Anton R. Valukas, Examiners Report - in Re Lehman Brothers Inc., Et Al., (2010-03-10) - Volume 7 - Appendices 2 - 7

UNITEDSTATESBANKRUPTCYCOURT
SOUTHERNDISTRICTOFNEWYORK
x
:
Inre
:
:
LEHMANBROTHERSHOLDINGSINC.,
:
etal.,
:
Debtors.
:
x
Chapter11CaseNo.
0813555(JMP)
(JointlyAdministered)
REPORTOF
ANTONR.VALUKAS,EXAMINER
March11,2010
Jenner&BlockLLP
353N.ClarkStreet
Chicago,IL606543456
3122229350
919ThirdAvenue
37thFloor
NewYork,NY100223908
2128911600
CounseltotheExaminer
VOLUME7OF9
Appendices 2 - 7
EXAMINERS REPORT
TABLE OF APPENDICES
VOLUME 6
Tab 1
Legal Issues
VOLUME 7
Tab 2
Glossary, Acronyms & Abbreviations
Tab 3
Key Individuals
Tab 4
Witness Interview List
Tab 5
Document Collection & Review
Tab 6
Lehman Systems
Tab 7
Bibliography
VOLUME 8
Tab 8
Risk Management Organization and Controls
Tab 9
Risk Appetite and VaR Usage Versus Limits Chart
Tab 10
Calculation of Certain Increases in Risk Appetite Limits
Tab 11
Compensation
Tab 12
Valuation - Archstone
Tab 13
Survival Strategies Supplement
Tab 14
Valuation - CDO
Tab 15
Narrative of September 4 Through 15, 2008
Tab 16
Valuation - Residential Whole Loans
Tab 17
Repo 105
Tab 18
Summary of Lehman Collateral at JPMorgan
Tab 19
Lehmans Dealings with Bank of America
Tab 20
Knowledge of Senior Lehman Executives Regarding The

Inclusion of Clearing-Bank Collateral in the Liquidity Pool
Tab 21
LBHI Solvency Analysis
Tab 22
Preferences Against LBHI and Other Lehman Entities
VOLUME 9
Tab 23
Analysis of APB, Journal Entry, Cash Disbursement, and

JPMorgan Collateral
Tab 24
Foreign Exchange Transactions
Tab 25
Intercompany Transactions Occurring Within Thirty Days Before

Bankruptcy
Tab 26
CUSIPs with Blank Legal Entity Identifiers
Tab 27
CUSIPs Not Associated with an LBHI Affiliate
Tab 28
CUSIPs Associated Solely with an LBHI Affiliate
Tab 29
CUSIPs Associated with Both LBI and LBHI Affiliates
Tab 30
CUSIPs Associated with Subordinated Entities
Tab 31
CUSIPs Associated with LBHI Affiliates Not Delivered to LBI in a

