Donaldson, Lufkin & Jenrette

4 statements across 1 episodes · 1 bullish · 2 bearish · 1 people on the record · first statement May 5, 2026 by Tony James · said 33 times in 2 episodes since 2026 · across every show →

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brought up most by David Haber (18), Tony James (14), Lloyd Blankfein (1)

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Everything said about Donaldson, Lufkin & Jenrette, oldest first

May 5, 2026 negative
Assertion Not checkable as stated
DLJ had zero ethical lapses while Credit Suisse failed despite massive compliance
“Credit Suisse had all kinds of ethical lapses. DLJ had none, but they had immense controllers and process and whatnot. DLJ was skeletal.”
Tony James May 5, 2026 ▶ 1:05:29 Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show
May 5, 2026 negative
Disclosure
DLJ risked 40% of firm equity per bridge loan in 2000
“Our success in, in, in high yield and private equity meant we'd running out of balance sheet. Our bridge fund was one billion dollars, and all of a sudden you were doing one billion dollar bridge loans, so you can do one deal at a time, and if one mistake and …”
Tony James May 5, 2026 ▶ 13:18 Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show
May 5, 2026 positive
Assertion Partly supported
James: DLJ timed the market peak, selling for $14B cash
“But we sold it for fourteen billion of cash, and two or three years later Morgan Stanley sold for eight.”
Tony James May 5, 2026 ▶ 14:33 Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show
May 5, 2026
Assertion Partly supported
James: DLJ controlled 40% of high-yield trading for 12 years
“We accounted for all, 40% of all trading volume and high yield for 12 years.”
Tony James May 5, 2026 ▶ 8:38 Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show
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