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Presenting The Lehman Bankruptcy Examiner Report

Tyler Durden's picture

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Thu, 03/11/2010 - 18:24 | 262391 Ragnarok
Ragnarok's picture

Dust in the wind.  $IMFS needs to die.


We will never learn from history because no one wants to learn from history.  Our flagrant  disobedience of natural law will turn us all into pillars of salt.

Thu, 03/11/2010 - 18:22 | 262396 BlackBeard
BlackBeard's picture

Somewhere out there, David Einhorn is getting a raging megalomaniacal hard on

Thu, 03/11/2010 - 18:39 | 262423 jbcorwin
jbcorwin's picture

+1, hilarious.

Tyler - can we get a large downloadable version?

Thu, 03/11/2010 - 20:37 | 262576 johngaltfla
johngaltfla's picture

Hell, I've got one now. Do you have a wife available or a sheep?

Thu, 03/11/2010 - 18:25 | 262399 Racer
Racer's picture

Sounds like the US government and the Fed


and raising the debt ceiling, uh, sorry debt mountain... tick...

Cooking the books in the US... tick....

SEC aware of the this for the US.... tick...

Once again, nobody in the world is guilty for US bankruptcy .... tick....

The fed overindulged in garbage  positions.... tick....




Thu, 03/11/2010 - 21:15 | 262611 Anonymous
Anonymous's picture

On an inevitable path toward bankruptcy... TICK!!!

Thu, 03/11/2010 - 18:28 | 262406 BlackBeard
BlackBeard's picture

Also, can somebody please enlighten me as to how the directorship is not responsible in anyways for the massive shareholder loss in this case?

Thu, 03/11/2010 - 18:31 | 262412 Miles Kendig
Miles Kendig's picture

A classic of the era.

Thu, 03/11/2010 - 18:35 | 262418 crosey
crosey's picture

Romans 12:19-21

Beloved, never avenge yourselves, but leave it to the wrath of God, for it is written, “Vengeance is mine, I will repay, says the Lord.”  To the contrary, “if your enemy is hungry, feed him; if he is thirsty, give him something to drink; for by so doing you will heap burning coals on his head.”  Do not be overcome by evil, but overcome evil with good.

Thu, 03/11/2010 - 19:08 | 262465 Anonymous
Anonymous's picture

> but overcome evil with good.

Unless, of course, the evil has no conscience to hold those burning coals. In that case, shrug and walk away.

Thu, 03/11/2010 - 20:47 | 262585 crosey
crosey's picture

I think you're right....evil has no conscience.  Just desire.

Thu, 03/11/2010 - 18:36 | 262420 lizzy36
lizzy36's picture

Just reading executive summary.

LEH made extensive use of a "Repo 105" whereby the manipulated their balance sheet (through an accounting technique) so that leverage was less than it really was, thus allowing them to avoid material downgrades and maintain confidence so they could continue to access the repo market.  LEH didn't disclose this to anyone (not even their board), only the accountants knew (fuckers).

The good news, is the FRBNY and SEC were dispensed (on site daily) to LEH from the time of BSC"s death and maintained that LEH had adequate liquidity for all of 2008. Why anyone has any confidence in any regulator is beyond my comprehension. 

Oh yeah and Paulson started warning LEH in June of 2008 about consequences of a large 3rd quarter 2008 write-down.  But didn't actually do anything (after all what did goldman have to gain by LEH going down?)

Thu, 03/11/2010 - 22:11 | 262676 Cognitive Dissonance
Cognitive Dissonance's picture


I recommend you dig deeper into the meat of the report after reading the "summary". Often, the biggest white wash happens in the summary, which is an summary "opinion" and can (and often is) massaged to avoid things, usually by highlighting other things.

The same thing happened in the Enron, WorldCom and other executive summaries. Rarely does the average Joe read the actual report because of the length, instead assuming the truth is in the summary. That is usually a bad assumption to make. I will be reading it this weekend.

Thu, 03/11/2010 - 18:46 | 262435 AnonymousMonetarist
AnonymousMonetarist's picture

Ten years from now the examiner's report on Smells Fargo will probably be just as ridiculous...

Thu, 03/11/2010 - 19:07 | 262464 Howard_Beale
Howard_Beale's picture

I think we can safely add JPM, BAC, and many others to the list. And thanks for the BOOM! on the other thread. Loved it!

Thu, 03/11/2010 - 19:09 | 262466 AnonymousMonetarist
AnonymousMonetarist's picture

If Repo 105/108 ain't fraudulent conveyance the term has lost all meaning.

Thu, 03/11/2010 - 19:11 | 262467 deadhead
deadhead's picture

that was beautiful AM....truly, a golf clap!

Thu, 03/11/2010 - 18:47 | 262440 Careless Whisper
Careless Whisper's picture

It was Lloyd. In the library. On his cell phone.

Thu, 03/11/2010 - 18:50 | 262442 Ragnarok
Ragnarok's picture

Ha! +1

Thu, 03/11/2010 - 18:57 | 262450 Pound Of Flesh
Pound Of Flesh's picture

-It was Jamie. In his office. On his instant messenger.


