Fuld held out for 25 years, was appointed head of Lehman Brothers. I looked at Lehman Brothers, stick to the employees, Fuld passion, almost frantically shouted and said: a fall, the staff immediately excited the audience. The meaning of this sentence is quite, think about the green bills that do not, Fuld's intention without saying.
9.11 incidents broke out, destroying the headquarters of Lehman Brothers. Wall Street bigwigs are holding hands, sit on the sidelines, ready to see the ruins of Lehman Brothers on how dirty the WTO last drop of blood.
But Fuld did not give cold bigwigs who see the opportunity to joke. By 2007, the assets of Lehman Brothers Fuld has grown six times the 738 billion U.S. dollars to grasp the hands of financial derivatives contracts. Hundred years later, this depend on others under the control of orphans in the Fuld completely independent and successful listing, return to the ranks of Wall Street's biggest names in-class investment bank. Again with the same par with the Jewish origin of Goldman Sachs, a Wall Street, the absolute big brother Subordinated Debt.
3, David
ghost behind the failure as if you have a clear agent, do not let the success to become a magic potion.
seemingly smooth, promising Fuld, never thought he was generous financial derivatives gamble was Ehorn to set its sight.
CNBC TV screen allows Fuld headaches. Ehorn Yaotouhuangnao damn show off in front in the host how he is short of Bear Stearns, Lehman Brothers is now going to do short, even confidently predicted that Lehman will go the way of Bear Stearns in the past. In short, after Bear Stearns overnight success, whether it is the American people, or those who like to watch the big brother on Wall Street who are willing to believe Ehorn icing on the cake this time.
Ehorn definitely go Goushi Yun.
2007 年 7 the end of BNP Paribas (BNPParibasSA) frozen under the jurisdiction of three subordinated debt fund, which is a dangerous signal. Ehorn see this news and analysis to confirm that after the repeated act of BNP Paribas, is a subordinated debt fund investors to determine a problem, or Paris, the bank will not ton output capacity. On Wall Street, almost every big firms are hold subordinated debt in the world among the top five investment banks, Lehman Brothers, Bear Stearns, but this business with the big brother.
fact, Ehorn do not know, Goldman Sachs had started short mysterious triangle with Lehman Brothers the Bear Stearns. Ehorn kept in the dark, the biggest advantage is hard work, the Lord of their own at home alone one night, the next morning to call the team the green capital, boldly proposed and extent far beyond expectations. BearStearns), Lehman and Citigroup (Citigroup) and other 25 international banks and investment banks stock portfolio.
Ehorn Mongolia entirely blind cat dead rat, and the direction is not an accurate short, but to the credit of each stock basket, respectively, 1% of fund assets to short. When the third quarter, earnings have been introduced, the Ehorn This has been a certain direction, will be rapidly compressed to 25 6.
Part Section 7: Farewell, Lehman Brothers (7)
2007 年 9 months, Ehorn appear in the Lehman Brothers investor conference.
that time, Fuld for Ehorn no good impression, but also not too concerned about. Unexpectedly, this kid so Fuld so embarrassed, he stood up aggressively questioned Lehman Brothers chief financial officer Erin? Karan, Lehman Brothers is fully exposed the sub-prime related losses? Erin? Karan casually told Ehorn, Lehman Brothers is very complex and not outside the average person can get to know the.
Ehorn judge Erin? Karan was lying, he was very angry toward the recording pen howling reporters: is a reasonable question, they reported in a deceptive answer.
Erin? Karan with Richard? Fuld ignored Ehorn the importune, as are showy even Ehorn clown.
2008 年 3 18, Lehman Brothers, the first quarter of 2008 earnings to better than generally expected attitude appearance, earnings per share of $ 0.81, save time in a row showing a huge drop in stock prices, same day Ray Goldman shares rose 46%, completely disperse the cumulative decline for two consecutive days after the haze of 30%.
Fuld do not want to Ehorn any chance, his financial report through the beautiful, made to investors passionate speech, repeatedly stressed that Lehman Brothers in 2006, has been subordinated to short Lee quite good.
This time, Wall Street investors all will Ehorn as a clown.
Ehorn frantic, no longer contain himself, despite the mysterious hedge fund investment practices, he took public its short action. Early April 2008 his first
aggressive Ehorn to the management of Lehman Brothers into an embarrassing situation, but Fuld was no way to Ehorn shut up.