Financing Trade
Tab 32
September 19, 2008 GFS Dataset
Tab 33
Summary Balance Sheets of LBHI Affiliates
Tab 34
Tangible Asset Balance Sheet Variations
ii
APPENDIX2:GLOSSARY,ACRONYMS&ABBREVIATIONS
Thefollowingtableincludesacronyms,abbreviationsanddefinitionsforcertainterms
thatrecurthroughouttheReport.
Term
Definition
80/20
80/20referstoaBNCMortgage,Inc.
programthatextendedtwoseparateloans
tobringtheborrowersloantovalueratio
to100%basedonlyonincomedataas
statedbytheborrower.1
Foradefinitionofthe80/20Ruleinthe
Repo105context,seeContinualUseRule.
120%Rule
Internalguidelineorrulepromulgatedby
Lehmansmanagementstatingthatthe
monthorquarterendspikeinRepo105
activitycouldnotresultinabalancethat
exceeded120%ofthedailyaverageusage
throughoutthatmonth.2
ABCP
SeeAssetBackedCommercialPaper.
1ExaminersReport,atIII.A.1.b.
2SeeemailfromMichaelMcGarvey,Lehman,toKentaroUmezaki,Lehman,etal.(Aug.17,2007)[LBEX
DOCID1635769](Theguidelineformonthendusageofrepo105isthatitshouldnotexceed120%
ofyourdailyaverage.);emailfromMichaelAnthony,Lehman,toKieranHiggins,Lehman(Oct.12,
2007)[LBEXDOCID738606]([I]tlooksliketheonlylimitationwehaveonsize[forRepo105]isthe
monthendbalancecantbemorethan120%ofourdailyaveragethroughoutthemonth.).
ABS
SeeAssetBackedSecurity.
AccountsPositions&BalancesDatabase
(APB)3
DatabasethattheExaminersfinancial
advisors,Duff&Phelps,accessedinorder
toreviewtradesmadebetweenthe
FRBNYandLehmanbetweenAugust1,
2008andSeptember19,2008.4
3ExaminersReport,atIII.A.2.f.
4Id.
Affiliate
TheExaminerOrderdefinesLBHI
Affiliate(s)toincludeLBCC[and]any
otherentitythatcurrentlyisanLBHI
chapter11debtorsubsidiaryoraffiliate.
AsofthedateoftheentryoftheExaminer
Order,thoseentitieswere:5
LB745LLC
PAMIStatlerArmsLLC
LehmanBrothersCommodityServicesInc.
LehmanBrothersFinanceS.A.
LehmanBrothersSpecialFinancingInc.
LehmanBrothersOTCDerivativesInc.
LehmanBrothersDerivativeProductsInc.
LehmanCommercialPaperInc.
LehmanBrothersCommercialCorporation
LehmanBrothersFinancialProductsInc.
LehmanScottishFinanceL.P.
CESAviationLLC
CESAviationVLLC
CESAviationIXLLC
EastDoverLimited
FundodeInvestimentoMultimercado
CreditoPrivadoNavigatorInvestimento
NoExterior
LuxembourgResidentialPropertiesLoan
FinanceS.a.r.l.
5Id.atIII.C.1.a.
BNCMortgageLLC.
3
AIG
SeeAmericanInternationalGroup,Inc.
ALCO
SeeAssetLiabilityCommittee.
AltA
LehmandescribedAltAloansasloans
associatedwithborrowerswhomayhave
creditworthinessofprimequalitybut
mayhavetraitsthatpreventtheloans
fromqualifyingasprime.Thosetraits
couldincludedocumentationdeficiencies
relatedtotheborrowersincome
disclosure,referredtoaspartialorno
documentation;ortheunderlying
propertymaynotbeowneroccupied
despitefullorlowerdocumentationofthe
borrowersincomelevels.6Aurorawas
theprimaryAltAoriginatorforLehman.7
AltB
Informaltermusedinthemortgage
industrytodescribeAltAloansthatwere
oflessercreditquality.8Somewithin
LehmanusedthetermAltBtoreferto
loansoriginatedbyLehmansubsidiary
AuroraLoanServices,LLCundera
programknownasMortgageMaker.9
6LehmanBrothersHoldingsInc.,QuarterlyReportasofFeb.29,2008(Form10Q)(filedonApr.9,2008),
atp.57(LBHI10Q(filedonApr.9,2008)).
7LehmanBrothersHoldingsInc.,AnnualReportfor2007asofNov.30,2007(Form10K)(filedonJan.
29,2008),atp.5(LBHI200710K).
8DorisTantaDungey,CalculatedRisk,AltA:TheNewHomeofSubprime?
http://www.calculatedriskblog.com(July11,2007)(lastvisitedonFeb.6,2010)(statingthattheterm
AltBwasnotuniversallypopularintheindustryandisnotanattempttodescribeakindof
subprimelendingasmuchasitisaderogatorytermfortheworstkindofofficiallydescribedAltA,
ratherlikethetermliarloanisaderogatorytermfortheblandernodoc.Ifithasanyclear
definition,itgenerallyreferstothelowestqualitysegmentofthesomewhatnebulousAltA
world.)
9DimitriosKritikos,Lehman,SelectedTrendsfromAuroraRiskReviewFebruary2007(Feb.2,2007)atp.
2[LBEXDOCID537846](TheproductmixofAuroraproductionhasshiftedsubstantiallyinthelast
6monthsfromAltAtoMortgageMaker(AltB).);Lehman,ProductDefinitionsofAltA,Mortgage
Maker,andSubprime(Oct.17,2007),atp.2[LBEXDOCID537902].
Alvarez&Marsal
Managementconsultingagencyfounded
in1983.ManagersoftheLehman
liquidation.10
AmericanInstituteofCertifiedPublic
Accountants(AICPA)11
Organizationofcertifiedpublic
accountants(CPAs)thathasbeenin
existencesince1936.12
AmericanInternationalGroup,Inc.
(AIG)13
Insurer.Bytheendof2007AIGhadassets
ofapproximately$1trillion,$110billionin
annualrevenues,74millioncustomersand
116,000employeesin130countriesand
jurisdictions.Yet,lessthanayearlater,
AIGfounditselfonthebrinkoffailure
andinneedofemergencygovernment
assistance.14
APA
SeeAssetPurchaseAgreement.
APB
SeeAccountsPositions&Balances
Database.
ArchstoneSmithOperatingTrust
(Archstone)15
AMarylandrealestateinvestmenttrust
thatLehmanacquiredinOctoberof
2007.16
10Alvarez&MarsalWebsite,http://www.alvarezandmarsal.com/en/about/index.html(lastvisitedJan.
27,2010);OrderGrantingDebtorsMotiontoRetainAlvarez&Marsal,DocketNo.2278,InreLehman
Bros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Dec.17,2008).
11ExaminersReport,atIII.A.4.i.
12AmericanInstituteofCertifiedPublicAccountantsWebsite,
http://www.aicpa.org/About+the+AICPA/Understanding+the+Organization/History+of+the+AICPA.
html(lastvisitedJan.27,2010).
13ExaminersReport,atIntroduction.
14AmericanInternationalGroup,Inc.Website,http://www.aigcorporate.com/aboutaig/index.html(last
visitedFeb.2,2010).
15ExaminersReport,atIII.A.1.a.
16ArchstoneSmithOperatingTrust(Form8K)(filedOct.5,2007),atp.2.
AssetBackedCommercialPaper
(ABCP)17
Commercialpaperthatissecuredagainst
assetsheldbyastructuredinvestment
vehicle(usuallylongertermdebt).18
ABCPiscommercialpaperthatderivesits
valueinpartfromunderlyingassetsrather
thansolelyfromitsissuerspromiseto
pay.19
AssetBackedSecurity(ABS)20
Asecuritywhosevalueandincome
paymentsarederivedfromand
collateralized(orbacked)byaspecified
poolofunderlyingassets.21
AssetLiabilityCommittee(ALCO)22
InternalLehmancommitteecreatedto
managethefirmsliquidityonadaily
basis.23
AssetPurchaseAgreement(APA)24
TheAPAisanagreementbetween
BarclaysandLehmanforBarclaysto
acquireLehmanassets.25Generally
speaking,anAPAisacontractforthesale
andpurchaseofonlytheassetsofa
businessandnotthestock.Inaddition,
onlythoseliabilitiesspecifiedinthe
agreementaretransferred.26
17ExaminersReport,atIII.A.2.d.
18JonathanLawBA,TheOxfordDictionaryofFinanceandBanking87(4thed.2008).
20Id.atIII.A.2.e.
23EmailfromIanT.Lowitt,Lehman,toHerbertH.McDadeIII,Lehman,etal.(July20,2007)[LBEX
DOCID175646].
24ExaminersReport,atIII.C.3.
25AssetPurchaseAgreementAmongLehmanBrothersHoldingsInc.andBarclaysCapitalInc.(Sept.16,
2008).
26See,e.g.,BLACKSLAWDICTIONARY114(7thed.1999)(definitionforAssetAcquisition).
AugustAgreements
AmendmenttotheClearanceAgreement,
GuarantyandSecurityAgreement
betweenJPMorganandLehman,executed
inAugust2008.27
AuroraLoanServicesLLC(Aurora)28
AsubsidiaryofLehmanBrothersBank
FSB,AuroraservedasLehmans
originatorforAltAmortgageloansina
verticalintegrationbusinessmodelin
whichLehmansecuritizedpoolsofthose
loans.Aurorasprogramsincluded
MortgageMaker,whichAuroraexpanded
inlate2006andcurtailedbythesummer
of2007.Lehmandiscontinuedwholesale
andcorrespondentlenderoriginations
throughAurorainJanuary2008.29
BalanceSheet
Afinancialreportshowingthestatusofa
companysassets,liabilities,andowners
equityonagivendate,usuallythecloseof
themonth.30
BalanceSheetPositionsGroup(Positions
Group)31
ReportgroupwithinLehmansGlobal
FundingSystemsBalanceSheetModule
thattrackedfinancingrequirementsand
capabilities,trackedandreported
securitiesinLehmanscustodybylegal
entityandreportedlegalentitybalance
sheetamountsforLehmansfinancial
assetstoLehmanscorporategeneral
ledger(DBS).32
28Id.atIII.A.1.a.
29LBHI200710K,atp.5.
30JohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceandInvestmentTerms40(4thed.
1995).
31ExaminersReport,atIII.C.3.a.
32Id.
BankHoldingCompany
Acorporationthatcontrolsseveralbanks
andwhoseprinciplebusinessis
commercialbanking.Bankholding
companiesarerestrictedintheamountof
debtsuchacompanycantakeon,and
thereareaddedregulationsoncertain
kindsofriskytransactions.33
BankofAmericaCorp.(BofA)34
BofAbecameaconglomerateoffinancial
institutionsafteritspredecessorthe
NorthCarolinaNationalBank(NCNB)
undertookaseriesofmergersand
acquisitionsinthe20thCentury.35
BankruptcyCode
Title11oftheUnitedStatesCode.36
BankruptcyCourt
UnitedStatesBankruptcyCourtforthe
SouthernDistrictofNewYork.37
BarclaysCapitalInc.(Barclays)38
Internationalinvestmentbank.Divisionof
BarclaysBankPLC.39AcquiredLehman
assetsinSeptemberof2008.40
33PeterNewman&MurrayMilgate&JohnEatwell,TheNewPalgraveDictionaryofMoneyandFinance133
(1992).
35BankofAmericaWebsite,http://newsroom.bankofamerica.com/heritagecenter/#/ourheritage(last
visitedJan.27,2010).
3611U.S.C.1011532(2006).
37See,e.g.OrderDirectingAppointmentofanExaminerPursuanttoSection1104(c)(2)oftheBankruptcy
Code,DocketNo.2569,InreLehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Jan.16,2009).
39BarclaysCapitalWebsite,http://www.barcap.com/About+Barclays+Capital/Our+Firm(lastvisitedJan.
28,2010).
40Transcriptofhearing,InreLehmanBros.HoldingsInc.,Case.No.0813555(Bankr.S.D.N.Y.,Sept.17,
2008),atp.1.
BasisPoint
Equaltoonehundredthofapercentage
point;thesmallestunitofmeasurement
usedinquotingyieldsonbills,notesand
bonds.41
BDAS
SeeBrokerDealerAutomationSystem.
Bear,Stearns&Co.Inc.(BearStearns)42
Formerstandaloneinvestmentbank.
AcquiredbyJPMorganinMarch2008.43
BNCMortgage,Inc.(BNC)44
AsubsidiaryandaffiliateofLehman
BrothersBankFSB,BNCservedas
Lehmansoriginatorforsubprime
mortgageloansaspartofLehmans
verticalintegrationbusinessmodel.45
Lehmandiscontinueditssubprime
originationswhenitclosedBNCinAugust
2007.46
BoardofGovernorsoftheFederalReserve Sevenmemberboardchargedwith
System(FederalReserveortheFed)47 overseeingthe12ReserveBanksandwith
helpingimplementnationalmonetary
policy.48
41PeterNewman&MurrayMilgate&JohnEatwell,TheNewPalgraveDictionaryofMoneyandFinance184
(1992).
43NewYorkFed.org,FinancialTurmoilTimeline,
http://www.newyorkfed.org/research/global_economy/Crisis_Timeline.pdf(lastvisitedJan.27,2010).
45Lehman,2006OTSPresentation:BNCMortgage,Inc.(Aug.15,2006),atp.2[LBEXDOCID541266];
InterviewofMatthewMiller,Sept.24,2009,atpp.23.
46LehmanBrothersHoldingsInc.,PressRelease:LehmanBrothersAnnouncesClosureofBNCMortgage
(Aug.22,2007)[LBEXDOCID880148].
48BoardofGovernorsoftheFederalReserve,TheFederalReserveSystem:PurposesandFunctions,atp.1
(9thed.2005).
BofA
SeeBankofAmericaCorporation.
Book
Asaverb,tobookistogiveaccounting
recognitiontosomething.Theybookeda
profit.49
Collectively,booksarethejournals,
ledgersandotheraccountingrecordsofa
business.50
BridgeEquity
Shorttermequityfinancingprovidedwith
theintentionofultimatelyresellingthe
positiontootherequityinvestors.51
BridgeLoan
Ashorttermloanmadeinanticipationof
intermediatetermorlongterm
financing.52
BrokerDealer
Anagentforbuyersandsellerswhoalso
tradesonhisorherownaccount.53
BrokerDealerAutomationSystem
(BDAS)54
AJPMorgansystemthroughwhich
brokerdealercollateralisautomatically
allocatedtoinvestors.55
49Seee.g.ExaminersReport,atIII.A.2.f.
50SeeId.atIII.A.1.a;JohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceand
InvestmentTerms57(4thed.1995).
51C.f.JohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceandInvestmentTerms62(4th
ed.1995).
52Id.
55ExaminersInterviewofJohnN.Palchynsky,May11,2009,atp.4.
10
BusinessJudgmentRule
Thepresumptionthatinmakingbusiness
decisionsnotinvolvingdirectselfinterest
orselfdealing,corporatedirectorsacton
aninformedbasis,ingoodfaith,andinthe
honestbeliefthattheiractionsareinthe
corporationsbestinterests.56
CAO
SeeChiefAdministrativeOfficer.
Cap*105
Amethodofvaluingcollateralunderlying
PTGdebtandequitypositions,which
simplymultipliedthecapitalizationofthe
developmentby105%todeterminethe
collateralvalue.57
CapitalAdequacy
Ameasuredesignedtoensurethatthe
firmhassufficientequitytoguardthefirm
frombecominginsolventduetopotential
lossesonitsassetsorbusiness
disruption.58
CapitalAsset
Alongtermassetthatisnotboughtor
soldinthenormalcourseofbusiness.59
CapitalMarkets
Themarketsinwhichdebtandequityare
raisedandthentradedinthesecondary
market.60
CapitalizationRate(CapRate)61
Thediscountrateusedtoconvertaseries
offuturepaymentsintoasinglepresent
value.62
56BLACKSLAWDICTIONARY192(7thed.1999).
57ExaminersInterviewofAnthonyJ.Barsanti,Oct.15,2009,atpp.1213;ExaminersInterviewof
JonathanCohen,Jan.11,2010,atp.4.
58SeeExaminersReport,atIII.B.3.d.
1995).
60BarbaraJ.Etzel,WebstersNewWorldFinanceandInvestmentDictionary50(2003).
11
CarveOut
Toseparatepartofacompanysbusiness
fromthecompanyandturnitintoatotally
independentfirmbysellingsharesinthe
newfirm.63
CashCapitalModel
AmeasureofLehmanscapitaladequacy
andabilitytofunditspositions;cashwith
aremaininglifeofmorethanoneyear.64
CashManagementOrder
FinalOrderSignedonJan.6,2008(A)
AuthorizingtheDebtorsto(i)Continue
UsingExistingCentralizedCash
ManagementSystem,asModified,(ii)
HonorCertainPrepetitionObligations
RelatedtotheUseoftheCash
ManagementSystem,and(iii)Maintain
ExistingBankAccountsandBusiness
Forms;and(B)ExtendingtheDebtors
TimetoComplywithSection345(b)ofthe
BankruptcyCode,DocketNo.1416,Inre
LehmanBrothersHoldingsInc.No.0813555
(Bankr.S.D.N.Y.Nov.6,2008).
1995).
64Lehman,ImplicationsfortheFundingFramework(Aug.6,2007),atp.3[LBEXDOCID601791].
12
CashSweep
InternalLehmanphrasedescribingthe
systematicpracticeofcollecting,
concentratinganddisbursingcash,
includingintercompanyfundingandthe
sweepingofexcesscash.65
ForpurposesofthisReport,cashsweep
referstocashtransfersthatoccurred
betweenSeptember15,2008andthedate
thattheapplicableLBHIAffiliate
commenceditschapter11case.66
CBNA
SeeCitibankNorthAmerica.
CBOT
SeeChicagoBoardofTrade.
CDO
SeeCollateralizedDebtObligation.
CEA
SeeCommodityExchangeAct.
CEO
SeeChiefExecutiveOfficer.
CESAviationLLC(CES)67
Lehmanaffiliatethatfiledforbankruptcy
onOctober5,2008.68Exceptwherethe
specificidentityofanentityisrelevant
andsetout,thisReportwilluseLehman
torefertoLBHIandallofitsaffiliates.
CESAviationVLLC(CESV)69
65SeeDebtorsMotionforAuthorizationtoContinueUsingExistingCentralizedCashManagement
System,DocketNo.669,InreLehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Oct.3,2008).
66ExaminersReport,atIII.B.2.b.
67Id.atIII.B.3.b.
68CESAviationLLCVoluntaryBankruptcyPetition,DocketNo.1,InreCESAviationLLC,No.0813905
(Bankr.S.D.N.Y.Oct.5,2008).
13
CESAviationIXLLC(CESIX)71
SeeChiefFinancialOfficer.
CFO
CFTC
SeeCommoditiesFuturesTrading
Commission.
ChicagoBoardofTrade(CBOT)73
Theoldestfuturestradingexchangeinthe
UnitedStates.MergedwiththeChicago
MercantileExchangein2007;nowpartof
theCMEGroup.74
ChiefAdministrativeOfficer(CAO)75
Executiveofficer.IanT.LowittandScottJ.
FreidheimwereCoChiefAdministrative
OfficersofLehman.
ChiefExecutiveOfficer(CEO)76
Officerofafirmprincipallyresponsiblefor
activitiesofthecompany.77RichardS.
Fuld,Jr.wasCEOofLehmanBrothers
HoldingsInc.fortheentiretimerelevant
totheExaminersinvestigations.
70CESAviationVLLCVoluntaryBankruptcyPetition,DocketNo.1,InreCESAviationVLLC,No.08
13906(Bankr.S.D.N.Y.Oct.5,2008).
72CESAviationIXLLCVoluntaryBankruptcyPetition,DocketNo.1,InreCESAviationIXLLC,No.
13907(Bankr.S.D.N.Y.Oct.5,2008).
73ExaminersReport,atIII.B.3.g.
74CMEGroupWebsite,http://www.cmegroup.com/company/history/timelineofachievements.html
(lastvisitedFeb.3,2010);BarbaraJ.Etzel,WebstersNewWorldFinanceandInvestmentDictionary59
(2003).
76Id.atIntroduction.
77SeeJohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceandInvestmentTerms86(4th
ed.1995).
14
ChiefFinancialOfficer(CFO)78
Executiveofficerwhoisresponsiblefor
handlingfunds,signingchecks,keeping
financialrecordsandfinancialplanning
foracorporation.79IanT.Lowitt,Erin
CallanandChristopherM.OMearawere
allCFOsatLehmanduringtheperiod
investigatedbytheExaminer.
ChiefRiskOfficer(CRO)80
Lehman:TheChiefRiskOfficeris
responsibleforidentifyingandreporting
tothe[Risk]CommitteeontheFirms
materialriskexposuresandanyrisk
takingactivitiesdeemedsignificantbythe
ChiefRiskOfficer.TheGlobalRisk
ManagementDivisionunderthedirection
oftheChiefRiskOfficerwillcompileall
relevantriskinformationforthis
purpose.81MadelynAntoncicand
ChristopherM.OMearawereCROsat
Lehmanduringtheperiodinvestigatedby
theExaminer.
CitibankNorthAmerica(Citibank
N.A.)82
SubsidiaryofCitigroup,Inc.83
Citigroup,Inc.(Citi)84or
(Citigroup)85
Financialservicescompanyresultingfrom
amergerbetweenCiticorpandTravelers
in1998.86
78ExaminersReport,atI.A.
79SeeJohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceandInvestmentTerms86(4th
ed.1995).
81Lehman,RiskCommitteeCharter(Jan.5,2007),atp.2[LBEXDOCID719070].
83CitibankN.A.Website,http://www.citigroup.com/citi/business/index.htm(lastvisitedJan.31,2010).
84ExaminersReport,atIII.A.3.c.
85Id.atI.A.
15
CleanCo
TheLehmanentitythatwouldexistafter
LehmanexecuteditsSpinCoplanto
spinoffitscommercialrealestateholdings
toshareholders.Alsoreferredtoascore
Lehman.87
Clearing
Matchingbuyersandsellersinstock,
futuresandoptionstransactions.88
CLS
SeeContinuousLinkedSettlement.
CMBS
SeeCommercialMortgageBacked
Securities.
CMEGroup(CME)89
Worldslargestderivativesmarketplace,
formedfromthemergeroftheChicago
MercantileExchangeandtheChicago
BoardofTradein2007.90TheCMEs
ClearingHouseDivisionconfirms,clears
andsettlesallderivativescontractstraded
attheCMEexchanges,actsasthecentral
counterpartyandprovidesaperformance
guarantyforallfuturesandoptions
contractsclearedthroughthese
exchanges.91
86Citigroup,Inc.Websitehttp://www.citigroup.com/citi/corporate/history/index.html(lastvisitedJan.
27,2008).
87ExaminersInterviewofRichardS.Fuld,Jr.,May6,2009,atp.5.
89ExaminersReport,atIII.B.1.
90CMEGroupWebsite,http://www.cmegroup.com/(lastvisitedFeb.2,2010).
91ExaminersInterviewofTimothyDoar,Oct.16,2009,atp.2.
16
CollateralizedDebtObligation(CDO)92
Astructuredfinanceinstrumentconsisting
ofabondornotebackedbyapooloffixed
incomeassets(alsoaformofassetbacked
security).93CDOsbackedbyResidential
MortgagebackedSecurities(RMBS)are
typicallyreferredtoasABSCDOs,
whileCDOsbackedbyCMBSaretypically
referredtoasCRECDOs.Tocreate
CDOs,anoriginator,oftenaninvestment
banksuchasLehman,willsetupaspecial
purposeentity(SPE),identifyagroupof
debtobligationssharingcertain
characteristics,suchasdebtrating,and
eithertransfertotheSPEconformingdebt
obligationsownedbythebankoruse
investorsfundstopurchasesuch
obligations.Thosedebtobligations
producethecashflowtopayinterestand
principalundertheCDOsissuedbythe
SPE.94
CollateralizedLoanObligation(CLO)95
Astructuredfinanceinstrumentconsisting
ofanotebackedbyapooloffixedincome
assets.Rightstothecashflowsfromthis
pool,alongwithdifferentlevelsofcredit
risk,areallocatedtodifferentclassesof
note.96
CollateralizedMortgageObligation
(CMO)97
Amortgagebackedbondthatseparates
mortgagepoolsintodifferentmaturity
classes,calledtranches.98
92ExaminersReport,atIII.1.b.
96JonathanLawBA,TheOxfordDictionaryofFinanceandBanking86(4thed.2008).(ACLOisaspecific
typeofCDO).
17
ColorableClaim
Acolorableclaimisoneforwhichthe
Examinerhasfoundthatthereissufficient
credibleevidencetosupportafindingbya
trieroffact.99
CommercialBank
Aprivatelyownedbankthatprovidesa
widerangeoffinancialservices,bothto
thegeneralpublicandtofirms.Theyalso
competewiththefinancehousesand
merchantbanksbyprovidingventure
capitalandprovidingmortgages.100
CommercialBook
Commercialportfoliocomprisedofdebt
instrumentssuchascommercialmortgage
loans,unsecuredloanstorealestate
companiesandCommercialMortgage
BackedSecurities(CMBS).101
CommercialMortgageBackedSecurities
(CMBS)102
Aformofassetbackedsecuritiesthatare
basedonmortgageswrittenon
commercialorindustrialproperties,in
contrasttoresidentialmortgages,which
arewrittenonhouses.103
CommercialPaper
Arelativelylowrisk,shortterm,
traditionallyunsecuredformof
borrowing.Commercialpaperismost
commonlyissuedbylargecreditworthy
institutions.104
1995).
99ExaminersReport,atIntroduction;seealsoAppendix1,LegalIssues.
102Id.atIII.A.1.c.
18
CommercialRealEstate(CRE)105
Realestatethatincludesincome
producingproperty,suchasoffice
buildings,restaurants,hotels,and
factories.106
CommitteeonUniformSecurity
IdentificationProcedures(CUSIPs)107
AU.S.regulatoryorganizationresponsible
forallocatingtoallsecuritiesissuedinthe
U.S.andCanadaauniqueninedigit
identificationnumber.TheCUSIPmustbe
shownonalldocumentsrelatingtothe
security.108
CommoditiesFuturesTrading
Commission(CFTC)109
AcommissioncreatedbyCongressin1974
asanindependentagencywiththe
mandatetoregulatecommodityfutures
andoptionmarketsintheUnitedStates.
TheCFTChasfivecommissionerswhoare
appointedbythePresidentoftheUnited
Statestofiveyearterms,confirmedbythe
Senate.110
CommodityExchangeAct(CEA)111
Alawthatgovernscommodityand
futurestradingintheUnitedStatesand
whichestablishedtheCFTC.112
1995)(seecommercialproperty).
19
ConsolidatedSupervisedEntity
(CSE)113
TheConsolidatedSupervisedEntity
programwascreatedbytheSECin2004as
awayforglobalinvestmentbanking
conglomerates,whichotherwiselacked
directregulatorysupervisionunderlaw,
tosubmittoregulation.114
ContinualUseRule(or80/20Rule)115
Internalguidelineorruleusedby
LehmansmanagementthatRepo105
transactionsoutstandingatanytime
shouldbemaintainedatalevel
throughoutanentiremonththatwas
approximately80%oftheamountatthat
monthend.116
ContinuousLinkedSettlement(CLS)117
Atradingplatformoperatedbya
consortiumofbanks,fortheclearanceand
settlementofforeignexchange(FX)
trades.118
Convertible
Abondorpreferredstockthatcanbe
changedintoothersecurities,usually
equity,onpredeterminedconditions.119
113ExaminersReport,atI.C.
114SEC,PressRelease:ChairmanCoxAnnouncedEndofConsolidatedSupervisedEntitiesProgram
(Sept.26,2008).
116Lehman,GlobalBalanceSheetOverviewofRepo105(FID)/108(Equities)(July2006),atp.2[LBEX
WGM748489](Repo105transactionsmustbeexecutedonacontinualbasisandremaininforce
throughoutthemonth.Tomeetthisrequirement,theamountoutstandingatanytimeshouldbe
maintainedatapproximately80%oftheamountatmonthend.[perChrisOMearaandEdGrieb.]).
118Id.
20
CorporateGeneralLedger(DBS)120
Lehmanscorporategeneralledgersystem,
whichhousedallfinancialdatasuchas
balancesheetandprofitandlossbalances.
Itwasthesourceforallexternaland
managementreporting.121
CountercyclicalStrategy
Lehmansdecisiontorampupsubprime
lendingandtakeonmorerealestaterisk
asthesubprimemarketbeganto
collapse.122
Counterparty
Apartytoacontractortransaction.123
CRE
SeeCommercialRealEstate.
CreditCrunch
Aperiodduringwhichlendersare
unwillingtoextendcredittoborrowersor
thecostsofborrowingrise.124
CreditDefaultSwap
Atypeofderivativetransactioninwhicha
buyermakesperiodicpaymentstothe
seller,andinreturnreceivesapayoffifan
underlyingreferencedfinancial
instrumentdefaults.125
CreditorsCommittee
SeeOfficialCommitteeofUnsecured
Creditors.
120ExaminersReport,atIII.B.2.c.
121Lehman,FinanceSystemsOverview,p.8[LBEXAM004340].
122EmailfromJeffreyGoodman,Lehman,toMadelynAntoncic,Lehman,etal.(Aug.23,2006)[LBEX
DOCID1368052](discussingtheramificationsofLehmansproposedstrategyofdoublingreal
estaterisk).
124Id.at108.
21
CreditRating
Theformalevaluationofanindividualor
companyscredithistoryandcapabilityof
repayingobligations.Thedebtrating
assignedbycreditratingagenciessuchas
Standard&PoorsandMoodysareforms
ofcreditrating.126
CreditRisk
Theriskthatacounterpartywilldefaultor
delaypaymentonanobligationorthatthe
valueofaflowofpaymentswilldecline
duetoanadversemovementinthe
counterpartyscreditrating.127
CreditRiskManagement(CRM)128
TheCreditRiskManagementDepartment
atLehmanhadglobalresponsibilityfor
implementingtheoverallcreditrisk
managementframework.TheGlobal
CreditPolicyManualbringstogethera
seriesofpolicystatementsusedin
managingtheFirmscounterpartycredit
risk,andpromotingariskmanagement
cultureandprocesswhichbalancesrisk
andreturnconsistentwiththefirmsrisk
appetite.TheGlobalCreditPolicyManual
wasreviewedandapprovedbytheCredit
RiskManagementCommitteeandthe
FirmsCRO.129
126JohnDownes&JordanElliotGoodman,BarronsDictionaryofFinanceandInvestmentTerms119(4th
ed.1995).
128Appendix8,RiskManagementOrg.andControls.
129Lehman,ICAAPSupportingDocument:CreditRiskManagementOverview[Draft](May2008),atp.
4[LBEXDOCID383061],attachedtoemailfromPaulShotton,Lehman,toLisaRathgeber,Lehman,
etal.(July31,2008)[LBEXDOCID258308].
22
CreditSupportAnnex(CSA)130
Setsforthrulesgoverningexchangeof
collateralbetweencounterparties.Partof
amasteragreementbetweentheparties
thatisdevelopedbytheInternational
SwapsandDerivativesAssociation,Inc.
(ISDA).131
CREST
Anelectronicsharesettlementsystem
createdbytheBankofEnglandforthe
securitiesindustrythatbeganoperationin
1996.132
CSE
SeeConsolidatedSupervisedEntity.
CSECapitalRatio
AmeasureofLehmansequitycapitaland
subordinateddebtdividedbyits
riskweightedassets.133
CRO
SeeChiefRiskOfficer.
CUSIPs
SeeCommitteeonUniformSecurity
IdentificationProcedures.
DaylightOverdraft
Anintradaydebitinatradingfirmor
banksaccountatitsclearingbank,
clearinghouseorcentralbank.Whilethe
overdraftswillbecoveredbytheendof
thebusinessday,theystillexposethe
clearingbanktodefaultrisk.134
DBS
SeeCorporateGeneralLedger.
131Id.;SeealsoAllen&Overy,AnIntroductiontotheDocumentationofOTCDerivatives,(May2002),at
p.8,availableathttp://www.isda.org/educat/pdf/documentation_of_derivatives.pdf(lastvisitedFeb.
3,2010).
133LehmanBrothersHoldingsInc.,QuarterlyReportasofMay31,2008(Form10Q)(filedonJuly10,
2008),atp.101(LBHI10Q(filedonJuly10,2008)).
23
DCSA
SeeDirectCustodialServicesAgreement.
DDA
SeeDemandDepositAccount.
Debtor(s)
LehmanBrothersHoldingsInc.andits
affiliateddebtors.135
DebtorsPostBankruptcyPetitionNew
ExternalBankAccounts(New
Accounts)136
FollowingtheLehmanbankruptcyfiling,
theExaminerlearnedthatthedebtor
closedcertainexternalbankaccountsand
establishednewexternalbankaccounts,
whicharereferredtointheReportas
NewAccounts.
DebtorsPreBankruptcyPetitionExternal
BankAccounts(LegacyAccounts)137
FollowingtheLehmanbankruptcyfiling,
theExaminerlearnedthatthedebtor
maintainedcertainprepetitionexternal
bankaccountsbecauseclosingthose
accountswouldhaveinvolvedsignificant
costs.Theseaccountsarereferredtoas
LegacyAccounts.
DebtSecurity
Afinancialinstrumentbywhich
borrowingisraisedandrepaidwith
interest.138
DebttoenterpriseValue
SeeLoantoValue.
Deleveraging
Reducingacompanyslevelofdebt,
typicallybysellingassets.139
DeliveryVersusPayment(DVP)140
Thesimultaneousexchangeofcashfora
securityorotherinstrument.141
135GlobalNotesPertainingtoSchedulesandStatementsofLB2080KalakauaOwnersLLC,DocketNo.
3704,InreLehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.May29,2009).
136ExaminersReport,atIII.B.2.d.
137Id.
139Id.at120.
24
DemandDepositAccount(DDA)142
Anaccountthatallowsthebalance,
withoutpriornoticetothebank,tobe
drawnonortransferred.143
DepositoryInstitution
Nationalandstatecharteredbanksthat
aresubjecttotheregulationoftheFederal
Reserve.144Distinguishedfromsecurities
brokerdealers,suchasinvestmentbanks,
forwhichtheSECservesasprimary
regulator.145
DepositoryTrust&ClearingCorporation
DepositoryTrustCo.(DTCC)146
TheU.S.centraldepositoryforstock
exchangesecurities,establishedinNew
YorkCityin1972.Itprovidesclearance
andsettlementservicesthroughanumber
ofsubsidiaries,notablytheNational
SecuritiesClearingCorporation.147
Derivative
Afinancialinstrumentwhoseperformance
isderived,atleastinpart,fromthe
performanceofanunderlyingasset,
securityorindex.148
ed.1995).
144FederalReserveBankofNewYork,IntroductiontotheNewYorkFed,
http://www.newyorkfed.org/aboutthefed/introtothefed.html(lastvisitedJan.27,2008).
145SeeTestimonyConcerningReformoftheFinancialRegulatorySystem,HearingBeforeH.Comm.onFin.
Services,110thCong.(2008)(testimonyofChristopherCox,ChairmanoftheSec.andExchange
Comm.)(elucidatingthedistinctionbetweenbanks,securitiesdealersandtheSECsresponsibilityas
primaryregulatorforthelatter).
146ExaminersReport,atIII.C.6.b.
25
Dilution
OfEquity:Anincreaseinthenumberof
ordinarysharesinacompanywithouta
correspondingincreaseinitsassetsor
profitability.Theresultisafallinthe
valueofthesharesandlower
dividends.149
DirectCustodialServicesAgreement
(DCSA)150
AgreementbetweenLehmanandCiti
signedonMarch26,1992,andreferredto
astheDCSAintheSeptember12,2008
amendment.151
DiscountRate
TheinterestratechargedbytheU.S.
FederalReservewhenlendingtomember
banks.152
DiscountWindow
AFederalReserveBanklendingfacility
throughwhichadepositoryinstitution
mayborrowfunds.153
DRWTrading
DRWTradingGroupisaninternational
proprietarytradingorganization
headquarteredinChicago.154
DTCC
SeeDepositoryTrust&Clearing
CorporationDepositoryTrustCompany.
Duff&PhelpsLLP(Duff&Phelps)
TheExaminersfinancialadvisers.155
DVP
SeeDeliveryVersusPayment.
151CitibankN.A.,DirectCustodyAgreementforCitibank,N.A.,SubsidiariesandAffiliatesand
ShearsonLehmanBrothersInc.(Mar.26,1992),atp.1[CITILBHIEXAM00031437];CitibankN.A.,
DirectCustodialServicesAgreementDeed(Sept.12,2008),atp.1[CITILBHIEXAM00005903].
154DRWTradingWebsite,http://www.drwtrading.com/aboutus/(lastvisitedFeb.2,2010).
155OrderAuthorizingTheExaminertoRetainDuff&PhelpsasFinancialAdvisors,DocketNo.2924,In
reLehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Feb.25,2009).
26
EAF
SeeEquityAdequacyFramework.
EagleEnergy
EnergycompanythatLehmanacquiredin
2007.156
EarningsPerShare
Theprofitofacompanyattributableto
eachordinaryshareinacompany,based
ontheprofitsfortheperiod,after
deductingminorityinterestsandpreferred
sharedividends.157
EastDoverLtd.(EastDover)158
EconomicStimulusActof2008
LegislationenactedinFebruaryof2008,
providing$100billiontoindividualsand
familiesdesignedtoincreaseconsumption
andjumpstarttheeconomy.160
EconomicValueAdded
Awaytomeasureacompanys
performancethatisusedtoevaluatethe
companysprofitoveraspecifictime
period.161
EmergingMarketsGroup
LehmanbusinessunitthatincludedFundo
deInvestimentoMultimercadoCredito
PrivadoNavigatorInvestimentoNo
Exterior(Navigator).162
156Lehman,UnanimousWrittenConsentofBoardofDirectors(May2,2007)[LBEXWGM964923].
157JonathanLawBA,TheOxfordDictionaryofFinanceandBanking135(4thed.2008)
159EastDoverLimitedVoluntaryBankruptcyPetition,DocketNo.1,InreEastDoverLimited,No.08
13908(Bankr.S.D.N.Y.Oct.5,2008).
160EconomicStimulusActof2008,Pub.L.No.110185,122Stat.61322(2008).
27
EPS
SeeEarningsPerShare.
Equity
Inbanking,thedifferencebetweenthe
amountapropertycouldbesoldforand
theclaimsheldagainstit.163
EquitiesDivision
AccordingtoLehmanspublicfilings,
EquitiesDivisionwasaLehmanbusiness
unitthattradedequitiesandequity
relatedproducts,enteredintoavarietyof
derivativetransactionsandprovided
equityrelatedresearchcoverageaswellas
executionandclearingservicesfor
clients.164
EquityAdequacyFramework
TheEquityAdequacyFrameworkwasan
attempttomeasuretheestimatedamount
ofcapitalrequiredtoallowtheFirmto
reorganizeandrestructurewithout
resortingtobankruptcyincaseofasevere
andprolongedcrisis.165
Ernst&Young
Lehmansexternalauditors.166
EuropeanUnion(EU)167
Anorganizationthatmanageseconomic
andpoliticalcooperationamongEuropean
membercountries.168
Examiner
AntonR.Valukas.169
ed.1995).
164LBHI10Q(filedonJuly10,2008),atp.22.
166Id.atIntroduction.
167Id.atIII.A.6.b.
169OrderApprovingAppointmentofExaminer,DocketNo.2583,InreLehmanBros.HoldingsInc.,No.
0813555(Bankr.S.D.N.Y.Jan.20,2009).
28
ExaminerOrder
OrderDirectingAppointmentofan
ExaminerPursuanttoSection1104(c)(2)of
theBankruptcyCode,DocketNo.2569,In
reLehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y.Jan.16,2009).
ExaminersCounsel
Jenner&BlockLLP.
ExaminersReport(Report)170
ReportofExaminerAntonR.Valukas.
Facility
Anagreementbetweenabankanda
companyorFederalReserveBankthat
grantsthecompanyalineofcreditwith
thebank.171
FannieMae
TheFederalNationalMortgage
Association(FNMA)isagovernment
sponsoredenterprise(GSE)charteredby
Congressin1968whichpurchasesand
securitizesmortgagestoensurethatfunds
areavailableformortgagelenderstolend
tohomebuyers.ThemissionofFannie
Maeistoprovideliquidity,stabilityand
affordabilitytotheUnitedStateshousing
andmortgagemarketsbyworkingwith
mortgagebankers,brokersandother
primarymortgagemarketpartnersto
ensuretheyhavefundstolendtohome
buyersataffordablerates.172
FAS
SeeStatementofFinancialAccounting
Standard.
172FannieMaeWebsite,http://www.fanniemae.com/kb/index?page=home&c=aboutus(lastvisitedFeb.2,
2010).
29
FASB
SeeFinancialAccountingStandardsBoard.
FederalFundsRate
Theinterestrateatwhichmemberbanks
oftheFederalReserveSystemlendtoeach
otherwithexcessreserves.Asthe
overnightratepaidonFederalfunds,itis
akeyindicatorofmoneymarketinterest
rates.173
FederalHousingAdministration
(FHA)174
Consideredthelargestgovernmentinsurer
ofmortgagesintheworld,FHAprovides
mortgageinsuranceonsinglefamily,
multifamily,manufacturedhomesand
hospitalloansmadebyFHAapproved
lendersthroughouttheUnitedStatesand
itsterritories.175
FederalHousingFinanceAgency
(FHFA)176
Agovernmentagencyformedbya
legislativemergeroftheOfficeofFederal
HousingEnterpriseOversight(OFHEO),
theFederalHousingFinanceBoard
(FHFB)andtheU.S.Departmentof
HousingandUrbanDevelopment(HUD)
governmentsponsoredenterprise(GSE)
missionteam.FHFAregulatesFannie
Mae,FreddieMacandthe12Federal
HomeLoanBanks.177
FederalOpenMarketCommittee
(FOMC)178
Committeethatsetsinterestrateand
creditpoliciesfortheFederalReserve
System,theU.S.centralbank.179
175HousingandUrbanDevelopmentWebsite,
http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration(lastvisitedJan.27,
2008).
176ExaminersReport,atIII.B.6.e.
177FederalHousingFinanceAgencyWebsite,http://www.fhfa.gov/(lastvisitedFeb.3,2010).
178ExaminersReport,atIII.A.5.h.
30
FederalReserveBankofNewYork
(FRBNY)180
Oneof12regionalReserveBankswhich,
togetherwiththeBoardofGovernorsin
Washington,D.C.,makeuptheFederal
ReserveSystem.181
FederalReserve
SeeBoardofGovernorsoftheFederal
ReserveSystem.
FHA
SeeFederalHousingAdministration.
FHFA
SeeFederalHousingFinanceAgency.
FICOScore
WidelyacceptedcreditscorebasedonFair
IsaacCorporationsstatistical
model,whichisdesignedtobepredictive
ofcreditworthinessinaconsumerofdebt:
Thescoresrankorderconsumersbyhow
likelytheyaretopaytheircredit
obligationsasagreed.182
FID
SeeFixedIncomeDivision.
FinancialAccountingStandardsBoard
(FASB)183
AnU.S.nongovernmentalbodywiththe
responsibilityofpromulgatingStatements
ofFinancialAccountingStandards
(SFAS)andGenerallyAccepted
AccountingPrinciples(GAAP).184
ed.1995).
181FederalReserveBankofNewYorkWebsite,
http://www.newyorkfed.org/aboutthefed/introtothefed.html(lastvisitedJan.27,2008).
182FinancingCorporationWebsite,http://www.fico.com/en/Products/Scoring/Pages/FICOscore.aspx
(lastvisitedFeb.2,2010).
31
FinancialServicesAuthority(FSA)185
Anindependent,nongovernmentalbody
thatregulatesthefinancialservices
industryintheUnitedKingdom.186
FinancingModule
AlsoreferredtoastheTradesGroup,a
setofreportingfunctionsthatthe
Examinersfinancialadvisorsdrewupon
toextractrelevantdatafieldsfrom
Lehmansgeneralcorporateledger
(DBS).
Fitch,Inc.,FitchRatingLtd.(Fitch)187
Aglobalratingagencyheadquarteredin
NewYorkandLondon.188
FixedIncomeSecurity
Asecuritythatpaysafixedrateofreturn.
Thisusuallyreferstodebtinstrumentsof
government,corporateormunicipal
borrowers,whichpayafixedrateof
interestuntilthebondsmature,andto
certaintypesofpreferredstock,payinga
fixeddividend.189
FixedIncomeDivision(FID)190
Lehmanbusinessunitthatspecializedin,
amongotherthings,municipalandpublic
sectorinstruments,interestrateandcredit
products,mortgagerelatedsecuritiesand
loanproducts,currencies,mortgage
origination,derivativetransactionsand
commodities.
FOMC
SeeFederalOpenMarketCommittee.
188Fitch,Inc.,FitchRatingsLtd.Website,http://reports.fitchratings.com/(lastvisitedJan.27,2008).
ed.1995).
32
ForeignExchange(FX)191
Instrumentsemployedinmaking
paymentsbetweencountries:paper
currency,notes,checks,billsofexchange
andelectronicnotificationsofinternational
debitsandcredits.192
Form8K
ASecuritiesandExchangeCommission
(SEC)formthatmustbefiledpromptly
bypubliccompanieswithrespectto
certainmaterialevents.
Form10K
(SEC)formthatpubliccompaniesmust
fileannuallycontainingauditedfinancial
statements,informationaboutthe
operationsofthecompanyandother
informationrequiredbytheSEC.
Form10Q
(SEC)formthatpubliccompaniesfile
quarterly(exceptatyearend)containing
unauditedfinancialstatements,
informationabouttheoperationsofthe
companyandotherinformationrequired
bytheSEC.Theinformationthatis
requiredislessdetailedthanthatonForm
10K.
191Id.atIII.A.5.a.
ed.1995).
33
FRNBY
SeeFederalReserveBankofNewYork.
FreddieMac
TheFederalHomeLoanMortgage
Corporation(FHLMC)isagovernment
sponsoredenterprise(GSE)charteredby
Congresswhichpurchasesandsecuritizes
mortgagestoensurethatfundsare
availableformortgagelenderstolendto
homebuyers.ThemissionofFreddieMac
istoprovideliquidity,stabilityand
affordabilitytothehousingmarketby
ensuringthereisastablesupplyofmoney
forlenderstomakehomeloansnew
homebuyersneed.193
FrontEndLoad
Asaleschargeappliedtoaninvestmentat
thetimeofinitialpurchase.194
FSA
SeeFinancialServicesAuthority.
FundodeInvestimentoMultimercado
NoExterior(Navigator)195
onOctober5,2008.196Thebankruptcy
casehasbeendismissed.197
FX
SeeForeignExchange.
GAAP
SeeGenerallyAcceptedAccounting
Principles.
193FreddieMac,FrequentlyAskedQuestionsAboutFreddieMac,
http://www.freddiemac.com/corporate/company_profile/faqs/(lastvisitedFeb.2,2010).
ed.1995).
196FundodeInvestimentoMultimercadoCreditoPrivadoNavigatorInvestimentoNoExterior
VoluntaryBankruptcyPetition,DocketNo.1,InreFundodeInvestimentoMultimercadoCreditoPrivado
NavigatorInvestimentoNoExterior,No.0813903(Bankr.S.D.N.Y.Oct.5,2008).
197OrderDismissingtheBankruptcyCaseofFundodeInvestimentoMultimercadoCreditoPrivado
NavigatorInvestimentoNoExterior,DocketNo.2913,InreLehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y.Feb.24,2009).
34
GAAS
SeeGenerallyAcceptedAuditing
Standards.
GAO
SeeGovernmentAccountabilityOffice.
GBP
Thepound,aunitofsterling,isthe
currencyunitofGreatBritain.198
GCCM
SeeGlobalCashandCollateral
Management.
GeneralAccountingOffice
ThearmofCongressthatinvestigatesthe
performanceofgovernmentalagenciesor
programs.199
GeneralCollateralFinancing(GCF)200
TheGCFReposerviceenablesdealersto
tradegeneralcollateralrepos,basedon
rate,termandunderlyingproduct,
throughoutthedaywithoutrequiring
intraday,tradefortradesettlementona
DeliveryversusPayment(DVP)basis.The
servicehelpsfosterahighlyliquidmarket
forsecuritiesfinancing.201
GenerallyAcceptedAccountingPrinciples ThestandardsfollowedbyU.S.
accountantsinmeasuring,recordingand
(GAAP)202
reportingtransactions.Theseprinciples
areestablishedbytheFinancial
AccountingStandardsBoard(FASB).203
200ExaminersReport,atIII.C.6.b.
201GCFRepoService,http://www.dtcc.com/products/cs/fixed_income_gsd/gcf_repo.php(lastvisited
Jan.27,2008).
35
GenerallyAcceptedAuditingStandards
(GAAS)204
Professionalstandardsthathavebeen
establishedtoensurethatexternalauditors
fulfilltheirobligationswhenauditingand
reviewingfinancialstatementsandother
informationcontainedinSECfilings.205
GFA
SeeGiffordFongAssociates.
GFS
SeeGlobalFundingSystem.
JamesW.Giddens
TrusteeappointedundertheSecurities
InvestorProtectionActof1970forthe
liquidationofLehmanBrothersInc.,
AdversaryProceedingNo.0801420
(Bankr.S.D.N.Y.Sept.19,2008)(SIPA
Trustee).206TheSIPATrusteeisvested
withsimilarpowersandrightstoa
TrusteeundertheBankruptcyCode,
howevertheSIPATrusteehasadditional
powerstoeffectuatealiquidation.207
GiffordFongAssociates(GFA)208
Financialconsultantsestablishedin
1974.209
GiltEdgedSecurity
Afixedinterestsecurityorstockissuedby
theBritishgovernmentintheformof
ExchequerstocksorU.S.Treasury
stocks.210
205PublicCompanyAccountingOversightBoardWebsite,
http://www.pcaobus.org/Standards/index.aspx(lastvisitedFeb.2,2010).
20615U.S.C.78aaa78lll(2006).
20715U.S.C.78fff1(a)(2006).
209GiffordFongWebsite,http://www.gfong.com/(lastvisitedJan.27,2008).
36
GlassSteagallActof1933
U.S.legislationthatseparatedcommercial
bankingandsecuritiesoperationsby
banks.Itwasintroducedintheaftermath
ofthegreatstockmarketcrashof1929.211
GLBA
SeeGrammLeachBlileyAct.
GlobalCashandCollateralManagement
(GCCM)212
LBHIinhousebankingplatformintended
tofacilitateefficientmonitoringofthecash
activityofitsentities.213
GlobalFundingSystem(GFS)214
ALehmandevelopeddatawarehousethat
servedastheprimarysystemusedby
Lehman(andcontinuestobeusedby
Barclays)totrackfinancingrequirements
andcapabilities,totrackandreport
securitiesinLehmanscustodybylegal
entityandtoreportlegalentitybalance
sheetamountsforLehmansfinancial
assetstotheLehmancorporategeneral
ledger(DBS).215
GlobalHeadofRiskManagement
SeeChiefRiskOfficer.
GlobalMasterRepurchaseAgreement
(GMRA)216
DocumentpublishedbythePublic
SecuritiesAssociationandthe
InternationalSecuritiesMarket
Associationthatisusedforinternational
repoagreementsandisgovernedby
Englishlaw,thoughpartiesmaymodify
thegoverninglaw.217InLehmanscase,
oneGMRAwasusedforallrepo
transactionswithacounterparty.218
211Id.at197.
213Lehman,GCCMSystemsDescription/ProjectOverview[LBEXLL385979].
215Lehman,GlobalFundingSystemNewUserTraining(undated),atpp.23[LBEXLL3396270].
37
GlobalRealEstateGroup(GREG)219
ALehmanrealestaterelatedbusinessunit
thatfellmostlyunderthefirmsFixed
IncomeDivision,createdbythemergerof
thePrincipalTransactionGroupandthe
CMBSbusiness,andrunbyMark
Walsh.220
GlobalRiskManagementGroup
Lehmanunitthatmanagedthefirmsrisk
management.
GlobalSmartStreamReconciliations
(GSSR)221
Thirdpartyvendorbankaccount
reconciliationsystemwhichsupplemented
GCCMandautomatedthemajorityofthe
bankreconciliationprocessatLehman.222
GMRA
SeeGlobalMasterRepurchaseAgreement.
Government
Anyandallfederalagenciesand
departments.
GovernmentAccountabilityOffice
Theauditandinvestigationdepartmentof
theU.S.Congress.223
217SeeSecuritiesIndustryandFinancialMarketsAssociation,SupplementalGuidanceNotes(June1997),
atp.1,availableathttp://www.sifma.org/services/stdforms/pdf/master_repo_supp_gn.pdf(lastvisited
Feb.3,2010).
218ExaminersInterviewofJohnFeraca,Oct.9,2009,atp.6.TheUKlawfirmofLinklatersprovided
LehmanwithatruesaleopinionfortheGMRAunderEnglishlaw,allowingLehmantousethe
GMRAforRepo105and108transactions.Linklaters,LettertoLehmanBrothersInternational
(Europe)reRepurchaseTransactionsunderaGlobalMasterRepurchaseAgreement(May31,2006)
[LBEXLBIE000001].
220ExaminersInterviewofMarkWalsh,Oct.21,2009,atp.1.
222Id.
38
GrammLeachBlileyAct
LegislationenactedintheU.S.that
removedtherestrictionsonbanks
undertakingsecuritiesbusinessthathad
beenimposedbytheGlassSteagallActof
1933.224
GovernmentSponsoredEnterprise
Aquasigovernmentalorganization,
createdbyCongress,withboth
governmentandprivatesectorlegal
characteristics.ExamplesareFreddieMac
andFannieMae.225
GREG
SeeGlobalRealEstateGroup.
GRMG
SeeGlobalRiskManagementGroup.
GrossLeverage
Calculatedbydividinggrossassetsby
stockholdersequity.226
GSE
SeeGovernmentSponsoredEnterprise.
GSSR
SeeGlobalSmartStreamReconciliations.
Guaranty
Acontractwherebyonecorporation
becomesliabletoperformaspecificactor
dutyforanothercorporationifthefirst
corporationdoesnotfulfillafinancial
obligation.227
224Pub.L.No.106102,113Stat.13381481(1999)(codifiedinscatteredtitlesandofU.S.C.);Jonathan
LawBA,TheOxfordDictionaryofFinanceandBanking170(4thed.2008).
225Cong.ResearchServ.110thCong.,GovernmentSponsoredEnterprises(GSEs):AnInstitutionalOverview,
atpp.12.(CRSReport21663,2007)(KevinKosar)(Apr.23,2007),
226LBHI10Q(filedonApr.9,2008),atp.72.
39
Haircut
AmericanBankersAssociation:(1)The
amountretainedbybrokersonrepurchase
agreementstopayfortheirservices.A
haircutisthedifferencebetweenthebid
andcontractpriceforarepurchase
agreement.(2)Thedifferencebetweenthe
marketvalueofsecuritybeingusedas
collateralforaloanandtheamountof
moneythatalenderwilladvanceagainst
thesecurity.228
HanaFinancialGroup(Hana)229
Financialcompanyofferingnichefinancial
products.230InlateMay2008,leda
consortiumofKoreanfinancialinstitutions
intalksconcerningapossibleinvestment
inLehman.231
HBUS
SeeHSBCBankUSA,N.A.
Hedge
Atransactionorpositiondesignedto
offsetinvestmentrisk.232
HedgeFund
Typicallyapartnershipormutualfund
thatattemptstoachievelargegainsby
exploitingmarketanomalies.233
HighYield
BondthathasaratingofBB+orlowerand
thatpaysoutahigheryieldtocompensate
forgreaterrisk.234
228AmericanBankersAssociation,Banking&FinanceTerminology189(4thed.1999).
230HanaFinancialGroupWebsite,http://www.hanafinancial.com/(lastvisitedFeb.3,2010).
ed.1995).
ed.1995).
40
HoldingCompany
Acorporationthatownsasufficient
amountofanothercompanysstockto
influenceitsboardofdirectorsandcontrol
itsmanagementandpolicies.235
HSBC
SeeHSBCHoldingsPlc.
HSBCBankUSA,N.A.(HBUS)236
HSBCsU.S.subsidiary.237
HSBCHoldingsPlc.(HSBC)
Describesitself astheworldslargestbank.
ThebankisheadquarteredinLondon.238
HyperionSystem
Lehmanfinancialsystemthatcontained
adjustedgeneralledgerinformationand
wasthesourceusedforallpublicfinancial
statements.239
IBD
SeeInvestmentBankingDivision.
IBRC
SeeInvestmentBankRiskCommittee.
IBRCDeck
JPMorgansSeptember5,2008Investment
BankRiskCommitteepresentation,which
includeddiscussionofinvestmentbanks,
trading,marketsandtheskittishnessof
hedgefundsregardingnovations.240
ICD
SeeInvestmentCorporationofDubai.
237HSBCBankUSA,N.A.Website,http://www.us.hsbc.com/1/2/3/personal/inside/about(lastvisitedJan.
31,2010).
238HSBCWebsite,http://www.hsbc.com/1/2/about(lastvisitedJan.27,2008).
239ExaminersInterviewofKristieWong,Dec.2,2009,atp.4.
240JPMorgan,OverviewofDebtMaturitiesforMajorUSBrokerDealers,IBRCPresentation(Sept.5,
2008)[JPMEXAMINER00005998].
41
IlliquidAssets
Assetsthatarenotreadilyconvertibleinto
cash,suchasastock,bondorcommodity
thatisnottradedactivelyandwouldbe
difficulttosellquicklywithouttakinga
largeloss.241
IMD
SeeInvestmentManagementDivision.
InstitutionalInvestor
Alargeorganization,suchasaninsurance
company,unittrust,bank,tradeunionora
pensionfundofalargecompanythathas
substantialsumsofmoneytoinvestona
stockexchange.242
IntangibleAssets
Anassetthatcanneitherbeseennor
touched,suchasgoodwillandintellectual
properties.243
InterbankMarket
Thewholesalemoneymarketinwhich
bankslendtoandborrowfromone
another.244
InterestRateSwap
Aformofdealingbetweenbanks,security
housesandcompaniesinwhich
institutionsexchangeinterestrate
paymentsonanotionalcapitalvalue.245
ed.1995).
243Id.at230.
244Id.at231.
245Id.at235.
42
InternalRateofReturn(IRR)246
Thediscountrateatwhichthepresent
valueoffuturecashflowsequalsthe
currentmarketpriceoftheinvestment.
WhentheIRRonaninvestmentisgreater
thanthereturnthecompanyneedsonits
assets,theinvestmentisacceptable.247
InternationalSwapsandDerivatives
Association,Inc.(ISDA)
Representsparticipantsintheprivately
negotiatedderivativesindustry;isamong
theworldslargestglobalfinancialtrade
associationsasmeasuredbynumberof
memberfirms.ISDAwascharteredin
1985.248
Intex
Asoftwaretool,publiclyavailablefora
subscriptionfee,whichcanbeusedto
analyzestructuredfinancetransactions.249
IntradayLimit
Thelimitplacedonagiventraders
exposureinasingleday.250
InvestmentBankingDivision(IBD)251
LehmansInvestmentBankingdivision
advisedcorporate,institutionaland
governmentclientswithrespectto
mergers,acquisitionsandotherfinancial
matters.Thisdivisionalsoraisedcapital
fortheseclientsbyunderwritingpublic
andprivatedebtofferingsandequity
instruments.252
ed.1995).
248InternationalSwapsandDerivativesAssociation,Inc.Website,http://www.isda.org/(lastvisitedJan.
27,2008).
249IntexSolutions,Inc.Website,http://www.intex.com/main/solutions.php(lastvisitedJan.31,2010).
252Id.atIII.C.2.a.
43
InvestmentBankRiskCommittee
(IBRC)253
JPMorgancommitteetaskedwith
assessingandmitigatingriskfrom
investmentbankrelationships.254
InvestmentCorporationofDubai
(ICD)255
Theinvestmentarmforthegovernmentof
Dubai.256
InvestmentGrade
Abondthathasbeengivenarelatively
highcreditratingbyamajorcreditrating
agency.257
InvestmentManagementDivision
(IMD)258
Lehmanbusinessunit.Lehman
consideredsellingIMDaspartofits
survivalstrategy.259
IRR
SeeInternalRateofReturn.
ISDA
SeeInternationalSwapsandDerivatives
Association,Inc.
Item303ofRegulationSK
SECregulationsrequireadiscussionand
analysis,throughtheeyesofmanagement,
ofthecompanysfinancialstatementsand
theircontext.260
253Id.atIII.A.5.b.
254SeegenerallyJPMorgan,OverviewofDebtMaturitiesforMajorUSBrokerDealers,IBRCPresentation
(Sept.5,2008)[JPMEXAMINER00005998].
256InvestmentCorporationofDubaiWebsite,http://www.icd.gov.ae/(lastvisitedJan.28,2010).
259SeeMemorandumfromHughE.McGeeIII,Lehman,toRichardS.Fuld,Jr.,Lehman,etal.,(May29,
2007)[LBEXDOCID711211](describingapossiblesaleofIMD).
260Interpretation:CommissionGuidanceRegardingManagementsDiscussionandAnalysis,Securities
ActReleaseNo.8350,ExchangeActReleaseNo.48,960,InvestmentCompanyActReleaseNo.29,092
(Dec.29,2003).
44
JPMorganChase(JPMorgan)261
Financialservicesorganization
headquarteredinNewYork.Acquired
BearStearnsin2008.262
Kalakaua
SeeLB2080KalakauaOwnersLLC.
KoreaDevelopmentBank(KDB)263
PartofaKoreanconsortiumthat
consideredacquiringLehman.264
KoreaInvestmentCorp.(KIC)265
SovereignWealthFundthatwaspartofa
Koreanconsortiumthatconsidered
acquiringLehman.266
KuwaitInvestmentAuthority(KIA)267
SovereignWealthFundthatapproached
Lehmanaboutacquiringsharesata
discounttothemarketprice.268
LazardLLC
Internationalfinancialadvisoryandasset
managementfirm;advisortomergersand
acquisitionsaswellascorporate
restructurings.269
LB2080KalakauaOwnersLLC
Lehmansubsidiarythatfiledfor
bankruptcyonApril23,2009.270
262JPMorganWebsite,http://www.jpmorganchase.com/corporate/AboutJPMC/jpmorganhistory.htm
(lastvisitedJan.28,2010).
264MemorandumfromKunhoCho,Lehman,toHughE.McGeeIII,Lehman,etal.(May29,2008),atp.1
[LBEXDOCID1374131].
266MemorandumfromKunhoCho,Lehman,toHughE.McGeeIII,Lehman,etal.(May29,2008),atp.1
[LBEXDOCID1374131].
268EmailfromSalehFaraj,Lehman,toRichardS.Fuld,Jr.,Lehman,etal.(Jan.9,2008)
[LBHI_SEC07940_670045];emailfromJeremyIsaacs,Lehman,toRichardS.Fuld,Jr.,Lehman,etal.
(Jan.11,2008)[LBHI_SEC07940_066820];ExaminersInterviewofJeremyIsaacs,Oct.1,2009,atp.8.
269LazardLLCWebsite,http://www.lazard.com/AboutLazard/History.aspx(lastvisitedFeb.2,2010).
270LB2080KalakauaOwnersLLCVoluntaryBankruptcyPetition,DocketNo.1,InreLB2080Kalakaua
OwnersLLC,No.0912516(Bankr.S.D.N.Y.Apr.23,2009).
45
LB745LLC(LB745)271
onSeptember16,2008.272Exceptwhere
thespecificidentityofanentityisrelevant
LBB
SeeLehmanBrothersBank,FSB.
LBCC
SeeLehmanBrothersCommercial
Corporation.Lehmanaffiliatethatfiledfor
bankruptcyonOctober5,2008.273Except
wherethespecificidentityofanentityis
relevantandsetout,thisReportwilluse
LehmantorefertoLBHIandallofits
affiliates.
SeeLehmanBrothersCommodityServices.
SeeLehmanBrothersDerivativeProducts,
Inc.Lehmanaffiliatethatfiledfor
affiliates.
LBCS
LBDP
272LB745LLCVoluntaryBankruptcyPetition,DocketNo.1,InreLB745LLC,No.0813600(Bankr.
S.D.N.Y.Sept.16,2008).
273LehmanBrothersCommercialCorp.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersCommercialCorp.,No.0813901(Bankr.S.D.N.Y.Oct.5,2008).
274LehmanBrothersCommodityServicesInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersCommodityServicesInc.,No.0813885(Bankr.S.D.N.Y.Oct.3,2008).
275LehmanBrothersDerivativeProductsInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersDerivativeProductsInc.,No.0813899(Bankr.S.D.N.Y.Oct.5,2008).
46
LBF
SeeLehmanBrothersFinance,S.A.
Lehmanaffiliatethatfiledforbankruptcy;
casewasdismissedonMarch12,2009.276
SeeLehmanBrothersFinancialProducts
affiliates.
SeeLehmanBrothersHoldingsInc.LBHI
wastheholdingcompanyforhundredsof
individualcorporateentities,twentytwo
ofwhichhavefiledforreorganizationin
thisproceeding.278Exceptwherethe
LBFP
LBHI
276OrderDismissingtheBankruptcyCaseofLehmanBrothersFinance,S.A.,DocketNo.3076,Inre
LehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Mar.12,2009).
277LehmanBrothersFinancialProductsInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersFinancialProductsInc.,No.0813902(Bankr.S.D.N.Y.Oct.5,2008).
278SeeExaminersReport,atIntroduction.
47
LBHIAffiliate
LehmanBrothersHoldingsInc.hadthe
followingAffiliatesasdefinedinthe
ExaminerOrder:279
LB745LLC
PAMIStatlerArmsLLC
LehmanBrothersCommodityServicesInc.
LehmanBrothersOTCDerivativesInc.
LehmanBrothersDerivativeProductsInc.
LehmanBrothersCommercialCorporation
LehmanScottishFinanceL.P.
CESAviationLLC
CESAviationVLLC
