05:00

I've heard that other books (Murder of Lehman Brothers-?) offer a better accouer books (Murder of Lehman Brothers-?) offer a better accounting of the facts behnting of the facts behind the Lehman collapse

2009-12-22T20:19:00.000-05:00

It's true. More factual than any other Lehman book. No axe-grinding. And personalities around Lehman were colorfull enough that I didn't have to sensationalize. Lehman's last days -- off the hook

Financial Villains of the 2009- Dodd and Frank?

2009-12-22T20:06:00.002-05:00

Categorized | UncategorizedCollapsed Lehman pays out big bonuses

2009-12-22T20:05:00.000-05:00

Person of the Year? How About Spinmeister of the Year?

2009-12-22T19:58:00.002-05:00

Citigroup's Vikram Pandit is replaced by former Shearson Lehman Brothers Chairman Peter Cohen

2009-12-22T19:57:00.000-05:00

End of golden era of bank art collecting?

2009-12-22T19:53:00.000-05:00

But that era of corporate collecting seems to be coming to a close, as all of Lehman's art appears to be destined for the auction block.

Swiss banks face tougher liquidity rules: report | Insider Stock News

2009-12-21T10:26:00.000-05:00

"Swiss regulators have been in discussions with the banks about updating liquidity rules since before the financial crisis, but the urgency of the talks increased following the collapse of Lehman Brothers"

Business: The decade in review

2009-12-21T10:23:00.000-05:00

"The new century did not begin on Jan. 1, 2000 — it started on Sept. 15, 2008, when Lehman Brothers collapsed."

Progress of the HKMA's investigations in Lehman-Brothers-related cases

2009-12-21T09:51:00.002-05:00

Statement of the Office of the Trustee of Lehman Brothers Inc. (LBI) Settlement to Finalize Private Investment Management (PIM) Account Transfers

2009-12-21T09:50:00.000-05:00

Lehman Brothers' Dick Fuld, Jeremy Isaacs and Roger Nagioff 'return'

2009-12-21T09:47:00.002-05:00

Defending Dick Fuld

2009-12-20T22:58:00.001-05:00

Dealbook notes that Dick Fuld has a friend

Buffett Avoids Radioactive Lehman Brothers Bullet

2009-12-20T21:09:00.000-05:00

Lehman Bankruptcy and Engineered Financial Armageddon Real Story

2009-12-20T20:58:00.002-05:00

Agencies in a Brawl for Control Over Banks

2009-12-20T20:57:00.000-05:00

Richard Fuld: U.s. Federal Banking Regulators Were Aware Of Everything - Video of Fuld's second trip to Congress

2009-12-20T14:10:00.001-05:00

FULD'S RECENT SECOND TRIP TO CONGRESS
click on headline for link

Excerpt from THE MURDER OF LEHMAN BROTHERS

Fuld’s hearing ultimately deteriorated into a stilted and largely meaningless
debate over the proportion of Fuld’s wealth, certainly a topic to win
Fuld’s interrogators kudos for labeling and admonishing this fallen giant
as a creature of audacious greed. But how important is it, really, for Congress
to nail down the precise number that represents Richard Fuld’s net
worth? He is less rich than he once was, but still obscenely rich. Do we
really need to yank out our calculators?
For his part, Fuld summed up his record as CEO stating that the various
actions he and his top management team took “were both prudent and
appropriate” based on what they knew at any given point in time. Undermining
Fuld’s contention is an internal 2008 company analysis, now public,
that plainly states there were “warning signs,” but that management
“did not move early/fast enough.” Those of us, former Lehman people,
who either attended the hearings or watched the videotape on television
news spots saw our former chief, the man so many—until the very recent
past—heralded as one of America’s great senior executives, heckled by the
angry crowd outside the capital building as he walked to his private limousine.
In a less civilized time, or without police protection, the crowd
might have publicly stoned him. [and with good reason]

Amazon link
Read the Prologue to Murder of Lehman Brothers

The Harvard-Goldman Filter Keeps Too Big To Fail Banks Intact

2009-12-20T13:53:00.000-05:00

Eliot Spitzer, Now More Than Ever

2009-12-20T10:07:00.000-05:00

Buffett Avoids Radioactive Lehman Brothers Bullet

2009-12-20T10:00:00.002-05:00

The Banks Will Bring Us a Hyperinflationary Depression

2009-12-20T00:18:00.000-05:00

Agencies in a Brawl for Control Over Banks

2009-12-20T00:15:00.000-05:00

Barney Frank’s Plan: A Permanent TARP?

2009-12-20T00:03:00.000-05:00

Wall Street to give $140B in bonus - a new record

2009-12-19T18:10:00.003-05:00

SEC to Congress: BofA Probe Going Deeper

2009-12-19T18:10:00.000-05:00

SEC eyes all aspects of BofA's Merrill proxy

2009-12-19T18:09:00.002-05:00

Why Lehman brothers went bankrupt

2009-12-19T18:06:00.002-05:00

Everything must go... including the kitchen sink: Collapsed bank Lehman Brothers in secret sell-off

2009-12-19T18:04:00.000-05:00

Fitch Takes Action on 3 Classes of Lehman Brothers Home Equity Loan Asset-Backed Notes 2005-1

2009-12-17T13:33:00.000-05:00

It is amazing that more than two years after the subprime debacle surfaced we are still seeing downgrades of this magnitude on home mortgage securities. One must wonder how many bonds in this category remain massively overrated.

Equity Loan Asset-Backed Notes, Series 2005-1.
–Class A (525170CG9) downgraded to ‘CC/RR3′ from ‘AA’;
–Class M1 (525170CC8) downgraded to ‘D/RR6′ from ‘BBB-’;
–Class M2 (525170CD6) downgraded to ‘D/RR6′ from ‘BB ‘.

Bart McDade's Political Contributions

2009-12-17T13:26:00.000-05:00

Good Work If You Can Get It - Dick Fuld

2009-12-17T13:21:00.000-05:00

FROM THE DAIL DOSE BLOG

We often hear the sob story of how Dick Fuld (CEO of Lehman Brothers) lost over $1 billion as his company went bankrupt. However, do not shed a tear as he ran to the bank each year with fistfuls of cash.

Tiger Woods: Buy, Sell, or Hold?

2009-12-17T13:12:00.000-05:00

I think the impact of the scandal is much greater on people who are not Tiger Woods, strangely enough, than on Tiger Woods himself. The same story as Wall Street. Dick Fuld has money. Grandmas in Topeka don't.

PCCP Taking Over Lehman Bros' Real Estate Mezz Funds

2009-12-17T11:40:00.000-05:00

FSA ring fence rules found lacking in Lehman Brothers ruling

2009-12-17T11:31:00.000-05:00

"Hedge fund investors could lose out following a High Court’s decision that Lehman Brothers International Europe (LBIE) failed to adequately ring fence client accounts."

Judge Approves Lehman Bonus Plan

2009-12-16T21:43:00.000-05:00