StarZero All shows Try the podcast clipper →

Lehman Brothers

also referred to as: lehman

includes Lehman Brothers International (Europe)

24 statements across 21 episodes · 3 bullish · 6 bearish · 20 people on the record · first statement May 2, 2017 by Ted Seides · said 151 times in 60 episodes since 2017 · across every show →

Mentions by year, the whole family

brought up most by Ted Seides (13), Andrew Tsai (10), Michael Rees (8), Taimur Hyat (7), Charlie Ellis (7), Jace Auby (6), Steve Rattner (5), Daniel Adamson (5)

tap a year for its mentions
0020840152017201820192020202120222023202420252026episodesmentions
08152017201820192020202120222023202420252026episodes it came up in
0027.54152017201820192020202120222023202420252026episodesmentions per episode
2026 3 mentions in 2 episodes 2 per episode
2025 5 mentions in 4 episodes 1 per episode
2024 16 mentions in 5 episodes 3 per episode
2023 9 mentions in 8 episodes 1 per episode
2022 15 mentions in 6 episodes 3 per episode
2021 26 mentions in 9 episodes 3 per episode
2020 39 mentions in 12 episodes 3 per episode
2019 7 mentions in 2 episodes 4 per episode
2018 21 mentions in 8 episodes 3 per episode
2017 10 mentions in 4 episodes 3 per episode

