** August is the badlands for the fixed income space… no one wants to be around… desks get mostly the junior staffers late in the week… and it’s an especially bad time to have to be singing a liquidity song…
It’s all down-pointing arrows for Lehman Brothers… I wonder how many traders are just saying “pass” on the firms paper and novations?
Uhmmm… they always played really hard… maybe a little too hard…
This process will mark the end of a venerable firm with a much longer history than Bear Stearns… Lehman was founded in 1850 as a cotton merchant… the firm grew to be one of the most prominent on Wall Street… and prestigious… I have a friend who is a Lehman descendent and remember standing in the Metropolitian Museum with him and discussing the collection that his great uncle bequethed… this was not the same firm we see today… different time and different purpose…
Good luck to everyone there… I’m sure everyone is trying hard to right the ship…
** The Creation of the World and the Expulsion from Paradise, 1445, Giovanni di Paolo (Italian (Sienese), ca. 1400 - 1482) Tempera and gold on wood; 18 1/4 x 20 1/2 in. (46.4 x 52.1 cm) Robert Lehman Collection, 1975 (1975.1.31)
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