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I Lehman REV007.Indd
CONTROSTORIA Peter Chapman STORIA DELLA LEHMAN BROTHERS 1844-2008 traduzione italiana a cura di Olimpia Ellero A Marie, Alex e Pepito Peter Chapman The last of the Imperious Rich: Lehman Brothers, 1844-2008 © All rights reserved including the right of reproduction in whole or in part in any form. This editions published by arrangement with portfolio an imprint of Penguing Publishing Group a division of Penguin Random House LLC. Peter Chapman Storia della Lehman Brothers, 1844-2008 Prima edizione italiana – Palermo © 2020 Maut Srl – 21 Editore www.21editore.it ISBN 978-88-99470-47-0 Tutti i diritti riservati Immagine di copertina: © iStock - Shallow depth of field close, up of the eagle, from the US Coat of Arms, on a wrinkled, American, one dollar bill. Non essendo stato possibile risalire ai detentori dei diritti sulle immagini qui presenti, Maut srl-21editore resta a disposizione degli aventi diritto. Si può andare avanti per molto tempo accaparrando avidamente, ma prima o poi il punto di rottura è destinato ad arrivare. Herbert Lehman, socio della Lehman Brothers (1908-28), governatore di New York (1933-42), senatore dello Stato di New York (1949-57) Indice Elenco dei personaggi 13 Introduzione all’edizione italiana 17 Introduzione «Dick non guadagnava poi tanto» 21 1 La febbre dell’Alabama 31 2 «È tutto finito» 61 3 La stessa sostanza di cui sono fatti i sogni 95 4 Volare 133 5 La crisi 163 6 Qualche piccola novità, ma meno clamore possibile 205 7 «L’aristocratico degli autocrati» 247 8 I trader 281 9 «Chiamatemi Dick» 319 10 «Per certi versi triste» 357 Nota sulle fonti 405 Note 407 Ringraziamenti 419 Indice analitico 421 Elenco dei personaggi (in ordine di apparizione) Richard S. -
A.L. Goodhart
A.L. Goodhart William Goodhart, QC LSE Law, Society and Economy Working Papers 1/2010 London School of Economics and Political Science Law Department This paper can be downloaded without charge from LSE Law, Society and Economy Working Papers at: www.lse.ac.uk/collections/law/wps/wps.htm and the Social Sciences Research Network electronic library at: http://ssrn.com/abstract=1536089. © William Goodhart, QC. Users may download and/or print one copy to facilitate their private study or for non-commercial research. Users may not engage in further distribution of this material or use it for any profit-making activities or any other form of commercial gain. This paper can be downloaded without charge from LSE Law, Society and Economy Working Papers at: www.lse.ac.uk/collections/law/wps/wps.htm and the Social Sciences Research Network electronic library at: http://ssrn.com/abstract= [number]. A.L. Goodhart William Goodhart, QC * My father, Arthur Lehman Goodhart, was born in New York City on the 1st of March 1891 into a wealthy Jewish family. He was the last of the three children of Philip and Hattie Goodhart. Both his parents came from families which had profited greatly from the astonishing economic growth of the USA. Arthur's paternal grandfather, Julius Goodhart, came from a Jewish family which had originally settled in Holland – Goodhart is a Dutch name – but which had moved to Germany by the time of his birth. He emigrated to the USA in 1837 and settled in Cincinnati. When he got established he sent home to Germany for a wife, and Rosa Rosenbaum was duly supplied. -
Lehman Brothers