CESAviationIXLLC
EastDoverLimited
FinanceS.a.r.l.
BNCMortgageLLC.
279Id.atIII.C.1.a.
48
LBI
SeeLehmanBrothersIncorporated.
Lehmanbrokerdealerthatwentinto
liquidationonSeptember19,2008under
thesupervisionoftheSecuritiesInvestor
ProtectionCorporation.280Exceptwhere
SeeLehmanBrothersInternational
(Europe).LehmanEuropeanbroker
dealerbasedinLondonthatcommenced
foreigninsolvencyproceedings.
SeeLehmanBrothersJapan.Lehman
subsidiarythatcommencedforeign
insolvencyproceedings.
SeeLeveragedBuyout.
LBIE
LBJ
LBO
LBPreferredSomersetLLC
bankruptcyonDecember22,2009.281
bankruptcyonFebruary9,2009.282
SeeLehmanBrothersSpecialFinancing
affiliates.
LBRoseRanchLLC
LBSomersetLLC
LBSF
280OrderCommencingLiquidation,SIPCv.LehmanBros.,Inc.,No.08Civ.8119(S.D.N.Y.Sept.19,2008).
281LBPreferredSomersetLLCVoluntaryBankruptcyPetition,DocketNo.1,InreLBPreferredSomerset
LLC,No.0917505(Bankr.S.D.N.Y.Dec.22,2009).
282LBRoseRanchLLCVoluntaryBankruptcyPetition,DocketNo.1,InreLBRoseRanchLLC,No.09
10560(Bankr.S.D.N.Y.Feb.9,2009).
283LBSomersetLLCVoluntaryBankruptcyPetition,DocketNo.1,InreLBSomersetLLC,No.0917503
(Bankr.S.D.N.Y.Dec.22,2009).
284LehmanBrothersSpecialFinancingInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersSpecialFinancingInc.,No.0813888(Bankr.S.D.N.Y.Oct.3,2008).
49
LCD
AsecuritiesaccountLehmanmaintained
withJPMorganthatwasusedas
additionalcollateralforJPMorgans
clearingoperationsinandafterJune
2008.285
AsecuritiesaccountLehmanmaintained
withJPMorganthatwasusedas
additionalcollateralforJPMorgans
clearingoperationsaftertheAugust
Agreements.286
SeeLehmanCommercialPaperInc.
SeeDebtorsPreBankruptcyPetition
ExternalBankAccounts.
LCE
LCPI
LegacyAccounts
Lehman288
Exceptwherethespecificidentityofan
entityisrelevantandsetout,thisReport
willuseLehmantorefertoLBHIandall
ofitsaffiliates.
285See,e.g.ExaminersReport,atIII.A.5.b.
286See,e.g.Id.atIII.A.5.b.
287LehmanCommercialPaperInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
CommercialPaperInc.,No.0813900(Bankr.S.D.N.Y.Oct.5,2008).
50
LehmanAssets,Liabilities,Investments
Inc.(LehmanALI)
OnSeptember19,2008,shortlybeforethe
commencementoftheLBISIPA
proceeding,LBItransferredownershipof
25subsidiaries(andtheirdirectand
indirectsubsidiaries)toLehmanALI.289
IntheExaminerOrder,theCourtdirected
theExaminertoinvestigate:Thetransfer
ofthecapitalstockofcertainsubsidiaries
ofLBIonoraboutSeptember19,2008to
LehmanALIInc.290
SubsidiaryofLBHIthatconducted
mortgagebanking,originatingcommercial
andresidentialmortgages.292Auroraand
BNCwereoperatingsubsidiariesof
LBB.293
LehmanBrothersBank,FSB(LBB)291
LehmanBrothersCommercialCorp.
(LBCC)294
LehmanBrothersCommodityServices
(LBCS)296
289Id.atIII.C.1.b.
290OrderDirectingAppointmentofanExaminerPursuantto1104(c)(2)oftheBankruptcyCode,
DocketNo.2569,InreLehmanBros.HoldingsInc.,No.0813555,atp.4(Bankr.S.D.N.Y.Jan.16,2009).
292LBHI200710K,atp.5.
293Lehman,PresentationtotheOfficeofThriftSupervision,LehmanBrothersBank,FSB:Safety&
Soundness/ComplianceExamination2007(Aug.7,2007),atp.5[LBEXDOCID1693347].
295LehmanBrothersCommercialCorp.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersCommercialCorp.,No.0813901(Bankr.S.D.N.Y.Oct.5,2008).
297LehmanBrothersCommodityServicesVoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersCommodityServices,No.0813885(Bankr.S.D.N.Y.Oct.3,2008).
51
LehmanBrothersDerivativeProducts,Inc. Lehmanaffiliatethatfiledforbankruptcy
(LBDP)298
LehmanBrothersFinance,S.A.(LBF)300 Lehmanaffiliatethatfiledforbankruptcy;
casewasdismissedonMarch12,2009.301
302
(LBFP)
LehmanBrothersHoldingsInc.(LBHI
LBHIwastheholdingcompanyfor
hundredsofindividualcorporateentities,
orLehman)304
twentytwoofwhichhavefiledfor
reorganization.305Exceptwherethe
Lehmansubsidiarythatwentinto
LehmanBrothersInc.(LBI)306
liquidationonSeptember19,2008under
thesupervisionoftheSecuritiesInvestor
ProtectionCorporation.307
299LehmanBrothersDerivativeProductsVoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersDerivativeProducts,No.0813899(Bankr.S.D.N.Y.Oct.5,2008).
301OrderdismissingthebankruptcycaseofLehmanBrothersFinance,S.A.,DocketNo.3076,Inre
LehmanBros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Mar.12,2009).
303LehmanBrothersFinancialProductsInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersFinancialProductsInc.,No.0813902(Bankr.S.D.N.Y.Oct.5,2008).
305SeeId.atIntroduction.
306Id.atIII.A.4.f.
307OrderCommencingLiquidation,SIPCv.LehmanBros.,Inc.,No.08Civ.8119(S.D.N.Y.Sept.19,2008).
52
LehmanEuropeanbrokerdealerbasedin
Londonthatcommencedforeign
insolvencyproceedings.
Lehmansubsidiarythatcommenced
foreigninsolvencyproceedings.
Overthecounter(OTC)derivativesdealer
regulatedbytheSECandaLehman
affiliatethatfiledforbankruptcyon
October3,2008.311Exceptwherethe
Lehmanbusinessunitresponsiblefor
managingthefirmsliquiditypool,
fundingtheentitiesbusinessneedsand
ensuringeffectiveuseofthefirms
capital.317
LehmanBrothersInternational(Europe)
(LBIE)308
LehmanBrothersJapan(LBJ)309
LehmanBrothersOTCDerivatives
(LOTC)310
(LBSF)312
(LCPI)314
LehmanGlobalTreasuryGroup
(TreasuryGroup)316
309Id.atIII.A.5.i.
310Id.atIII.C.2.a.
311LehmanBrothersOTCDerivativesInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersOTCDerivativesInc.,No.0813893(Bankr.S.D.N.Y.Oct.3,2008).
312ExaminersReport,atI.B.
313LehmanBrothersSpecialFinancingInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersSpecialFinancingInc.,No.0813888(Bankr.S.D.N.Y.Oct.3,2008).
315LehmanCommercialPaperInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
CommercialPaperInc.,No.0813900(Bankr.S.D.N.Y.Oct.5,2008).
53
LehmanScottishFinanceL.P.(Scottish
Finance)318
LehmanBrothersaffiliatethatfiledfor
affiliates.
LevelIAssets
Assetswhosevaluationrequirestheuseof
directlyobservablepricesfromactive
marketsforidenticalassetsorliabilities.
Theseassetsgenerallyincludeequities
listedinactivemarkets,G7government
andagencysecuritiesandinvestmentsin
publiclytradedmutualfundswithquoted
marketpricesandlistedderivatives.320
LevelIIAssets
Assetswhosevaluationrequirestheuseof
directlyorindirectlyobservablepricesin
activemarketsforsimilarassetsor
liabilities,butthatdonotqualifyasLevelI
assets.TheseassetsincludenonG7
governmentsecurities,certaincorporate
debt,certaincommitmentsand
guarantees,certainprivateequity
investments,includingequityinterestsin
investmentmanagersandcertain
derivatives.321
317SeeLehman,FSAArrowAssessmentTreasury(Aug.11,2008),atp.2[LBHI_SEC07940_3272979].
319LehmanScottishFinanceL.P.VoluntaryBankruptcyPetition,DocketNo.1,InreLehmanScottish
FinanceL.P.,No.0813904(Bankr.S.D.N.Y.Oct.5,2008).
321Id.
54
LevelIIIAssets
Theseassetsaretypicallyilliquidanddo
nothaveobservablesalestoassistwith
valuation,sothatassumptionsmustbe
madebasedonthebestinformation
availableinthecircumstances,whichmay
includeindirectcorrelationtoamarket
valueorcombinationsofmarketvaluesor
proprietarydata.LehmansLevelIII
assetsincludedmortgagebackedbonds,
certaincorporatedebtpositions,and
privateequityinvestments.322
Leverage
1.OperatingLeverage:theusebya
companyofitslimitedassetstoguarantee
substantialloanstofinanceitsbusiness;
2.FinancialLeverage:debtinrelationto
equityinafirmscapitalstructure
measuredbythedebttoequityratio.The
morelongtermdebtthereis,thegreater
thefinancialleverage;
3.Investments:meansofenhancingreturn
orvaluewithoutincreasinginvestment.
Buyingsecuritiesonmarginisanexample
ofleveragewithborrowedmoney.323
LeveragedBuyout(LBO)
Takeoverofacompany,usingborrowed
funds.324
322Id.at15.
ed.1995)andJonathanLawBA,TheOxfordDictionaryofFinanceandBanking258(4thed.2008).
ed.1995).
55
LeverageRatio
AlsoknownasaGearingRatio:Theratio
ofabanksTier1capitaltoitsaverage
totalassetsoveranaccountingperiod.325
Lehmansleverageratiowasgenerally
computedbysimplydividingtotalassets
bystockholdersequity.
LeveragedLoan
Aspeculativegradeorungradedloanthat
hasagreaterchanceofdefaulting,
thereforeinvestorsdemandhigherinterest
ratepaymentsinexchangefor
investing.326
Liquidity
Liquidityistheabilityofabanktofund
increasesinassetsandmeetobligationsas
theycomedue,withoutincurring
unacceptablelosses.327Lehman
definition:readyaccesstofunds.328
LiquidityPool
LehmanDefinition:Apoolof
unencumberedassetsprimarilyintended
tocoverexpectedcashoutflowsfortwelve
monthsinastressedliquidity
environment,329but[a]salastresort
availabletomitigatethelossofsecured
fundingcapacity.330
327BankforInternationalSettlements,BaselCommitteeonBankingSupervision,PrinciplesforSound
LiquidityRiskManagementandSupervision(Sept.2008),atp.1,availableat
http://www.bis.org/publ/bcbs138.pdf(lastvisitedonFeb.6,2010).
328LBHI200710K,atp.17(Liquidity,thatisreadyaccesstofunds,isessentialtoourbusinesses.
Financialinstitutionsrelyonexternalborrowingsforthevastmajorityoftheirfunding,andfailures
inourindustryaretypicallytheresultofinsufficientliquidity.).
330Id.at84.
56
LiquidityRatio
Measuresafirmsabilitytomeetshort
termobligations.331
LiquidityRisk
Theriskthataninvestmentcannotbe
liquidatedwithoutsubstantialloss,orthat
amarketwillnotexistforthe
investment.332
LoantoValueRatioorLoantoenterprise
value(LTV)333
Theratioofmoneyborrowedtofair
marketvalue,usuallyinreferencetoreal
estate.334
LongPosition
Ownershipofasecurity,givingthe
investortherighttotransferownershipto
someoneelse;therighttoreceiveany
incomepaidbythesecurityandtheright
toanyprofitsorlossesasthesecuritys
valuechanges.335
LongTermCapitalManagement
(LTCM)336
Hedgefundthatnearlyfailedin1998.The
governmentconvenedaconsortiumof
privatemarketparticipantstofinance
LTCMsbadassets.337
ed.1995).
ed.1995).
335Id.at311.
336ExaminersReport,atIII.A.6.g.
337ExaminersInterviewofThomasBaxter,Jr.,Aug.31,2009,atp.8.
57
LOTC
SeeLehmanBrothersOTCDerivatives.
SeeLoantoValueRatio.
LTV
FinanceS.a.r.l.(LuxembourgS.a.r.l.)339
onJanuary7,2009.340Exceptwherethe
MAC
SeeMaterialAdverseChange.
MacroHedge
Ahedgedesignedtocoverthenetor
overallrisksofanentireportfolio.341
MainframeTradingSystem(MTS)342
Lehmaninformationsystemwhere
securitieswererecordedwhentheywere
tradedasanacquisitionorsale.
ManagementDiscussionandAnalysis
(MD&A)343
SECregulationsrequireadiscussionand
analysis,throughtheeyesofmanagement,
ofthecompanysfinancialstatementsand
theircontext.344
338LehmanBrothersOTCDerivativesInc.VoluntaryBankruptcyPetition,DocketNo.1,InreLehman
BrothersOTCDerivativesInc.,No.0813893(Bankr.S.D.N.Y.Oct.3,2008).
340LuxembourgResidentialPropertiesLoanFinanceS.a.r.l.VoluntaryBankruptcyPetition,DocketNo.
1,InreLuxembourgResidentialPropertiesLoanFinanceS.a.r.l.,No.0910108(Bankr.S.D.N.Y.Jan.7,
2009).
343Id.atIII.A.4.
344Interpretation:CommissionGuidanceRegardingManagementsDiscussionandAnalysis,Securities
ActReleaseNo.8350,ExchangeActReleaseNo.48,960,InvestmentCompanyActReleaseNo.29,092,
81SECDocket2905(Dec.29,2003).
58
Margin
1.General:theamountacustomer
depositswithabrokerwhenborrowing
fromthebrokertobuysecurities;
2.Banking:forsecuredloans,the
differencebetweenthecurrentmarket
valueofcollateralbackingaloanandthe
facevalueoftheloanthatthelender
requirestheborrowertomaintain;
3.FuturesTrading:goodfaithdepositan
investormustputupwhenbuyingor
sellingacontract.Ifthefuturesprice
movesadversely,theinvestormustputup
moremoneytomeetmargin
requirements.345
MarginCall
Acallforaclienttoincreasetheamountof
moneyorsecuritiesdepositedwitha
brokerasasafeguard.Thisusually
happensifthemarketismovingadversely
fortheclientsposition.346
MarktoMarket
Anaccountingpracticeofadjustingthe
valuationofasecurityorportfolioto
reflectcurrentmarketvalues.347
Markdown
(SeeWritedown)Downward
adjustmentofthevalueofsecuritiesby
banksandinvestmentfirms,basedona
declineinmarketquotations.348
ed.1995).
ed.1995).
348Id.at322.
59
MarketRisk
Riskarisingfromchangesinpricesin
financialmarkets.349
MarketRiskManagement(MRM)
AdepartmentwithinLehmansGlobal
RiskManagementGroup.
MasterRepurchaseAgreement
(MRA)350
AformdocumentpublishedbytheBond
MarketAssociationthatisusedintheU.S.
togovernrepurchaseagreements.351
LehmanusedMasterRepurchase
Agreementsforitsstandardrepo
transactions.352
MatchedBook
LehmanInternalDefinition:wherea
traderreversesinandreposoutcollateral
tothesameordifferentdates...Whenthe
maturitiesofthereversereposandrepos
arethesame,heorsheissaidtobe
runningamatchedbook.353
MaterialAdverseChange(MAC)354
Aclauseinaloanagreementorbank
facilitystatingthattheloanwillbecome
repayableifthereshouldbeamaterial
changeintheborrowerscredit
standing.355
Maturity
Reachingthedateatwhichadebt
instrumentisdueandpayable.356
351SecuritiesIndustryandFinancialMarketsAssociation,SupplementalGuidanceNotes(June1997),
availableathttp://www.sifma.org/services/stdforms/pdf/master_repo_supp_gn.pdf(lastvisitedFeb.3,
2010).
352LehmanBrothers,RepoManual(Nov.8,2005),atp.15[LBEXLL1175483].
353Id.at16.
355JonathanLawBA,TheOxfordDictionaryofFinanceandBanking280(4thed.2008)
ed.1995).
60
MaximumCumulativeOutflow(MCO)
Lehmansdefinitionoftheliquidcashpool
neededinastressenvironment,derived
byprojectingaseriesofcashflowsovera
oneyearhorizon.TheMCOmodelis
designedtoensurealiquiditypositionof
$2billionafterastressperiodof90
days.358
357
MD&A
SeeManagementDiscussionandAnalysis.
MemorandumOfUnderstanding
(MOU)359
Anagreementreducedtoawriting
betweentwoparties.FederalReserve
ChairmanBernankeandSECChairman
CoxnegotiatedaMOUregardingthe
extentofcooperationbetweentheFederal
ReserveandtheSECinregulationof
Lehman.360
MeritLLC
Mezzanine
Debtgiventomiddlemarketcompanies
thatissubordinatedtootherhigher
rankingdebt.362
358Lehman,PresentationtotheChicagoMercantileExchange,LiquidityManagementatLehman
Brothers[Draft](June5,2008),atp.10[LBEXDOCID1300305].
360ExaminersInterviewofBenS.Bernanke,Dec.22,2009,atp.7.
361MeritLLCVoluntaryBankruptcyPetition,DocketNo.1,InreMeritLLC,No.0917331(Bankr.
S.D.N.Y.Dec.14,2009).
61
MezzanineFinance
Financethatisneitherpureequitynor
puredebt.Itcanbesecuredorunsecured
andusuallyearnsahigherrateofreturn
thanpuredebtbutlessthanequity.It
carriesahigherriskthandebtbutlessrisk
thanequity.363
MoneyMarketFund
Anopenendedmutualfundthatinvests
incommercialpaper,bankers
acceptances,repurchaseagreements,
governmentsecurities,certificatesof
depositandotherhighlyliquidandsafe
securities,andpaysrelativelylowratesof
interest.364
MonthlyOperatingReports(MOR)365
FinancialstatementsthatLehman
preparedinthecourseofthebankruptcy
proceeding.366
MoodysInvestorService(Moodys)367
Aninternationalcreditratingagency.368
Mortgage
Adebtinstrumentbywhichtheborrower
(mortgagor)givesthelender(mortgagee)a
lienonpropertyassecurityforthe
repaymentofaloan.369
ed.1995).
366Id.
367Id.atIII.A.1.a.
368MoodysInvestorsServiceWebsite,http://www.moodys.com(followlinkatlowerleftofscreen
aboutmoodys)(lastvisitedJan.31,2010).
ed.1995).
62
MortgageMaker
AloanoriginationprogramatAurora
usedin2006and2007toexpandAuroras
AltAoriginationbusinessintoamarket
segmentwithborrowerswhohadhigher
riskcreditprofilesbutwhowerenot
consideredsubprime;referredtobysome
marketparticipantsasAltB.370
MortgageOrigination
Makingtheoriginalmortgageloansthat
comprisepartofapoolofmortgages.371
MOU
SeeMemorandumOfUnderstanding.
MRA
SeeMasterRepurchaseAgreement.
MRM
SeeMarketRiskManagement.
MTS
SeeMainframeTradingSystem.
MunicipalBonds
Abondissuedbyalocalgovernment
authority.372
MutualFund
Afundoperatedbyaninvestment
companythatraisesmoneyfrom
shareholdersandinvestsitinstocks,
bonds,options,futures,currenciesor
moneymarketsecurities.373
NakedOption(i.e.NakedShortSale)
Anoptionforwhichthebuyerorsellerhas
nounderlyingsecurityposition.374
370ExaminersInterviewofCarlPeterson,May27,2009,atp.5;Lehman,ProductDefinitionsofAltA,
MortgageMaker,andSubprime(Oct.17,2007),atp.2[LBEXDOCID537902].
ed.1995)(actionoforiginator).
ed.1995).
374Id.at354.
63
NationalAssociationofSecuritiesDealers
AutomatedQuotationsSystem
(NASDAQ)
Acomputerizedsystemthatprovides
brokersanddealerswithpricequotations
forsecuritiestradedoverthecounteras
wellasformanyNewYorkStock
Exchangelistedsecurities.375
Navigator
SeeFundodeInvestimentoMultimercado
NoExterior.
NB
SeeNeubergerBerman.
NegativeAmortization
Arepaymentscheduleinwhichthe
monthlypaymentsareinsufficienttofully
payofftheloan.Typicallythisoccurs
withaballoonmortgagewherethe
paymentsdonotcoverthedebtandatthe
endofthetermalargepaymentisdue.376
NegativeCashFlow
Asituationinwhichabusinessspends
morecashthanitreceivesthrough
earningsorothertransactionsinan
accountingperiod.377
NegativeGoodwill
Whenthemarketvalueofgoodwillfalls
belowthegoodwillvaluethatisstatedon
acompanysbalancesheet.378
NetBookValue
Thevalueatwhichanassetappearsinthe
booksofanorganization.Thisisthe
purchasecostorlatestrevaluationlessany
depreciationappliedsincepurchaseor
revaluation.379
375Id.at355.
ed.1995).
64
NetCapitalRule
ArequirementsetbytheU.S.Securities
andExchangeCommission(SEC)that
dealersandbrokersmaintainamaximum
ratioofindebtednesstorealizableassetsof
15:1.380
NetFreeEquity(NFE)381
Themarketvalueofbrokerdealer
securities(possiblydiscountedwithan
agreedformula)pledgedtoaclearing
bankplusanyunsecuredclearingbank
creditlineminuscashadvancedbythe
clearingbanktothebrokerdealer.382
NetLeverage
Lehmandefineditscalculationofnet
leverageasnetassetsdividedbytangible
equitycapital.Lehmanwroteinits
publicfilingthatnetleveragewasamore
meaningfulmeasureofleveragethan
grossleverage.383
NetOperatingIncome(NOI)384
AlsophrasedasNetOperatingProfit(or
Loss).Thedifferencebetweenthe
revenuesofthebusinessandtherelated
costsandexpenses,excludingother
incomeanddeductions.385
380Id.
382ExaminersInterviewofRicardoS.Chiavenato,Sept.21,2009,atp.5.
383LBHI200710K,atp.30.
ed.1995)(definitionforoperatingprofit).
65
NettingGrid
ALehmandocumententitledAccounting
PolicyReviewBalanceSheetNettingand
OtherAdjustments,knowncolloquially
astheNettingGrid.TheNettingGrid
identifiedanddescribedvariousbalance
sheetnettingmechanismsLehman
utilized.Oneofthebalancesheet
mechanismstheNettingGridaddressed
wasLehmansuseofRepo105/108
transactions.386
NetProfitMargin
Netincomeasapercentageofnetrevenue.
Ameasureofoperatingefficiencyand
pricingstrategy.387
NeubergerBerman(NB)388
DivisionofLehmansInvestment
ManagementDivision(IMD).
NewAccounts
SeeDebtorsPostBankruptcyPetition
NewExternalBankAccounts.
NewYorkStockExchange(NYSE)
Theoldestandlargeststockexchangein
theU.S.389
NFE
SeeNetFreeEquity.
NostroAccount
Lehmanvirtualbankaccountmaintained
byLehmansGlobalCashCollateral
ManagementthattrackedLehmans
ExternalBankAccounts.390
386SeeLehman,AccountingPolicyReviewBalanceSheetNettingandOtherAdjustments(Nov.2007)
[LBEXDOCID2720762].
ed.1995).
390Nostroreferredbothtotheactualaccountsmaintainedatoutsidefinancialinstitutionsanda
representationofthoseactualaccountsmaintainedwithintheGCCMsystem.
66
NotionalIncome
Incomethatisnotyetreceivedbutmight
bedeemedtobeproperlychargeableto
incometax.391
NotionalSettlement
Areferencepricebasedontradingactivity
duringaspecifictimeperiodthatisclose
totheendoftheday.392
Novation
Anagreementtoreplaceonepartytoa
contractwithanewparty.393
NYSComptroller
ThomasP.DiNapoli,NewYorkState
ComptrollerasAdministrativeHeadof
theNewYorkStateandLocalRetirement
SystemsandSoleTrusteeoftheNewYork
StateCommonRetirementFund.394
OCC
SeeOptionsClearingCorp.
OfficeofInspectorGeneral(OIG)395
DivisionoftheSECthatconductsinternal
auditsandinvestigationsofSECprograms
andoperations.Throughtheseauditsand
investigations,theInspectorGeneralseeks
toidentifyandmitigateoperationalrisks,
enhancegovernmentintegrity,and
improvetheefficiencyandeffectivenessof
SECprograms.396
ed.1995).
394SeeMotionofNewYorkStateComptrollerforAppointmentofaTrusteeor,intheAlternative,an
ExaminerwithExpandedPowers,DocketNo.1376,InreLehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y.Nov.4,2008).
396SecuritiesandExchangeCommissionWebsite,http://www.sec.gov/about/whatwedo.shtml(last
67
OfficeofThriftSupervision(OTS)397
UnitoftheU.S.TreasuryDepartmentthat
supervisesthemortgageindustry.398
OfficialCommitteeofUnsecuredCreditors Lehmanunsecuredcreditorsthatwere
(CreditorsCommittee)
appointedbytheU.S.Trusteetothe
OfficialCommitteeofUnsecured
Creditors,includingWilmingtonTrust
Co.,TheBankofNYMellon,ShinseiBank
Ltd.,MizuhoCorp.BankLtd.,Metlife,the
VanguardGroupInc.andAegonUSA
InvestmentManagement.399
OIG
SeeOfficeofInspectorGeneral.
OpenMarketOperations(OMO)400
OperationsbywhichtheSecurities
DepartmentoftheNewYorkFederal
ReserveBankofNewYorkcarriesout
instructionsdesignedtoregulatethe
moneysupply.401
Option
Therighttobuyorsellafixedquantityof
acommodity,currency,security,etc.,ata
particulardateataparticularprice.402
398OfficeofThriftSupervisionWebsite,http://www.ots.treas.gov/?p=AboutOTS(lastvisitedJan.28,
2010).
399FirstAmendedAppointmentofCommitteeofUnsecuredCreditors,DocketNo.592,InreLehman
Bros.Holdings,Inc.,No.0813555(Bankr.S.D.N.Y.Oct.3,2008).
400ExaminersReport,atIII.A.5.h.
ed.1995).
68
OptionsClearingCorp.(OCC)403
Acompanythathasbeensetupbyan
optionsexchangetomonitormargin
accountsofoptionstraders,guarantee
theirperformanceandsettleexchange
tradedoptiontrades.404Foundedin1973,
itisthelargestequityderivativesclearing
organizationintheworld.405
Order
OrderDirectingAppointmentofan
ExaminerPursuanttoSection1104(c)(2)of
theBankruptcyCode,DocketNo.2569,In
reLehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y.Jan.16,2009).
OTC
SeeOvertheCounter.
OTS
SeeOfficeofThriftSupervision.
Overcollateralized
Asituationinwhichonepartyowesa
paymentobligationtoasecondpartyand
pledgescollateraltothesecondpartysuch
thatthemarketvalueofthepledged
collateralisconsideredtobegreaterthan
thepayment.406
OvernightRepurchaseAgreement
Anarrangementwherebysecurities
dealersandbanksfinancetheirinventories
ofTreasurydebt,U.S.agencysecurities,
andothereligiblecollateralinoneday
securedloans.407
405TheOptionsClearingCorp.Website,http://www.optionsclearing.com/about/(lastvisitedFeb.1,
2010).
ed.1995).
69
OvertheCounter(OTC)408
Securitiesthatarenotlistedandtradedon
anorganizedstockexchange.409
PAMIStatlerArmsLLC(PAMI
Statler)410
onSeptember23,2008.411Exceptwhere
Par
Equaltothenominalorfacevalueofa
security.412
PaymentinKind(PIK)Security413
Bondsorpreferredstocksthatpay
interest/dividendsintheformof
additionalbondsorpreferredstocks.414
PDCF
SeePrimaryDealerCreditFacility.
PEL
SeeProperty,EquipmentandLease
Improvements.
P/L
SeeProfitandLossStatement.
Pledging
Transferringproperty,suchassecurities,
toalenderorcreditorascollateralforan
obligation.415
ed.1995).
410ExaminersReport,atIII.B.7.
411PAMIStatlerArmsLLCVoluntaryBankruptcyPetition,DocketNo.1,InrePAMIStatlerArmsLLC,
No.0813664(Bankr.S.D.N.Y.Sept.23,2008).
ed.1995).
413ExaminersReport,atIII.C.4.
ed.1995).
415Id.at421.
70
Pool
1.Thecombinationoffinancial
instrumentsinasecurity;
2.Anaggregationofaccounts.416
Portfolio
Thecombinedholdingofmorethanone
stock,bond,commodity,realestate
investmentorotherassetbyanindividual
orinstitutionalinvestor.417
Position
Aninvestorsstakeinaparticularsecurity
ormarket.418
PositionsGroup
SeeBalanceSheetPositionsGroup.
PreferencePayment
Thepayingorsecuringbyaninsolvent
debtor,tooneormoreofitscreditors,the
wholeorapartoftheirclaims,tothe
exclusionordetrimentofother
creditors.419
PreferredSomerset
SeeLBPreferredSomersetLLC.
PreferredStock
Aclassofcapitalstockthatpaysdividends
ataspecifiedrateandthathaspreference
overcommonstockinthepaymentof
dividendsandtheliquidationofassets.420
ed.1995).
418Id.at426.
419StevenH.Gifis,BarronsLawDictionaryp.383(4thed.1996).
ed.1995).
71
PrimaryDealerCreditFacility
(PDCF)421
FederalReserveovernightloanfacility
thatprovidedfundingtoprimarydealers
inexchangeforaspecifiedrangeof
eligiblecollateral;createdinMarch2008
andintendedtofosterthefunctioningof
financialmarketsmoregenerally.422
PrincipalTransaction/Principal
Investment
InvestmentsLehmanmadeusingitsown
capital.423
PrincipalTransactionsGroup(PTG)424
PTGreferstotheGREGPrincipal
TransactionsGroupintheU.S.andthe
investmentsthatthisgrouporiginatedand
managed.425
PrivateEquity
Financingfundedbyissuingdebt.426
PrivatePlacing
Thesellingofsharesinacompanydirect
toinvestors,oftenwithoutthe
intermediaryofastockbroker.427
ProForma
Apresentationofdata,suchasabalance
sheetorincomestatement,wherecertain
amountsarehypotheticalorrepresent
projections.428
422FederalReserveBankofNewYorkWebsite,http://www.newyorkfed.org/markets/pdcf_faq.html(last
ed.1995)(aprincipalbuysandsellsforhisorherownaccountandrisk).
425Id.
427Id.
ed.1995).
72
Proceeds
Moneyearnedbythesellerofanasset
aftercommissionsarededucted.429
ProductControlGroup
InternalLehmangroupthatperformed
pricetestingoncertainLehmanassets.430
Onadailybasis,ProductControl
performedP/Lreview.431
ProfitandLossStatement(P/L)
Afinancialstatementthatliststhe
differenttypesofrevenuesthatacompany
hasearnedandtheexpensesithas
incurred.432
PromissoryNote
Awrittenpromisecommittingthemaker
topaythepayeeaspecifiedsumofmoney
eitherondemandoratafixedor
determinablefuturedate,withorwithout
interest.433
Prospectus
Adocumentthatgivesdetailsaboutanew
issueofsharesandinvitesthepublicto
buysharesordebenturesinthe
company.434
ProtectiveOrder
Anorderissuedforthepurposeof
protectingapartyfromsomeabuseofthe
legalsystem,oftenpertainingtodiscovery
issues.435
429Id.at441.
430ExaminersReport,atIII.A.2.e.
431Lehman,PriceVerificationPolicy:GlobalCapitalMarkets2008[Draft](2008),atp.4
[LBHI_SEC07940_2965994].
ed.1995).
435StevenH.Gifis,BarronsLawDictionaryp.401(4thed.1996).
73
PTG
SeePrincipalTransactionsGroup.
QualifiedSpecialPurposeEntity
(QSPE)436
Aspecialpurposeentitythatmeetsthe
qualificationsofSFAS140,includingbeing
distinctfromthetransferorandbeing
limitedinitsactivities,assetsandabilityto
disposeofitsassets.437
QuantitativeRiskManagement(QRM)
LehmanbusinessunitwithinitsGlobal
RiskManagementGroup.QRMwas
chargedwithdevelopment,maintenance
andoperationoftheriskquantification
methodologiessupportingmarket,credit
andoperationalrisks,aswellas
independentlyreviewingandapproving
thepricingmodelsusedacrossthe
Firm[.]438
RA
SeeRiskAppetite.
RatingAgency
Anorganizationthatmonitorsthecredit
backingofinstitutionsandofbondissues
andotherformsofpublicborrowings.439
RBM
SeeRiskBasedMargin.
RealEstateInvestmentTrust(REIT)440
Acompanythatmanagesaportfolioof
realestatetoearnprofitsfor
shareholders.441
437ACCOUNTINGFORTRANSFERSANDSERVICINGOFFINANCIALASSETSANDEXTINGUISHMENTSOF
LIABILITIES,StatementofFinancialAccountingStandardsNo.140,25,35(FinancialAccounting
ServicesBd.2000).
438Lehman,QuantitativeRiskManagementPolicyManual(Sept.2007),atp.3[LBEXDOCID384020].
440ExaminersReport,atIII.A.2.e.
ed.1995).
74
Reconciliation
Account:Aprocedureforconfirmingthat
thereliabilityofacompanysaccounting
recordsbyregularlycomparingbalances
oftransactions.442
RegulationY(RegY)
Regulatestheacquisitionofcontrolof
banksandbankholdingcompaniesby
companiesandindividuals,definesand
regulatesthenonbankingactivitiesin
whichbankholdingcompanies(including
financialholdingcompanies)andforeign
bankingorganizationswithUnitedStates
operationsmayengageandestablishesthe
minimumratiosofcapitaltoassetsthat
bankholdingcompaniesmust
maintain.443
REIT
SeeRealEstateInvestmentTrust.
ReplacementCost
Thecosttoreplaceanassetwithanotherof
similarutilityattodaysprices.444
Repo
SeeRepurchaseAgreement.
Report
SeeExaminersReport.FinalReportof
ExaminerAntonR.Valukas.
443FederalReserveBoardWebsite,http://www.federalreserve.gov/bankinforeg/reglisting.htm#Y(last
ed.1995).
75
RepurchaseAgreement(Repo)445
Agreementswhereonepartytransfersan
assetorsecuritytoanotherpartyas
collateralforashorttermborrowingof
cash,whilesimultaneouslyagreeingto
repaythecashandtakebackthecollateral
ataspecificpointintime.Whentherepo
transactionmatures,theborrowerrepays
thefundsplusanagreeduponinterestrate
andtakesbackitscollateral.446
Repo105108
Repo105transactionswerenearly
identicaltostandardrepotransactions,but
withacriticaldifference:Lehman
accountedforRepo105transactionsas
salesasopposedtocashborrowingsor
financingtransactionsbaseduponthe
overcollateralizationorhigherthan
normalhaircutinaRepo105
transaction.447Repo105andRepo108
transactionssharedthesameaccounting
andstructure.Theydifferedonlyinthat
Repo105requiredfixedincomesecurities
andaminimum5%haircut,whileRepo
108transactionsrequiredequities
securitiesandaminimum8%haircut.
ResidentialLoanTrust(RLT)448
SecuritizationcreatedbyLehmaninMay
2008,comprisedofnonperforming
loans.449
446Id.atIII.A.4.
447Id.
448Id.atIII.A.2.f.
449Id.
76
ResidentialMortgageBackedSecurity
(RMBS)450
Bondsissuedagainstapoolofresidential
mortgages,withpaymenttoinvestors
basedontheperformanceofthe
underlyingmortgageassetsandconsisting
ofprincipalandinterestpaymentsina
waterfalltypepaymentstructureinwhich
principalpaymentsareallocatedtosenior
tranchesfirst,thentothejunior,
mezzanineandequitytranches,ina
descendingorder(alsoaformofasset
backedsecurity).451
ResidentialWholeLoans(RWLs)452
Residentialmortgagescreatedbyloan
originatorswholenddirectlyto
homeowners,forlatersaleinpoolsto
governmententities(suchasFannieMae
andFreddieMac),financialfirms(suchas
Lehman)andotherinvestors.453
450Id.atIII.A.1.b.
451RichardJ.Rosen,ChicagoFedLetter,TheFederalReserveBankofChicago,TheRoleofSecuritization
inMortgageLending(Nov.2007);AdamJ.AshcraftandTilSchuerman,TheFederalReserveBankof
NewYork,UnderstandingtheSecuritizationofMortgageCredit(Mar.2008).
453Id.atIII.A.2.f.
77
RestrictedShare(Stock)Unit(RSU)
ARestrictedStockUnitisagrantvalued
intermsofcompanystock,butcompany
stockisnotissuedatthetimeofthegrant.
Aftertherecipientofaunitsatisfiesthe
vestingrequirement,thecompany
distributesshares,orthecashequivalent
ofthenumberofsharesusedtovaluethe
unit.Dependingonplanrules,the
participantordonormaybeallowedto
choosewhethertosettleinstockor
cash.454
RestrictedShares
Sharesinacompanythatarenotowned
outrightbytheholderuntilastated
conditionisfulfilled.455
ReturnOnEquity
Typicallytheamountofnetincome,
expressedasapercentage,earnedonthe
bookvalueofacompanysshareholder
equityforagivenperiod.456
ReturnonTangibleEquity
AspecificformofROEcalculationwhere
thedefinitionofequityexcludesall
intangibleassets.AccordingtoLehmans
AnnualReport,LehmancalculatedROTE
bydividingnetincomeapplicableto
commonstockfortheperiodbyaverage
tangiblecommonstockholdersequity.457
454FidelityBrokerageServicesLLCWebsite,
http://content.members.fidelity.com/products/stockoptions/rstocksunits/1,,0,00.html(lastvisitedJan.
27,2008).
ed.1995).
457LBHI200710K,atp.31.
78
ReverseRepurchaseAgreement(Reverse
Repo)458
Arepofromthestandpointofthe
buyer/lender.Inareverserepo,PartyA
(thebuyer/lender)purchasesasecurity
fromPartyB(theseller/borrower)in
exchangeforcashforapredetermined
periodoftime,afterwhichPartyAreturns
thesecuritytoPartyBatapredetermined
price(cashplusinterest).459
RiskAppetite
AriskmonitoringmetricLehman
representedasthecenterofitsapproach
torisk,intendedtoaggregateallthe
market,creditandeventriskofLehmans
assets.460RiskAppetiterepresentedthe
amountofmoneythefirmwasprepared
toloseoverthecourseofoneyear.461
RiskBasedMargin
Additionalmarginrequired,basedon
collateraltype,aboveandbeyondthe
marginrequiredbytheinvestors,which
wouldtakeintoaccountliquidationrisk
toaccountforonedaypricevolatilityfor
securitieswithoutcorrelation,andprice
risk,anestimateofpotentialvendorprice
overstatementforilliquidsecurities.462
RiskManagement
Aprocessthataimstohelporganizations
understand,evaluateandtakeactionon
allrisks.463
459Id.
460JaredPedowitz,Ernst&Young,MarketRiskManagementWalkthroughTemplate(Nov.30,2007),at
p.9[EYLELBHIKEYPERS1015089].
461Id.
462JPMorgan,TripartyRepoDiscussionLehman(May29,2008),atp.10[JPMEXAMINER00006028].
79
RiskTolerance
Aninvestorswillingnesstoacceptriskin
thehopeitsinvestmentswillincreasein
value.464
RMBS
SeeResidentialMortgageBackedSecurity.
RoadShow
Apresentationbytheissuerofsecurities
topotentialbuyersaboutthemeritsofthe
issue.465
ROE
SeeReturnOnEquity.
Rollover
Thesaleofapositionandredeploymentof
thefundstoinvestinasimilarposition.466
RoseRanch
SeeLBRoseRanchLLC.
ROTE
SeeReturnonTangibleEquity.
RSU
SeeRestrictedShare(Stock)Unit.
Run
Thehastyandsimultaneouswithdrawalof
fundsbyalargenumberofdepositors,
whohavelostconfidenceinabankor
otherfinancialinstitution.467
RWL
SeeResidentialWholeLoans.
SAB
SeeSecuritiesandExchangeCommission
StaffAccountingBulletin.
ed.1995).
467Id.at390.
80
SafetyandSoundnessExamination
AnexaminationundertakenbytheOffice
ofThriftSupervision(OTS)that
analyzedtheassetqualityandcompliance
withconsumerlawsandregulations.468
SaleOrder
OrderapprovingthesaleofLehmanassets
toBarclays.469
SalvageValue
Residential:Therealizablevalueofafixed
assetaftercostsassociatedwiththesale.470
SASCorSASCO
SeeStructuredAssetSecurities
Corporation.
ScottishFinance
SeeLehmanScottishFinanceL.P.Lehman
Brothersaffiliatethatfiledforbankruptcy
SEC
SeeSecuritiesandExchangeCommission.
SEC/OIG
SeeSecuritiesandExchangeCommission
OfficeofInspectorGeneral.
SecuredDebt
Debtguaranteedbythepledgeofassetsor
othercollateral.472
468OfficeofThriftSupervision,ReportofExaminationforLehmanBrothersBankFSB(Aug.6,2007),at
p.1[LBEXOTS000086].
469OrderAuthorizingSaleofPurchasedAssetsfromLehmantoBarclays,DocketNo.258,InreLehman
Bros.HoldingsInc.,No.0813555(Bankr.S.D.N.Y.Sept.20,2008).
ed.1995).
471LehmanScottishFinanceL.P.VoluntaryBankruptcyPetition,DocketNo.1,InreLehmanScottish
FinanceL.P.,No.0813904(Bankr.S.D.N.Y.Oct.5,2008).
ed.1995).
81
SecuredLoan
Loanguaranteedbythepledgeofassetsor
othercollateral.473
SecuritiesandExchangeCommission
(SEC)474
Governmentalorganizationthatwas
createdtoprotectinvestors,maintainfair,
orderlyandefficientmarketsandfacilitate
capitalformation.475
OfficeofInspectorGeneral
(SEC/OIG)476
DivisionoftheSECthatconductsinternal
auditsandinvestigationsofSECprograms
andoperations.Throughtheseauditsand
investigations,theInspectorGeneralseeks
toidentifyandmitigateoperationalrisks,
enhancegovernmentintegrity,and
improvetheefficiencyandeffectivenessof
SECprograms.477
SecuritiesandExchangeCommissionStaff StaffAccountingBulletinsreflectthe
AccountingBulletin
Commissionstaffsviewsregarding
accountingrelateddisclosurepractices.
Theyrepresentinterpretationsandpolicies
followedbytheDivisionofCorporation
FinanceandtheOfficeoftheChief
Accountantinadministeringthe
disclosurerequirementsofthefederal
securitieslaws.478
SecuritiesActof1933
ThefirstlawenactedbytheU.S.Congress
toregulatethesecuritiesmarkets.479
473Id.
478Id.
ed.1995).
82
SecuritiesExchangeActof1934
U.S.legislationintroducingenforcement
provisionsfortheSecuritiesActof1933.480
SecuritiesInvestorProtectionAct(SIPA) LawthatestablishedtheSecurities
InvestorProtectionCorporation
(SIPC).481
SecuritiesInvestorProtectionCorporation
(SIPC)
Anonprofitcorporationthatinsuresthe
securitiesandcashinthecustomers
accountsofmemberbrokeragefirms
againstthefailureofthosefirms.482
TheSecuritiesInvestorProtection
Corporationeitheractsastrusteeorworks
withanindependentcourtappointed
trusteeinamissingassetcasetorecover
funds.483
Securitization
Theprocessofturningassetsinto
securities.Generallythisinvolvesone
partysellingaportfolioofassetstoa
specialpurposevehicle,whofinancesthe
purchasebypackagingthecashflows
fromtheseassetsastradablesecurities,
whicharesoldtoinvestors.484
SecuritizedMortgage
Amortgagethathasbeenconvertedintoa
marketablesecurity.485
480Id.
48115U.S.C.78aaa78lll(2006).
ed.1995).
483SecuritiesInvestorProtectionCorporationWebsite,http://www.sipc.org/who/who.cfm(lastvisited
Jan.28,2010).
485Id.
83
Security
Afinancialasset,includingshares,
governmentstocks,debentures,bonds,
mutualfunds,etc.Insurancepoliciesare
notsecurities.486
SelfRegulatoryOrganization(SRO)487
CongressgivesSROstheauthorityto
regulate,policeanddisciplinethosewho
participateintheirmarkets,subjecttothe
supervisionofthefederalagencies.488
SeptemberAgreements
Draftguaranty,clearingandsecurity
agreementssentbyJPMorgantoAndrew
Yeung,inhousecounselatLehmanon
September9,2008,thatdramatically
expandedthescopeofJPMorganslien
andthescopeofobligationsguaranteedby
LBHI.489
Setoff
Anagreementbetweentheparties
involvedtosetoffonedebtagainst
anotheroronelossagainstagain.490
SFAS
SeeStatementofFinancialAccounting
Standard.
ShortPosition
Sharesthatanindividualhassoldby
deliveryofborrowedcertificatesandhas
notcoveredasofaparticulardate.491
486Id.
488Id.;BarbaraJ.Etzel,WebstersNewWorldFinanceandInvestmentDictionary294(2003).
ed.1995).
84
ShortSelling
Sellingborrowedcommodities,securities,
currencies,etc,withthecommitmentto
repurchaseitatanunspecifiedlaterdate.
Atechniqueusedtotakeadvantageof
anticipateddeclineinthepriceofa
security.492
ShortTermDebt
Alldebtobligationscomingduewithin
oneyear.493
SingleTransactionLimit(STL)
AlimitthatLehmansRiskManagement
imposedonthesizeofsingletransactions
inordertolimitthemaximumlossthe
firmcouldexperienceintheeventthatany
onemarketparticipantwasaffected
negatively.494
SIPA
SeeSecuritiesInvestorProtectionAct.
SIPATrustee
SeeJamesW.Giddens.Trusteeappointed
pursuanttotheSecuritiesInvestor
ProtectionActof1970,withsimilar
powersandrightstoaTrusteeunderthe
BankruptcyCode,howevertheSIPA
Trusteehasadditionalpowersto
effectuatealiquidation.495
SIPC
SeeSecuritiesInvestorProtection
Corporation.
4923PeterNewman&MurrayMilgate&JohnEatwell,TheNewPalgraveDictionaryofMoneyandFinance
44546(1992);JonathanLawBA,TheOxfordDictionaryofFinanceandBanking406(4thed.2008).
ed.1995).
494MadelynAntoncic,Lehman,StandardRiskManagementPresentation,atp.21[LBEXDOCID
194031].
49515U.S.C.78fff1(a)(2006).
85
SIV
SeeStructuredInvestmentVehicle.
SocietyforWorldwideInterbankFinancial Acommunicationssystemthatadvises
Telecommunication(SWIFT)
memberbankstotransferfundsfromone
membertoanother.496
Solvency
Insolvencyisthefinancialconditionsuch
thatthesumoftheentitysdebtsisgreater
thanallofsuchentitysproperty,atafair
valuation.497Afirmissolventifitis
deemednottobeinsolvent.
Somerset
SeeLBSomersetLLC.
SovereignRiskManagement
Theabilitytomanagesovereignrisk,
whichis:(1)Therisktoalenderthatthe
servicingofitsloanstoaforeignborrower
maybeabridged,frozen,ordeniedbyacts
of,orconditionsin,thenationwherethe
borrowerislocated.Thisrisk,sometimes
calledcountryriskisunrelatedtothe
actualborrowerscapacitytorepay.(2)In
amorelimitedsense,theriskthata
foreigngovernmentmaydefaultonits
borrowings.498
49711U.S.C.101(32)(A)(2006)(definitionapplicabletoentitiesotherthanapartnershipor
municipality).
498AmericanBankersAssociationBanking&FinanceTerminologyp.355(4thed.1999).
86
SovereignWealthFund
Assetsheldbygovernmentsinanother
countryscurrency.Allcountrieshave
foreignexchangereserves.Whena
country,byrunningacurrentaccount
surplus,accumulatesmorereservesthanit
feelsitneedsforimmediatepurposes,it
cancreateasovereignfundtomanage
thoseextraresources.499
S&P
SeeStandard&Poors.
SpecialPurposeVehicle(SPV)500/
SpecialPurposeEntity(SPE)501
Alegalentityestablishedforthesakeofa
singletransaction,forexample,inthe
creditenhancementofasecuritization.502
SpinCo
Lehmansplantospinoffitscommercial
realestateholdingstoitsshareholders,
preservingassetvaluethroughthe
creationofanewentitythatwouldnotbe
subjecttomarktomarketaccounting.503
Spinoff
Aformofdivestiturethatresultsina
subsidiaryordivisionbecomingan
independentcompany.504
Spread
1.FixedIncomeSecurities:thedifference
betweenyieldsonsecuritiesofthesame
qualitybutdifferentmaturities;
2.StocksandBonds:thedifference
betweenthebidandofferprice.505
499SimonJohnson,TheRiseofSovereignWealthFunds,FINANCEANDDEVELOPMENT,Sept.2007,at56,
availableathttp://www.imf.org/external/pubs/ft/fandd/2007/09/straight.htm.
503ExaminersInterviewofHughE.McGeeIII,Aug.12,2009atp.2324.
ed.1995).
87
SRM
SeeSovereignRiskManagement.
SRO
SeeSelfRegulatoryOrganization.
Standard&Poors(S&P)506
Internationalindependentproviderof
creditrating.507
StatementofFinancialAccounting
Standard(SFAS)
AdocumentissuedbytheFinancial
AccountingStandardsBoard(FASB),
whichdetailsaccountingstandardsand
providesguidanceonselectedaccounting
policiessetoutbytheFASB.Asgenerally
acceptedaccountingprinciples,they
shouldbefollowedbyaccountantsin
preparingfinancialstatements.508
StandardsNo.140(SFAS140)509
SFAS140governs,inpart,whento
recognizeatransferofassetsasafinancing
transactionor,alternatively,asasale.510
AlthoughSFAS140moreoftenis
discussedinthecontextofsecuritization
transactions,aparticularprovisionof
SFAS140permitsthetransferorofassets
inarepoagreementtorecharacterizea
repotransactionasasalewithaforward
purchasecommitmentifthetransaction
satisfiescertaincriteria.Theeffectofthis
recharacterizationisthatthesecurities
involvedinthetransactionare
derecognized,orremoved,fromthe
transferorsbalancesheet.
505Id.at548.
507Standard&PoorsWebsite,http://www.standardandpoors.com/aboutsp/main/en/us(lastvisitedJan.
28,2010).
509ExaminersReport,atIII.A.4.
88
StandardsNo.157(SFAS157)
Accountingstandardregardingthe
valuationofdifferenttypesofassets,
categorizedasLevelI,LevelIIandLevel
III,indescendingorderofvaluation
transparency.511
StatementofFinancialAffairs(SOFA)512 Financialstatementspreparedforthe
BankruptcyCourtbyLehmans
management,withtheassistanceoftheir
advisors,inaccordancewithSection521of
theBankruptcyCodeandBankruptcy
Rule1007.513
STL
SeeSingleTransactionLimit.
StockExchange
Amarketforthesaleandpurchaseof
securities,inwhichthepricesare
controlledbythelawsofsupplyand
demand.514
StressTest
Amethodofriskanalysisinwhich
simulationsareusedtoestimatethe
impactofworstcasesituations.515
StructuredAssetSecuritiesCorporation
bankruptcyonFebruary9,2009.516
510ACCOUNTINGFORTRANSFERSANDSERVICINGOFFINANCIALASSETSANDEXTINGUISHMENTSOF
LIABILITIES,StatementofFinancialAccountingStandardsNo.140,2,98(FinancialAccounting
ServicesBd.2000).
511SeegenerallyFAIRVALUEMEASUREMENT,StatementofFinancialAccountingStandardNo.157
(FinancialAccountingServicesBd.2000).
513SeeGlobalNotesPertainingtoDebtorsSchedulesandStatements,InreLehmanBros.HoldingsInc.,
No.0813555,atp.2(Bankr.S.D.N.Y.Mar.13,2009).
515Id.at425.
516StructuredAssetSecuritiesCorp.VoluntaryBankruptcyPetition,DocketNo.1,InreStructuredAsset
SecuritiesCorp.,No.0910558(Bankr.S.D.N.Y.Feb.9,2009).
89
StructuredInvestmentVehicle
Afundthatraisesfinancingbyselling
assetbackedcommercialpaperand
mediumtermednotesandinvests
predominantlyinassetbacked
securities.517
StructuredNote/Transaction
Abondthatincludesanembedded
derivativethatisdesignedtocreatea
payoffthatfitstherequirementsofa
specificinvestor.518
StubPeriod
TheperiodbetweenSeptember15,2008
andthedatethatanLBHIaffiliate
commenceditsChapter11case.519
SubordinationAgreement
Anagreementthatpermitsadebtthat
wouldnormallybejunior(thatis,
repayableonlyafterotherdebtswitha
higherclaimhavebeensatisfied)tohave
preferenceoveraseniorclaim.520
ed.1995)(undersubordinated).
90
Subprime
Atermusedtodescribeasegmentofthe
residentialmortgagelendingmarketin
whichborrowershadcreditprofilesthat
werebelowprimeorlessthanprime.
Subprimedefinitionswerenotuniform
amongmarketparticipants,butfederal
guidelinesissuedin2001defined
subprimeintermsofarangeofcredit
characteristicsincludingrecent
delinquencies,foreclosuresor
bankruptcies;aFICOcreditscoreofless
than660;andadebttoincomeratioof
50%ormore.521Lehmanlaterdefined
subprimeasencompassingborrowers
havinga[FICO]creditscoreintherange
of620orlower.522
SubprimeLending
Theprovisionofloanstoborrowerswitha
poorcreditrating.523
Subsidiary
Acompanyofwhichmorethan50%ofthe
votingsharesareownedbyanother
corporation,calledtheparentcompany.524
521OfficeoftheComptrolleroftheCurrency,etal.,ExpandedGuidanceforSubprimeLendingPrograms
(Jan.31,2001),atp.3,availableat
http://www.federalreserve.gov/boarddocs/press/boardacts/2001/20010131(followGuidancelink
belowpressrelease)(lastvisitedFeb.3,2010).
522LetterfromChristopherM.OMeara,Lehman,toJeffreyGordon,UnitedStatesSecuritiesand
ExchangeCommission,reLehmansSubprimeDefinition(Aug.16,2007),atp.2[LBEXDOCID
240774];LBHI200710K,atp.105n.1.
ed.1995).
91
Swap
1.Ameansbywhichaborrowercan
exchangethetypeoffundsmosteasily
raisedforthetypeoffundsrequired,
usuallythroughtheintermediaryofa
bank;
2.anexchangeofonesecurityforanother
tochangethematuritiesofabond
portfolioorthequalityoftheissuesina
stockorbondportfolio,orbecause
investmentobjectiveshaveshifted.525
SWIFT
SocietyforWorldwideInterbankFinancial
Telecommunications.Acommunications
systemthatadvisesmemberbanksto
transferfundsfromonememberto
another.526
Syndicate
Uponbringinganewstockordebtissueto
market,thecreationofagroupofother
banksthatwilltakesomeofthenewissue
andspreadtherisk.527
TAF
SeeTermAuctionFacility.
TailRisk
Representingeventsoflowprobability.528
Lehmanreferredtotailriskasaonein10
yeartypeevent.529
TangibleAssets
Fixedassetsofanorganizationexcluding
suchintangibleassetsasgoodwill,
intellectualproperty,etc.530
525Id.at576;JonathanLawBA,TheOxfordDictionaryofFinanceandBanking428(4thed.2008).
529ExaminersReportatIII.A.1.b.
92
TARP
SeeTroubledAssetReliefProgram.
TermAuctionFacility
FederalReservefacilitycreatedtoprovide
depositoryinstitutionswithanadditional
sourceofshorttermcreditinresponseto
problemsinthesubprimehousing
market.531
TermSecuritiesLendingFacility
(TSLF)532
FederalReserveonemonthsecuritiesterm
loanfacilityforprimarydealersinwhich
theFedlendsTreasurysecuritiesin
exchangeforprogrameligiblegeneral
collateral;createdinMarch2008tofoster
improvedliquidityofsomemortgage
backedsecurities.533
Tier1Capital
Equitycapitalheldbyabankagainstits
risks.534CoreCapital(orTier1)consists
of:commonstockholdersequity,
qualifyingnoncumulativeperpetual
preferredstock,qualifyingcumulative
perpetualpreferredstockandminority
interestinequityaccountsofconsolidated
subsidiarieslessgoodwill,otherintangible
assets,creditenhancinginterestonlystrips
andothernonfinancialequityinvestments
requiredtobedeductedfromcapital.535
Trade
Tobuyorsellinamarket.536
531NewYorkFed.org,FinancialTurmoilTimeline,
http://www.newyorkfed.org/research/global_economy/Crisis_Timeline.pdf(lastvisitedJan.27,2010).
533FederalReserveBankofNewYorkWebsite,http://www.newyorkfed.org/markets/tslf.html(last
visitedFeb.2,2010).
53512C.F.R.225,App.A(2007).
93
TradesGroup
AlsoreferredtoastheFinancing
Module,asetofreportingfunctionsthat
theExaminersfinancialadvisorsdrew
upontoextractrelevantdatafieldsfrom
Lehmansgeneralcorporateledger
(DBS).
TradingBook
Thefinancialobligationsheldbyadealer
oraninstitutiontradingonfinancial
markets.537
TradingDesk
Thedepartmentthatisresponsiblefor
executingsecuritiestransactions.538
Tranche
Inasecuritization,anyofseveralclassesof
debtinstrumentscreatedfromthesame
poolofassetsbuthavingdifferentrisk
returnprofilestoattractdifferentclassesof
investors.539
TreasuryGroup
SeeLehmanGlobalTreasuryGroup.
TroubledAssetReliefProgram
(TARP)540
PartoftheEmergencyEconomic
StabilizationActof2008,designedto
provideauthorityfortheFederal
Governmenttopurchaseandinsure
troubledassetsfromfinancial
institutions.541
537Id.at443.
538BarbaraJ.Etzel,WebstersNewWorldFinanceandInvestmentDictionary99(2003)(listedunderdesk).
541EmergencyEconomicStabilizationActof2008,Pub.L.No.110343(codifiedinscatteredtitlesand
ofU.S.C.).
94
TrueSaleOpinionLetter
Legalinterpretationtosupportafirms
assertionthatatransactionmetthecriteria
inparagraph9(a)ofFAS140.542
TSLF
SeeTermSecuritiesLendingFacility.
Turnover
Areferencetothenumberofemployees
replacedinagivenperiod.543
UCC
SeeUniformCommercialCode.
U.K.CashDeeds
CashdeedsLehmanexecutedonAugust
9,2008thatweredemandedbyHSBCto
collateralizeLehmansU.K.deposits.544
Underwriter
Aninvestmentbankerwhoagreesto
purchaseanewissueofsecuritiesfroman
issueranddistributeittoinvestors,
makingaprofitontheunderwriting
spread.545
UniformCommercialCode(UCC)546
LegalcodeadoptedbymostU.S.states,
thatcodifiesvariouslawsdealingwith
commercialtransactions,primarilythose
involvingthesaleofgoodsandsecured
transactions.547
542LehmanBrothersHoldingsInc.,AccountingPolicyManualforRepo105andRepo108(Sept.9,2006),
atp.1[LBEXDOCID3213290].
ed.1995).
ed.1995).
ed.1995).
95
UnitedStatesBankruptcyCourtforthe
SouthernDistrictofNewYork
(BankruptcyCourt)
BankruptcycourtinthecaseofInre
LehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y).548
UnitedStatesDepartmentofVeterans
AffairsorVeteransAdministration
(VA)549
In1930CongressauthorizedthePresident
toconsolidateandcoordinate
Governmentactivitiesaffectingwar
veterans.Threecomponentagencies
becamebureauswithintheVeterans
Administration.TheDepartmentof
VeteransAffairs(VA)wasestablishedasa
CabinetlevelpositiononMarch15,
1989.550
UnitedStatesTrustee(U.S.Trustee)
TrusteeappointedpursuanttoBankruptcy
Code.551
Unsecured(DebtorLoan)
Obligationnotbackedbyapledgeof
collateral.552
Unwind
Tocloseoutafinancialpositionbyselling
ormakinganoffsettingtransaction.553
VA
SeeUnitedStatesDepartmentofVeterans
AffairsorVeteransAdministration.
Valuation
Placingavalueorworthonanasset.554
548See,e.g.ExaminerOrder,DocketNo.2569,InreLehmanBros.HoldingsInc.,No.0813555(Bankr.
S.D.N.Y.Jan.16,2009).
549ExaminersReport,atIII.a.2.f.
550TheDepartmentofVeteransAffairsWebsite,http://www4.va.gov/about_va/vahistory.asp(last
visitedFeb.3,2010).
55111U.S.C.307(2006).
ed.1995).
ed.1995).
96
ValuationControlGroup
InternalLehmangroupwithintheProduct
ControlGroup,thatperformedan
independentpriceverificationofcertain
assetsonamonthlybasis.555
ValueatRisk(VaR)
Ameasureofrisk,mostfrequentlyapplied
tomeasuringcreditriskandmarket
risk.556
AntonR.Valukas(Examiner)
TheBankruptcyCourtappointedAntonR.
ValukasExamineronJanuary16,2009.557
VerticalIntegration
IntegrationGenerally:Thecombinationof
twoormorecompaniesunderthesame
controlfortheirmutualbenefit.
VerticalIntegration:Acompanyobtains
controlofitssuppliersoroftheentities
thatbuyitsproductsorservices.558
VeteransAdministration
SeeUnitedStatesDepartmentofVeterans
AffairsorVeteransAdministration.
Volatility
Thecharacteristicofasecurity,commodity
ormarkettoriseorfallsharplyinprice
withinashorttermperiod.559
TheWaltDisneyCompany(WaltDisney
Co.)560
Lehmancreditorthatfiledthemotionto
haveanExaminerappointedinthe
LehmanBankruptcyproceeding.561
555Lehman,PriceVerificationPolicy:GlobalCapitalMarkets2008[Draft](2008),atp.4
[LBHI_SEC07940_2965994].
557OrderApprovingAppointmentofExaminer,DocketNo.2583,InreLehmanBros.HoldingsInc.,No.
0813555(Bankr.S.D.N.Y.Jan.20,2009).
ed.1995).
97
WeightedAverageCostofCapital
(WACC)
Theaveragecostthatafirmhastopayfor
thecapitalthatitborrows.562
Weil,Gotshal&MangesLLP(Weil)
LawfirmthathandledLehmansChapter
11bankruptcypetition.563
WholeLoan
Termthatdistinguishesaninvestment
representinganoriginalresidential
mortgageloan(wholeloan)fromaloan
representingaparticipationwithoneor
morelendersorapassthroughsecurity
representingapoolofmortgages.564
WriteDown
SeeMarkdown.Anegativeadjustmentto
thevalueofanassetforaccounting
purposes,accordingtogenerallyaccepted
accountingprinciples(GAAP).565
Yield
Thereturnthatisearnedonan
investment.566
YieldCurve
Aplotoftheinterestrateyieldsonbonds
withdifferingtermstomaturity.567
561NoticeofHearingonMotionoftheWaltDisneyCo.fortheAppointmentofanExaminerpursuantto
1104(c)(2)oftheBankruptcyCode,DocketNo.1143,InreLehmanBros.HoldingsInc.,No.0813555
(Bankr.S.D.N.Y.Oct.20,2008).
563SeeExaminersReport,atIII.A.3.c.
ed.1995).
565Id.at661.
5673PeterNewman&MurrayMilgate&JohnEatwell,TheNewPalgraveDictionaryofMoneyandFinance
816(1992).
98
APPENDIX3:KEYINDIVIDUALS
The following table identifies key individuals who are discussed in the
ExaminersReport.
Name
Abary,Raymond
Ainslie,MichaelL.
Organization
LehmanBrothers
LehmanBrothers
Akers,JohnF.
LehmanBrothers
Alvarez,Scott
Amin,Kaushik
FederalReserve
LehmanBrothers
Angulo,ArthurG.
FRBNY
Ankalkoti,Rajesh
A&M
Antoncic,Madelyn
Appel,NikkiG.
LehmanBrothers
JPMorgan
Azerad,Robert
Babar,Usman
Barancik,GaryS.
Position1
CashManagement
Director;
MemberofAuditCommittee;
DirectorLehmanBrothers
Bank
Director;
ChairofCompensationand
BenefitsCommittee;
MemberofFinanceandRisk
Committee
GeneralCounsel
GlobalHeadofLiquidMarkets
FixedIncomeDivision
SeniorVicePresidentBank
SupervisionDepartment
SeniorDirector
FormerChiefRiskOfficer
ManagingDirector&Associate
GeneralCounsel
LehmanBrothers
GlobalHeadofAsset&
LiabilityManagement
LehmanBrothers
ProductController
SecuritizedProducts
PerellaWeinbergPartners KoreaDevelopmentBanks
LP
U.S.Advisor
1 Except where noted, the position listed is as of September 15, 2008, and is not a complete list of the
witnesspositionsortitles.

