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Siberian
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Joined: June 25th, 2003, 8:56 pm

Lehman

June 12th, 2008, 1:26 pm

another Bear or not another Bear?
 
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bilbo1408
Posts: 179
Joined: August 3rd, 2007, 12:50 pm

Lehman

June 12th, 2008, 3:50 pm

Not
 
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tu160
Posts: 363
Joined: October 23rd, 2007, 1:14 pm

Lehman

June 12th, 2008, 4:06 pm

Last edited by tu160 on December 9th, 2011, 11:00 pm, edited 1 time in total.
 
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Siberian
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Joined: June 25th, 2003, 8:56 pm

Lehman

June 12th, 2008, 4:11 pm

i called for a bottom at around 20 yesterday, seems like it picked up at about 21 something, someone out there is more impatient that i am...
 
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TraderJoe
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Lehman

June 12th, 2008, 4:29 pm

QuoteLehman Brothers removes finance, operating chiefsThursday June 12, 12:15 pm ET By Joe Bel Bruno, AP Business Writer Lehman Brothers shakes up top management as firm takes nearly $3 billion quarterly loss NEW YORK (AP) -- Lehman Brothers Holdings Inc. shook up its management Thursday, removing two top executives in a concession that attempts to quell Wall Street anger over recent losses have failed.The nation's fourth-largest investment bank said Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory have been removed from their positions, days after the investment bank announced a $3 billion quarterly loss.Investors were shaken after the company disclosed Monday it needed $6 billion of fresh capital to offset that loss, its first since going public in 1994."When you have a stumble of this magnitude, change is not a bad thing," said Lauren Smith, an analyst with Keefe, Bruyette & Woods. "I view the change, on the margin, as a good thing, but this runs a lot deeper then just changing a few high level managers."Since March, Callan had been taking on an increasingly more prominent profile as the face of Lehman during the credit crisis. She regularly met with analysts and appeared at investor conferences to talk up the company.On Monday, Callan again waved the flag -- telling analysts on a telephone call that Lehman's books were in order and that the fresh dose of capital would allow traders to pursue new opportunities. But her pep talk failed and shares began to plummet toward a record low.The lack of confidence in Lehman's leadership has been hanging over the company for weeks, and it was unclear if the management upheaval will be enough to satisfy critics.The uncertainty was compounded by the near-collapse of Bear Stearns under the weight of similar rumors last March. The Federal Reserve later stepped in to negotiate the investment bank's sale to JPMorgan Chase & Co.The company has been under intense pressure of late, particularly from short seller David Einhorn of Greenlight Capital, who has been an outspoken critic of the firm's financial health and its public disclosures.Einhorn declined to comment about the ousters.Callan and Gregory join a long list of executives who have lost their job since global banks and brokerages began writing down nearly $300 billion of bad investments stemming from bad bets on mortgage-backed securities.Others who have lost their jobs include Merrill Lynch & Co. CEO Stanley O'Neal, Citigroup Inc. CEO Charles Prince, and Morgan Stanley co-President Zoe Cruz.Callan will remain with Lehman in its investment banking division, where she previously ran a group that catered to hedge funds before taking the CFO spot last September. Gregory, who has been with Lehman for more than two decades, will also remain with the firm in an undetermined position.Herbert McDade, 48, will succeed Gregory. He was previously the global head of the company's equities division, a position he has held since 2005. Ian Lowitt, 44, the current co-chief administrative officer, will become Lehman's new CFO.A spokesman for Lehman would not comment on the changes to Lehman's top ranks.However, Chief Executive Richard Fuld said in a statement that removing Gregory from the COO job was "one of the most difficult decisions either of us has ever had to make." Fuld was unavailable for comment.Shares have lost more than 20 percent this week and were down nearly 2 percent at midday.AP Business Writer Ernest Scheyder contributed to this report from New YorkLehman Brothers tank.
 
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daveangel
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Lehman

June 12th, 2008, 5:11 pm

TJ - tell us something we dont know.i think its another. Einhorn has got this one ...
knowledge comes, wisdom lingers
 
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erstwhile
Posts: 904
Joined: March 3rd, 2003, 3:18 pm

Lehman

June 12th, 2008, 7:13 pm

I think they might be bought, but I don't think they will become insolvent.I really hope Lehman people don't think that it is patriotic to keep their personal wealth in company shares.
 
