Farewell Lehman Brothers: September 15th, 2008

Here is a very interesting article I found on CNN:

Lehman’s dying hours

As the clock ticks down, workers file out of a Times Square skyscraper carrying what they can.

“NEW YORK (Fortune) — The last hours, minutes really, of one the world’s largest investment banks make for a pretty unusual spectacle.

I’m standing outside Lehman Brothers (LEH, Fortune 500) headquarters on 7th Ave and 50th street in New York City watching Lehman Brothers die.

Employees, some in suits, others in casual clothes, are filing out with all they can carry as time runs out.

They are walking down the sidewalk past police barricades as scores of New Yorkers and tourists gawk, some asking, “Which star is coming out?” - not knowing what’s going on.

A big cop issues the standard “keep moving” line to those of us who stop to gaze. He tells the crowd, “Go home. There is no one famous coming out. You are looking at a whole bunch of people who just lost their jobs.”

Some of the people behind the barricades are loved ones - their faces distraught, their cars waiting to pick up their significant others and their boxes. One banker carries out a pair of green Lehman umbrellas, a paltry trophy.

Few parting employees are in a mood to talk - either they’re still adhering to CEO Dick Fuld’s tight-lipped, ‘We’re all in this together’ policy or they’re just exhausted and in major pain.

“No comment,” is the standard line. A TV producer tries in vain to get interviews. I managed to ask one guy how he felt: “Look at all of us with boxes,” he said with a grimace. “What do you think?”

As the night wears on, dozens of younger workers start coming out of the building. One yells, ‘Jackals,” not knowing that the crowd is made up mostly of relatives or clueless onlookers. A pair of employees walk out carrying orchids.

Six months earlier and five blocks away, a similar scene played out as Bear Stearns collapsed. Tonight I’m wondering how many more crash and burn nights like this Wall Street, the markets and our economy can take. ”

There is no doubt about it but tomorrow will be a dark day on Wall Street. As the dust settles, we will realize that a 158 year old crown jewel was lost forever. Emanuel and Mayer Lehman are in heaven looking down wondering what happened to the company they worked so hard to erect in 1850. It really is heartbreaking to watch this happen as 29,000 people just lost their jobs and with the way the economy is right now, their morale and self esteem must be shattered. One can only mentally picture all these employees filing out of the Lehman Bothers headquarters with their heads looking up at the sky, asking God, why me?

I am writing about this because I profit off of the desecration of others and at times like this, it really makes for a somber atmosphere. Why you ask? Because you knowing you were on of the reasons why Lehman shareholders got torn to shreds this past year.

The U.S will recover one day but the question of when it will happen is a great mystery to us all. you sort of wish you could jump into the movie “Back to the Future” and borrow Dr. Emmitt Brown’s Delorean time machine with the flux capacitor to see when the bleeding will end. As I close this message, all I can say it stay careful out there. If you recall my past article about Goldman Sachs, this event was inevitable and Goldman will as top tier investment bank in the world.

Stay safe, take profits where you can and may Wall Street spare us all.

-Justin Moon, Senior writer for Marketchasers.com