- Wealth PMS (50L+)
A gripping story about Dick Fuld and Lehman Brothers (Bloomberg):
The end came after months of frantic activity to find a solution — reaching out to, then spurning an offer from Berkshire Hathaway Chairman Warren Buffett; meeting with executives of banks on three continents, devising a last-ditch plan to spin off Lehman’s toxic assets; and pleading with government officials.
Then, on the morning of Sept. 14, after a series of weekend meetings at the New York Fed, a private deal to save the firm from bankruptcy was hatched. The government persuaded a syndicate of banks to backstop a new entity that would take over $55 billion to $60 billion of Lehman’s troubled assets, and London-based Barclays Plc agreed to acquire the rest of the firm, according to people familiar with the negotiations.
When the U.K.’s Financial Services Authority refused to sign off on the Barclays purchase late that morning, U.S. officials refused to take any steps to save the deal. At about 2 a.m. on Monday, Sept. 15, Lehman filed the biggest bankruptcy in U.S. history.
A very interesting company that. From Lehman, to Shearson-Lehman, to Amex, to Citi, to Lehman, to bust.
Books will be written, stories will be told. I will read and read and read. What else will be there to do?