Fuld, Tonucci Found Ratings Actions Extreme. Appeal! Appeal!

Our first dive into the document dump from Lehman's Chapter 11 proceedings

June 2008: Hillary Clinton called quits on her presidential campaign, Michael Phelps was en route to Beijing. Bear Stearns had collapsed in March, and Lehman’s pre-announcement of $2.8B in second quarter losses shook the ratings companies out of slumber. Lehman CEO Dick Fuld sent treasurer Paolo Tonucci seeking mercy:

“This seems extreme,” Tonucci wrote in an e-mail on June 12 to Moody’s executive Blaine A. Frantz. “Is there any way to appeal?”