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Sunday, September 14, 2008

Lehman Brothers, the investment bank, filed for bankruptcy protection. I worked at Lehman from 2000 to 2005. In the past, when people asked me about my work history, I used to say that I worked at “the Wall Street Journal, CNN, People Magazine and an investment bank” because no one except people in the financial industry knew what Lehman was. Well, that problem has been solved.

The hideous photo from my Lehman ID that was here has been removed.
It was turning people to stone and their loved ones complained.

I must thank the high price of gold for saving my shareholding ass. I produced so much new inventory last year, and it was so expensive to make, that I had to sell my Lehman stock to finance it. I sold in the high 70s. The stock was at $3.66 a share when I wrote this post. I feel terrible for people who didn’t or couldn’t sell their stock in time and for the people who are going to lose their jobs. I’m not terribly surprised at what has happened, though. Another ex-Lehman employee I’m in touch with neatly summed up the cause in one word: “Hubris.”

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25 Responses to “In the News: Lehman Brothers”

  1. La Belette Rouge says:

    I am so glad you got rid of your stocks while they still had some value. I feel terrible for those who did not.
    And, hey there, you cannot take a hideous photo. It cannot be done!

  2. WendyB says:

    LBR, I think I look like a soccer mom in that photo. Oh noes! Maybe the lipstick makes me look like a hockey mom!

  3. Kitt says:

    Well, that certainly was good timing. Now may be a good time to have more gold than stocks of anything.

    Lehman’s going under, Bank of America is buying Merrill Lynch, AIG’s being forced to restructure, the Fed’s bumped up its emergency lending program and a bunch of banks are chipping in, all hoping to avert a global financial crisis. All this has happened today. The markets will not be pretty tomorrow.

  4. miss cavendish says:

    I have an accounting friend who’s pretty high up at Lehman. I was thinking about her situation today as CNBC cheerily announced that LB is en route to bankruptcy. Miserable.

  5. enc says:

    I’ve seen worse than THAT picture.

    I’m very sad for all those who will lose their jobs.

    I wonder what kind of golden backup plan old Dick-o has, if any?

  6. WendyB says:

    Maybe he will be forming a support group with Chainsaw Al and Jerry Levin.

  7. Skye says:

    There really is a silver lining to every cloud – who would have thought that you’d be thanking the high price of gold for saving your bacon!

  8. Pamcasso says:

    it’s really terribly sad for people working there, a friend of a friend works there and has three daughters to raise. his stock is now worthless…

  9. Anjeanette says:

    IT is SUCH a scary time right now for the market. So lucky you got out when you did!

  10. lisa says:

    Wow, that was very serendipitous for you! The economy’s so shaky right now. =(

  11. Sharon Rose says:

    OMG-How fortunate for you to sell when you did!!! Thats totally shocking the price of the stock now and very unfortunate for employees and stockholders now.

  12. Songy says:

    well done on flogging just before. wonder how many people were able to escape that kind of misfortune.
    So another one going down…. hmm it’s a bit of worry. More so than that. Even we get the ripple effect here in Australia when things like that happen.

  13. floridagirlinsydney says:

    That’s some good karma selling that stock to finance your business!

    Scary stuff.

  14. jennine says:

    that’ picture is WAY better than the one i had for the transamerica building… the one taken days after i decided to cut my own hair.

  15. WendyB says:

    LOL @ Jennine. I take it that you’re not pursuing a hairstyling career after that.

  16. fashion herald says:

    grr, missed the picture. I have a collection of horrible id photos, one so bad people would call me sir at the gym reception desk.

  17. WendyB says:

    Herald, that just cheered me up IMMENSELY. Misery loves company!

  18. Raquel says:

    Phew! You got out just in time!

  19. WendyB says:

    Raquel, I know and it wasn’t even a strategy, it was just necessity!

  20. Alya says:

    Its awful what happened to Lehman Brothers.. A company with a big profile and long history.. But whats more awful is what the share owners are going to go through! Especially if all their investments are in this company!

    By the way, no fair I didn’t get to see your picture!

  21. Cakespy says:

    Yup, I lost some $$ in that deal in stock. But there are a lot who are worse off than me. That was such an awful thing.

  22. PBW says:

    Scary financial times. You’re so fortunate to have gotten out.

  23. Always In Style says:

    Lucky you on the timing…I’m very ticked off that the folks that drove the company into the ground are going to receive great going away packages.

  24. 123Valerie says:

    Oh, dear. I get it. I most certainly do. I’m glad you got out. I remember the days when Lehman was such a bellwether for the rest of the financial world.