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Lehman Brothers Inc. (/ ˈ l iː m ən / LEE-mən) was an American global financial services firm founded in 1850. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.
The Lehman family (also Lehmann, Liehmann or Liehman) is a prominent family of Jewish German-Americans who founded the financial firm Lehman Brothers. Some were also involved in American politics. [ 1 ]
Richard Severin Fuld Jr. (born April 26, 1946) is an American banker best known as the final chairman and chief executive officer of investment bank Lehman Brothers.Fuld held this position from April 1, 1994 after the firm's spinoff from American Express until September 15, 2008. [4]
Shearson Lehman Hutton was the result of the combination of several Wall Street firms over a 25-year period beginning in the early 1960s that included Lehman Brothers, Kuhn Loeb, E.F. Hutton, Hayden Stone & Co., Shearson, Hammill & Co., Loeb, Rhoades & Co., Hornblower & Company, and Cogan, Berlind, Weill & Levitt, which ultimately came together under the ownership of American Express.
Philip became a partner in the family-owned firm in 1887 and was the firm's managing partner from 1901 to 1925. He was also the first chairman of the board of the Lehman Corporation. [1] Lehman was notable as one of the first financiers to recognize the potential of issuing stock as a way for new companies to raise capital.
The U.S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman. [14] On September 10, Lehman announced a loss of $3.9 billion and their intent to sell off a majority stake in their investment-management business, which included Neuberger Berman. [15] [16] The stock slid 7% that day. [16] [17]
Glucksman had a distinguished career on Wall Street.He joined the staff of privately held Lehman Brothers in 1963. After rising from head of sales and trading at Lehman to co-CEO, Glucksman, described then as "gruff and tough" beat Pete Peterson, a former United States Secretary of Commerce for control of the then-closely held firm in 1983, a battle documented in the 1986 book Greed and Glory ...
On October 17, 1950, New York State Supreme Court Judge Ferdinand Pecora and Senator Lehman (D-NY) gave radio addresses on behalf of the CIO-PAC during prime (10:30-11:15 P.M.). [ 7 ] In the campaign, he ran on the Democratic and Liberal tickets, with the American Labor Party urging their members not to vote for any candidate.