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?”
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