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Lehman 6/10

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    Bernanke Book

  1. In Ben Bernanke’s Memoir, a Candid Look at Lehman Brothers’ Collapse

    Oct 5, 2015 | New York Times

    By Andrew Ross Sorkin

    ...That crucial moment? The bankruptcy of Lehman Brothers. Mr. Bernanke, in perhaps the most candid explanation of Lehman’s 2008 collapse, writes that he and Henry M. Paulson, then the treasury secretary, purposely obfuscated when asked about Lehman’s demise early on, allowing a narrative to develop that the government had purposely let the firm fail.Continue reading the main story...
  2. Ben Bernanke: Here's my worst moment as Fed chief

    Oct 6, 2015 | CNBC

    By Matthew J. Belvedere

    Former Fed Chairman Ben Bernanke told CNBC on Monday the worst moment of his eight-year tenure leading the central bank was the weekend before Lehman Brothers failed.
  3. Bernanke defending Fed actions to battle recession

    Oct 5, 2015 | CNBC

    The 610-page memoir, which Bernanke began writing after he left the Fed in January 2014, is his defense of the extraordinary measures the Fed employed to rescue the economy after the 2008 financial crisis.

    4. Intel

  4. Lehman Ruling Offers Much-Needed Guidance On 'Loss'

    Oct 5, 2015 | Law360

    In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on Sept. 16, 2015, thatIntel Corp.’s loss calculation resulting from a failed transaction under an International Swaps and Derivatives Association master agreement was appropriate.[1]

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Bernanke Book

  1. In Ben Bernanke’s Memoir, a Candid Look at Lehman Brothers’ Collapse

    Oct 5, 2015 | New York Times

    By Andrew Ross Sorkin

    It is astonishing to hear a former Federal Reserve chairman acknowledge that he may have misled the public as part of an agreement with another senior government official about one of the most crucial moments in recent financial history — and that he now questions whether he should have “been more forthcoming.” But that is what Ben S. Bernanke says in his new memoir, “The Courage to Act: A Memoir of a Crisis and Its Aftermath.”

    That crucial moment? The bankruptcy of Lehman Brothers. Mr. Bernanke, in perhaps the most candid explanation of Lehman’s 2008 collapse, writes that he and Henry M. Paulson, then the treasury secretary, purposely obfuscated when asked about Lehman’s demise early on, allowing a narrative to develop that the government had purposely let the firm fail.Continue reading the main story

    “In congressional testimony immediately after Lehman’s collapse, Paulson and I were deliberately quite vague when discussing whether we could have saved Lehman,” Mr. Bernanke writes. “But we had agreed in advance to be vague because we were intensely concerned that acknowledging our inability to save Lehman would hurt market confidence and increase pressure on other vulnerable firms.”

    For Full Article: http://www.nytimes.com/2015/10/06/business/dealbook/in-ben-bernankes-memoir-a-candid-look-at-lehman-brothers-collapse.html?_r=0

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  2. Ben Bernanke: Here's my worst moment as Fed chief

    Oct 6, 2015 | CNBC

    By Matthew J. Belvedere

    Former Fed Chairman Ben Bernanke told CNBC on Monday the worst moment of his eight-year tenure leading the central bank was the weekend before Lehman Brothers failed.

    Reflecting on the 2008 financial crisis on "Squawk Box," he said he was most troubled by the "knowledge it was going to fail and the fear and uncertainty associated with that."

    But that was only the beginning. "Then the next couple of days ... we had to deal with AIG and talk to Congress," he recounted.

    Bernanke has often been called the "right guy, at the right time," because of his extensive study of the Great Depression as well as past financial panics and their effects on the economy.

    For full text of story: http://www.cnbc.com/2015/10/05/ben-bernanke-heres-my-worst-moment-as-fed-chief.html

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  3. Bernanke defending Fed actions to battle recession

    Oct 5, 2015 | CNBC

    The 610-page memoir, which Bernanke began writing after he left the Fed in January 2014, is his defense of the extraordinary measures the Fed employed to rescue the economy after the 2008 financial crisis.

    Bernanke said that the weekend in September 2008 when regulators sought desperately but in vain to save investment bank Lehman Brothers was his worst moment in the crisis. He said he was concerned that the failure of Lehman, the biggest bankruptcy in U.S. history, could send the entire economy into another Great Depression like the 1930s.

    "I was very worried," Bernanke said in an interview Monday with CNBC. "My whole background as an academic was studying the Great Depression, studying financial panics, their effect on the economy. And I saw we were having the grand-daddy of all financial panics about to explode on us and I thought the consequences would be tremendous."

    In the interview, Bernanke refused to second-guess the job being done by his successor, Janet Yellen. But he generally expressed support for the Fed's current stance of making sure low inflation is headed back to the Fed's 2 percent goal before starting to raise interest rates.

    For Full text of Story: http://www.cnbc.com/2015/10/05/the-associated-press-bernanke-defending-fed-actions-to-battle-recession.html

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    4. Intel

  4. Lehman Ruling Offers Much-Needed Guidance On 'Loss'

    Oct 5, 2015 | Law360

    In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on Sept. 16, 2015, thatIntel Corp.’s loss calculation resulting from a failed transaction under an International Swaps and Derivatives Association master agreement was appropriate.[1] The decision is significant both because of the dearth of judicial interpretation of the ISDA mechanics regarding the calculation of early termination amounts, and because it affirms the general market understanding that a nondefaulting party has broad discretion in calculating “loss,” so long as its calculation is reasonable and made in good faith. It also suggests that, in considering Lehman’s valuation disputes with nonsettling counterparties that elected the loss calculation mechanism, the focus of the bankruptcy court’s inquiry will be on whether the counterparty’s calculation was reasonable, not whether Lehman can prove that it has a superior calculation.

    For Full Story: http://www.law360.com/articles/709952/lehman-ruling-offers-much-needed-guidance-on-loss-


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