2008 年 5 21, Ehorn investors facing a room full of high-end speech, the proceeds of Lehman Brothers raised criticism, convinced that Lehman's subprime mortgage risk is not fully released. His many other financial assets, questioned the valuation, especially Lehman Brothers did not hold 6.5 billion of its CDO (CDO) write-down for enough of these positions only in the first quarter of the earnings report was only disclosed. While the other banks and Wall Street firms, announced a few months ago a similar position and be a massive write-downs. Fuld of Lehman Brothers called the beginning of 2006 to short subprime was a lie, Chief Financial Officer Erin? Karan impossible to clearly demonstrate the financial aspects of the profits of Lehman Brothers, there is a big problem, or even fraud.
Lehman Brothers, this time their eyes looked really small clown - David? Ehorn.
Ehorn up the victory, the use of April 2008 a document those corrupted officials Lehman Brothers. Lehman Brothers announced its CDO holdings in about 25% of the rating is BB + or lower (both junk), including 1.6 billion U.S. dollars in the hold below investment grade positions, the scale of 65 billion U.S. dollars of CDO in the circumstances, How can we prove that only offset against the $ 200,000,000 is reasonable? Let Ehorn more annoyed that, as Lehman Brothers chief financial officer, Erin? Karan refused to explain the scale of write-downs, just casually said Lehman Brothers is expected to be included in the second quarter, more losses.
Part Section 8: Goodbye, Lehman Brothers (8)
Ehorn angry speech again, quickly jump red on Wall Street, Lehman's stock began to decline.
2.7%, this decrease is not Ehorn ideal declines. Collapse of Lehman Brothers, his final victory is short, Ehorn has started to become crazy.
things grow bigger, Erin? Karan had to communicate with Ehorn, but she did not give any new interpretation of Ehorn, but for their own severely reprimanded Ehorn self-interest, will Lehman Brothers shareholders, employees and even the fragile U.S. financial system, a deadly threat.
Erin? Karan's complaint to Ehorn more angry, he was crazy to accelerate the pace of short Lehman Brothers.
who will have the last laugh?
Lehman Brothers only lived 158 years, 19 Mania cat, has been unable to get rid of the Dazui Zhang Ehorn, had to request the U.S. Securities and Exchange Commission, and the dissemination of rumors of hope Ehorn Shares of clowns to shut up.
the U.S. Securities and Exchange Commission does not want to see Ehorn excessive publicity in the media, which will be fully drawn into the crisis in U.S. financial quagmire, not a good thing for everyone, of course, in addition to such short Ehorn hedge fund people. Ehorn did not expect regulators to respond confidently: toss go on like this, Lehman Brothers will work out. Even more frightening is that Goldman Sachs Lehman rumors intensified short.
bitch interested, shopping malls ruthless. Lehman has finally returned to Wall Street believe that Goldman Sachs really brothers and backstabber.
not understand Fuld, Goldman Sachs in the end want? Short? Acquisition? Monopoly Wall Street?
dry out and die Lehman Brothers, Goldman Sachs, the most direct benefit is one less competitor in the wide-scale anti-trust the Bush administration, with the annexation of the hands of hedge funds, Lehman Brothers, has become one of Wall Street absolute Gangster , Collateral, why not?
sinister, really sinister, seen shameless, never seen such shameless.
fact, Fuld simply will not see to understand the trap of Goldman Sachs, which is a no way out of the stupid move, Wall Street is a slaughterhouse, South Korea is an invisible Shen Jian, waiting for Lehman Brothers only the bloody knife, can not see the knife.
4, Brothers backstabber
is the time to be a hundred years is the end of the grievances.
once the envy of the Jewish close friends, the brothers have now become competitors. Honeymoon in the long river into a memory, and slowly disappeared. Goldman Sachs is now smother frequent, Flying Man Wu, knife stabbed in the back to Lehman Brothers, Antiaris knife.
saying in 1902 that year, the young head of Goldman Sachs, Henry? Godwin door optimistic about the railway financing in an attempt to share. At that time, Morgan, Speer, Kuhn family of three railway monopoly finance business, one that someone wants to snatch the three family pressure to Goldman Sachs, respectively. At this time, even Henry Langjiu, but also his partner have come out against him. Henry extremely depressed? Godwin door wondering for a long time, look for companies that need to finance more and more, this opportunity can not just be lost. So he decided to join forces close friend, Philip, head of Lehman Brothers? Lehman, Lehman Brothers was considered a wealthy family, the two hit it off.
