The Guardian reports that 'a breakdown of communication at the highest level' between London and Washington lead to the collapse of Lehman Brothers, which, in turn, ushered in the worst banking crisis for over 80 years.
Here's something sent in by a former Lehman Brothers employee:
Here's an interesting Lehman e-mail exchange that has been unearthed by the media from the material submitted to Congress for the House Commitee on Oversight and Government Reform hearings on the financial crisis (the names of some of those involved in the exchange have been xxx'd out for privacy reasons).
Bloomberg is quoting Ellen Zentner, a senior economist at Bank of Tokyo-Mitsubishi UFJ in New York, who blames current market chaos, in part, on the fall of Lehman Brothers: 'It's a collapse heard around the world. It's probably one of the worst decisions the Fed ever made - to save everybody else but Lehman'.
Here's the latest from our Highly Placed Professional.
Bloomberg reports that MF Global CEO Jon Corzine, who is almost done with a restructuring program that will see as many as 15% of the firm's 3,200-person workforce laid-off, has said that headcount is likely to go back up in the coming 2 years.
Although CLSA bank analyst Michael Mayo has at last secured a meeting with Citi executives (after apparently waiting almost two years for the call), he's showing no let-up in his criticism of the firm.
A recent interview with the Sunday Telegraph gave Barclays incoming CEO Bob Diamond the opportunity to have a pop at the critics of so-called 'casino banking'.
The New York Times reports that as many as 60 Goldman executives could be 'stripped' of their partner status, as the firm brings in fresh partner talent towards the year-end.
Too often these days we use the word 'tragedy' without really thinking.
It's all his fault.
A jury of seven women and two men in 2011 accepted the banker's wife planned to drug her husband with a milkshake before bludgeoning his skull with a lead ornament while he was unconscious on their bed.
Fortune's annual list is filled with executives who defied expectations (buying a newspaper, leaving luxury for Apple), executed big turnarounds, and delivered stellar results for their shareholders.