A Deluded Banker’s Tale of Lehman’s Last Days [zero hedge]
Barclays PLC (BCS)
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Source: zero hedge
Authored by Shuli Ren, first published on BloombergOn a Sunday night 10 years ago, I was sitting alone in my midtown Manhattan apartment on 46th Street, preparing to dial into a conference call to discuss the impending demise of my employer: Lehman Brothers Holdings Inc. That morning, Sept. 14, it had become widely accepted that Lehman would go into bankruptcy. Farewell and personal-contact emails started to stream in from colleagues. I wondered whether we would be able to return to work Monday. The call was like a tall glass of Kool-Aid. Lehman would probably find a buyer, and as part of the “good bank,” our team would be on safer ground, we were told. We could also market our group and perhaps find a new home. I drank with gusto.I, and probably many others, thought there was no way Lehman would be liquidated, and that my quantitative equity research group would be all right.Sure, Lehman held toxic assets. But for years, it had also housed Wall Street’s top-ranked fixed-income and eq
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