Today is the eight year anniversary of the collapse of Lehman Brothers. Completely mind blowing.
Discuss.....
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Still one of the most interesting threads on WSO:
http://www.wallstreetoasis.com/forums/just-so-you-guys-know
I remember reading that thread as I had just finished as a 3rd year analyst at Citi and was going on vacation for several weeks before starting a job at a boutique in Denver. I had been working in financial sponsors coverage, and the amount of leverage put on PE deals in late 2006/early 2007 was clearly not sustainable. Everyone knew it, but people had to do what others in the market were doing to win deals. I was glad to be moving down market and away from deals that were debt dependent.
In fixed income, Lehman was stronger than MS, and on par with JPM and GS. (I may be biased)
I worked in the part of the bank that generated the risk numbers and analytics for corporates on the Lehman Aggregate Bond Index. To this day most banks still lack the capability to do what we were doing, and when the analytic coverage we overlapped with Bloomberg disagreed, we were right a bit more than half the time (it's always a good feeling when you can catch and fix a bad number in Bloomberg because someone fatfingered a call schedule). And we were far from the strongest part of the firm.