All of the threads attempting to rank different banks in terms of prestige and the never-ending debate over whether or not DB is a BB, made me wonder how banks like Bear Sterns and Lehman were viewed back in the days before the financial crisis?
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Prior to 2008, Lehman was the fourth largest investment bank by fees with about 25,000 employees. It was definitely a solid BB.
Lehman was 100% a BB. The issue is that you can't have a trader run a bank, too aggressive and lack of fundamental strategy. Rich Handler is basically the wannabe Dick Fuld.
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