Since then, Henry? Gode door every day at noon would give Philip? Lehman hung the phone: Philip gate to look the company, the two meet to share their good mood and always heard what a joke piece. Monique Del folks downtown hotel lobby arms around to see the two approached the hotel, to far to meet her, they brought the second floor of a small private room inside. Hotel man to complete a course after the withdrawal, the two began to drink in the room laugh.
Part Section 9: Goodbye, Lehman Brothers (9)
one day, two glasses of spirits, sinks, Henry suddenly snapped to look down on a table, is very mixed feelings said: . So Godwin door - Lehman Brothers was born, and special sales for stocks.
the saying goes, brothers, out afterwards. Friendship is based on the reasonable distribution of benefits, and Goldman Sachs co-operation with the Lehman immediately faced a critical question, who is the real boss? Goldman Sachs did not have much cash customer resources, Lehman Brothers after the Civil War assumed the post-war reconstruction of the financial work, this brother some money. Two brothers child Well, in a restaurant a whole, say nothing, and profit twenty-one Tim for five way split is much shorter. Goldman Sachs responsible for developing client resources, Lehman Brothers, paid more money for underwriting.
add to pro-pro,UGGs, and even Henry married his sister, the Lehman family, marriage and funerals with equity business cooperation, regarded as a double insurance. Henry? Gode and pro-door policy of this weakness somewhat intentional meaning. Lehman Brothers is not a lot a lot of cash support,UGG boots cheap, Goldman Sachs even if there is more potential customers can not achieve true financing. Henry? Gode door most difficult time in their chosen marriage, a growth in the humiliation with the Goldman Sachs investment bank to become the most powerful company that dream is, it is simply too small, and can endure. Everything will be fine, this is the Jewish belief in bones.
earn money with Lehman Brothers, their customers, Goldman's client list getting longer and longer, the two collaborated for 30 years, 65 companies issued 114 securities.
Unfortunately, this life of conjugal bliss and not too long. Henry? Godwin goalkeeper control of the company give his sister Fu Samu? Shaqie Si, the Lord has been very satisfied with Henry? Godwin door with Philip? Lehman Agreement, the interests of the distribution. He felt that the development co-operation are during the clients ran back and Goldman Sachs, Lehman Brothers just as the landlord is simply the same people, relied on the money when there are several walk away dispensers. However, Goldman Sachs recently took over the power of Sam? Shaqie Si, with a unique tolerance of the Jewish wisdom, inherited Henry? Godwin door tradition, one to twelve noon each day will give Philip? Lehman Phone , similar to the second floor of the hotel in the center for lunch.
passion after losing all lovers of mystery, is followed with the endless plain jealousy.
with Lehman Brothers, Goldman Sachs has seamless intimate, and slowly disappeared in the center of the hotel on the second floor private room. Sam increasingly hard wings? Shaqie Si increasingly dissatisfied with Lehman Brothers, and often complain of Lehman Brothers in the bottom of my heart do not make progress. His efforts do not think Goldman Sachs, Lehman Brothers did not do any underwriting business, and probably would've finished. Sam? Shaqie Si lunch when the test has been Philip? Lehman's attitude, I hope to share more of Goldman Sachs co-benefits.
Philip? Lehman generally do not like Sam? Shaqie Si redistribution of the positive benefits to discuss problems, but often to Sam? Shaqie Si speak some gossip. One day in 1936, at noon, Philip? Lehman had just seated, Sam? Shaqie Si gave Philip? Lehman to an embarrassment, turned to go downstairs, Philip? Lehman was a bit senseless. Sam? Shaqie Si pretended to look anxiously said: said: Chase is using the thumb to pull the teeth in the residue, Philip? Lehman still smiling, but he actually had physically and mentally exhausted. Obvious, Sam? Shaqie Si today in a showdown with their own, Goldman Sachs has become more selfish and greedy. If they continue to dumb down, will become increasingly strained relationship between the two, go on like this benefits no one, and finally happy that Morgan to them, they badly wanted the separation and even Goldman Sachs, Lehman Brothers, with the win badly beaten . To a friendly break up, and Philip? Lehman patted Sam? Shaqie Si's shoulder: can not eat each other. Goldman Sachs, Lehman Brothers had nothing to eat up the place. Sam? Shaqie Si to be knocked out of Lehman Brothers, Lehman Brothers keen on the idea of the conditions of separation, when sixty-one customer walked forty-seven football Goldman Sachs, Lehman Brothers leave nineteen. Goldman Sachs partners for young people to education, indoctrination, Lehman and Goldman Sachs to split the root cause of Lehman Brothers would not do business, they are parasites attached to Goldman Sachs.