Lehman Brothers Lehman Brothers Holdings Inc. (Pink Sheets: LEHMQ, former NYSE ticker symbol LEH) (pronounced / ˈliːm ə n/ ) was a global financial services firm which, until declaring bankruptcy in 2008, participated in business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries included Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group. The firm's worldwide headquarters were in New York City, with regional headquarters in London and Tokyo, as well as offices located throughout the world. On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history.[2] The following day, the British bank Barclays announced its agreement to purchase, subject to regulatory approval, Lehman's North American investment-banking and trading divisions along with its New York headquarters building.[3][4] On September 20, 2008, a revised version of that agreement was approved by U.S. Bankruptcy Judge James M. Peck.[5] During the week of September 22, 2008, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia Pacific region, including Japan, Hong Kong and Australia.[6] as well as, Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. -
From Cotton Trader to Investment Banker: 1844–2008
1 From Cotton Trader to Investment Banker: 1844–2008 A brief history On 29 January 2008, Lehman Brothers Holdings Inc reported record revenues of nearly $60bn and record earnings of over $4bn for its fi scal year ending 30 November 2007. Just eight months later, on 15 September 2008, Lehman Brothers sought Chapter 11 protection in the largest bankruptcy ever fi led. Its collapse sent shock waves around the world. Everyone remembers the name, Lehman Brothers. Many regard its collapse as the cause of 2008’s fi nancial crisis. Th e later stages of the existence of Lehman Brothers were dominated by Dick Fuld, one of the longest- serving chief executives on Wall Street. Fuld’s dominance of the company, which he had built up and which he regarded as almost a personal possession, was one of the causes of its ultimate failure. Lehman Brothers’ long history began with three brothers, immigrants from Germany, setting up a small shop in Alabama, selling groceries and dry goods to local cotton farmers. Th eir business soon evolved into cotton trading. Henry, the eldest brother, died at the age of 33 in 1855; the two younger brothers headed the fi rm for the next four decades. Th e fi rm began to expand, setting up a commodities trading business in New York in 1858. Th at gave Lehman a foothold in Manhattan’s fi nancial community, a fact which was of especial importance aft er the Civil War, when the fi rm had to rebuild itself, selling bonds for the state of Alabama, servicing that former Confederate state’s debt and interest payments. -
Rabbi Hauser's Paintings Include Many on Jewish Ference of Christians and Jews Subjects, His Favorite Theme in Painting
R. I. JEVi!SH i-! ISTORICAI,. ASSOC. 11 209 ANGE LL ST, PROV . o, R, I • THE ONLY ANGLO-JEWISH WEEKLY IN R. I. AND SOUTHEAST MASS . VOL, XLVlll, NO, I FRIDAY, MARCH 6, 1964 15¢ PER COPY 24 PAGES World Awaits Statement From Vatican On Catholic-Jewish Religious Relations ROME - The document on amine all observations on Chapter and warns all Catholics, lay and Catholic-Jewish relations , which Four, on Catholic Jewish relations, hierarchal, against any anti-Sem failed to come up for consideration and Chapter Five, on r eligious itic attitudes stemming from the at the Ecumenical Council ses sion freedom. ancient charge of deicide. last year, will be one of the sub The current session wlll mark In New York, Richard jects to be considered at a two the firs t assembly of the eight new Cardinal Cushing, Archbishop week meeting of the Vatican Sec members of the Secretariat elected of Boston and a leadlng liberal retariat for Chris tian Unity, which during the last days of Council last Catholic prelate, expressed con opened last week. year and the four new members fidence las t week that the Catholic The 30 members - bishops named by Pope Paul VI after his Church would ''eventually" adopt and cardinals - of the Secre r eturn from hi s pilgrimage to the the declaration. tariat, started their meeting under Hol y Land In January. He coupled his prediction with a the presidency of Augustin The Secretariat, und er call for Immediate closer relation Cardinal Bea, In Arlccla near Cardinal Bea' s leadership and on ships between Catholics and Jews. -
