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.
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.”