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Lehman July 6
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BRIEF-Barclays Settles Lehman Brothers Litigation
Jul 5, 2015 | Reuters
Barclays PLC reached a settlement with SIPA Trustee ( "Trustee") for Lehman Brothers Inc. ("LBI") to resolve outstanding Litigation, all of outstanding issues between Barclays and Trustee will be settled and Barclays will receive all but US$80 million of US$1.1 billion of assets which were still disputed by trustee. -
Five Bits Of Career Wisdom I Learned From Unlikely Sources
Jul 5, 2015 | LinkedIn Pulse
By David Danto
...“It’s never wrong to do the right thing.” – While this sentiment has been attributed to many people – religious icons, civil rights activists and Oprah included – I learned it from Lehman Brothers former CEO Dick Fuld. - In running that financial services organization he often made it a point to do the right thing by his clients regardless of the cost... -
Jeb Bush’s Big Lehman Brothers Problem
Jul 2, 2015 | The Daily Beast
By Charles Gasparino
Jeb Bush says he released 33 years of tax returns this week because he wants to be the most transparent candidate to run for president in 2016. But if that’s really the case, why is he continuing to obfuscate some of his most lucrative and potentially controversial business dealings he had before announcing his candidacy, like his work as an... -
Jeb Bush’s Big Lehman Brothers Secret
Jul 3, 2015 | Ring of Fire
By Justin Lane
Jeb Bush wants to be the most transparent presidential candidate in history, at least when it comes to his financial history. Yet, despite all of his pomp, Jeb may be hiding huge secrets about his time spent with Lehman Brothers. To encourage spectators to think that he is being abundantly transparent, Bush has released 33 years of tax records...
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Barclays PLC
Comment - Dick Fuld
Comment - Jeb Bush
Full Text of Stories Below
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BRIEF-Barclays Settles Lehman Brothers Litigation
Jul 5, 2015 | Reuters
Barclays PLC
* Reached a settlement with SIPA Trustee ( "Trustee") for Lehman Brothers Inc. ("LBI") to resolve outstanding Litigation
* All of outstanding issues between Barclays and Trustee will be settled and Barclays will receive all but US$80 million of US$1.1 billion of assets which were still disputed by trustee.
* Following implementation of settlement, Barclays will have received all of assets it claimed in litigation with exception of this US$80 million
* As a result of this settlement, Barclays expects to recognise a pre-tax gain of approximately US$750 million in its 2015 interim results...
For full story:
http://uk.reuters.com/article/2015/06/05/idUKFWN0YR00W20150605
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Five Bits Of Career Wisdom I Learned From Unlikely Sources
Jul 5, 2015 | LinkedIn Pulse
By David Danto
In September of this year I’ll be celebrating the 37th anniversary of my career. In 1978 I got my start at an internship at AT&T’s Corporate Television Center and Media Library. Over the ensuing years I’ve dabbled in broadcasting and cable, academia, corporate communications and I now work as a consultant for the world’s best ICT services firm.
...4 – “It’s never wrong to do the right thing.” – While this sentiment has been attributed to many people – religious icons, civil rights activists and Oprah included – I learned it from Lehman Brothers former CEO Dick Fuld. - In running that financial services organization he often made it a point to do the right thing by his clients regardless of the cost or circumstances. It’s still not clear if the Lehman Brothers organization disintegrated due to his actions or his ignorance (or both), but this one lesson was wise regardless of the eventual outcome of that firm. If you’re not sure about something to do in a certain circumstance, asking yourself “what would be the right thing to do” - and then doing it - is ALWAYS the correct course of action. That might take the shape of sending congratulations or a gift to someone deserving it even though they’d never return the gesture, or it might be going the extra mile for a client that probably would be happy with a lesser effort, or it may be maintaining your integrity even though no one can see it. It brings a sense of personal pride and fulfillment that one can’t achieve any other way, and it also tends to teach others to respect themselves...
For full story:
https://www.linkedin.com/pulse/five-bits-career-wisdom-i-learned-from-unlikely-sources-david-danto
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Jeb Bush’s Big Lehman Brothers Problem
Jul 2, 2015 | The Daily Beast
By Charles Gasparino
Jeb Bush says he released 33 years of tax returns this week because he wants to be the most transparent candidate to run for president in 2016. But if that’s really the case, why is he continuing to obfuscate some of his most lucrative and potentially controversial business dealings he had before announcing his candidacy, like his work as an “adviser” for investment bank Lehman Brothers?
So, if Jeb won’t tell you what Jeb exactly did while working on Wall Street, in the interests of transparency and disclosure, I will try.
Not much is known about what Bush actually did for Lehman—the firm that went belly-up in 2008 and sparked the wider financial crisis, and Barclays, the bank that purchased Lehman out of bankruptcy and continues to work out of its midtown Manhattan headquarters. He began working for the former after his term as Florida governor ended in 2007, and continued working for the latter until the end of 2014, when he decided to run for president.
