Too Big to Fail - Andrew Ross Sorkin [298]
he joined the Reserve Officers’ Training Corps: Fuld’s ROTC recruitment has been reported previously by various publications, including the Wall Street Journal and Fortune, but this scene between Fuld and his sergeant, to the author’s knowledge, has never been published before.
United Merchants & Manufacturers: “Jacob W. Schwab, 89, Textile Manufacturer,” New York Times, March 30, 1982.
Fuld’s Lehman internship: Justin Schack, “Restoring the House of Lehman,” Institutional Investor—Americas, May 12, 2005; Tom Bawden, “Bruiser of Wall St Dick Fuld Looked After His People, But Didn’t Know When to Quit,” The Times (London), September 16, 2008; Annys Shin, “Capitol Grilling for Lehman CEO,” Washington Post, October 7, 2008.
“I truly stumbled into investment banking”: Schack, “Restoring the House,” Institutional Investor.
magnificent 1907 Italian Renaissance building: Ann Crittenden, “Lehman’s Office Move Marks End of an Aura,” New York Times, December 20, 1980.
“He didn’t let his emotions get the best of his judgment”: Edward Robinson, “Lehman’s Fuld, a Survivor, Now Eyes Investment Banking Business,” Bloomberg Markets, July 2008.
Glucksman, who died in 2006: Diana B. Henriques, “Lewis Glucksman, Veteran of a Wall St. Battle, Dies at 80,” New York Times, July 8, 2006.
Lehman’s history: Charles Geisst, The Last Partnership: Inside the Great Wall Street Dynasties (New York: McGraw-Hill, 2001), 49–51; Auletta, Greed and Glory On Wall Street, 27–30.
commercial paper trading operation: Keith Dovkants, “The Godfather, a Man They Call the Gorilla and How a Banking Legend Was Lost,” Evening Standard (London), September 16, 2008.
21 While this anecdote has been reported previously, the scene and dialogue between Kaplan and Fuld have been reported newly by this author. A brief mention of this event was previously reported by Fishman, “Burning Down His House,” New York.
“The Gorilla,” a nickname…stuffed gorilla: Susanne Craig, “Trading Up: To Crack Wall Street’s Top Tier, Lehman Gambles on Going Solo,” Wall Street Journal, October 13, 2004; Schack,” Restoring the House of Lehman,” Institutional Investor—Americas; Louise Story, “At Lehman, Chief Exudes Confidence:” New York Times, June 17, 2008.
“I was one of those people who didn’t want to disappoint Dick”: Fishman, “Burning Down His House,” New York.
the “Huntington Mafia”: Shnayerson, “Profiles in Panic,” Vanity Fair.
“Fucking bankers!”: Auletta, Greed and Glory, 118.
Glucksman, Peter Lusk’s office: David Patrick Columbia, “Highs and Lows,” New York Social Diary, January 27, 2009.
Glucksman ousting Peterson: Ken Auletta “Power, Greed and Glory on Wall Street: The Fall of the Lehman Brothers,” New York Times Magazine, February 17, 1985.
“That’s kind of like talking about my first wife”: Robinson, “Lehman’s Fuld,” Bloomberg Markets, July 2008.
Shearson/American Express acquiring Lehman: Robert J. Cole, “Shearson to Pay $360 Million to Acquire Lehman Brothers,” New York Times, April 11, 1984.
“I loved this place”: Ken Auletta, “The Fall of Lehman Brothers: The Men, the Money, the Merger,” New York Times, February 24, 1985.
“It was like a ten-year prison sentence”: Peter Truell, “Market Place: Is Lehman Ready to Take the Plunge?” New York Times, June 3, 1997.
“Stay together, and you will continue to do great things”: Glucksman’s quote, as well as his pencil demonstration, from Robinson, “Lehman’s Fuld,” Bloomberg Markets.
Fuld pushed out Pettit: Peter Truell, “Pettit Resigns as President of Lehman Brothers,” New York Times, November 27, 1996; Peter Truell, “Christopher Pettit Dies at 51; Ex-President of Lehman Bros.” New York Times, February 19, 1997.
“You’re the best business fixer I have”: Fishman, “Burning Down His House,” New York.
Fuld began by slashing payroll: And brokers, too. Fuld noted, “Within a week or 10