Lehman Brothers - the last days
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- Опубліковано 16 вер 2024
- I'm Luis M Sanchez, and used to be a Senior Quantitative Analyst for Lehman Brothers, now I trade for myself, mainly cryptos and ETFs. bit.ly/LastDays...
I put the video together by compiling a bunch of pictures and videos I had in my iPhone. It is an interesting summary of some happy & sad memories during the last days and hours of Lehman Brothers.
I still believe this is a true piece of History, pls if u have more Publish it !!!! Thank you for this amazing gift !
I am glad you mentioned the shareholders.
I love this video. I have been searching for a video that gives us a glimpse from THE OTHER SIDE of the collapse. Sorry about what happened, but you did a great job on this vid.
I was too young to understand what was happening then but now I'm 20 and looking back at this is wild. For some reason it fascinates me that this could happen so quickly but also makes me extremely sad.
I’m the same age and I feel the same, I actually remember my dad trying to explain it and I didn’t really understand it until recently
China is having their own Lehman moment now. Major corporations with bad assets and unfinished projects have crashed their housing market leading to collapses across the economy. Millions have lost their jobs. And it hasn't reached rock bottom yet.
UA-cam is closest thing to time machine.
Yeah
i think the web archive holds that position
Many thanks for this video. Even the toughest opponent must acknowledge the greatness of this company and its people. No matter how they ended, they are legend.
Watching this in 2021! Great piece of history you filmed!
Well, I remember very correctly that when I just graduated with my economics degree Lehman Brother gave me an interview. They said I answered all the question very well and I have potential but at the end they said my GPA is not 3.7 but 3.5, so they can't hire me for some reason. Well, I guess all the 3.7 GPA people can't save their ass:) I really don't know what GPA has to do with investments, it was all the junk classes that drag down my GPA if they bother to look. Weird.
Great comment! made me laugh.
Serves them right 👍🏻
believing u r having a great job right now hahahah
Wonder where you ended up working.
@mona237 Thank you. I am glad you liked it..Things are not the same, post 2008 for fixed income financial quants, nevertheless, the whole thing has opened up some other interesting opportunities. Cheers
Watching in 2017, thank you for sharing! Incredible day.
Thank you.
Please be kind to geese.
Very sad indeed to see such an old company fail, but Lehman got involved in some very risky trades. When they were on the right side of the trades, Lehman made some huge profits. A lot of traders and executives got handsome bonuses right up until the end. Lehman was running a luxurious operation when they essentially had no money in the till The financial crisis of 2008 caused the subprime market collapse, and Lehman went with it. If there's a real villain in all this, it's Joe Gregory. He's the one that pushed the firm from being a conservative bank into the go-go times of naked shorts and holding subprime mortgages for income instead of selling them. I was a Lehman shareholder. I sold out in June of 2008 at a substantial loss, but at least I got something for my remaining shares. People relying on the lies being told by Lehman management hung on until the bitter end and lost everything. Fuld was the guy at the top and paid almost no price for leading the company to failure. He should at least have been barred from the industry after the debacle.
Those bosses with nice suits are laughing away. They know they can get back to a top position in a few years. They have enough money to live 2+ life times for you and I. Once you have a taste of the good life you will always want more.
Watching this in 2024
Brill video! working for a near Wall Street casualty myself and reading the Big Short at the mo..so much went on that sometimes we need to draw our own conclusions. But i always wondered what the actual employees thought/ felt thanks for posting :)
ive met some people that worked for Lehman Brothers in the past but some of them do have a hard time finding work.
I miss being at Lehman. Good times.
its sad to see such a huge firm, Started by someone after so much struggle and hardwork, ruined In a few minutes,Bankrupt I a short span, Finished...
When this happens everyone is mad at the CEOs. The truth is every investor is guilty of this. The desire for quick profit is what causes boom and bust.
Wow this was increíble to see. I inherited lots of Lehman brothers Los Ángeles office materials. So scary.
Best music video ever
So incredible!!
Omg Mad World Tears for Fears version 🙂
Thank you for this video
I hope U R doing financially okay now Luis.......If U work for yourself I am sure U have way more knowledge about the stock market than your previous employers ever had......All I care is that U make enough money to provide for your family and take care of your investors.