Name
Barsanti,AnthonyJ.
Organization
LehmanBrothers
Baxter,Jr.,ThomasC.
FRBNY
Beeson,Lisa
LehmanBrothers
Berkenfeld,Steven
LehmanBrothers
Berlind,Roger
LehmanBrothers
Bernanke,BenS.
Bernard,Clement
FederalReserve
LehmanBrothers
Bhalloo,Murtaza
LehmanBrothers
Bhattal,Jasjit(Jesse)
LehmanBrothers
Binkley,Tracy
LehmanBrothers
Position1
SeniorVicePresident
PrincipalTransactionsGroup
GeneralCounsel&Executive
VicePresident
HeadofRealEstateMergers
andAcquisitionsInvestment
BankingDivision
ChairmanoftheTransaction
ApprovalCommittees;
ChiefInvestmentOfficerfor
PrivateEquityDivision;
HeadofLegal,Compliance
andAuditDivision
Director;
Committee
Chairman
ChiefFinancialOfficerFixed
IncomeDivision
BusinessandRiskManager
ProprietaryTradingGroupfor
LiquidMarketsProducts;
FinancialProducts;
DerivativeProducts
ChiefExecutiveOfficer
LehmanAsiaPacific
GlobalHeadofHuman
Resources

Name
Birney,Janet
Organization
LehmanBrothers
Bismal,Anuraj
LehmanBrothers
Black,StevenD.
JPMorgan
Blackwell,Alastair
LehmanBrothers
Bridge,Guy
HSBC
Brodows,William
FRBNY
Bromley,James
ClearyGottlieb
Brown,AlvinH.
SimpsonThacher
Buffett,WarrenE.
BerkshireHathaway
Burian,Saul
Burke,Christopher
HoulihanLokeyHoward
&ZukinCapital,Inc.
FRBNY
Burke,William
LehmanBrothers
Position1
GlobalHeadofNetwork
ManagementTreasury
Department
FormerSeniorVicePresident
BalanceSheetGroup
CoChiefExecutiveOfficerof
JPMorganInvestmentBank
ManagingDirector
Operations,CapitalMarkets,
InvestmentManagement
Division
DirectorFinancialInstitutions
Group
VicePresidentPrimeDealer
MonitoringUnit
RepresentedFRBNYin
connectionwithLehmans
bankruptcyfilingandthe
Barclayssale
HeadofExecutive
CompensationandEmployee
BenefitsGroup;
RepresentedLehmanin
connectionwiththeBarclays
sale
ChairmanandChiefExecutive
Officer
FinancialAdvisorfor
CreditorsCommittee
AssistantVicePresident
DomesticMoneyMarkets
Group
FirstVicePresidentFinancial
OperationsRegulatory
Reporting