every mention, scene by scene, with the transcript →

Everything said about Lehman Brothers, oldest first

May 2, 2017 bearish
Insight
Seides: Inflows and competition eroded hedge fund upside-downside capture post-Lehman
“The other thing that happened was, and it really started post Lehman, hedge funds disappointed. Hedge funds in the past, say equity long, short hedge funds, had a certain kind of Capture of, if the S&P went up 10%, you might expect them to make five or six per…”
Ted Seides May 2, 2017 ▶ 48:56 The Bet with Buffett (Capital Allocators, EP.05)
May 30, 2017 neutral
Assertion Not checkable as stated
Solomon: Hedge funds evolved from 1980s Wall Street prop desk spinouts
“If you think about the way the hedge fund business evolved, it evolved from people who were on the prop desks, you know, Goldman Sachs, Lehman Brothers, you know, all these different places in the eighties, and they spun out and started their own firms Largely…”
Jeffrey Solomon May 30, 2017 ▶ 12:09 Jeffrey Solomon – Vision, Tenacity, and Empathy (Capital Allocators, EP.09)
Apr 2, 2018 negative
Opinion
Redleaf: Originate-to-distribute and misaligned incentives did not cause the 2008 crisis
“People and regulators and so forth talk about the originating to distribute as the problem of the financial crisis. I think that that's completely wrong. It's not the case that incentives were misaligned. I mean, all of Lehman's employees Had the bulk of their…”
Andy Redleaf Apr 2, 2018 ▶ 36:12 Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46)
Jul 9, 2018
What-if
Scaramucci: If Lehman hadn't forced a stock sale, I'd have lost everything
“Every time in my career where I haven't done that, I've gotten blown out, except at that time, through the grace of God, I was forced out of the stock in 2005. I would have held that stock and lost all that money.”
Anthony Scaramucci Jul 9, 2018 ▶ 15:18 Anthony Scaramucci – It's Called a Mooch (Capital Allocators, EP.60)
Jul 9, 2018
Assertion Not publicly verifiable
Scaramucci: Dick Fuld gave SkyBridge $10M in balance sheet capital
“Dick Fould gives me ten million dollars of balance sheet capital put in my fund.”
Anthony Scaramucci Jul 9, 2018 ▶ 13:50 Anthony Scaramucci – It's Called a Mooch (Capital Allocators, EP.60)
Jul 23, 2018 neutral
Assertion Partly supported
Friedman: Fannie and Freddie represented two-thirds of US GDP during 2008 crisis
“Fannie and Freddie were 10 times bigger than Lehman, yet it didn't have any knockoff impact. It was two-thirds of the GDP of the entire United States, Fannie and Freddie at the time.”
Manny Friedman Jul 23, 2018 ▶ 18:01 Manny Friedman – Non-Linear Financial Systems (Capital Allocators, EP.61)
Jul 23, 2018 negative
Opinion
Friedman: Government inaction on Lehman Brothers triggered the 2008 financial crisis
“The crisis was created when Lehman failed and the government did nothing. They just simply decided, well, we don't have the authority to act, which we know is not true, because you can read laws a million different ways. Once that happened, people lost confide…”
Manny Friedman Jul 23, 2018 ▶ 18:17 Manny Friedman – Non-Linear Financial Systems (Capital Allocators, EP.61)
Sep 24, 2018
Assertion Partly supported
Future Fund Held Approximately 80% in Cash When Lehman Brothers Collapsed
“Fortuitously, and through some good decisions made by the people who were here before me, we were sitting with about 80% in cash when layman's went broke.”
Raphael Arndt Sep 24, 2018 ▶ 53:33 Raphael Arndt – Australia's Sovereign Wealth Fund CIO (Capital Allocators, Episode 70)
Oct 22, 2018 positive
Insight
Investors should buy CDS when highly levered entities hit 17 basis points
“Lehman traded at 17 basis points. And just as an overarching theme, anytime a highly levered thing trades anywhere in that zip code, I think he just, I think he puts them on.”
Andrew Tsai Oct 22, 2018 ▶ 47:35 Andrew Tsai – Catching a Theme on the Chalkstream (EP.73)
Mar 18, 2020 bullish
Assertion Not checkable as stated
Aitken: Large regulated banks are far better capitalized than in 2008
“Unlike 2008, every regulated financial institution and all the big ones has more liquidity, has more capital and generally less leverage. If we assume that central counterparties are robust, given all the derivatives that are now centrally cleared, the financi…”
James Aitken Mar 18, 2020 ▶ 36:36 James Aitken – Systemic Risk in a Crisis (Capital Allocators, EP.126)
Apr 23, 2020
Opinion
Golden: Early COVID-19 volatility surpassed the 2008 Lehman Brothers collapse
“During what I think is objectively the most volatile markets in my career, even compared to the Lehman days, you gotta understand Is there anything particularly unusual going on?”
Andy Golden Apr 23, 2020 ▶ 4:52 Andrew Golden – Navigating Princeton's Endowment Through (Another) Crisis (Capital Allocators, EP.133)
Jul 20, 2020
Insight
Avoid matching competitors with different balance sheets and fatal leverage
“And second, don't get so caught up in competing with others who may have very different balance sheets or asset bases relative to yours. That you end up creating leverage or equity situations where you may not be able to survive when markets turn.”