after breaking up with Goldman Sachs, Lehman Brothers still looked courteous, discrimination is a partner in Goldman Sachs among the generations continue. Lehman Brothers, whatever the outcome, once the biggest names, how long can tolerate discrimination of Goldman Sachs? Kuhn - Loeb is the company's acquisition of investment bank Lehman Brothers to the field in a fight with Goldman Sachs bets. Days in the absence of Goldman Sachs, Lehman Brothers all the way to life and death struggle, before the arrival of the subprime crisis, as with Goldman Sachs, squeezed into the top five Wall Street as the world's top celebrities.
surprise, the two hundred years ago marriage, and now, but against each other. Goldman Sachs had intimate actually spreading rumors behind the brother. Shameless rumor, secret manipulation.
biggest names have become Wall Street's Goldman Sachs, one of the best in the whole Wall Street, not in the global capital markets, are kept their promises. Even a rumor, the listener would prefer to believe them, and now, Goldman Sachs's words, is enough to let Lehman Brothers die hard on Wall Street see, this is the right to speak to master the magic of Wall Street.
back from Seoul, Fuld has been restrained, but he did not think his actions will be fully exposed, as a joke. Crazy rumors also spread like a virus, Goldman Sachs, how can the brother was like this?
the cold Wall Street, those cool guys, the left hand may have just put down the rumors Goldman traders spread of the telephone, right to fast as lightning, in the computer Jianpanshangqiao out of stock short selling of Lehman Brothers instructions.
Fuld grew more and more feel terrible, grew more and more angry. Both have had to break up the agreement, Goldman Sachs must not be under the black hands behind. Fuld grabbed the phone, hit to the Goldman Sachs chief executive Lloyd? Blankfein (LloydBlankfein). Fuld try to restrain their anger over his stomach, did not expect to let Lloyd blurted out the first sentence? Blankfein was very unhappy: Ed? Blankfein humble origin, is the son of a postal worker in Brooklyn, New York, grew up in subsidized housing, enrolled in a tough local schools, a scholarship through Harvard and Harvard Law School . After graduation, he has done for some time tax lawyer. Later, he applied, Goldman Sachs, initially fail miserably. Through other means, he successfully entered the Goldman Sachs. Since then, all the way to a meteoric rise, especially in the Bush administration Treasury Secretary Paulson took over power, the Blankfein became head of Goldman Sachs.
Part Section 11: Farewell, Lehman Brothers (11)
before becoming a partner, Lloyd Goldman Sachs bosses heard in private discrimination Lehman remarks, Fuld did not expect so much anger now. Lloyd can understand the feelings of Fuld now, the whole Wall Street, not the entire United States watching Fuld's joke. Finished with a guy about to get angry not absolutely necessary, Lloyd does not dispute.
only heard of it, short of Lehman Brothers are related to the rumors about hedge funds, I recently devoted a lot of contact with traders walk rumors. Lehman Brothers fell is the culprit.
Blankfein impassively holding telephone, Fuld really mad now, he said, walking rumors Goldman traders, hedge fund managers and even to the phone, this is illegal manipulation Is this guy not a death to pull Goldman scapegoat? Blankfein throat almost exploded in the anger, but he refrained, not now, when hostilities break out with Fuld skin, not absolutely necessary, otherwise just like Bianshi, it is detrimental to Goldman Sachs reputation. Moreover,UGG bailey button, he is still not sure Goldman Sachs Lehman Brothers trader in the end what a walk is not rumor, but could not confirm whether Goldman traders to hedge funds played short of the phone.
rumor this time, the last one was a fatal message. As early as before the death of Bear Stearns on March 11, Goldman Sachs's credit derivatives business to the customer sent a deadly message, Bear Stearns said it would no longer provide security derivative transactions. This is undoubtedly told Wall Street, Goldman Sachs relationship with Bear Stearns finished. Although, after Goldman Sachs issued in the message mode is also false false plots to continue its cooperation with Bear Stearns, but the behavior of traders have no way out for Bear Stearns, the end of the last transaction is the death throes of life only. Goldman Sachs, Bear Stearns was the message into the abyss of death, it is 多贝尔斯登 customers will be transferred to the Goldman Sachs trading contracts.
