There was I thinking that investment bankers were geniuses:
"Dick Fuld, the ousted chairman and chief executive of Lehman Brothers, and his deputies cost creditors as much as $75 billion (£51.5 billion) by rushing the stricken investment bank into a bankruptcy filing, an analysis by liquidators has found.
Bryan Marsal, co-chief executive of Alvarez & Marsal (A&M), which is restructuring Lehman, described the bank's unexpected collapse on September 15 as “unconscionable waste of value”. Mr Marsal's report estimates that between $50 billion and $75 billion of assets that could have been used to repay unsecured creditors were wasted because Lehman did not have a clear plan to wind down the bank."
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