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Death and Near-Death Experiences on Wall St.
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An hour by hour, day by day account of how Thain and Fuld, two men at the top of Merrill and Lehman, handled the crisis facing their firm. Also an account of how both men acted in the year and the months before the climactic week when Lehman filed for bankruptcy and Merrill Thain arranged for Bank of America to buyout Merrill. How Thain did it and how Fuld failed to save his firm, their background and personalities offer a striking contrast to different approaches to the crisis one facing reality and taking actions one after the other palatable or not, and the other too complacent and missing opportunites to save the firm even after the collapse of Bear Stearns left Lehman exposed to the next crisis of confidence. For example while Lehman failed to raise capital and get rid of undesirable or toxic assets, Thain sold $31.1 billion in toxic assets to a investment company Lone Star for 22 cents on the dollar, even financing 75% of the sale. It raised $8.8 billion in a deal that diluted Merrill's shareholders severely, and announced Merrill would sell its stake in Bloomberg for $4.4 billion. Lehman and Merrill were both heavily leveraged. So are Morgan Stanley and Goldman Sachs at this time in a financial market that is coming down hard on these highly leveraged investment banks.
Lehman Brothers and Fed rescue
03/18/2008
Grouped Articles
Lessons from the Lehman Autopsy
BusinessWeek 03/24/2010
Fuld: SEC, Fed Knew All —Even If He Didn't
Wall Street Journal 04/20/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
Hedge Funds Are Among the Winners of the Lehman Spoils
Wall Street Journal 09/13/2013
Introducing a Roundtable on Too Big to Fail
Unknown 10/25/2009
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
The collapse of Lehman Brothers in the global financial crisis of 2008
03/18/2008
Grouped Articles
Lehman Channeled Risks Through âAlter Egoâ Firm
New York Times 04/12/2010
Fuld: SEC, Fed Knew All —Even If He Didn't
Wall Street Journal 04/20/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
Hedge Funds Are Among the Winners of the Lehman Spoils
Wall Street Journal 09/13/2013
From Lehman's Wreckage, New Lives
Wall Street Journal 09/12/2009
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
Lehman after one year in September 2009.
03/18/2008
The Lehman failure looked at a year later. But what of this crisis atmosphere that needed to be created by Paulson for reform, and for Congress to acto both on bailout and reforms? See the accompanying article in the NYT on the practically complacent and no action posture that has set in on American financial markets, and the lobbying of financial institutions in Congress and with the Obama government that supports such a posture.
Grouped Articles
Lessons from the Lehman Autopsy
BusinessWeek 03/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
Hedge Funds Are Among the Winners of the Lehman Spoils
Wall Street Journal 09/13/2013
In Lehman's Shadow, Ex-CEO Fuld Carries On, Quietly
Wall Street Journal 09/13/2013
Introducing a Roundtable on Too Big to Fail
Unknown 10/25/2009
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
Lehman Brothers and the improper accounting that misled investors and led to its collapse.
03/18/2008
The use of Repo 105 transactions which concealed loans as sales of securities and moved them off the bank's balance sheet. About $50 billion was moved off the balance sheet in this way in 2007 and 2008. The practice started in 2001 and was accepted by its auditor Ernst & Young. The New York Attorney General is investigating Lehman and Ernst & Young.
Grouped Articles
Lessons from the Lehman Autopsy
BusinessWeek 03/24/2010
Lehman Channeled Risks Through âAlter Egoâ Firm
New York Times 04/12/2010
Fuld: SEC, Fed Knew All —Even If He Didn't
Wall Street Journal 04/20/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
Hedge Funds Are Among the Winners of the Lehman Spoils
Wall Street Journal 09/13/2013
From Lehman's Wreckage, New Lives
Wall Street Journal 09/12/2009
Lehman CEO Richard Fuld in 2013, eight years after the collapse of Lehman
03/18/2008
Grouped Articles
In Lehman's Shadow, Ex-CEO Fuld Carries On, Quietly
Wall Street Journal 09/13/2013
From Lehman's Wreckage, New Lives
Wall Street Journal 09/12/2009
Introducing a Roundtable on Too Big to Fail
Unknown 10/25/2009
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
Lehman Struggles To Shore Up Confidence
Wall Street Journal 09/11/2008
Lehman Finds Itself In Center of a Storm
Wall Street Journal 03/18/2008
The Bank of America-Merrill Lynch Deal, a disaster in the making.
09/15/2008
The disaster that the acquisition of Merrill is turning out to be for Kenneth Lewis and Bank of America.
Grouped Articles
Pain of Thain Falls Mainly on Merrill
Wall Street Journal 06/06/2013
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
Bank of America Mortgages Show Conflict and Trickery in Mortgages
New York Times 08/21/2014
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
Thain's Swiftness Praised; Fuld's Hesitation Faulted
Wall Street Journal 09/16/2008
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