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TraderJoe
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Lehman

June 13th, 2008, 11:40 am

There is another thread, same name, same topic over here.
 
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TraderJoe
Posts: 11048
Joined: February 1st, 2005, 11:21 pm

Lehman

June 17th, 2008, 11:45 am

QuoteOriginally posted by: daveangelTJ - tell us something we dont know.i think its another. Einhorn has got this one ...Could be right dave. David Einhorn - Hedge Fund guy.QuoteAmong other things, Lehman was taking advantage of a new accounting mechanism that allowed it to book revenue based on the declining value of its own debts. In other words, because of the increasingly risky state of Lehman, loans that other firms had made to Lehman had dropped in value, and under the new accounting, Lehman could count this as a gain. Lehman is not the only firm that employs this trick, but in Einhorn’s view, it was the least transparent about it. “Morgan Stanley announced their quarter and they did the same thing, although they were incredibly explicit about it. ‘We’re fair-valuing our liabilities, it creates a gain for us, here’s the amount of our gain.’ Lehman wouldn’t even tell you the amount of the gain. This is crazy accounting. I don’t know why they put it in. It means that the day before you go bankrupt is the most profitable day in the history of your company because you’ll say all the debt was worthless. You get to call it revenue. And literally they pay bonuses off this, which drives me nuts.” Einhorn almost sounded like he might be getting mad. But he kept his tone at the level of intense bemusement.In sifting out the worst companies in the basket, Einhorn understood where he could make the most money. “The world just broke apart. On the one side, you had Goldman, which obviously had it right, and Lehman, which said they were like Goldman. And then there was everybody else, who either had it wrong or massively wrong. As you looked, you could see where Goldman had it right, and you couldn’t really see it for Lehman, except they kept repeating it, louder and louder, and the media is going off, story after story about how Lehman got it right, how Lehman’s hedged. It just didn’t make any sense.”Sounds like another Enron.
Last edited by TraderJoe on June 16th, 2008, 10:00 pm, edited 1 time in total.
 
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NicolasQuant
Posts: 88
Joined: August 28th, 2008, 3:59 pm

Lehman

September 9th, 2008, 3:10 pm

Gloomy gloomy...
 
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daveangel
Posts: 17031
Joined: October 20th, 2003, 4:05 pm

Lehman

September 9th, 2008, 3:39 pm

they will be "bought" by someone ... that LEH takeunder trade is looking very good
knowledge comes, wisdom lingers
 
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NicolasQuant
Posts: 88
Joined: August 28th, 2008, 3:59 pm

Lehman

September 9th, 2008, 3:56 pm

I have some difficulties calibrating my lehman option pricing model. I really don't understand my lognormal diffusion process doesn't fit at all...May be this comes from some calcultation error in my change of numeraire, stochastic calculus is so good and I feel so clever when I play with that but I am still making lots of mistakes... But regarding my lognormality hypothesis I don't understand why people laugh at me, come on guys, this is on the first page of the textbook!!Anyone here could do this job for me, I experience minor glitches as well with fnm and fre
 
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TraderJoe
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Lehman

September 11th, 2008, 12:18 am

Another one bites the dust.
 
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NicolasQuant
Posts: 88
Joined: August 28th, 2008, 3:59 pm

Lehman

September 11th, 2008, 11:49 am

@4.20 in premarket...They are going to be made to let go their most valuable assets for a very very low price...Why don't they consider floating the thing instead of being potentially ripped off by other financial institutions if they sell only a large chunk to a single investor?
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Lehman

September 11th, 2008, 12:06 pm

QuoteOriginally posted by: NicolasQuantThey are going to be made to let go their most valuable assets for a very very low price...That's a null-set solution. LEH must get a high price on its "good" assets if it is to compensate for the unbooked losses on its bad/impaired/level 3 assets.But now that blood is in the water, any buyers of LEH's higher quality stuff know that they will get a better price if they wait a few days for LEH's bankruptcy.
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