Name
Burruel,MarieJean
Organization
BNCMortgageInc.
BuyersRusso,Jane
JPMorgan
Callan,ErinM.
LehmanBrothers
Cawley,Jean
Chan,Jay
OptionsClearing
Corporation
LehmanBrothers
Chiavenato,RicardoS.
JPMorgan
Cho,Kunho
LehmanBrothers
ChuFong,Francois
LehmanBrothers
Clackson,Patrick
Clark,Jr.,Howard
BarclaysCapital
LehmanBrothers
Coghlan,John
LehmanBrothers
Cohen,Jonathan
LehmanBrothers
Cohen,Kenneth
LehmanBrothers
Collerton,AnthonyJ.
LehmanBrothers
Corral,EdwardJ.
JPMorgan
Cox,Christopher
Cox,Jr.,Archibald
SEC
BarclaysAmerica
Position1
FormerDueDiligence
Manager
HeadofSecuritiesIndustry
CoverageGroup
ChiefFinancialOfficerfrom
December2007June2008;
FormerHeadofGlobalHedge
FundCoverage
SeniorVicePresident&
DeputyGeneralCounsel
VicePresidentGCCMGroup
CollateralRiskManager
TreasuryandSecurities
Services
ViceChairmanandHeadof
LehmanBrothersAsia
InvestmentBanking
ManagerForeignExchange
OperationsGroup
ChiefFinancialOfficer
LBIBoardMember
ManagingDirectorPrime
ServicesGroup
SeniorVicePresidentHeadof
ProductControlGroupin
GlobalRealEstateGroup
ManagingDirectorHeadof
U.S.Originations,GlobalReal
EstateGroup
ChiefOperatingOfficerfor
HumanResources
GlobalHeadofU.S.Fixed
IncomingClearing
Chairman
Chairman