I think it's easy for most people outside of the Lehman Brothers collapse to lose sight of the fact that real people were affected....Not just reach bastards who made out allright with their accounts well stocked....But folks who worked the trading floor....Sorry you had to go through that....Hope you made out allright.
Why did you not save more money?
I LOVE IT WHEN PLAN COMES TOGETHER >:)
Who is now occupying the old building?
Just wandering, what degree do you hold? Also what does it take to get where you were at Lehman Brothers
Friend of mine, trader at a hedge fund just got a 1,6 mil dollars back as a creditor,for a heavily discounted part of a portfolio..purchased during what I take was the fire sale the last week in order to raise cash at your firm..their initial investment:550$...and you guys didn't even get paid and all your stock worthless..man hopefully you were /are still young and able to recover..nobody should take a hit like that because your boss were delusional..
Hey, it could happen again and probably will. It will just be a new list of firms that go under.
We are getting closer and closer...
@@joeyburgt2469 Hey, about that...
sure you do Mr.Ponzi
1:40 what does "wall of shame" stand for? Lists underperforming employees/the ones who were let go or something else?
What is the soundtrack name? i know it is called "Mad World". But what version/mix is it?
this is the original Tears for Fears recording.
I am extremely sure you are faking the phone call at 2:00, however nice vid
Were the first pictures also in the last days or throughout your years working at Lehman Brothers? Nice video btw
They were the last few months before the bankruptcy. Btw, since some people have asked me what I am doing now, here is a little bit of background if your are interested bit.ly/LastDaysofLehman
Quant with no savings???
How does that work?
+FireVortex720 . Math and finance are not the same thing. Otherwise, nobody would be poor. I keep telling people but they don't listen.
MrSupernova111 I thought quants get a salary in the lower-mid six figure range?
FireVortex720 . The point is that they are subject to the same financial mistakes as poor people. Richer people have gone broke after making dumb decisions.
MrSupernova111 But surely he had some funds left over for a rainy day?
+FireVortex720 A significant portion of their six figure salary is in the form of stock, or stock options. When the firm went bankrupt, years and years worth of bonuses became worth $0
Mr. Sanchez, as a Senior Quantitative Analyst how accurate do you think the movie Big Short is? Does the picture show as what happened behind closed doors of Wall Street or is it somewhat fabricated? Thank you.
Many things happened in the outside..the movie is a good representation of the facts; but another movie, "Margin Call" was closer to what was happening in the inside..
lmsanch I have never heard of the movie Margin Call. I will watch it thanks for recommending me that. The market is doing well right now. In your opinion are we in the bubble or early to tell? Are you doing ok yourself?
DJ Rossi Mossi
Some other guy was also recommending the film inside job as well.
ekualo08 aha I'll check that out too. Thank you for your suggestions
lmsanch I have been thinking about our chat last week when the stock plummeted.
Steal everything that’s not nailed down. Get the ‘Bean Bags.’ BBGs specially.
Meanwhile, in the private elevator, Artwork stuffed until the doors couldn’t close.
Isn't a Senior Quantitative Analyst well paid? How'd you come out with no savings?
I would imagine that most employees of investment banks would keep their savings invested in shares at the company, which lost all of its value...
It means that they very little assets relative to their debt. If I recall correctly Lehman was leveraged something like 42:1 which means that they only have a few % of their own cash and the rest is borrowed. And a lot of their assets were rapidly going bad. Bailing them out would have mean lending them even more money. So I guess paulson made the risk/reward assement of bailing them out deemed the risk to great. That just shows how little it takes to wipe you out when you are over leveraged.
crazy to seee
@TheCorporateRaider Thanks!
One word: GREED! It looked too good to be true.
No pity for Wallstreet, but for Mainstreet.
JEEEEEEEWWWWWWWWWWSSSSSSSSSSSSSSSSSSSSSSS
Can’t wait til this is Citadel ;) AMC and GME to the mooooon
You gambled and lost.Traders can come away from LB knowing they have bet and lost the bank.
The vast majority of traders were not doing what took Lehman down.