Taimur Hyat Jul 20, 2020 ▶ 12:53 Taimur Hyat – After the Great Lockdown (Capital Allocators, EP.149)
Aug 10, 2020 neutral
Assertion Not checkable as stated
Walthour: Lehman Brothers 1990 Analyst Class Was Exclusively White Outside Diversity Programs
“Outside of those of us that came through some type of diversity program, everyone else was white.”
Jake Walthour Aug 10, 2020 ▶ 7:57 Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151)
Oct 12, 2020
Assertion Supported
Chabran: Lehman Brothers Held Single-A Rating Days Before Bankruptcy
“On Friday, September the 13th, 2008, Lehman Brothers were singly raided. On the Monday morning, it had defaulted, and that was the catalyst to, you know, a much wider situation.”
Mathieu Chabran Oct 12, 2020 ▶ 51:52 Mathieu Chabran – Good Deals Have No Wheels at Tikehau Capital (First Meeting, EP.23)
May 31, 2021 negative
Assertion Not checkable as stated
Ellis: Yale removed Lehman Brothers as counterparty years before its collapse
“So sure enough, Lehman was on the list years before the Lehman problem, and years before the Lehman problem, they were taken off the list. And why? Because if you examined it rigorously and carefully, you would realize they're not quite as good at this kind of…”
Charlie Ellis May 31, 2021 ▶ 38:05 Charley Ellis – The Magic of David Swensen (Capital Allocators, EP.197)
Aug 26, 2021 positive
What-if
Rieder: Lehman Brothers would have survived if Bart McDade became president earlier
“I'd say this to this study and people who were at Lehman Brothers would tell you this, if he became president two years earlier, Lehman would still be around.”
Rick Rieder Aug 26, 2021 ▶ 14:01 Rick Rieder – BlackRock (Manager Meetings, EP.08)
Aug 26, 2021
Disclosure
Rieder left Lehman in May 2008 before merging his fund into BlackRock
“Then I went to Lehman, went out of Lehman to run a hedge fund, and unfortunately I did a Mayo eight, wasn't exactly perfect timing. Good timing to leave Lehman, but it wasn't a perfect time to set up a credit hedge fund. And then we had a tough oh eight. And t…”
Rick Rieder Aug 26, 2021 ▶ 12:38 Rick Rieder – BlackRock (Manager Meetings, EP.08)
Nov 8, 2021
Insight
Visser: Markets Mistakenly Treat Complex Crises Like Evergrande as Binary Outcomes
“The reality is there are so many other horses in the race other than it's going to finish first and it's going to finish last, which is the way most market people get to. There are so many outcomes on the distribution that they don't all end up in the same way…”
Jordi Visser Nov 8, 2021 ▶ 53:18 Jordi Visser – Analytics and AQ at Weiss (Capital Allocators, EP.221)
Jun 20, 2022 negative
Assertion Not checkable as stated
Forman: Lehman executives did not know the risk on their balance sheet
“One of the reasons that the financial crisis occurred in oh eight, oh nine is if you were to look at The TenQ of Lehman Brothers. Last filing before it went bankrupt. There's a big other line item on the balance sheet. You have to read into the footnotes. No o…”
Ben Forman Jun 20, 2022 ▶ 29:59 Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
Oct 31, 2022
Assertion Supported
Rees: Lehman Took 20% Minority Stakes in GLG and D.E. Shaw
“Every time we did one of these minority stakes in hedge funds, we started with GLG and then we did a firm Called Marble Bar and Osprey and D.E. Shaw. We were doing a lot of work in a lot of other areas, and these 20% stakes in hedge funds were paying the bills…”
Michael Rees Oct 31, 2022 ▶ 10:15 Michael Rees – Inside GP Stakes at Dyal Capital (Capital Allocators, EP.278)
Nov 13, 2023 negative
Assertion Partly supported
US Search burned $70 million in nine months after its IPO
“Lehman Brothers and Bear Stearns took them public. They raised about seventy million dollars and they burned through it in about nine months.”
Rick Heitzman Nov 13, 2023 ▶ 13:45 Rick Heitzmann – New York Venture Investing at FirstMark Capital (EP.350)
Jan 1, 2024
What-if
Housel: Wall Street Critics Would Have Packaged Subprime for $4M Bonuses
“What people missed is that if they had the same incentives as the banker from Lehman Brothers, and their boss said, hey, if you package these subprime bonds, we'll give you a four million dollar bonus. You would have done the same thing too. Of course you woul…”
Morgan Housel Jan 1, 2024 ▶ 42:18 Morgan Housel – Same as Ever (EP.359)
May 20, 2024
Assertion Not checkable as stated
Tremblant Capital Pulled All Funds From Lehman Brothers in Summer 2007
“We took our money away from Lehman Brothers in the summer of oh seven.”
Brett Barakett May 20, 2024 ▶ 54:41 Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386)
Sep 1, 2025
Assertion Contradicted
Future Fund held 80% of its portfolio in cash when Lehman collapsed
“Fortuitously, and through some good decisions made by the people who were here before me, we were sitting with about 80% in cash when layman's went broke.”
Raphael Arndt Sep 1, 2025 ▶ 52:50 CIO Greatest Hits: Sovereign Wealth Funds – Raphael Arndt (Australia Future Fund)
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 700 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more