http://www.youtube.com/watch?v=8z9rbf6Ad4A

Lawrence McDonald, former VP of Distressed Debt and Convertible Securities, discusses his time with Lehman and who he blames for the collapse.

The post Bankruptcy of Lehman Brothers
Former VP: Executive Suite is ‘One of the Strangest, Most Bizarre’ Places appeared first on Witnify.

‘A Perverse and At Times Terrifying Culture Existed’

“Unfortunately, what I eventually came to learn, and this took time, was that what was really happening was a simple transfer of wealth, more often than not from the less intelligent and informed to the more so. I worked in a highly opaque market. There was no price ticker scrolling across our screens telling us what these bonds and derivatives we traded were worth. In fact, no one really knew what any of this stuff was worth. Which, it turns out, is a trader’s field day…”

This article was originally published by New York Magazine but is now available on the author’s website here.

The post Bankruptcy of Lehman Brothers
Lehman Trader Recalls Culture Pre-Bankruptcy appeared first on Witnify.

http://www.youtube.com/watch?v=Lbh5kDxWt8Y

An employee films the scene as he leaves the firm on the day it declared bankruptcy.

The post Bankruptcy of Lehman Brothers
Leaving Lehman for the Last Time appeared first on Witnify.