Even if it has been four months since the Black Monday in September, Lehman Brothers’ epic collapse will remain a turning point in the global financial landscape. After ten years spent in United States, five at Lehman Brothers and an MBA in economy and finance, Victor Dan is an investment banker at Credit Suisse Securities. The Romanian tells in an interview to Wall-Street about the day the investment bank on 7th avenue collapsed as there is still no end in sight to financial crisis in 2009.
Lehman Brothers’ collapse will remain an epic event in the history of financial crisis. On September 15 2008, the day the financial giant made public its downfall, was the peak of the crisis and a starting point for snowballing dramatic events in the financial world.
After more than four months, Victor Dan told Wall-Street how he felt the impact of the news, as former employee of Lehman.
“On September 14, a former co-worker at Lehman called me at the office. He told me something on the phone, about what would happen the next day. When we got there, everybody was clearing their desks, the street was blocked and the paparazzi were lining the street. It looked like a burial ceremony under somber skies”, said Daniel.
Lehman Brothers was probably one of the few Wall-Street juggernauts where it didn’t matter what college you had graduated or how good you were in your job.
“You didn’t have to have degrees and pedigrees or to graduate the finest schools. I had supervisors who didn’t even finish college and who were the Wall-Street’s most profitable traders”.
Rumors say the arrogance of Lehman Brothers and the cult created by the company’s CEO were the moral causes of the giant’s failure.
“Dick Fuld was the most longeval CEO on Wall-Street and created some kind of cult of Lehman Brothers. Some say this is one of the reasons why the bank collapsed