Looking back at Lehman

On this anniversary of the Lehman Brothers failure, Linklaters partner Tony Bugg, part of the Lehman restructuring team assembled by PricewaterhouseCoopers, reflects on being a firsthand witness to catastrophe:

There was clearly awareness of Lehman’s difficulties in the days running up to its collapse, but I don’t think any of us actually thought it would really go under. Looking back at the events in New York no one thought the Fed would let it go under: if there was a solution for Bear Stearns then there would be a solution for Lehman.  […] It’s a huge building and it was empty. We went there on the Sunday. There were some people on the 10th floor and the senior guys up on the famous 31st floor. I remember getting the lift up to the 31st floor and having to get out on 22 because you had to change lift banks. We didn’t have door passes and we had to walk around trying to find someone to give us a pass to let us get on to the right floor. It was very odd.

Read the whole thing here.  (The Lawyer)

                               -posted by brian