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Learnings from Lehman Brothers
By Advisor Perspectives
Capital Markets, Financial Services
September 15, 2008, is a day that I will never forget. I was working for the Federal Reserve at that time, based in Chicago. My office phone rang early that morning: it was my counterpart at the Fed in New York. “Lehman Brothers has filed for bankruptcy and all hell is breaking loose,” I remember him saying. “Can you get out here to lend a hand?”
I promised to check with my local boss, go home to pack, and fly out that evening. “You don’t understand,” he said. “We’ve made a reservation for you on the 10 a.m. departure. Go straight to the airport. In transit, please text your clothing sizes to me; we’ll order the things you’ll need for the first few days. And have your wife send two weeks of gear to our address in lower Manhattan.”
I called home. “Honey,” I explained, “I won’t be home for dinner … not for quite a while. And can you send a bunch of clothes to New York?” “Who is she?” my wife asked. That was the last laugh we shared for some time.
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Photo: © Jorge Royan