Name
Cruikshank,Thomas
Organization
LehmanBrothers
Curl,GregoryL.
BankofAmerica
Danis,Michelle
SEC
Darling,Alistair
Davis,Robert
U.K.Government
ClearyGottlieb
delMissier,Jerry
Delany,CraigM.
Barclays
JPMorgan
Dellosso,Donna
JPMorgan
Denig,Nancy
LehmanBrothers
Descoteaux,David
Despins,Luc
LazardFrres&Co.
MilbankTweed
Diamond,RobertE.
DiMassimo,Vincent
Barclays
LehmanBrothers
Dimon,JamesL.(Jamie)
JPMorgan
Doar,Timothy
ChicagoMercantile
Exchange
Position1
Director;
ChairofAuditCommittee;
MemberofNominatingand
CorporateGovernance
Committee
ViceChairman;
CorporateDevelopmentand
GlobalCorporatePlanningand
Strategy
DivisionofTradingand
Markets
ChancelloroftheExchequer
BarclaysCounselduring
negotiationsoftheBarclays
sale
PresidentofBarclaysCapital
ManagingDirector
InvestmentBank,overseeing
tripartyrepobusiness
HeadofRiskManagementof
InvestmentBanking
RegionalHeadforFixed
IncomeRepo,MiddleOffice
LehmansStrategicAdvisor
FormerCreditorsCommittees
Counsel
President
GlobalHeadofCreditRisk
Management
ChiefExecutiveOfficerand
ChairmanoftheBoard
ManagingDirectorRisk
ManagementinClearing
HouseDivision

Name
Doctoroff,MarkG.
Organization
JPMorgan
Doherty,Raymond
SEC
Donahue,DonaldF.
Donaldson,Jeffrey
DepositoryTrustand
ClearingCorporation
Alvarez&Marsal
Eby,Robert
LehmanBrothers
Eichner,Matthew
SEC
Einhorn,David
Eisenband,MichaelC.
GreenlightCapital
FTIConsulting,Inc.
Emmert,James
LehmanBrothers
Engel,StevenJ.
LehmanBrothers
Position1
ExecutiveDirectorof
InvestmentBanking;
JPMorgansprimary
relationshipmanagerfor
LehmanBrothers
StaffMemberinvolvedin
SECsCSEProgram
ManagingDirector
HeadofGlobalForeign
ExchangeOperatingGroup
AssistantDirectorDivisionof
TradingandMarkets;
InvolvedinSECsCSE
Program
President
FinancialAdvisorfor
CreditorsCommittee
HeadofCompensation
Control;
GlobalStrategiesProducts
Controller
SeniorVicePresidentGlobal
HeadofFunding

Name
Evans,MarshaJohnson
Organization
LehmanBrothers
Exall,Paul
LehmanBrothers
Fahey,EileenA.
Fitch
Farup,Sven
LehmanBrothers
Fazio,Michael
Feibus,Clifford
HoulihanLokeyHoward
&ZukinCapital,Inc.
LehmanBrothers
Felder,Eric
LehmanBrothers
Position1
Director;
ChairofNominatingand
CorporateGovernance
Committee;
MemberofCompensationand
BenefitsCommittee;
Committee
HeadofCompensation
AnalyticsforInvestment
Banking
ManagingDirectorLead
AnalystforBigFiveBroker
Dealers(LehmanBrothers,
BearStearns,MerrillLynch,
GoldmanSachsandMorgan
Stanley)
SeniorVicePresidentCapital
Markets,PrimeServicesGroup
FinancialAdvisorfor
CreditorsCommittee
FormerManagingDirector
FinancialAcquisitionsDue
Diligence;
FormerHeadLegalEntity
Controller
CoHeadofGlobalFixed
IncomeDivisionbeginningin
September2008;
GlobalHeadofGlobalCredit
ProductsbeginninginJune
2008

Name
Fennell,John
Organization
OptionsClearing
Corporation
Feraca,John
LehmanBrothers
Fife,Lori
Finley,JohnG.
WeilGotshal
SimpsonThacher
Fleming,DanielJ.
LehmanBrothers
Fontana,Thomas
Forsyth,David
Citibank
LehmanBrothers
Foskett,ChristopherM.
Citibank
Fox,William
Frank,Frederick
FranksHarber,Lana
Alvarez&Marsal
LehmanBrothers
LehmanBrothers
Freidheim,ScottJ.
LehmanBrothers
Fuld,Jr.,RichardS.
LehmanBrothers
Gargiulo,KellyL.
LehmanBrothers
Gavin,Mark
LehmanBrothers
Geer,Bradley
HoulihanLokeyHoward
&ZukinCapital,Inc.
Position1
FirstVicePresidentofRisk
ManagementandTreasury
Operations
HeadofSecuredFundingDesk
PrimeServicesGroup
DebtorsCounsel
RepresentedLehmanin
connectionwiththeBarclays
sale
SeniorVicePresidentGlobal
CashandCapitalManagement
SeniorRiskManager
VicePresidentTreasury
FundingandInvestment
Management
ManagingDirectorGlobal
HeadofFinancialInstitutions
Group
ManagingDirector
LBIBoardMember
ChiefAdministrativeOfficer
MortgageCapitalDivision
CoChiefAdministrative
Officer
Chairman;
ChiefExecutiveOfficer;
ChairofExecutiveCommittee
GlobalCorporateServices
HeadofSecuredFinancing
Desk
FinancialAdvisorfor
CreditorsCommittee

Name
Geithner,TimothyF.
Organization
FRBNY
Gelband,Michael
LehmanBrothers
Gent,SirChristopher
LehmanBrothers
Gentile,Joseph
LehmanBrothers
Giddens,JamesW.
Giles,James
HughesHubbard&Reed
SEC
Gold,Joe
Goldfarb,David
Barclays
LehmanBrothers
Position1
President;
Currently,U.S.Secretaryofthe
Treasury
GlobalHeadofFixedIncome
DivisionuntilMay2007;
GlobalHeadofCapital
MarketsbeginninginJune
2008
Director;
BenefitsCommittee
ChiefFinancialOfficerfor
FixedIncomeDivision
SIPATrustee
SECsCSEProgram
CoHeadofCommodities
ChiefStrategyOfficer
beginninginJune2008;
FormerGlobalHeadof
StrategicPartnerships,
PrincipalInvesting,andRisk
fromOctober2006untilJune
2008
Goldsmith,Brad
Goodman,Jeffrey
Alvarez&Marsal
LehmanBrothers
Gordon,WilliamB.
Alvarez&Marsal
SeniorAssociate
SeniorRiskManagerFixed
IncomeDivision,GlobalReal
EstateGroup
SeniorDirector

Name
Granfield,Lindsee
Organization
ClearyGottlieb
Grassley,CharlesE.
Gregory,Joseph
UnitedStatesSenate
LehmanBrothers
Grieb,Edward
LehmanBrothers
Grundhofer,JerryA.
Gruner,Jerry
LehmanBrothers
Ernst&Young
Guarino,James
LehmanBrothers
Hansen,Hillary
Harrison,Susan
Ernst&Young
BNCMortgageInc.
Haupt,Gerald
LehmanBrothers
Heller,Stephanie
FRBNY
Hernandez,RolandA.
LehmanBrothers
Hespel,PaulW.
GoodwinProctor
10
Position1
sale
U.S.SenatorStateofIowa
President&ChiefOperating
OfficeruntilJune12,2008
GlobalFinancialController
untilDecember2007;
HeadofInvestorRelations
fromDecember2007June
2008;
ControllerInvestment
ManagementDivision
beginninginJune2008
Director
SeniorManagerLehman
AuditTeam
SeniorVicePresidentProduct
Controller
PartnerLehmanAuditTeam
FormerRepurchase
Underwriter
LegalEntityControllerfor
LuxembourgResidential
PropertiesLoanFinance
S.A.R.L.
VicePresidentPayments
Group
Director;
Committee
OutsideCounselforLehman
Brothers,involvedin
JPMorgannegotiations

Name
Hinton,Diane
Organization
Standard&Poors
Hogan,JohnJ.
JPMorgan
Hommel,ThomasE.
LehmanBrothers
Hraska,JamesW.
LehmanBrothers
Hughson,PaulA.
LehmanBrothers
Inaba,Gail
Isaacs,JeremyM.
JPMorgan
LehmanBrothers
Jackson,Jennifer
Ernst&Young
Janulis,TheodoreP.
LehmanBrothers
Jones,CraigL.
LehmanBrothers
Joshi,Tejal
LehmanBrothers
Kandarian,StevenA.
MetLife
Kaufman,Dr.Henry
LehmanBrothers
Kebede,AbebualA.
LehmanBrothers
Keegan,Michael
Barclays
11
Position1
DirectorofFinancial
InstitutionsLehmanAnalyst
ChiefRiskOfficerof
InvestmentBanking
InHouseCounselCoHead
ofLitigation
SeniorVicePresidentSecured
FinancingOperations
HeadofCreditDistribution
AssociateGeneralCounsel
FormerChiefExecutiveOfficer
ofLBIE
SeniorManagerLehman
AuditTeam
HeadofMortgageCapital
Division
SeniorVicePresident
Treasury;
HeadofCashandCollateral
ManagementforAmericas
BusinessManagerforGlobal
RatesBusinessFixedIncome
Division
ExecutiveVicePresidentand
ChiefInvestmentOfficer
Director;
ChairofFinanceandRisk
Committee
VicePresidentValuation
ControlforGlobalRealEstate
Group
HeadofPrincipalCredit
Trading

Name
Keller,AndrewR.
Organization
SimpsonThacher
Kelly,Martin
LehmanBrothers
King,Mitchell
LehmanBrothers
King,Stephen
Barclays
Kirk,Alex
LehmanBrothers
Klein,Michael
Citibank
Koutouvides,Aristides
LehmanBrothers
Krasnow,RichardP.
Kritikos,Dimitrios
WeilGotshal
LehmanBrothers
Kruse,Philip
Kwangwoo,Jun
LaRocca,Gerard
Alvarez&Marsal
SouthKoreaFinancial
ServicesCommission
Barclays
Lazarus,DavisS.
LehmanBrothers
12
Position1
LehmanDisclosureCounsel,
involvedinpreparing
Lehmanspubliclyfiled
financialstatements
GlobalFinancialController
fromDecember2007
September2008
HeadofUnitedStates
AgenciesTradingDeskFixed
IncomeDivision,until
September8,2008
HeadofPrincipalMortgage
TradingGroup
GlobalHeadofPrincipal
BusinessesfromJuly2008until
September2008;
CoChiefOperatingOfficer
FixedIncomeDivisionfrom
October2007January2008
ChairmanofInstitutional
ClientsGroup,consultantto
Barclays
VicePresidentPrincipal
TransactionsGroup
DebtorsCounsel
SeniorVicePresidentRisk
Management
ManagingDirector
Chairman
ChiefAdministrativeOfficer;
ChiefExecutiveOfficerof
BarclaysU.S.BrokerDealer
ManagingDirectorReal
EstateInvestmentBanking

Name
Lederer,Amy
Organization
LehmanBrothers
Lee,KennethE.
HughesHubbard&Reed
Lee,Matthew
LehmanBrothers
Lessing,StephenM.
LehmanBrothers
Leventhal,ShariD.
FRBNY
Lewis,KennethD.
Lewkow,VictorI.
BankofAmerica
ClearyGottlieb
Li,Joe
LehmanBrothers
Lopez,PaulM.
HSBC
Lowitt,IanT.
LehmanBrothers
Lubowitz,MichaelE.
Lyons,Timothy
Macchiaroli,MichaelA.
WeilGotshal
LehmanBrothers
SEC
13
Position1
LegalEntityControllerforCES
AviationLLC,CESAviationV
LLC,&CESAviationIXLLC
SIPATrusteesCounsel
SeniorVicePresidentFinance
Division,responsiblefor
LehmansGlobalBalanceSheet
andLegalEntityAccounting
HeadofClientRelationship
ManagementPrivateClient
Group
AssistantGeneralCounsel
EnforcementandLitigation
Division
sale
GlobalHeadofMarketRisk
ManagementforCredit,
EmergingMarkets,Proprietary
Credit,andMunicipal
Products
GlobalRelationshipsManager
forFinancialInstitutions
June2008September2008;
CoChiefAdministrative
Officer
DebtorsCounsel
HeadofGlobalStrategy
AssociateDirectorDivisionof
MarketRegulation

Name
Macomber,JohnD.
Organization
LehmanBrothers
Marcus,RonaldS.
Marsal,BryanP.
OfficeofThrift
Supervision
Alvarez&Marsal
Mathieson,KellyA.
JPMorgan
Mauerstein,Michael
Citibank
May,Diane
AuroraLoanServices
McCurdy,ChristopherJ.
McDadeIII,HerbertH.
(Bart)
FRBNY
LehmanBrothers
McGarvey,Michael
LehmanBrothers
McGeeIII,HughE.(Skip)
LehmanBrothers
14
Position1
Director;
MemberofExecutive
Committee;
BenefitsCommittee;
MemberofNominatingand
CorporateGovernance
Committee
ExaminerinChargeLehman
Review
CoChiefExecutiveOfficer;
ChiefRestructuringOfficerof
Lehman
ClearanceandCollateral
Management
ManagingDirectorFinancial
Institutions,BrokerDealers
GroupuntilDecember2008
VicePresidentofSpecial
ProjectsLoanAdministration
PaymentandPolicyFunction
President&ChiefOperations
OfficerfromJune2008to
September2008;
GlobalHeadofCapital
MarketsEquitiesfrom2005to
June2008
SeniorVicePresidentFinance
Controller,FixedIncome
Division
GlobalHeadofInvestment
Banking&SpinCoplan

Name
McKinney,Richard
Organization
LehmanBrothers
Michaels,Jeff
LehmanBrothers
Miller,HarveyR.
WeilGotshal
Miller,Matthew
LehmanBrothers
Miller,Rod
Min,EuooSung
WeilGotshal
KoreaDevelopmentBank
Minnick,Phillip
SEC
Montal,Isaac
Montella,Michael
DepositoryTrustand
ClearingCorporation
LehmanBrothers
Morton,AndrewJ.
LehmanBrothers
Murgio,David
Murray,Piers
WeilGotshal
JPMorgan
Nagioff,Roger
LehmanBrothers
15
Position1
HeadofSecuritizedProducts;
FormerHeadofResidential
MortgageTrading
HeadofCashTradingLiquid
MarketsDivision
ChairofWeilGotshals
BankruptcyDepartment;
DebtorsCounsel
ManagingDirectorFixed
IncomeDivision,Subprime
ResidentialMortgageTrading
DebtorsCounsel
Governor&ChiefExecutive
Officer
SECsCSEProgram
ManagingDirector&Deputy
GeneralCounsel
VicePresidentLegalEntity
ControllerGroup;
LBSFController
GlobalHeadofCapital
MarketsFixedIncome
DivisionbeginninginFebruary
2008
DebtorsCounsel
CreditRiskManagement
GlobalHeadofFixedIncome
DivisionfromMay2007
January2008;
ChiefExecutiveOfficeof
LehmanEuropepriortoMay
2007

Name
Neighbor,Webster
Nerby,PeterE.
ODonnell,DennisC.
OMeara,ChristopherM.
OReilly,David
Orlan,FredS.
Osterman,JeffreyD.
Palchynsky,JohnN.
Parikh,Satu
Park,Jennifer
Organization
LehmanBrothers
Position1
BridgeEquityGroup
MoodysInvestorServices SeniorVicePresident
SecuritiesIndustryFinancial
InstitutionsGroup;
LeadAnalystassignedto
Lehmanfrom1998to2003and
BackUpAnalystfrom2004to
2008
MilbankTweed
CreditorsCommittees
Counsel
LehmanBrothers
December2004December
2007;
GlobalHeadofRisk
Managementbeginningin
December2007
LehmanBrothers
SeniorVicePresidentReal
EstateInvestmentBanking
LehmanBrothers
ManagingDirectorHigh
YieldTrading;
DirectorofLehman
CommercialPaper,Inc.
beginninginMay2008
WeilGotshal
DebtorsCounsel
LehmanBrothers
ManagerTriParty
RepurchaseOperations
LehmanBrothers
GlobalHeadofCommodities
Trading
LehmanBrothers
AssociateRealEstate
ValuationDivisionof
ValuationandControl
Department,involvedinprice
testingLehmanscommercial
book
16

Name
Parr,Gary
Paulson,Jr.,HenryM.
Organization
LazardFrres&Co.
U.S.Treasury
Pellerani,Carlo
Perlman,DavidM.
Peterson,Carl
LehmanBrothers
LehmanBrothers
CommodityServices
AuroraLoanServices
Petrie,David
Petrow,DonaldE.
Barclays
LehmanBrothers
Platt,Rebecca
LehmanBrothers
Policke,Richard
LehmanBrothers
Rabin,Eli
LehmanBrothers
Reilly,Gerard
Ricci,Rich
LehmanBrothers
Barclays
Ridings,Barry
Rivera,Joselito
LazardFrres&Co.
LehmanBrothers
Rizzieri,Jerry
Roberts,ThomasA.
Rodefeld,John
LehmanBrothers
WeilGotshal
Barclays
Rodriguez,Kleber
LehmanBrothers
17
Position1
SecretaryoftheTreasuryfrom
July2006toJanuary2009
InternationalTreasurer
InHouseCounsel
SeniorVicePresidentCredit
Policy
DirectorHeadofRepoDesk
HeadofRealEstateRisk
Management
ValuationControlPrincipal
TransactionsGroup,involved
inpricetestingPTGdebt
positions
SeniorVicePresident
OperationsTechnology
ProductControllerReal
EstateProductControlGroup,
involvedinpricetestingPTG
equitypositions
GlobalProductController
ChiefOperatingOfficer
InvestmentBankingand
InvestmentManagement
Division
LehmanScottishFinanceLP&
PAMIStatlerArms,LLC
HeadofCashTrading
DebtorsCounsel
andRegionalOperations
HeadofCommodity
AccountingGroup

Name
Romain,Gary
Organization
Barclays
Rudofker,Beth
LehmanBrothers
Russo,ThomasA.
LehmanBrothers
Rutledge,WilliamL.
FRBNY
Sants,Hector
Sapia,Joseph
U.K.FinancialServices
Authority
LehmanBrothers
Schlich,William
Ernst&Young
Sciacca,Brian
LehmanBrothers
Scicutella,Leonard
LehmanBrothers
Seery,Jr.,JamesP.
LehmanBrothers
Shafir,MarkG.
LehmanBrothers
Shapiro,MarkJ.
LehmanBrothers
18
Position1
HeadofTechnicalAccounting
andPrivateEquityFinance
HeadofGlobalCorporate
AuditGroup
ChiefLegalOfficer;
ViceChairmanofLBI
ExecutiveVicePresident
BankSupervisionGroup
VicePresidentSecuritized
Products,Valuationand
ControlGroup
LeadAuditorLehmanAudit
Team
VicePresidentandHeadof
CreditValuationGroup;
VicePresidentFixedIncome
DivisionProductControl
HeadofManagement
Reporting;
ControllerforPrimeServices
Group
GlobalHeadofFixedIncome,
Loans;
DirectorofLehman
beginninginSeptember2005
CoHeadofGlobalMergers&
Acquisitions
GlobalHeadofRestructuring
andInvestmentBanking
Group,involvedinnegotiating
thetermsoftheBarclayssale

