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Over at Neuberger Berman: Lehman sealed its $2.6 billion purchase of Neuberger Berman on October 31, 2003.
demanding that top Lehman managers forgo bonuses: Vale, Walker, and Fuld’s e-mail string available under “Lehman Brothers Email Regarding Suspending Executive Compensation,” House Oversight and Government Reform Committee’s investigation, http://oversight.house.gov/story.asp?ID=2208.
Few seemed to flaunt their personal wealth as much as he did: Michael Shnayerson, “Profiles in Panic,” Vanity Fair, January 2009; Christina S. N. Lewis, “Hot Words in Finance: ‘For Sale,’” Wall Street Journal, January 16, 2009.
He gave generously to charities: Shnayerson, “Profiles in Panic,” Vanity Fair; “Spelman Receives $10 Million Gift,” Jet, November 19, 2007.
he used it to ram through deals much more quickly: About Walsh, Aby Rosen told the New York Times: “He was fast…. He doesn’t try to kill you or retrade. To be honest, there are very few people in the industry you can say that about.” See Devin Leonard, “How Lehman Brothers Got Its Real Estate Fix,” New York Times, May 3, 2009; Dana Rubinstein, “Mark Walsh, Lehman’s Unluckiest Gambler,” New York Observer, October 1, 2008.
her input was virtually nil: See Nick Mathiason, Heather Connon, and Richard Wachman, “Banking’s Big Question: Why Didn’t Anyone Stop Them?” Observer (London), February 15, 2009.
Lehman buying Grange Securities for $100 million: Chris Wright, “Can Lehman Build on Grange?” Euromoney, July 2007.
Had there been a sound reason for acquiring Eagle Energy: In 2006, Lehman purchased one third of Eagle Energy and agreed to buy the remaining two thirds a year later. “Lehman Buys Rest of Energy Marketing Co. Eagle Energy,” Reuters, May 9, 2007.
deals that did concern him were the ones that Lehman failed to get: Leonard, “How Lehman Brothers Got Its Real Estate Fix,” New York Times.
“I am very disappointed”: On the morning of June 9, Fuld said: “I am very disappointed in this quarter’s results. Notwithstanding the solid underlying performance of our client franchise, we had our first-ever quarterly loss as a public company. However, with our strengthened balance sheet and the improvement in the financial markets since March, we are well-positioned to serve our clients and execute our strategy.” See “Lehman Brothers Announces Expected Second Quarter Results,” Reuters, June 9, 2008.
Lehman’s second-quarter earnings: Susanne Craig and Tom Lauricella, “Big Loss At Lehman Intensifies Crisis Jitters,” Wall Street Journal, June 10, 2008; “Preliminary 2008 Lehman Brothers Holdings Inc. Earnings Conference Call,” June 9, 2008.
“Dick Fuld is Lehman”: “Lehman’s $2.8B Loss,” George Ball, Squawk Box, CNBC, June 9, 2008.
“Are you saying ‘I told you so’”: “Lehman’s Q2 Loss,” Carl Quintanilla, Squawk Box, CNBC, June 9, 2008.
an e-mail to Fuld from Benoît D’Angelin: See “Lehman Brothers Email Regarding Lack of Accountability,” House Oversight and Government Reform Committee’s investigation, http://oversight.house.gov/story.asp?ID=2208.
So she sent Fuld a two-sentence e-mail: Read to author by confidential source.
Fuld met with the investment bankers for lunch on Wednesday, June 11: Previously referenced by Steve Fishman, “Burning Down His House,” New York, December 8, 2008, as well as Susanne Craig, “Lehman Shuffles 2 Key Jobs In Bid to Restore Confidence—Finance Chief Is Demoted; ‘Wall Street Wants a Head,’” Wall Street Journal, June 13, 2008.
Gasparino hectoring Lehman’s spokesperson: Dealbreaker.com posted a series of Gasparino’s taped voicemail messages to Kerrie Cohen. “Charlie Gasparino Leaves The Greatest Voicemail(s) of All Time,” September 22, 2008. http://dealbreaker.com/2008/09/charlie-gasparino-leaves-the-g.php.
“Our credibility has eroded”: Yalman Onaran, “Lehman Drops Callan, Gregory; McDade Named President,” Bloomberg News, June 12, 2008.
CHAPTER SEVEN
“Lehman is not a Bear Stearns situation”: “BlackRock’s Fink Says Lehman Not Another Bear-CNBC,