Lehman Brothers | Lehman is Different
1/20/202637 min
After the collapse of top Wall Street investment bank Bear Stearns, Lehman Brothers scrambles to convince the world it won’t be next, but dirty truths about the firm’s finances threaten to destroy what credibility it has left.
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Transcript preview
First 90 secondsLindsay Graham· Host0:00
American Scandal uses dramatizations that are based on true events. Some elements, including dialogue, might be invented, but everything is based on historical research. [music] It's early morning on March 17th, 2008, in Times Square, New York City. The wind bites against the glass facade of Lehman Brothers' headquarters as traders, analysts, and bankers stream inside. They clutch coffee cups, anxiety written on their faces, because yesterday, one of Wall Street's largest investment banks, Bear Stearns, suddenly collapsed, and now there are fears that Lehman could be next. A black Mercedes pulls up to the curb. The door swings open, and Lehman's CEO, Dick Fuld, steps out. He walks briskly through the revolving doors and takes the elevator up to the thirty-first floor. Under Fuld's leadership, Lehman bet big on mortgage-backed assets, and despite mounting warnings that the real estate bubble was about to burst, Fuld did little to change course. Now, the company may be about to pay the price. The elevator door opens, and Fuld steps out into an executive suite that feels like a bunker under siege. Phones ring nonstop. Screens flash red. Voices are sharp and tense. Fuld goes to his corner office