The New School of Health Sciences, Human Services, and Nursing the Legacy of Herbert H
Lehman TODAY FALL 2013 - WINTER 2014 A Vision for a Healthier Bronx and New York City The New School of Health Sciences, Human Services, and Nursing The Legacy of Herbert H. Lehman Killing Cancer A Molecular Breakthrough The Magazine of Lehman College For Alumni and Friends Fall 2013 / Winter 2014 • Vol. 6, No. 2 Contents Features Professor Moira Sauane’s Cancer 12 Treatment Breakthrough Inside Lehman College’s New 13 School of Health Sciences, Human Services, and Nursing 13 The Best of the Arts in the Bronx 18 The Legacy of Herbert H. Lehman 20 Departments Spotlight on Alumni 24 12 2 Campus Walk Lewis Gordon (’84), Ivan Seidenberg (’72), 6 Bookshelf Samsiya Ona (’11), Nabie Foday Fofanah (’04), Joely Bernat (’11) 20 8 Sports In Memoriam: Albert Bermel 30 10 Development News 24 Alumni Profiles Plus: The Annual Report, 2013 31 28 Alumni Events 30 On the Cover: From right to left: Michael McLeod (’15), Annia Soto (’14), Yaw Adom (’14), Carmen Mustelier (’16), Daneil Taveras (’15), Cristi Espada-Esposito (’16), Lizette Martinez (’14), and Michael Suarez (’15) Lehman Today is produced by the Lehman College Office of Media Relations and Publications, 250 Bedford Park Blvd. West, Bronx, NY 10468. Executive Editor: Alex Burnett; Managing Editor: Joe Tirella; Staff Writer: Yeara Rosenthal; Staff: Lisandra Merentis; Norma Strauss; Phyllis Yip; Freelance Writers: Suzanne Rozdeba and Sophia Tewa. Opinions expressed in this publication may not necessarily reflect those of the Lehman College or City University of New York faculty and adminis- tration. Email all correspondence to [email protected]. For more information on Lehman, visit www.lehman.edu. -
Appendices 2 - 7
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ x : In re : Chapter 11 Case No. : LEHMAN BROTHERS HOLDINGS INC., : 08‐13555 (JMP) et al., : : (Jointly Administered) Debtors. : ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ x REPORT OF ANTON R. VALUKAS, EXAMINER Jenner & Block LLP 353 N. Clark Street Chicago, IL 60654‐3456 312‐222‐9350 919 Third Avenue 37th Floor New York, NY 10022‐3908 212‐891‐1600 March 11, 2010 Counsel to the Examiner VOLUME 7 OF 9 Appendices 2 - 7 EXAMINER’S REPORT TABLE OF APPENDICES VOLUME 6 Tab 1 Legal Issues VOLUME 7 Tab 2 Glossary, Acronyms & Abbreviations Tab 3 Key Individuals Tab 4 Witness Interview List Tab 5 Document Collection & Review Tab 6 Lehman Systems Tab 7 Bibliography VOLUME 8 Tab 8 Risk Management Organization and Controls Tab 9 Risk Appetite and VaR Usage Versus Limits Chart Tab 10 Calculation of Certain Increases in Risk Appetite Limits Tab 11 Compensation Tab 12 Valuation - Archstone Tab 13 Survival Strategies Supplement Tab 14 Valuation - CDO Tab 15 Narrative of September 4 Through 15, 2008 Tab 16 Valuation - Residential Whole Loans i Tab 17 Repo 105 Tab 18 Summary of Lehman Collateral at JPMorgan Tab 19 Lehman’s Dealings with Bank of America Knowledge of Senior Lehman Executives Regarding The Tab 20 Inclusion of Clearing-Bank Collateral in the Liquidity Pool Tab 21 LBHI Solvency Analysis Tab 22 Preferences Against LBHI and Other Lehman Entities VOLUME 9 Analysis of APB, Journal Entry, Cash Disbursement, and Tab -
Robert Lehman Papers
Robert Lehman papers Finding aid prepared by Larry Weimer The Robert Lehman Collection Archival Project was generously funded by the Robert Lehman Foundation, Inc. This finding aid was generated using Archivists' Toolkit on September 24, 2014 Robert Lehman Collection The Metropolitan Museum of Art 1000 Fifth Avenue New York, NY, 10028 [email protected] Robert Lehman papers Table of Contents Summary Information .......................................................................................................3 Biographical/Historical note................................................................................................4 Scope and Contents note...................................................................................................34 Arrangement note.............................................................................................................. 36 Administrative Information ............................................................................................ 