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

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

dick fuld emails lehman hi res e1335892059978 Fuld, Tonucci Found Ratings Actions Extreme. Appeal! Appeal!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?”