Name
Shek,Ada
Organization
LehmanBrothers
Sheridan,Lauren
Sherr,DavidN.
Alvarez&Marsal
LehmanBrothers
Shi,Jerry(Zhiyong)
LehmanBrothers
Shotton,Paul
Siegert,Eric
Siegmund,Thomas
LehmanBrothers
HoulihanLokeyHoward
&ZukinCapital,Inc.
LehmanBrothers
Silverberg,Marc
LehmanBrothers
Sirri,ErikR.
SEC
Skolnik,Steven
Smith,GregL.
BNCMortgage,Inc.
LehmanBrothers
Sokol,DavidL.
MidAmericanEnergy
Steel,RobertK.
U.S.Treasury
Stewart,Marie
LehmanBrothers
19
Position1
LehmanCommercialPaper,
Inc.
SeniorDirector
ManagingDirectorandHead
ofGlobalSecuritizedProducts
SeniorVicePresidentand
HeadofValuationControlfor
GlobalEquities
GlobalHeadofRiskControl
FinancialAdvisorfor
CreditorsCommittee
HeadofAsiaPacificLiquid
Markets
AnalystFixedIncome
Division,AmericasRates
TradingDesk
HeadofTradingandMarkets
Division;
HeadofSECCSEProgram
DirectorofLehman
CommercialPaper,Inc.;
PresidentofLehman
Chairman,President,&Chief
ExecutiveOfficer
UndersecretaryforDomestic
FinancefromOctober2006to
July2008;
PresidentandChiefExecutive
OfficerofWachoviafromJuly
2008topresent
GlobalHeadofAccounting
Policy

Name
Tanaka,Tracy
Organization
LehmanBrothers
Tarsatana,Michael
Taylor,KimberlyS.
Taylor,NicholasJ.
Alvarez&Marsal
ChicagoMercantile
Exchange
HSBC
Tennyson,Peter
LehmanBrothers
Thomsen,Linda
Tonucci,PaoloR.
Traversari,Ryan
SEC
LehmanBrothers
LehmanBrothers
Umezaki,Kentaro
LehmanBrothers
Valukas,AntonR.
Jenner&BlockLLP
Varley,John
Vecchio,LauraM.
Barclays
LehmanBrothers
Vedra,John
AuroraLoanServices
Veksler,Irina
LehmanBrothers
20
Position1
LegalEntityControllerFundo
deInvestimentoMultimercado
CreditoPrivadoNavigator
InvestimentoNoExterior
Director
PresidentofCMEClearing
HouseDivision
HeadofFinancialInstitutions
GroupfortheAmericas;
ChiefOperatingOfficerfor
GlobalFinancialInstitutions
Group
LegalEntityController
LehmanBrothersCommercial
Corporation
HeadofEnforcement
GlobalTreasurer
SeniorVicePresident
ExternalReporting
ChiefOperatingOfficerFixed
IncomeDivision;
HeadofFixedIncomeStrategy
LehmanBrothersExaminer;
ChairmanofJenner&Block
HeadofProjectManagement
OfficeforCSECompliance
TransactionsAnalystfor
MasterServicing
VicePresidentAssetLiability
ManagementGroupof
Treasury

Name
Voigts,JanH.
Organization
FRBNY
Walsh,MarkA.
LehmanBrothers
Weber,Mark
Weisbrod,DavidA.
LehmanBrothers
JPMorgan
Weiss,JeffreyL.
LehmanBrothers
Welikson,JeffreyA.
Whiting,Matthew
Wieseneck,Larry
LehmanBrothers
LazardFrres&Co.
LehmanBrothers
Williams,JonathanD.
LehmanBrothers
Wind,ThomasL.
Wolf,Robert
AuroraLoanServices
UBS
Wong,Kristie
Yeung,Andrew
LehmanBrothers
LehmanBrothers
Zubrow,BarryL.
JPMorgan
21
Position1
ExaminingOfficerBank
SupervisionDepartment,
monitoredLehmansliquidity
positionfromMarchto
September2008
HeadofGlobalRealEstate
Group
RiskManager
SeniorVicePresident
Treasury&SecuritiesServices,
RiskManagement
CoHeadofGlobalFinance
Division
CorporateSecretary
HeadofGlobalFinance
Division
PresidentandDirectorof
LehmanBrotherCommercial
Corporation;
SeniorVicePresidentofLBI
ChairmanandChiefExecutive
Officer
HeadLegalEntityController
InHouseCounsel,involvedin
negotiatingJPMorgan
agreements
ChiefRiskOfficer
APPENDIX4:WITNESSINTERVIEWLIST
The following table lists the witnesses interviewed by the Examiner during the
courseofhisinvestigation.
WitnessName
Interview
Date
WitnessPosition1
Abary,Raymond
03/12/09
CashManagement(Lehman)
Ainslie,MichaelL.
09/22/09;
12/22/09
Director/MemberofAuditCommittee
(LBHI);
Director(LehmanBrothersBank)
Akers,JohnF.
04/22/09
Director/ChairofCompensationand
BenefitsCommittee&MemberofFinance
andRiskCommittee(LBHI)
Alvarez,Scott
11/12/09
GeneralCounsel(FederalReserve)
Amin,Kaushik
04/14/09;
09/17/09
ManagingDirectorandGlobalHeadof
LiquidMarkets(Lehman)
Anderson,Scott
05/04/09
FormerExecutiveVicePresident/Chief
OperationsOfficer(BNCMortgage)
Angulo,ArthurG.
08/12/09;
10/01/09
SeniorVicePresident(FRBNY)
Ankalkoti,Rajesh
05/06/09;
06/02/09;
11/04/09
02/25/09;
03/27/09;
10/06/09
SeniorDirector(A&M)
Antoncic,Madelyn
FormerChiefRiskOfficer(Lehman)
Exceptwherenoted,thepositionlistedisasofSeptember15,2008,andisnotacompletelistofthe
witnesspositionsortitles.
WitnessName
Interview
Date
WitnessPosition1
Appel,NikkiG.
09/11/09
ManagingDirector/AssociateGeneral
Counsel(JPMorgan)
Archer,MaryPat
08/20/09
GlobalHumanResourcesDirectorof
FixedIncomeDivision/FormerChief
AdministrativeOfficerofFixedIncome
Division(Lehman)
Azerad,Robert
GlobalHeadofAssetsandLiabilities
Management(Lehman)
Babar,Usman
04/20/09;
08/17/09;
09/23/09
10/16/09
Bakshi,Kinjal
06/17/09
InformationTechnology(Lehman)
Barancik,GaryS.
09/25/09
StrategicAdvisorforKoreaDevelopment
Bank(PerellaWeinberg)
Barratt,James
03/03/09
ManagingDirector(A&M)
Barsanti,AnthonyJ.
10/15/09
SeniorVicePresident/Principal
TransactionsGroup(Lehman)
Baxter,Jr.,ThomasC.
05/20/09;
08/31/09
GeneralCounsel/ExecutiveVice
President(FRBNY)
Beeson,Lisa
10/23/09
HeadofRealEstateMergersand
Acquisitions/InvestmentBanking
Division(Lehman)
Beltran,Alfred
04/27/09
FormerInvestigatorforSpecial
InvestigationsUnit/QualityControl
(AuroraLoanServices)
VicePresident/SecuritizedProducts
FinanceDivision(Lehman)
WitnessName
Interview
Date
WitnessPosition1
Berkenfeld,Steven
08/06/09;
10/05/09;
10/07/09
ChairmanoftheTransactionApproval
Committees/ChiefInvestmentOfficer
forPrivateEquityDivision/Headof
Legal,ComplianceandAuditDivision
(Lehman)
Berlind,Roger
05/08/09;
12/18/09
Director/MemberofAuditCommittee&
MemberofFinanceandRiskCommittee
(LBHI)
Bernanke,BenS.
12/22/09
Chairman(FederalReserve)
Bernard,Clement
10/23/09
ChiefFinancialOfficer/FixedIncome
Division(Lehman)
Bhalloo,Murtaza
09/14/09
BusinessandRiskManager/Proprietary
TradingGroupforLiquidMarkets
Products(Lehman);
Director(LehmanBrothersFinancial
Products);
Director(LehmanBrothersDerivative
Products)
Bhattal,Jasjit(Jesse)
10/12/09
ChiefExecutiveOfficerofLehmanAsia
(Lehman)
Binkley,Tracy
12/22/09
GlobalHeadofHumanResources
(Lehman)
Bismal,Anuraj
09/16/09
FormerSeniorVicePresident/Balance
SheetGroup(Lehman)
Black,StevenD.
09/23/09
CoChiefExecutiveOfficerofInvestment
Banking(JPMorgan)
WitnessName
Interview
Date
WitnessPosition1
Blackwell,Alastair
08/07/09
ManagingDirector/Operations,Capital
Markets,InvestmentManagement
Division(Lehman)
Bridge,Guy
09/29/09
Director/FinancialInstitutionsGroup
(HSBC)
Brodows,William
08/20/09
VicePresident/PrimeDealerMonitoring
Unit(FRBNY)
Buffett,WarrenE.
09/22/09
ChairmanandChiefExecutiveOfficer
(BerkshireHathaway)
Burian,Saul
09/29/09
CreditorsCommitteesFinancialAdvisor
(HoulihanLokey)
Burke,Christopher
07/07/09
AssistantVicePresident/Domestic
MoneyMarketsGroup(FRBNY)
Burke,William
10/28/09
FirstVicePresident/Financial
OperationsRegulatoryReporting
(Lehman)
Burruel,MarieJean
04/28/09
FormerDueDiligenceManager(Finance
America/BNCMortgage)
BuyersRusso,Jane
09/25/09
HeadofSecuritiesIndustryCoverage
Group(JPMorgan)
Callan,ErinA.
10/23/09
FormerChiefFinancialOfficer(Lehman)
Cawley,Jean
12/18/09
SeniorVicePresident/DeputyGeneral
Counsel(OptionsClearingCorporation)
Chan,Jay
12/11/09
VicePresident/GCCMGroup(Lehman)
Chiavenato,RicardoS.
09/21/09
CollateralRiskManager/Treasury&
SecuritiesServices(JPMorgan)
WitnessName
Interview
Date
WitnessPosition1
Cho,Kunho
01/07/10
ViceChairman/HeadofLehmanAsia
InvestmentBanking(Lehman)
ChuFong,Francois
12/18/09;
01/21/10
Manager/ForeignExchangeOperations
Group(Lehman)
Coghlan,John
08/13/09;
11/11/09
ManagingDirector/PrimeServices
Group(Lehman)
Cohen,Jonathan
01/11/10;
01/22/10
SeniorVicePresident/GlobalRealEstate
Group,ProductControl(Lehman)
Cohen,Kenneth
10/20/09;
01/21/10
ManagingDirector/GlobalRealEstate
Group/HeadofU.S.Originations
(Lehman)
Collerton,AnthonyJ.
05/14/09
ChiefOperatingOfficerforHuman
Resources(Lehman)
Corral,EdwardJ.
09/29/09
GlobalHeadofU.S.FixedIncome
Clearing(JPMorgan)
Cox,Christopher
01/08/10
Chairman(SEC)
Cox,Jr.,Archibald
09/11/09
ChairmanoftheAmericas(Barclays)
Cruikshank,Thomas
10/08/09;
01/20/10
Director/ChairofAuditCommittee&
MemberofNominatingandCorporate
GovernanceCommittee(LBHI)
Curl,GregoryL.
09/17/09
ViceChairman/CorporateDevelopment
andGlobalCorporatePlanningand
Strategy(BankofAmerica)
Danis,Michelle
08/24/09
CSEProgram(SEC)
Davis,Robert
03/10/09
BarclaysCounsel(ClearyGottlieb)
WitnessName
Interview
Date
WitnessPosition1
delMissier,Jerry
09/01/09
President(BarclaysCapital)
Delany,CraigM.
09/09/09
ManagingDirector/HeadofGlobal
Financing(JPMorgan)
Dellosso,Donna
02/27/09;
10/06/09
HeadofRiskManagementofInvestment
Banking(JPMorgan)
DeLuca,Philip
10/22/09;
11/06/09
VicePresident/ProductControl
Department(Lehman)
Denig,Nancy
08/21/09
RegionalHeadforFixedIncomeRepo,
MiddleOffice(Lehman)
Descoteaux,David
03/26/09
DebtorsFinancialAdvisors(Lazard
Frres&Co.)
Despins,Luc
11/23/09
FormerCreditorsCommitteesCounsel
(MilbankTweed);
Currently,PartnerandChairofGlobal
RestructuringPractice(PaulHastings)
Diamond,RobertE.
09/11/09
President(BarclaysPLC)
DiMassimo,Vincent
09/15/09
GlobalHeadofCreditRiskManagement
(Lehman)
Dimon,JamesL.(Jamie)
09/29/09
ChiefExecutiveOfficerandChairman
(JPMorgan)
Doar,Timothy
10/16/09
ManagingDirector/RiskManagementin
ClearingHouseDivision(Chicago
MercantileExchangeGroup)
Doctoroff,MarkG.
04/29/09
ExecutiveDirectorofInvestmentBanking
(JPMorgan)
Doherty,Raymond
08/24/09
CSEProgram(SEC)
WitnessName
Interview
Date
WitnessPosition1
Donaldson,Jeffrey
01/22/10
Eby,Robert
01/06/10
HeadofLehmansGlobalForeign
ExchangeOperationsGroup(Lehman)
Eichner,Matthew
11/23/09
CSEProgram(SEC)
Einhorn,David
11/19/09
President(GreenlightCapital)
Ellison,Phyllis
04/07/09
FormerContractAdministrator(Aurora
LoanServices)
Emmert,James
10/09/09
HeadofCompensationControl/Global
StrategiesProductsController(Lehman)
Engel,StevenJ.
10/30/09
SeniorVicePresident/GlobalHeadof
Funding(Lehman)
Evans,MarshaJohnson
05/22/09
Director/ChairofNominatingand
CorporateGovernanceCommittee,
MemberofCompensationandBenefits,&
MemberofFinanceandRiskCommittee
(LBHI)
Exall,Paul
08/27/09
HeadofCompensationAnalyticsfor
InvestmentBankingandInvestment
Management(Barclays)
Fahey,EileenA.
09/17/09
LeadAnalyst/Lehman(Fitch)
Farup,Sven
09/24/09
SeniorVicePresidentCapitalMarkets,
PrimeServicesGroup(Lehman)
WitnessName
Feibus,Clifford
Interview
Date
WitnessPosition1
03/12/09;
10/29/09;
11/10/09;
12/17/09;
12/21/09;
12/22/09;
01/05/10
05/21/09;
07/31/09;
12/15/09
FormerManagingDirector,Financial
AcquisitionsDueDiligence/Former
HeadLegalEntityController(Lehman)
Fennell,John
12/18/09
FirstVicePresidentofRiskManagement
andTreasuryOperations(Options
ClearingCorporation)
Feraca,John
10/09/09
PrimeServicesGroup/SecuredFunding
(Lehman)
Fife,Lori
02/03/09
DebtorsCounsel(WeilGotshal)
Fix,Mark
04/15/09
FormerInvestigatorfortheSpecial
InvestigationsUnit/QualityControl
(AuroraLoanServices)
Fleming,DanielJ.
04/22/09;
08/28/09;
09/24/09;
10/21/09;
12/17/09
08/19/09
SeniorVicePresident/GlobalHeadof
Cash&CollateralManagement(Lehman)
04/28/09;
10/29/09;
12/16/09
09/24/09
VicePresident/TreasuryFunding&
InvestmentManagement(Lehman)
Felder,Eric
Fontana,Thomas
Forsyth,David
Foskett,ChristopherM.
SeniorVicePresident/CoHeadofGlobal
FixedIncomeDivision/FormerGlobal
HeadofGlobalCreditProducts(Lehman)
SeniorRiskManager(Citibank)
ManagingDirector/GlobalHeadof
FinancialInstitutions(Citigroup)
WitnessName
Fox,William
FranksHarber,Lana
Fuld,Jr.,RichardS.
Interview
Date
05/06/09;
01/28/10
09/23/09
WitnessPosition1
ChiefAdministrativeOfficer/Mortgage
CapitalDivision(Lehman)
Chairman/ChiefExecutiveOfficer
(LBHI)
Gargiulo,KellyL.
04/28/09;
05/06/09;
09/25/09;
09/30/09;
11/19/09;
12/09/09
01/22/10
Gavin,Mark
09/24/09
HeadofSecuredFinancingDesk(LBIE)
Geithner,TimothyF.
11/24/09
President(FRBNY)
Gelband,Michael
08/12/09
FormerGlobalHeadofFixedIncome/
GlobalHeadofCapitalMarkets
(Lehman)
Gent,SirChristopher
10/21/09;
01/20/10
Director/MemberofAuditCommittee&
MemberofCompensationandBenefits
Committee(LBHI)
Gentile,Joseph
10/21/09
FormerFinancialExecutive/Fixed
IncomeDivision(Lehman)
Giles,James
08/24/09
CSEProgram(SEC)
Gold,Joe
01/15/10
CoHeadofCommodities(Barclays)
Goldfarb,David
09/21/09
ChiefStrategyOfficer(Lehman)
Goldsmith,Brad
05/06/09;
01/28/10
08/28/09
SeniorAssociate(A&M)
Goodman,Jeffrey
GlobalCorporateServices(Lehman)
SeniorRiskManagerforFixedIncome
Division(Lehman)
WitnessName
Interview
Date
WitnessPosition1
Gordon,WilliamB.
01/22/10
SeniorDirector(A&M)
Granfield,Lindsee
03/10/09
BarclaysCounsel(ClearyGottlieb)
Gregory,Joseph
11/05/09;
11/13/09
FormerPresidentandChiefOperating
Officer(Lehman)
Grieb,Edward
10/02/09
Controller/InvestmentManagement
Division/FormerHeadofInvestor
Relations/FormerGlobalFinancial
Controller(Lehman)
Gross,Mark
08/31/09
GlobalHeadofCompensationand
Benefits(Lehman)
Grundhofer,JerryA.
09/16/09
Director(LBHI)
Gruner,Jerry
11/11/09
SeniorManager/LehmanAuditTeam
(Ernst&Young)
Guarino,James
10/28/09
SeniorVicePresident/ProductController
(Lehman)
Guth,Aaron
03/11/09
InHouseCounsel(Lehman)
Hansen,Hillary
11/03/09
Partner/LehmanAuditTeam(Ernst&
Young)
Harrison,Susan
04/28/09
FormerRepurchaseUnderwriter(BNC
Mortgage)
Haupt,Gerald
10/13/09
LegalEntityController/Luxembourg
ResidentialPropertiesLoanFinance
S.A.R.L.(Lehman)
Hauzenberg,Rose
08/04/09
VicePresident/ConsolidationsGroup
(Lehman)
10
WitnessName
Interview
Date
WitnessPosition1
Heller,Stephanie
07/08/09
VicePresident/PaymentsGroup
(FRBNY)
Hernandez,RolandA.
10/02/09
Director/MemberofFinanceandRisk
Committee(LBHI)
Hespel,PaulW.
04/23/09
OutsideCounselforLehman(Goodwin
Proctor)
Hinton,Diane
09/22/09
DirectorofFinancialInstitutions/
LehmanAnalyst(Standard&Poors)
Hogan,JohnJ.
09/17/09
ChiefRiskOfficerofInvestmentBanking
(JPMorgan)
Hommel,ThomasE.
04/29/09;
01/22/10
InHouseCounsel/CoHeadofLitigation
(Lehman);
Currently,CoGeneralCounsel(Lehman)
Hraska,JamesW.
08/14/09
SeniorVicePresident/SecuredFinancing
OperationsGroup(Lehman)
Hughson,PaulA.
10/28/09;
12/21/09
HeadofCreditDistribution/GlobalReal
EstateGroup(Lehman)
Inaba,Gail
04/28/09
AssociateGeneralCounsel(JPMorgan)
Isaacs,JeremyM.
10/01/09;
10/13/09
10/16/09;
11/03/09
FormerCoChiefExecutiveOfficer(LBIE)
Janulis,TheodoreP.
09/24/09
FormerHeadofMortgageCapital
Division(Lehman)
Jones,Barry
10/01/09
FormerHeadofEuropeanControl
Oversight(Lehman)
Jackson,Jennifer
SeniorManager/LehmanAuditTeam
(Ernst&Young)
11
Interview
Date
WitnessPosition1
Jones,CraigL.
09/28/09;
01/11/10
SeniorVicePresident/Treasury/Headof
CashandCollateralManagementfor
Americas(Lehman)
Joshi,Tejal
09/15/09
BusinessManager/GlobalRatesBusiness
withFixedIncomeDivision(Lehman)
Kandarian,StevenA.
09/17/09
ExecutiveVicePresident/Chief
InvestmentOfficer(MetLife)
Karp,Marlo
03/24/09
SIPATrusteesFinancialAdvisors
(Deloitte&Touche)
Kaufman,Dr.Henry
Director/ChairofFinanceandRisk
Committee(LBHI)
Keegan,Michael
05/19/09;
09/02/09;
12/22/09
09/29/09;
10/06/09;
10/13/09
08/28/09
Keith,Carol
12/09/09
VicePresident/Treasury(Lehman)
Keller,AndrewR.
11/20/09;
01/06/10
OutsideCounselforLehman(Simpson
Thacher)
Kelly,Martin
GlobalFinancialController(Lehman)
Kim,W.G.
08/18/09;
10/01/09;
12/08/09
10/26/09
King,Mitchell
09/21/09
HeadoftheUnitedStatesAgencies
TradingDesk(Lehman)
King,Stephen
09/10/09
ManagingDirector/HeadofPrincipal
MortgageTradingGroup(Barclays)
WitnessName
Kebede,AbebualA.
VicePresident/ValuationControlfor
GlobalRealEstateGroup(Lehman)
HeadofPrincipalCreditTrading
(Barclays)
HeadofGlobalFundingTeam(Korea
DevelopmentBank)
12
WitnessName
Interview
Date
WitnessPosition1
Kirk,Alex
08/31/09;
01/12/10
GlobalHeadofPrincipalBusinesses/
FormerCoChiefOperatingOfficerof
FixedIncomeDivision(Lehman)
Klein,Michael
09/12/09
FormerChairmanofInstitutionalClients
Group(Citibank)
Kotarba,Steven
12/15/09
SeniorDirector(A&M)
Koutouvides,Aristides
11/20/09
VicePresident/PrincipalTransactions
Group(Lehman)
Kritikos,Dimitrios
FormerSeniorVicePresidentinRisk
Management(Lehman)
Kruse,Philip
04/16/09;
07/29/09;
07/30/09
06/02/09
LaRocca,Gerard
08/19/09
ChiefExecutiveOfficer(BarclaysCapital
Inc.)
Lazarus,DavidS.
11/18/09
ManagingDirector/RealEstate
Lederer,Amy
10/22/09
LegalEntityController/CESAviation
LLC,CESAviationVLLC,&CES
AviationIXLLC(Lehman)
Lee,KennethE.
01/08/10
SIPATrusteesCounsel(Hughes
Hubbard)
Lee,Matthew
07/01/09;
07/10/09
SeniorVicePresident/FinanceDivision
(Lehman)
Leto,Michael
12/23/09;
01/08/10
04/30/09
Director(A&M)
Leventhal,ShariD.
AssistantGeneralCounsel/Enforcement
andLitigationDivision(FRBNY)
13
Interview
Date
WitnessPosition1
Lewis,KennethD.
09/24/09
President,Chairman,andChiefExecutive
Officer(BankofAmerica)
Li,Joe
10/05/09
FormerGlobalHeadofMarketRisk
ManagementforCredit,Emerging
Markets,ProprietaryCredit,and
MunicipalProducts(Lehman)
Lopez,PaulM.
10/19/09
GlobalRelationshipManager(HSBC)
Lowitt,IanT.
ChiefFinancialOfficer(Lehman)
Lyons,Timothy
08/20/09;
10/28/09
09/30/09
Macchiaroli,MichaelA.
08/24/09
CSEProgram(SEC)
Macomber,JohnD.
09/25/09;
12/17/09
Director/MemberofCompensationand
BenefitsCommittee,Memberof
ExecutiveCommittee,&Memberof
NominatingandCorporateGovernance
Committee(LBHI)
Mainland,Grant
11/16/09
JPMorgansCounsel(Wachtell,Lipton,
Rosen&Katz)
Marcus,RonaldS.
11/04/09
ExaminerinCharge/LehmanReview
(OfficeofThriftSupervision)
Marsal,BryanP.
12/14/09
CoChiefExecutiveOfficer(A&M)
Martinez,Lizette
03/12/09
Director(A&M)
Mathieson,KellyA.
10/07/09
ManagingDirector/GlobalClearance
andCollateralManagement(JPMorgan)
Mauerstein,Michael
09/16/09
FormerManagingDirector/Financial
InstitutionsBrokerDealersGroup
(Citibank)
WitnessName
HeadofGlobalStrategy(Lehman)
14
Interview
Date
WitnessPosition1
May,Diane
04/16/09
FormerVicePresidentofSpecialProjects
/LoanAdministration(AuroraLoan
Services)
McCabe,Michael
03/24/09
SIPATrusteesFinancialAdvisors
(Deloitte&Touche)
McCurdy,ChristopherJ.
08/26/09
PaymentandPolicyFunction(FRBNY)
McDadeIII,HerbertH.
(Bart)
09/02/09;
09/16/09;
01/28/10
President/ChiefOperatingOfficer/
FormerGlobalHeadofEquities
(Lehman)
McGarvey,Michael
09/11/09
SeniorVicePresident/TreasuryFixed
IncomeDivisionCommunications
(Lehman)
McGeeIII,HughE.(Skip)
08/10/09;
08/12/09
GlobalHeadofInvestmentBanking
(Lehman)
McKinney,Richard
08/27/09
FormerHeadofSecuritizedProducts/
FormerDirector(StructuredAsset
SecuritiesCorp.)
Michelet,John
11/05/09
ExaminerinCharge/LehmanBrothers
Bank,FSBReview(OfficeofThrift
Supervision)
Miller,HarveyR.
Miller,Matthew
02/03/09;
04/23/09
09/24/09
Miller,Rod
02/27/09
Minnick,Phillip
08/24/09
CSEProgram(SEC)
WitnessName
ManagingDirector/FixedIncome
DivisionSubprimeResidential
MortgageTrading(Lehman)
15
WitnessName
Interview
Date
WitnessPosition1
Montal,Isaac
05/19/09
ManagingDirector/DeputyGeneral
Counsel(DepositoryTrust&Clearing
Corporation)
Montella,Michael
VicePresident/LegalEntityController
Group(Lehman)
Morton,AndrewJ.
10/26/09;
10/29/09;
12/22/09;
01/05/10
09/21/09
Murgio,David
03/13/09
Nagioff,Roger
09/30/09
FormerGlobalHeadofFixedIncome
(Lehman)
Neighbor,Webster
11/17/09
GlobalRealEstateGroup(Lehman)
Nerby,PeterE.
10/08/09
SeniorVicePresident/TeamLeader
SecuritiesIndustryFinancialInstitutions
Group(MoodysInvestorsServices)
Novikoff,Harold(Hal)
Rosen&Katz)
OBrien,Barry
04/28/09;
04/29/09;
11/16/09
09/23/09
Olshan,William
03/03/09
OMeara,ChristopherM.
08/14/09;
09/23/09;
01/21/10
10/26/09
GlobalHeadofRiskManagement/
FormerChiefFinancialOfficer(Lehman)
OReilly,David
FormerHeadofFixedIncomeEurope/
FormerGlobalHeadofFixedIncome
Division(Lehman)
Director(LehmanBrothersCommodity
Services,Inc.)
SeniorVicePresident/RealEstate
16
WitnessName
Orlan,FredS.
Interview
Date
09/21/09
WitnessPosition1
ManagingDirector/HighYieldTrading
(Lehman);
Director(LehmanCommercialPaper,
Inc.)
Osterman,JeffreyD.
01/28/10
Oustalniol,Xavier
03/03/09
Palchynsky,JohnN.
05/11/09
Manager/TriPartyRepurchase
Operations(Lehman)
Parikh,Satu
08/26/09;
01/04/10
GlobalHeadofCommoditiesTrading
(Lehman)
Park,Jennifer
09/10/09
Associate/RealEstateValuationDivision
ofValuationandControlDepartment
(Lehman)
Park,NamSu
10/26/09
LehmanProjectTeam(Korea
DevelopmentBank)
Parr,Gary
09/14/09
DebtorsFinancialAdvisor(LazardFrres
&Co.)
Patruno,Sam
11/09/09;
01/11/10
VicePresident/OperationsTechnology
Department(Lehman)
Paulson,Jr.,HenryM.
06/25/09
UnitedStatesTreasurySecretary
Pellerani,Carlo
01/13/10
InternationalTreasurer(Lehman)
Perlman,DavidM.
07/10/09
InHouseCounsel(LehmanBrother
CommodityServices,Inc.);
Currently,BarclaysCounsel(Bracewell
&Giuliani)
17
WitnessName
Interview
Date
WitnessPosition1
Peterson,Carl
05/27/09;
06/23/09
FormerSeniorVicePresidentofCredit
Policy(AuroraLoanServices)
Petrie,David
08/26/09
Director/HeadofRepoDesk(Barclays
Capital)
Petrow,DonaldE.
12/17/09
HeadofRealEstateRiskManagement
(Lehman)
Platt,Rebecca
11/02/09
ValuationControl/Principal
TransactionsGroup(Lehman)
Pochinapeddi,Venkatta
12/09/09
VicePresident/FinanceTechnology
(Lehman)
Policke,Richard
05/28/09
SeniorVicePresident/Operations
Technology(Lehman)
Rabin,Eli
10/21/09
RealEstateProductControlGroup
(Lehman)
Ricci,Rich
09/08/09
ChiefOperatingOfficer/Investment
BankingandInvestmentManagement
Division(Barclays)
Ridings,Barry
10/01/09
Frres&Co.)
Rivera,Joselito
10/13/09
LegalEntityController/LehmanScottish
FinanceLP&PAMIStatlerArms,LLC
(Lehman)
Roberts,ThomasA.
02/23/09;
04/28/09
08/27/09
Rodefeld,John
ManagingDirector/GlobalandRegional
Operations(Barclays)
18
Interview
Date
WitnessPosition1
Rodriguez,Kleber
11/06/09;
12/18/09
FormerHeadofCommodityAccounting
Group(Lehman)
Romain,Gary
09/10/09
HeadofTechnicalAccountingand
PrivateEquityFinance(Barclays)
Rudofker,Beth
06/02/09;
12/15/09
HeadofGlobalCorporateAudit
(Lehman)
Russo,ThomasA.
05/11/09;
12/01/09
ChiefLegalOfficer/ViceChairman
(Lehman)
Rutledge,WilliamL.
08/27/09
ExecutiveVicePresidentofBank
SupervisionGroup(FRBNY)
Sapia,Joseph
10/26/09
VicePresident/SecuritizedProducts
Valuation(Lehman)
Schlich,William
LeadAuditor/LehmanAuditTeam
(Ernst&Young)
Sciacca,Brian
09/17/09;
10/09/09;
10/16/09;
11/03/09;
11/11/09
10/19/09
Scicutella,Leonard
01/15/10
HeadofManagementReporting/
ControllerforPrimeServicesGroup
(Lehman)
Seekond,Mandeep
12/09/09
GlobalChangeManagementTeam
(Lehman)
Seery,Jr.,JamesP.
11/12/09;
01/14/10;
01/28/10
08/07/09
GlobalHeadofFixedIncome,Loans
(Lehman)
WitnessName
Shapiro,MarkJ.
VicePresident/FixedIncomeDivision
ProductControl(Lehman)
HeadofRestructuring(Lehman)
19
WitnessName
Interview
Date
WitnessPosition1
Shek,Ada
11/24/09
VicePresident/LegalEntityController
Group(Lehman)
Sheridan,Lauren
01/22/10
SeniorDirector(A&M)
Sherr,DavidN.
05/06/09;
09/25/09
FormerManagingDirectorandHeadof
GlobalSecuritizedProducts(Lehman)
Shi,Jerry(Zhiyong)
10/01/09
SeniorVicePresident/HeadofValuation
ControlforGlobalEquities(Lehman)
Shotton,Paul
SeniorRiskManager(Lehman)
Shribman,Daniel
06/05/09;
10/16/09
03/26/09
Sokol,DavidL.
09/22/09
ChairmanandChiefExecutiveOfficer
(MidAmerican)
Stewart,Marie
09/02/09
GlobalHeadofAccountingPolicy
(Lehman)
Sullivan,Eileen
07/24/09
HumanResourcesOperationsManager
forCapitalMarkets(Lehman)
Tadros,Hany
12/09/09
AssistantVicePresident/Finance
Technology(Lehman)
Tanaka,Tracy
10/21/09
LegalEntityController/Fundode
InvestimentoMultimercadoCredito
PrivadoNavigatorInvestimentoNo
Exterior(Lehman)
Tarsatana,Michael
01/28/10
Director(A&M)
Frres&Co.)
20
WitnessName
Interview
Date
WitnessPosition1
Taylor,NicholasJ.
10/15/09
HeadofFinancialInstitutionsGroupfor
theAmericas/ChiefOperatingOfficer
forGlobalFinancialInstitutionsGroup
(HSBC)
Tennyson,Peter
10/13/09;
12/02/09
LegalEntityController/Lehman
BrothersCommercialCorporation
(Lehman)
Tonucci,PaoloR.
09/16/09
GlobalTreasurer(Lehman)
Traversari,Ryan
09/24/09
SeniorVicePresident/External
Reporting(Lehman)
Umezaki,Kentaro
06/25/09
FormerChiefOperatingOfficerofFixed
IncomeDivision(Lehman)
Vecchio,LauraM.
04/16/09
HeadofProjectManagementOfficefor
CSECompliance(Lehman)
Vedra,John
04/15/09
FormerTransactionsAnalystforMaster
Servicing(AuroraLoanServices)
Veksler,Irina
09/11/09
VicePresident/AssetLiabilityand
ManagementGroupofTreasury
(Lehman)
Vizcarrondo,Paul
04/28/09;
04/29/09
Rosen&Katz)
Voigts,JanH.
ExaminingOfficer(FRBNY)
WalkerIV,George
08/25/09;
10/01/09;
11/02/09
11/20/09
Walsh,MarkA.
10/21/09
GlobalHeadofGlobalRealEstateGroup
(Lehman)
GlobalHeadofInvestmentManagement
Division(Lehman)
21
WitnessName
Interview
Date
WitnessPosition1
Weber,Mark
08/11/09
RiskManager(Lehman)
Welikson,JeffreyA.
12/13/09
CorporateSecretary(Lehman)
Whiting,Matthew
03/26/09
Frres&Co.)
Williams,JonathanD.
08/05/09;
11/18/09
PresidentandDirector(LBCC);
Wind,ThomasL.
04/21/09
ChiefExecutiveOfficer(AuroraLoan
Services)
Wolf,Amy
11/16/09
Rosen&Katz)
Wong,Kristie
04/15/09;
12/02/09
03/13/09;
05/14/09
12/15/09
HeadLegalEntityController(Lehman)
Yeung,Andrew
Zeiss,Mark
Zubrow,BarryL.
09/16/09;
10/20/09
SeniorVicePresident(LBI)
Director(A&M)
ChiefRiskOfficer(JPMorgan)
22
APPENDIX5:DOCUMENTCOLLECTIONANDREVIEW
The Examiner collected 5,150,000 documents from Lehman Brothers and other
entities, individuals and agencies. Although time did not permit the review of every
document, the Examiner reviewed and analyzed approximately 93% of those
documents, constituting more than 34 million pages. This Appendix describes the
processbywhichtheExaminercollectedandrevieweddocuments.
I.
COLLECTIONOFLEHMANELECTRONICDOCUMENTS
Alvarez & Marsal (A&M) controls and manages the collection of historical
Lehmanemailmessagesandotherelectronicallystoredinformation.Attheoutsetof
the investigation A&M informed the Examiner that there are approximately three
petabytes or the equivalent of approximately 350 billion pages of Lehman email
andotherelectronicallystoreddocumentsavailable.
To narrow that universe, the Examiner submitted thirtyseven formal search
requests to A&M for email messages and attachments. The search requests are
reproduced in Exhibit 5.1 to this Appendix. Each search request enumerated specific
custodians, time periods and, in most cases, keywords or search terms to be used to
identify email messages and attachments potentially relevant to the Examiners
inquiry. Through these searches, the Examiner sought documents from 281 carefully
selectedLehmancustodians,andotherdefinedcategoriesofdocumentsnotattributable