37 Related Materials ............................................................................................................ 39 Controlled Access Headings............................................................................................. 41 Bibliography...................................................................................................................... 40 Collection Inventory..........................................................................................................43 Series I. General -
The Lehman Trilogy
Park Avenue Armory, in collaboration with the National Theatre and Neal Street Productions, brings The Lehman Trilogy, by Stefano Massini, adapted by Ben Power, and directed by Sam Mendes to the Wade Thompson Dill Hall, following a sold-out run at the National Theatre Master actors Adam Godley, Ben Miles, and Simon Russell Beale will reprise their critically- acclaimed roles March 22 – April 20, 2019 Simon Russell Beale, Ben Miles and Adam Godley in The Lehman Trilogy at the National Theatre. Photo by Mark Douet. New York, NY – September 12, 2018 – In March 2019, Park Avenue Armory – in collaboration with the National Theatre and Neal Street Productions – will present the North American premiere of The Lehman Trilogy. Told in three parts in a single evening, the production will unfold in the 1 soaring 55,000-square-foot Wade Thompson Drill Hall from March 22 through April 20, 2019 in a strictly limited engagement. Directed by Sam Mendes, The Lehman Trilogy weaves through nearly two centuries of Lehman lineage, following the brothers Henry, Emanuel, and Mayer Lehman from their 1844 arrival in New York City to the 2008 collapse of the financial firm bearing their name. Adam Godley, Ben Miles, and Simon Russell Beale play the Lehman brothers, and a cast of characters including their sons and grandsons. As the inaugural production of the 2019 season, The Lehman Trilogy builds on the Armory’s history of presenting bold and engaging theater productions that explore the unexpected possibilities of the cross-genre cultural institution. The world premiere of Stefano Massini’s The Lehman Trilogy opened at the Piccolo Teatro in Milan in 2015. -
HERITAGE NEWSLETTER of the AMERICAN JEWISH HISTORICAL SOCIETY VOLUME 1, NUMBER 1 • SPRING 2003 CONTENTS a Letter From
H E R I T A G E VOL.1 NO.1 NEWSLETTER OF THE AMERICAN JEWISH HISTORICAL SOCIETY SPRING 2003 Posters from the past. A sampling of posters from the golden age of Yiddish theatre. Pages 14 -15. 350th Anniversary Emma Lazarus Awardee Baseball Card Collectors Edition American Jewish Historical Society 2002 -2003 Gift Roster Over $200,000 Genevieve & Justin L. Wyner $100,000 + Ann E. & Kenneth J. Bialkin Marion & George Blumenthal Ruth & Sidney Lapidus Barbara & Ira A. Lipman $25,000 + Citigroup Foundation Mr. David S. Gottesman Yvonne S. & Leslie M. Pollack Dianne B. and David J. Stern The Horace W. Goldsmith Linda & Michael Jesselson Nancy F. & David P. Solomon Mr. and Mrs. Sanford I. Weill Foundation Sandra C. & Kenneth D. Malamed Diane & Joseph S. Steinberg $10,000 + Mr. S. Daniel Abraham Edith & Henry J. Everett Mr. Jean-Marie Messier Muriel K. and David R Pokross Mr. Donald L. SaundersDr. and Elsie & M. Bernard Aidinoff Stephen and Myrna Greenberg Mr. Thomas Moran Mrs. Nancy T. Polevoy Mrs. Herbert Schilder Mr. Ted Benard-Cutler Mrs. Erica Jesselson Ruth G. & Edgar J. Nathan, III Mr. Joel Press Francesca & Bruce Slovin Mr. Len Blavatnik Renee & Daniel R. Kaplan National Basketball Association Mr. and Mrs. James Ratner Mr. Stanley Snider Mr. Edgar Bronfman Mr. and Mrs. Norman B. Leventhal National Hockey League Foundation Patrick and Chris Riley aMrs. Louise B. Stern Mr. Stanley Cohen Mr. Leonard Litwin Mr. George Noble Ambassador and Mrs. Felix Rohatyn Mr. Steve Stowe Combined Jewish Philanthropies Ms. Deborah B. Marin Ann & Jeffrey S. Oppenheim Louise P. & Gabriel Rosenfeld Adele & Ronald S. -
