Monday, April 30, 2012
From Barry Ritholtz’s blog:
How awesome is this treasure trove of emails, documents, files et. al placed online by the NY Fed?
Some of the emails between Lehman execs are laughable — naive, silly, hubristic, childish.
But my favorite piece simply has to be the Morgan Stanley research report from June 30 2008 “Overweight Rating” on Lehman Brothers — “Bruised, Not Broken, Poised for Profitability“. 60 days later, Lehman Brothers filed what was then the largest bankruptcy in the United States. This is (literally) what the category “Really Really Bad Call” was invented for.
Who was the author of this steaming piece of [s**t], and where is he today? Why, he is Patrick Pinschmidt, and he is a Senior Policy Advisor at U.S. Treasury Department! (You could not make up stuff this un-f***ing-believable even if you tried).