24,992 People Making Money and 8 Guys Losing It

“The story of Lehman Brothers comes down to this one sentence: There’s 24,992 people making money and 8 guys losing it.” This just goes to highlight how eight people can run amuck and go crazy with credit and ultimately lead to the demise of the firm. Lehman Brothers survived the Civil War, numerous World Wars, 9/11 and then was brought down by a combination of a poor board of directors, leverage, and a lack of risk understanding by CEO Dick Fuld, claims Larry in his book.

via Seeking Alpha



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