It is hard to believe
that six years
have passed since
the day Lehman’s
employees emptied
their desks into
banker’s boxes and
triggered the Great
Recession the worst
threat to our banking
system since the runs
on banks in 1933,
the worst crisis
of credit and confidence
with bad debts, loans
irresponsibly made, credit
swaps, the use of derivatives
so complicated it makes
options trading look like
checkers in Fort Tryon Park,
and on this unhappy
anniversary you may wonder
whether mind-sets have
changed in risk management?
I look around and see a lot
of highly-leveraged
balance sheets, and as
a survivor of that grim day
when Lehman went under,
I ask myself and my brothers:
what have we learned
from Lehman’s collapse?
9 / 15/ 14
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