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 And to Fahey Lehman’s [Photo by Chip Somodevilla/Getty Read More
Two years ago, as the city cowered, wondering if there could be a future after Lehman Brothers, the daughter of the company’s old boss was “moving aggressively to sell her five bedroom co-op” at 79 East 79th Street, according to The Times.
Christine Packles and her husband Aaron, a managing director at Merrill Read More
Former Lehman Brothers top brass is lawyering up as the Securities and Exchange Commission strengthens its grasp of potential wrongdoing leading up to the investment bank’s implosion, The Wall Street Journal reports.
White-collar defender Lewis Liman is representing ex-CFO Ian Lowitt. Lowitt replaced Erin Callan in June of 2008. Callan, as well as ex-CEO Read More
In the latest variation on the theme that the September 2008 Lehman Brothers bankruptcy was in reality a calamity for civilization, and perhaps would have been better avoided, the Financial Crisis Inquiry Commission has published a series of emails revealing that officials faced heated debate and high uncertainty over what to do about the Read More
As recently as March, Steven Rattner, the former private equity kingpin and Obama administration car czar, was having an unpleasant time with Overhaul, his book on the emergency auto rescue. “Writing books is a bear. It’s just really hard work. And he hasn’t done it before,” Mark Green, who’d talked to him about the struggle, Read More
A couple weeks before the two-year anniversary of his former firm’s collapse, a testy Dick Fuld is testifying today before the Financial Crisis Inquiry Commission. From his prepared remarks, here’s a list of excuses he’s running by government officials.
• First of all, “the incorrect perception and accompanying rumors that Lehman did not have sufficient Read More
• While Wall Street executives fret about how financial reform may hamstring their operations, business is booming and jobs are abundant at the Securities and Exchange Commission. [Bloomberg]
• Wall Street, long known for its adoration of Barack Obama, has gotten over its presidential crush, thanks mainly to the commander in chief’s insistence on strict regulation Read More
Fortune today gives us a rare look at Dick Fuld, the now-reclusive ex-CEO of catastrophic failure Lehman Brothers, whose historic blowup in 2008 nearly caused the utter collapse of of the world financial system. So what’s Fuld been up to?
Avoiding getting shot, for starters. The last time Fuld granted an interview, all the Read More
There are two ways to react to the biblically proportioned report that Lehman Brothers’ bankruptcy examiner released last Friday, which over its 2,209 pages (not counting appendices) has echoes of Grisham, Orwell and Ayn Rand.
The first is to lose faith in man. As it reveals, Lehman turns out to have used a secretive and Read More
Former C.F.O. Brad Hintz went on Bloomberg Television today to talk about the 2,000-page autopsy of Lehman Brothers, which appears to have overdosed on a drug-like accounting practice ominously called Repo 105.
“I would call it shenanigans,” said Mr. Hintz, who also pointed out that the company was severely leveraged. Repo 105 essentially allowed Read More