Although it does not grasp Fuld Goldman traders fatal message, but the private traders spread rumors is entirely possible. The face of angry Fuld, Lloyd is shocked tone: violations will not sit idly by. Moreover, in a hundred years ago, Goldman Sachs, Lehman Brothers, with the brotherhood, cooperation in the two to show good faith, but also mutual marriage, then it is very pleasant cooperation, then the two also agreed to live in peace. In the Bear Stearns collapse, feel insecure, easily one can defeat any rumors of a hundred years old.
Blankfein on the phone end of the grinding mill Listen chirp Fuld, Fuld was right, with Lehman Brothers, Goldman Sachs did a hundred years ago are very close partners, they intimacy, each project has to cooperate or even to leave Goldman Sachs, Lehman Brothers business to can not go. But then split, and Goldman Sachs want to have a go independent. Moreover, the acquisition of Lehman Brothers Kuhn that Rulangsihu - Loeb Company, to the Wall Street into a panic. Now Lehman Brothers, Kuhn bones completely infiltrated - Loeb, owner of Jacob? Schiff genes, like the revenge of his anti-Semitism in general, the crazy all opponents down.
Part Section 12: Farewell, Lehman Brothers (12)
a helpless person in a desperate moment, there is lots to talk nonsense, hoping to seize straw live. Yes, Fuld is now such a lost soul sentimental losers. Lloyd Cengceng Shangcuan pressure of the pressure of the fire, holding back not a word. Mutual recrimination is the marketplace that rogue, the invisible hand is to kill opponents of the highest level.
5, help the SEC
office, employees wandering eyes.
downstairs waiting for the press from various quarters, the staff saw Lehman Brothers go out, just like the flies rushed in to. Only one theme, when Lehman Brothers finished? Lehman Brothers employees almost mad, especially fear down the stairs, they do not imagine the collapse of Bear Stearns, as a large number of people holding cardboard box home, and then holding his crazy weeping wife or husband, the next day Start your resume around frantically looking for work.
back to the U.S. from Seoul, the fourth day, Lehman Brothers on June 9 announced the second quarter ahead of earnings, and that has been raised to 60 billion in new capital. The so-called new capital, in fact, been discussed with the industry, the sale of bank stock issue that no one character to write it, Fuld has been impatient of. Stimulation, only a strong stimulus to revive market confidence.
David? Ehorn still swagger around, seems not to Gaosi Lehman Brothers, the Lord is not willing to. Of course, David? Ehorn has been seen from the Fuld's temper among the clues, especially the corruption of Fuld rage to call the issue to the Goldman Sachs CEO Lloyd Blankfein, the Wall Street passed the talk of the town, known to everybody, now Fuld on Wall Street have become a child without pants the same.
looking at waterfalls stock K line graph, Fuld anger to the extreme, David alone? Ehorn goes without Jide mouth, Lehman's stock will not be the same as diarrhea only could not help to fall. Yes, definitely in trouble at Goldman Sachs. Now people believe that Wall Street's financial problems of Lehman Brothers, Lehman Brothers, as if a death, the risk of Wall Street finished completely free. Fuld wanted to call to give Lloyd a call, ask whether the internal investigation of the Goldman Sachs traders spread rumors.
impossible, how could Blankfein inventory at this time the internal people? That it not shooting itself in the feet? Blankfein will not be so stupid. No, Fuld teeth, so check your damn Blankfein walks Trader rumors, it is basically nonsense. What with the investigation said to myself, once problems are detected and punished, Blankfein is entirely face to give yourself a good face it. Or their own hands, to clothing.
Blankfein was sitting in the office this time, look at the Lehman Brothers report, flashing a smile of his mouth, the bold Min Yu San,cheap UGG boots, arrived Development Bank to state-owned banks money Ganna save a lot of the bad debt of Lehman Brothers, Lee Myung-bak government is not obvious to the problem?
Sad, Fuld has been a big mistake.
, however, still have to be careful in the heart repeatedly pondering Blankfein, told Fuld like crazy these days, walking around rumors of Goldman Sachs collected evidence. Rumors on Wall Street is no smoke without fire, the earth will know Goldman Sachs Subordinated Debt operate this business quite above the mysterious, almost negligible, so most people will believe that Goldman Sachs was shorting Lehman Brothers, traders walk men rumor is entirely possible. Goldman Sachs, Lehman Brothers will report the event to the United States Securities and Exchange Commission, or the Federal Reserve, Goldman Sachs lost it on the big, spreading rumors, manipulating stock prices may not only face penalty fines, if convicted, then Goldman Sachs painstakingly built up in a crisis reputation may all over.
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