These almost four years have past, and it is as if Lehman never existed. All of it swallowed up and digested into nothing. This is what should have happened to rest of the too big to fails. We all would have been over this by now. Instead we are looking at a very uncertain future for many years to come. Every day wondering if this is the day it all comes down like the proverbial house of cards.
Im just curious what do you mean by "applying valuation models to life"?
November 2019 It's all starting again this time it be will much worst.
Indeed. Rumor has it that Deutsche Bank has already filed for bankruptcy...
Eh we’re still kickin
Cool.
Awww, so sad. That's what you get for taking on too much risk dummies.
¿ NO ES MARAVILLOSA LA BOLSA ? , EL JEFE DE LEHMAN BROTHERS FRACASÓ Y SE LLEVÓ MÁS DE 500 MILLONES DE DÓLARES , ¡ COMO ME GUSTARÍA FRACASAR IGUAL !
Happy you're out in the wild now, mr. Sanchez. Did you managed to earn your living honestly?
I always did, always
Of course I did. And now I trade for myself bit.ly/LastDaysOfLehman
جميل.
How was it possible for Dick Fuld to still walk away with millions? He still has $millions?
cause hes a fucken thief
Because Obama refused to prosecute his puppetmasters.
Vevay1961 ...Blame Obama?? Really? Find someone else to blame because that fire was burning long before Obama got into office.
Wait a minute, Barclays wouldn't take former Lehman Employees??? That's strange... BTW, what did Paulson mean that he couldn't bail out Lehman because they were under-collaterized?
they didn't have sufficient assets to justify the gov't paying their debts, the same circumstance that led to their bankruptcy in the first place. also, Lehman was one of the most leveraged (high ratio of debt to real assets) banks on Wall Street.
Hi, I like your video. I think that this video is proof that there are real people in Investment Banks, not just the heartless machines that are out to cheat the world, as media likes to portray it.
BTW, I read that you are now dealing with alternative investment, could you maybe provide a bit of an update about what type of investment that is and how you are doing now?
Take care
Since than the money printers go crazy and no end near...
Lehman, after Bear, was the only bank to get what it deserved.
Such DECADENT PEOPLE, selling their souls
All of them ?
@lmsanch why u mad bro? i mean its just money...and your job....and all the things you've ever worked hard for only to be taken away in single day. Trust me its nothing really.
Hope you’re proud.
thanks for leaving a piece of history. much appreciated.
Would you trust a guy named Dick Fuld (Fold)?
It worked great for years.
Where is Benji?
One Horde of psychopaths down, only.37 Other Banks left.
Worst case of leverage gone wrong... But you guys did great with what you had, thanks for a different perspective... Whatever anyone says, you were the geniuses on the street then :)
Can u explain how? What did Lehman do that was so genius?
Anyone from Lehman ? please answer what really happened ?
+Paul Walraven I don't think they know. They can't make a debt payment that is how bankruptcies usually happen.
I was a young trader about to be employed there when I found out via the news they were going under... Apparently from what my friend told me who was a trader for lehman already... they were deep under the weight of toxic assets that they needed removed aka bought for it would've put their company in tremendous debt. They had many opportunities to sell these assets to keep the company afloat but the bid prices was not high enough for the executives. Eventually no one would do business with them and the government refused to bail them out so they had to go under.
bit.ly/LastDaysOfLehman
One MD who told higher ups of the risk was rebuffed. They had time to do something if they had wanted to do it.
You've all been FULD
Do you foresee another crisis?
OMG... This is not funny, it is the sad reality... what a shit feeling it must be to walk out such a big company...
Meh, any shareholder with a modest shred of knowledge had gotten out way before the bankruptcy
Why didn't you SAVE anything???
+neuro science savings were in Lehman shares
@@lmsanch Rule one, diversify. I've seen the same thing happen with staff who had all their savings in Barclays and Royal Bank of Scotland. No matter how much they were told to spread the risk they didn't. They drank the Kool Aid given to them by the management and developed an emotional attachment to the respective companies.
@@lmsanch should have bought real estate, funds, crypto, cash, silver bullion, stocks...never be too focused
oh dear an institution entirely based on greed collapsed. good.
Are we suppose to feel sorry for you and all your corrupt and criminal friends?
ah shit ,,,i gotta go and vomit in bathroom now.
