I have a piece in this week’s New York Magazine that covers the meltdown at Lehman Brothers. Inside Lehman, the breakdown of order represented on a micro-scale what one might imagine would happen to the city, or country as a whole, if capitalism failed. No one was spared. I report for the first time that Lehman’s former president and COO Joe Gregory was close to filing for personal bankruptcy, after he borrowed money against his now worthless Lehman stock. From the piece:
At the Seventh Avenue headquarters, the Trader watched it all unfold like a nightmare. Managers instructed the staff not to trade. The company blocked outgoing e-mails with attachments. A colleague frantically called human resources to find out if his wife, who was due to give birth any day now, would be covered by Lehman’s benefits plan. With no instructions from the top, the Trader took his colleagues down to a lunch at Pastis.
Read the full piece HERE