He conveniently left out the fact that Lehman was the only bank that wasn’t helpful during the collapse of Long Term Capital Management, not that it changes anything. Basically the other banks and the NY Fed decided to send a fuck you for not cooperating ten years prior.
What do you mean by not helpful. From the wikipedia on LTCM,
- The contributions from the various institutions were as follows:
- $300 million: Bankers Trust, Barclays, Chase, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Merrill Lynch, J.P.Morgan, Morgan Stanley, Salomon Smith Barney, UBS
- $125 million: Société Générale
- $100 million: Paribas and Lehman Brothers
- Bear Stearns and Crédit Agricole declined to participate.