0:36 "They're drinking beer and smoking inside"
dealer cheated.
I had a pretty bad feeling about DF a long time ago. HOW DID SUCH AN INCOMPETENT BOOB BECOME HEAD OF LEHMAN? If you had 20 years in this how did you not see it coming? I called it 3 months out. The housing market was a mess and I saw that. I am a freaking social worker. How many people did Lehman help? Besides Dick's 500 million dollar bonus? I told my father on July 19th, "Pull it all out and put it into gold..None of this makes since anymore" I am not that smart but dad was right, "DUMB IS FOREVER". I make 30 a year and have little sympathy and no empathy for you or your colleagues. I work with folks who have real problems; all be it the big banks crapped all over us. Good Job. Now there is 7 that are even bigger. The worst is yet to come. I got $20 on that. The drug cartels have about the same ethical value as Wall Street. You drank your own cool aid? The fool and his money soon part.
you are an idiot for thinking DF was the problem.
Of course I am
+Brian Warden could u explain to me how does it works ?I mean about lehman brothers or goldman sachs ?
The system was fucked for years, it just happens to fall during his tenure. Even without him, it was bound for collapse. Put the blame on the government, the housing market and every bank in general.
Why is it the employees fault? They were just doing their job to the best of their capabilities. Blame the leaders of the banks all u want, not the employees.
HA-HA
Громадные деньги в сша и Европе и Японии истрачены на машины, которые сделаны и быстро сгнили на свалке. Видимо это и есть обоснование столь больших зарплат рабочих и офисных служащих. Но эти деньги вы выбросили на ветер . Точно так же как могут не окупить себя пассажирские лайнеры, контейнеровозы и так далее. И уж точно не окупят себя спекуляции на бирже, сначала надувается пузырь типа Инстаграмм и тик тока и твиттера и фейсбука а затем туда вкладываются кредитные или оборотные средства банка, а затем идёт падение пузыря, например пузыря жилищного строительство в сша а куда шли деньги от этих пузырей??? На финансирование других бездонных колодцев, а дальше леманн бразерс мы банкроты. Закономерный итог всей этой системы это война на которой погибнете вы граждане Израиля и сша. А дальше будет а почему так плохо живем??? А потому что война. Надо жить проще и намного дешевле, ездить на работу в долговечном и надежном автобусе или пригородном поезде. Передовой форпост сша это Израиль и вам может прилететь солидно. Для того чтобы не прилетело нужно помогать соседним странам и большим вроде Индии развивать свои технологии сельского хозяйства и опреснения воды и энергетику и промышленность. Будущая схема для людей это работа в сельском хозяйстве, это например частичная работа на сборочном конвейере ford 1-3 дня в зависимости от загрузки и 3-4 дня в бизнесе компании форд в сельском хозяйстве и переработке продуктов. И это масштабное участие в разного рода государственных программа и это уборка и строительство новых посёлков и жилья, программы помощи дикой природе и помощи голодающим людям в Африке например. Это то что я предлагаю взамен войны. Очевидно что будет переселение народов и китай будет переселяться в сибирь и строить там посёлки и города, а также азиатские нации тоже. Это страховка на будущее. И сша и Израиль ждёт такое переселение народов. Ваша задача сделать так чтобы люди имели все у себя дома, дом и огород и урожай, воду для питья и полива и перспективу на будущее выжить в грядущем конце света.
lol ... this is funny shit . hahahahahahahahahahaha.... build them up ==== let em down
There shouldn't be any pride in working for criminals.
No crimes.
The Govt should have bailed Lehman and let AIG fail.
G-D doesn't like ugly, this corporation had a terrible policy of deliberately refusing to hire minorities (specifically African-Americans) and when they did it was to fill insider quota. Hopefully their new owners will not do the same.
Glad they lost their jobs
fools and money are soon parted.... the great world wide depression of 2018 is here!!!!🤑🤑🤑🤑🤑🤑 i will be laughing at all the fools, retirees, calpers, sears, bitcoin losers who will be broke..... so much better to watch than a star wars movie.....wall street, you entertain me
This aged like a fine wine...bitcoin losers..lol
Thank you for sharing. A little reminder or fossil for next generation of traders.
@jonoderidder
A lot of people lost their jobs.