"March 11 (Bloomberg) -- JPMorgan Chase & Co. and Citigroup Inc. helped cause the collapse of Lehman Brothers Holding Inc. by demanding more collateral and changing guarantee agreements, the bankrupt bank’s examiner said today in a report. "


Thu, 03/11/2010 - 18:56 | 262449 Strom
Strom's picture

The whole thing:





Thu, 03/11/2010 - 19:29 | 262487 Cognitive Dissonance
Cognitive Dissonance's picture

Like the 9/11 Commission Report, the truth lay not in what the report says but in what it doesn't say. And I'm not just talking about the redacted portions. These reports are intended to support, add to and massage the public myth. They are rarely intended to enlighten or document the truth.

Thu, 03/11/2010 - 19:40 | 262509 Anonymous
Anonymous's picture

By September 12, two days after it publicly reported a $41 billion liquidity
pool, the pool actually contained less than $2 billion of readily monetizable assets

Thu, 03/11/2010 - 20:39 | 262577 johngaltfla
johngaltfla's picture

Tyler, I have one question before I spend my entire weekend reading this f'ing lie:


Did Lehman underwrite it's own swaps using hedge funds they owned in the Caribbean and then resell them to clients and other divisions to offer a "legal" counterparty insurance policy for their own game?


Just wondering becuse this smells a LOT like ML.

Thu, 03/11/2010 - 20:41 | 262579 faustian bargain
faustian bargain's picture

Huh. OT, but apparently it's now Bank Fail Thursday. Tomorrow's not a holiday is it?

PR-49-2010 Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York

Thu, 03/11/2010 - 21:14 | 262609 Anonymous
Anonymous's picture

re Ernst&Young...glorification of that sort of gambling in “clever strokes” which constitutes the very essence of theft, swindling and all sorts of similar anti-social deeds.” PKropotkin’s Memoirs, ca 1899

Thu, 03/11/2010 - 21:23 | 262621 MarketTruth
MarketTruth's picture

Anyone going to jail over this? Anyone at all? Anyone?  Bueller? Bueller?

Thu, 03/11/2010 - 21:37 | 262641 virgilcaine
virgilcaine's picture

Liberty Pointe fail.. The First CRE lender to go. 

Thu, 03/11/2010 - 21:38 | 262645 bugs_
bugs_'s picture

Very bad for E&Y.

Thu, 03/11/2010 - 22:08 | 262671 Anonymous
Anonymous's picture

60,000 riot in Greece. There will be that many in every large city in the USA if the lies are exposed and the money stops flowing. Timmy, Bennie and the media are "all in" and the cover up will be accelerated and expanded. 150 week unemployment coverage, 1300 SPX and 4.5% mortgages this year. Next year could be a problem.

Thu, 03/11/2010 - 22:12 | 262679 Anonymous
Anonymous's picture

Does it matter?
They had all this time to get their stories straight.

Fri, 03/12/2010 - 01:20 | 262881 Anonymous
Anonymous's picture

I can't wait until the market implodes and every fucking company that is pulling this same bullshit goes down!!! Shareholders start going Greek on every CEO's ass. We need some shit to start hitting the fan, get mad, and revolt!!!! Revolt now, by selling all the financials, AND the money center banks!!! Quit these pussyfoot comments! We need to form a huge massive revolution where instructions are given out to the millions out there who are pissed off just like me!! First things first, I say we organize a massive run on the banks! Those fucking bastards have taken every penny and bought MBS fucking shit marked to fucking Myth anyhow! I will have a Cinco De Mayo week long bash full of tequila and dancing girls the day fucking Goldman goes under!

Fri, 03/12/2010 - 13:12 | 263328 Anonymous
Anonymous's picture

Ben and Timmy will see to it that we are all dragged down with them.

Sun, 03/14/2010 - 18:12 | 265233 Anonymous
Anonymous's picture

>> I say we organize a massive run on the banks

Sounds like a plan, punish them. Now - assuming we get enough bank-runners to actually withdraw their bank deposits, where do they put the money?

Fri, 03/12/2010 - 05:24 | 263032 litoralkey
litoralkey's picture

Just for the CRE portfolio...

page 234 -

footnote 810

810 In 2008, the SEC met with Lehman on February 7?8, March 5, March 31, May 21?22, June 20, July 3 and July 16.  

Fri, 03/12/2010 - 12:38 | 263268 Anonymous
Anonymous's picture

good paper, but from the guy who "overseas" trading instead of "oversees".

MKC Global Investments is a boutique commodity pool operation (CPO) focused on generating strong and consistent long-term returns for its partners. Andrew McCormick overseas MKC Global’s trading, risk management and model
development. He has traded professionally for the last decade in futures, FX, stocks
and equity options. After a strong 2008 he decided to manage outside capital.

Thu, 04/15/2010 - 09:13 | 301749 mark456
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