The two banks were his biggest sources of income in recent years: Bush earned more than $14 million working for Lehman and then Barclays, which based on my understanding of simple math accounted for nearly half of the $29 million he made after he left government. Yet in Tuesday’s disclosure, and even in many of his public comments, Bush has downplayed his work for the two banks.
“I also was hired as a senior advisor to Barclays where I advised their clients on a wide range of global economic issues with a mind towards navigating government policies,” he writes in an essay that accompanied the tax returns. It is the only sentence that refers to his time at Barclays. And he doesn’t mention Lehman at all.
In recent weeks I’ve interviewed numerous Wall Street executives about Jeb Bush, and his role at both firms. What emerges is a portrait of a bank “adviser” who operated more like a high-level investment banker.
A spokeswoman for Bush declined to provide specifics about his work for the banks other than point to various media accounts, including those by this reporter. But Bush, according to people with direct knowledge of his activities, helped the firm look for business from well-heeled clients, including everyone from hedge funds to billionaire investors like Carlos Slim Helu, the Mexican business magnate widely regarded as the world’s richest man.
And, in at least one instance, he appears to have been Lehman’s go-to man for an emergency investment during the 2008 financial crisis.What emerges is a portrait of a bank “adviser” who operated more like a high-level investment banker.
In his seven years working for both banks, Bush was paid handsomely for this work, but he was also thrust into several awkward situations. A couple of years ago, he met with executives from the Minneapolis-based hedge fund Whitebox Advisors, a major Barclays client. Bush was supposed to be providing high-level insight into economic issues for the big hedge fund, which was one of a handful that correctly predicted the mortgage meltdown that eventually led to Lehman’s collapse.
But according to people who were present, the meeting soon turned uncomfortable when Whitebox’s chief executive, Andrew Redleaf, began to openly browbeat Bush on his brother’s record as president, including his handling of the Iraq War.
A spokeswoman for Redleaf declined to comment but would not deny the account; a spokeswoman for Bush had no comment.
One investment banker who has direct knowledge of Bush’s work for Lehman and Barclays says over the past seven years, the former governor has had “dozens and dozens and dozens” such meetings with clients and prospective clients of Lehman and Barclays. One of those clients included Slim, the Mexican billionaire, which looms as one of the most controversial aspects of Bush’s private business dealings. This is because, if accurate, it shows how closely Bush worked with Lehman officials during the firm’s final days.
According to former Lehman executives and various news reports, Bush met with Slim to ask him to make an investment in the firm in the summer of 2008. The investment never happened, and Lehman, famously, filed for bankruptcy in September of that year.
Bush campaign spokeswoman Kristy Campbell seems to deny at least some of this account. “Governor Bush met with Carlos Slim. It was regarding a specific telecom project,” she said in an email. “It was not regarding [a] general Carlos Slim infusion of cash to save Lehman Brothers.”
She would not deny, however, that this investment could in some way have helped prop up Lehman Brothers. In fact, Campbell also refused to outright deny past media reports, including this one in The New York Times, which cites emails explaining how Bush was involved something called “Project Verde,” a firm-wide effort to get an investment from Slim and potentially help save Lehman from collapse in 2008.
Indeed, former Lehman executives say senior executives at the firm had discussed using Bush as a direct conduit to policymakers—including those reporting to his brother, who was president during the financial crisis—as Lehman was sinking further into insolvency and regulators balked at including the firm in their broader bailout packages...
For full story:
http://www.thedailybeast.com/articles/2015/07/02/jeb-bush-s-big-lehman-brothers-problem.html
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Jeb Bush’s Big Lehman Brothers Secret
Jul 3, 2015 | Ring of Fire
By Justin Lane
Jeb Bush wants to be the most transparent presidential candidate in history, at least when it comes to his financial history. Yet, despite all of his pomp, Jeb may be hiding huge secrets about his time spent with Lehman Brothers.
To encourage spectators to think that he is being abundantly transparent, Bush has released 33 years of tax records. Yet, despite all those years of records, it appears that he is not releasing details of the time he spent working as an “adviser” to the Lehman Brothers, reports The Daily Beast.
According to The Daily Beast:
Not much is known about what Bush actually did for Lehman–the firm that went belly-up in 2008 and sparked the wider financial crisis, and Barclays, the bank that purchased Lehman out of bankruptcy and continues to work out of its midtown Manhattan headquarters. He began working for the former after his term as Florida governor ended in 2007, and continued working for the latter until the end of 2014, when he decided to run for president.
It seems that Bush predicted that critics would note the gap in his records and he tried to address it by explaining his time there in a statement that accompanied the release...
For full story:
http://www.ringoffireradio.com/2015/07/jeb-bushs-big-lehman-brothers-secret/
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Barclays PLC
Comment - Dick Fuld
Comment - Jeb Bush
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