Dorothy L. Bernhard Scholarship What Is the Dorothy L
Dorothy L. Bernhard Scholarship What is the Dorothy L. Bernhard Scholarship? This scholarship is in honor and memory of Dorothy L. Bernhard a civic leader and philanthropist who was a staunch and tireless supporter of children in need. This scholarship will be given to a student who is dedicated to child welfare. One scholarship will be awarded. Who was Dorothy L. Bernhard? Dorothy Lehman Bernhard (1903-1969) was a civic leader and philanthropist who was a staunch and tireless supporter of children in need. With roots in two of New York’s most prestigious German Jewish families, she dedicated her time, energy, and family wealth to over thirty human service, public welfare, cultural, and social organizations. Her contributions were widely recognized, including receiving the Child Welfare League of America’s first Child Welfare Award from Eleanor Roosevelt in 1962. The oldest child of Arthur and Adele Lehman, Mrs. Bernhard grew up in a tightly knit extended family that lived, worked, socialized, and vacationed together. Although they were not particularly religious, the entire family proudly embraced Jewish values and identified very strongly with Jewish traditions of helping those in need. With models like her parents, uncles Herbert and Irving Lehman (governor and chief justice of the Court of Appeals in New York State, respectively), and grandfathers Mayer Lehman and Adolph Lewisohn (major business magnates and philanthropists), Mrs. Bernhard absorbed a deep commitment to helping others and addressing social needs. She graduated from the Horace Mann School in 1920, attended Wellesley College for one year, and married investment banker Richard Jaques Bernhard in 1923. -
Bernard Berenson and the Robert Lehman Collection
BERNARD BERENSON AND THE ROBERT LEHMAN COLLECTION by HILLARY BARRON A thesis submitted to the Department of Ait History in confomiity with the requirements for the degree of Master of Arts Queen's University Kingston, Ontario, Canada June 2000 Copyright Q Hillary Barron. June 2000 National Library Bibliothèque nationale If1 of Canada du Canada Acquisitions and Acquisitions et Bibliographie Services services bibliographiques 395 Wellington Street 395. rue Wdlington OnawaON K1A ON1 Ottawa ON K1A üN4 Canada Canada The author has granted a non- L'auteur a accordé une licence non exclusive licence allowing the exclusive permettant à la National Library of Canada to Bibliothèque nationale du Canada de reproduce, loan, distribute or sell reproduire, prêter, distribuer ou copies of this thesis in microforni, vendre des copies de cette thèse sous paper or electronic formats. la forme de microfiche/film, de reproduction sur papier ou sur format électronique. The author retains ownership of the L'auteur conserve la propriété du copyright in this thesis. Neither the droit d'auteur qui protège cette thèse. thesis nor substantial extracts Grom it Ni la thèse ni des extraits substantiels may be printed or otherwise de celle-ci ne doivent être imprimés reproduced without the author's ou autrement reproduits sans son permission. autorisation. In this thesis, I intend to argue that the connoisseurship of Bernard Berenson significantly irnpacted the art collecting strategies of New York financiers Philip and Robeit Lehman. In the late nineteenth century, Berenson and the Lehmans were equally influenced by America's growing fascination with European culture. specifically that of the Italian Renaissance.