Too Big to Fail - Andrew Ross Sorkin [299]
“Inside” to Fuld’s “Mr. Outside”: Fishman, “Burning Down His House,” New York.
“I want my employees to act like owners”: Schack, “Restoring the House of Lehman,” Institutional Investor.
point system similar to the one that he used to reward his son: Wall Street Journal, October 14, 2005.
his vacation with James Tisch: “Ben, lead the way”: Schack, “Restoring the House of Leh man,” Institutional Investor.
“Every day is a battle”: Fishman, “Burning Down His House,” New York.
“I tried to train investment bankers”: Robinson, “Lehman’s Fuld,” Bloomberg Markets.
Gregory’s $34 million, Fuld’s $40 million: Yalman Onaran, “Lehman Brothers Paid CEO Fuld $40 Million for 2007,” Bloomberg News, March 5, 2008.
people inside Lehman referred to as a “Joeicide”: Fishman, “Burning Down His House,” New York.
“People need broad experience”: Ibid.
Callan history, early career: Susanne Craig, “Lehman’s Straight Shooter,” Wall Street Journal, May 17, 2008.
“Would it be weird for someone like to me to work on Wall Street?”: From a profile of Callan in NYU Law School’s alumni newsletter, “Erin Callan, ’90: Chief Financial Officer, Lehman Brothers Holdings Inc.,” April 2008. See http://www.law.nyu.edu/alumni/almo/pastalmos/20072008almos/erincallanapril/index.htm
Citadel Investment Group, she orchestrating landmark sale of $500 million worth of five-year bonds: Pierre Paulden, “Rainmakers—Alpha Female,” Institutional Investor, June 2007.
her personal shopper at Bergdorf Goodman: Craig, “Lehman’s Straight Shooter,” Wall Street Journal.
negotiations to buy her dream home: According to New York City housing records, Callan signed both her deed and mortgage on April 16, 2008. Lysandra Ohrstrom, “15 CPW Alert! Lehman Lady Lands $6.5 M. Pad,” New York Observer, April 25, 2008.
15 Central Park West: James Quinn, “Sting Rubs Shoulders with Giants of Finance at $2bn Apartments,” Daily Telegraph (London), February 2, 2008; Christina S. N. Lewis, “Private Properties,” Wall Street Journal, October 3, 2008.
borrow $5 million to pay for the $6.48 million space: According to New York City housing records she took out a $5 million mortgage. Also see DealBook, “Lehman’s C.F.O. Checks into 15 C.P.W.” New York Times, April 29, 2008.
“I don’t want to make too much of words”: Matt Lauer interview with Treasury secretary Henry Paulson, Today, NBC, March 18, 2008.
quoting from the front page of the Wall Street Journal: Robin Sidel, Greg Ip, Michael M. Phillips, and Kate Kelly, “The Week That Shook Wall Street,” Wall Street Journal, March 18, 2008.
Goldman, Lehman first-quarter earnings: Jenny Anderson, “Swinging Between Optimism and Dread on Wall Street,” New York Times, March 19, 2008.
“Lehman kind of confounded the doomsayers”: “Lehman Lifts Mood, and So Does Goldman,” International Herald Tribune, March 19, 2008.
“all in all solid”: Susanne Craig and David Reilly, “Goldman, Lehman Earnings: Good Comes from the Bad,” Wall Street Journal, March 19, 2008.
“There’s no question the last few days”: Callan, from transcripts of the Lehman Conference Call: Lehman Brothers Holdings Inc. (LEH) F1Q08 Earnings Call, March 18, 2008.
“You did a great job, Erin”: Ibid.
The stock would end the day up: Anderson, “Swinging Between Optimism and Dread,” New York Times; Rob Curran “Lehman Surges 46% As Brokers Rally Back,” Wall Street Journal, March 19, 2008.
she slapped him a high-five: Curran, “Lehman Surges 46%,” Wall Street Journal.
“I still don’t believe any of these numbers”: Alejandro Lazo and David Cho, “Financial Stocks Lead Wall Street Turnabout,” Washington Post, March 19, 2008.
CHAPTER TWO
“That makes me want to vomit!”: A version of this story was previously reported by Kelly, Street Fighters, 204.
raise the price to $10: Kate Kelly, “The Fall of Bear Stearns: Bear Stearns