to a particular custodian. A list of the custodians for whom email was requested is
attachedatExhibit5.2tothisAppendix.
As a result of the searches, the Examiner obtained 4,437,095 electronic Lehman
documentsfromA&M.Atanaverageofsixpagesperdocument,theseamounttomore
than26millionpages.
A&M advised the Examiner that it used its own internal technology resources
andstafftoperformtheprocessing,searchinganddeduplicationoftheLehmanemail
inresponsetotheExaminersrequests.Afteridentifyingemailmessagesresponsiveto
each Examiner request, A&M performed certain additional searches against the result
settoidentifypotentiallyprivilegeddocuments.
ThesepotentiallyprivilegeddocumentswerewithheldfromtheExamineruntil
A&Ms attorneys could confirm whether the documents were in fact privileged.
Documentsinitiallywithheldbutlaterfoundnottobeprivilegedweredeliveredtothe
Examiner.1
Documents were also returned by the Examiner if it was determined that the
documentswereprivilegedandhadbeeninadvertentlyproducedtotheExaminer.To
expedite production, the Examiner had agreed to a claw back procedure for
inadvertently produced privileged documents. In many instances, the Examiner
1Becausethatprocessisongoing,theremaybedocumentsreleasedafterthefinalizationofhisReport
that the Examiner did not have an opportunity to review. Those documents will be loaded into the
databaseandtaggedsothatpartiescanidentifythattheywerenotreviewedbytheExaminer.

himself voluntarily returned privileged documents he determined were inadvertently
produced.AcopyoftheMay26,2009clawbackletteragreementwithWeil,Gotshal&
MangesisattachedatExhibit5.3.
A&MloadedallemailmessagesandattachmentsresponsivetotheExaminers
search requests into the online hosting platform hosted and operated by Stratify, an
Iron Mountain company. Stratify is a secure, webbased, electronic discovery and
document management system. A&M maintains the administrative rights to the
Stratify system; A&M granted access to the Examiner and his counsel for document
review. Stratifys document management system is an online database that can be
accessedbyanypersonorentitygivenaccessrights.
II.
COLLECTIONOFOTHERDOCUMENTS
InadditiontotheelectronicLehmandocumentsthattheExaminercollectedfrom
Alvarez&Marsal,theExaminercollectedmorethan701,292electronicandhardcopy
documentsfromthefollowingfiftyfourentities,individuals,andgovernmentagencies:
1.
ABNAMRO
2.
Alvarez&Marsal
3.
BankofAmerica
4.
Barclays
5.
StevenBerkenfeld
6.
Citigroup
7.
CMEGroup

8.
JonathanCohen
9.
CreditSuisse
10. CurtisMalletPrevostColt&MosleLLP
11. Debtors
12. DeutscheBank
13. Duff&Phelps
14. PhyllisEllison
15. StevenEngel
16. Ernst&Young
17. Fitch,Inc.
18. GiffordFongAssociates
19. GoldmanSachs
20. GreenlightCapital,Inc.
21. SusanHarrison
22. HSBC
23. JCFlowers&Co.
24. Johnson&Associates,Inc.
25. JPMorganChase
26. KoreanDevelopmentBank
27. LazardLtd.
28. MatthewLee
29. DianeMay
30. MetLife

31. MoodysInvestorService,Inc.
32. OfficialCommitteeofUnsecuredCreditors
33. ChrisOMeara
34. OptionsClearingCorporation
35. PerellaWeinberg
36. CarlPeterson
37. QuinnEmanuelUrquhartOliver&Hedges,LLP
38. R3CapitalPartners
39. Rothschild,Inc.
40. JimSeery
41. DavidSherr
42. Standard&Poors
43. TheDepartmentoftheTreasury
44. TheFederalReserve
45. TheFederalReserveBankofNewYork
46. TheOfficeofThriftSupervision
47. TheSecuritiesandExchangeCommission
48. TheSIPATrustee
49. TheUnitedStatesDepartmentofJustice(SDNY)
50. TheUnitedStatesSenate
51. TheUnitedStatesTreasury(SDNY)
52. TishmanSpeyer
53. Trimont

54. Weil,Gotshal&MangesLLP.
Although most of these entities produced documents voluntarily to the
Examiner, it was necessary for the Examiner to serve document subpoenas on six of
theseentities.ThedocumentsubpoenasservedbytheExaminerareattachedasfollows
tothisAppendix:
1.
ThesubpoenatoABNAMROisattachedatExhibit5.4
2.
ThesubpoenatoErnst&YoungisattachedatExhibit5.4
3.
ThesubpoenatoKoreanDevelopmentBankisattachedatExhibit5.4
4.
ThesubpoenatoLazardLtd.isattachedatExhibit5.4
5.
ThesubpoenatoPerellaWeinbergisattachedatExhibit5.4
6.
ThesubpoenatoTishmanSpeyerisattachedatExhibit5.4.
The twenty three entities and agencies listed below agreed to produce
documentsto theExaminerpursuantto stipulatedprotectiveordersthatareavailable
fromthecasedocket:
1.
ABNAMRO
2.
BankofAmerica
3.
Barclays
4.
BONYMellon
5.
Citigroup
6.
CMEGroup
7.
CreditSuisse
8.
Debtors

9.
DeutscheBank
10. Ernst&Young
11. GoldmanSachs
12. HSBC
13. JPMorgan
14. KoreaDevelopmentBank
15. LazardLtd.
16. OfficialCommitteeofUnsecuredCreditors
17. PerellaWeinberg
18. TheFederalReserve
19. TheFederalReserveBankofNewYork
20. TheOfficeofThriftSupervision
21. TheSIPATrustee
22. TheU.S.TreasurySDNYand,
23. TishmanSpeyer.
Thesevenentitiesandagencieslistedbelowagreedtoproducedocumentstothe
Examiner pursuant to confidentiality agreements or informal protective order
agreementsthatarenotavailablefromthecasedocket:
1.
Fitch,Inc.
2.
JCFlowers&Co.
3.
MoodysInvestorService,Inc.
4.
R3CapitalPartners

5.
6.
Standard&Poorsand,
7.
Weil,Gotshal&MangesLLP.
Documents were received from third parties in a variety of different formats,

including native electronic files, paper, electronic images of scanned paper, and
converted image files. These documents were managed by Jenner & Blocks inhouse
paralegal and litigation support team, and loaded onto Jenner & Blocks inhouse
documentmanagementsystem,CaseLogistix,forstorage,reviewandanalysis.
ThecollectionofdocumentsinCaseLogistixissearchable,anddocumentscanbe
identified by producing party, by production set, date range or other criteria. Both
StratifyandCaseLogistixallowuserstosearchfordocuments,andnarrowthefocusof
theirreview,byusingoneormoresearchcriteria,suchasreviewertags,thefulltextof
thedocument,andmetadata.
III.
DOCUMENTREVIEWSTAFFING
TheExaminersinitialdocumentreviewteamwascomprisedofassociatesfrom
Jenner&Block.However,giventhenumberofdocumentscollectedfromLehmanand
otherentities,individuals,andagencies,theExaminersoughtandobtainedtheCourts
approval to retain more than 75 contract attorneys in order to reduce the cost of
reviewing documents and to expedite the review of documents relevant to the
Examinersinquiry.

On April 7, 2009, the Examiner entered into an agreement with Strategic Legal
Solutions to retain contract attorneys, subject to court approval. The Agreement
betweenStrategicLegalSolutionsandJenner&Block,anditsaddendum,isattachedto
thisAppendixatExhibit5.5.
On or about April 15, 2009, the Examiner retained 20 contract attorneys from
Strategic Legal Solutions, subject to court approval, 10 of whom were located in New
Yorkand10ofwhomwerelocatedinChicago.OnApril29,2009,theExaminerfiled
the Application of the Examiner For Order Authorizing the Retention of Certain
Contract Attorneys to Perform Specific Document Review Tasks Nunc Pro Tunc as of
April 15, 2009. On May 15, 2009, the Court approved the Examiners retention of the
firstgroupofcontractattorneysthroughStrategicLegalSolutions.
On or about May 11, 2009, the Examiner retained another 17 contract attorneys
(10 in Chicago and 7 in New York). On May 15, 2009, the Examiner filed the Second
Application of the Examiner For Order Authorizing the Retention of Certain Contract
Attorneys to Perform Specific Document Review Tasks Nunc Pro Tunc as of May 11,
2009. On June 3, 2009, the Court approved the Examiners retention of this second
groupofcontractattorneysthroughStrategicLegalSolutions.
OnoraboutJune11,2009,theExaminerretained34additionalcontractattorneys
inChicago.OnJune30,2009,theExaminerfiledtheThirdApplicationoftheExaminer
ForOrderAuthorizingtheRetentionofCertainContractAttorneystoPerformSpecific

DocumentReviewTasksNuncProTuncasofJune11,2009.OnoraboutJuly2,2009,
the Examiner hired 10 additional contract attorneys in Chicago, and on July 8, 2009,
supplemented its Third Application with a Notice of Filing Additional Affidavits of
Disinterestedness In Connection with the Examiners Third Application to Retain
Certain Contract Attorneys Nunc Pro Tunc as of June 11, 2009. On July 16, 2009, the
Court approved the Examiners retention of the third and fourth groups of contract
attorneysthroughStrategicLegalSolutions.
Thesecontractattorneys,supplementedbyJenner&Blockattorneys,conducted
thefirstlevelreviewofthedocumentscollectedbytheExaminer.Alloftheattorneys
were trained to conduct this first level review by identifying documents of possible
interest and coding the substantive area to which the document pertains. Jenner &
Block attorneys conducted frequent quality checks of the reviews performed by the
contract attorneys to confirm that the contract attorneys were properly identifying
documentsrelevanttothesubstantiveareasoftheExaminersreview.
Thedocuments identified as relevant in the firstlevelreviewweresubjectedto
further and more careful review by lawyers and financial professionals especially
immersed in the subjects of the Examiners review. All document review beyond the
first level review was performed by Jenner & Block attorneys or Duff & Phelps
professionals.
10

IV.
DOCUMENTSREVIEWED
All of the Lehman email and electronic documents loaded in the Stratify
databasehavebeenreviewedbycontractattorneysandJenner&Blockassociates.The
documents identified as relevant and coded to a particular relevant area were then
subjecttofurtherreviewandanalysisbyJenner&Blockattorneyswithknowledgeof
eachsubstantivearea.
Approximately half of the documents loaded into CaseLogistix 353,182 of the
701,292 documents have been reviewed by contract attorneys and Jenner & Block
associates.2 There are approximately 16 million pages of documents loaded into
CaseLogistix, with an approximate average of 23 pages per document. Using that
average, the Examiner reviewed approximately 8 million pages of documents in
CaseLogistix.
Although time did not permit review of all of the documents loaded into
CaseLogistix, the Examiner is reasonably confident that most, if not all, of the truly
relevant documents were reviewed. The CaseLogistix database is searchable, and the
Examiner conducted many focused searches against that database to identify
2InadditiontothedocumentsloadedintoCaseLogistix,theExaminerreceivedasubstantialnumberof
additionalelectronicandhardcopydocumentsfromABNAMRO,Alvarez&Marsal,BankofAmerica,
Barclays, Carl Peterson, CME Group, Credit Suisse, Deutche Bank, Duff & Phelps, Ernst & Young,
GreenlightCapital,Inc.,HSBC,HughesHubbard,JimSeery,MatthewLee,PerellaWeinberg,theFederal
ReserveBankofNewYork,theFederalReserve,theSIPATrusteeandWeilGotshalthatwerenotloaded
intoCaseLogistixasofthefilingofthisreportbecausetheywereproducedintheweeksbeforethereport
wasdue(midNovember2009throughearlyFebruary2010)orbecausetherewereunresolvedtechnical
issues.
11

documents that might be relevant to the Examiners areas of inquiry. The documents
identified as relevant and coded to a particular relevant area were also subjected to
further review and analysis by Jenner & Block attorneys with knowledge of each
substantivearea.
In total, the Examiner reviewed and analyzed approximately 4,790,277
documents constituting more than 34 million pages in order to identify documents
relevanttotheExaminersreview.
12
Exhibit5.1
Lehman Examiner
E-Mail Search Requests
Updated: May 12, 2009
Search 1
Custodians:
Ray Abary
John Feraca
Dan Fleming
Craig Jones
Ian Lowitt
Paolo Tonucci
Andrew Yeung
Search Terms
(fund* or cash) w/10 (transfer* or mov* or sweep*)
(large or big* or signific*) w/10 (collateral w/10 pledg*
or mov*)
(securit* or asset*) w/10 (transfer* or mov* or pledg*)
(repo* or repurchase*) w/10 (transfer* or mov* or
pledg*)
*solven* w/20 (transfer* or mov* or pledg*)
(*adequate* or *suffici* or concern* or enough or
short) w/10 liquid*
*valu* w/10 (*model* or mark* or book) w/20 (wrong
or update or *correct* or hit or P&L or haircut)
valu* w/10 (transfer* or mov* or pledg*)
valu* w/10 (securit* or asset* or collateral)
(transfer* or mov* or pledg*) w/10 credit*
manual w/5 over*
(On-top or on w/2 top or topside or top-side or top
w/2 side) w/10 entr*
(inter*) w/10 (transfer or pledg* or sweep*)
(exec* w/5 comp*) w/20 (agree* or contract*)
(*LBI* or *LBHI*) w/10 (financi* w/5 state*)
(*LBI* or *LBHI*) w/25 (*SEC* or *COSO* or *COCO*)
(*LBI* or *LBHI*) w/25 (*intercompany* or *intercomp* w/5 *transfer*)
Time Period
8/1/08-9/22/08
2/01/08-9/22/08
Date of
Request
03/19/09
03/19/09
8/1/08-9/22/08
8/1/08-9/22/08
03/19/09
03/19/09
3/31/08 -9/22/08
3/31/08 -9/22/08
03/19/09
03/19/09
3/31/08 -9/22/08
03/19/09
8/1/08-9/22/08
8/1/08-9/22/08
8/1/08-9/22/08
2/01/08-9/22/08
2/01/08-9/22/08
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
3/31/08 -9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
3/31/08 -9/22/08
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
Search Terms
Time Period
*LBCC* w/20 *transfer*

JPM or JPMorgan or Chase
collateral*
guarant*
clearing or clearance
haircut or hair cut or hair-cut
security w/3 agreement
fail* or bankrupt*
lien
amend* w/5 (agreement or contract)
negotiate*
intra-day or intraday
Bank of New York or BNY or BONY
BOA or Bank of America or BofA
HSBC
Citi
fed or federal reserve or FRB
8/1/08-9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
6/1/08-9/22/08
8/15/08-9/22/08
Date of
Request
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
Search 2
Custodians:
Martin Kelly
Ian Lowitt
Mark Shapiro
Mark Shafir
Paulo Tonucci
Alternative 1: All e-mails 9/8/08 to 9/22/08
Alternative 2 [If Alternative 1 would return an unacceptably high volume]:
Search Terms
Time Period
bar*
Cure
employ*
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
2
Date of
Request
03/19/09
03/19/09
03/19/09
Search Terms
Time Period
agreement*
apa*
draft*
repo*
repurchase
Ali
mark*
dtc
dtcc
fed
fedwire
fed wire
new york fed
ny fed
frb
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
Date of
Request
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
Search 3
Custodians:
Madelyn Antoncic
Demitrios Kritikos
Chris O'Meara
Bert McDade
Roger Nagioff
Search Terms
Time Period
((risk* or expos*) and ( caution or concern or increase

or toxic or outsized or significant or chunky)) w/20
board*
*bd*
*exec*
3
Date of
Request
03/19/09
12/2006 6/16/2009
12/2006 6/16/2009
12/2006 -
Search Terms
Time Period

*comm*
*reg*
((*risk* or *expos* or valu* or method*) and ( caution
or concern or increase or toxic or outsized or
significant or chunky)) w/10 audit*
((*risk* or *expos*) and ( caution or concern or increase
mort*
hedge*
*liquid*
or toxic or outsized or significant or chunky)) w25
*capital*
(effect* or resp*) w/10 (bear* or stearn* or subprime or
crisis or credit*)
(react* or lesson*) w/10 (bear* or stearn* or sub* or
crisis)
12/2006 6/16/2009
12/2006 03/19/09
12/200603/19/09
12/2006
03/19/09
12/200612/2006
03/19/09
12/2006-
03/19/09
3/2008 3/2008 -
((risk* or expos*) w/20 (warehous* or securit*))
12/2006-
(fixed w/5 income) or (FID) w/10 (risk* or expos*)

(fixed* w/5 *income) or (FID) w/10 antoncic*
((fixed w/5 income) or FID) w/10 (risk* w/20
counterparty))
((fixed w/5 income) or FID) w/10 (risk* w/20 CCE))
((fixed w/5 income) or FID) w/10 (expos* w/20
counterparty))
CCE))
antoncic* w/20 (risk* or expos*)
12/2006 3/2008 -
Date of
Request
6/16/2009
3/2008 3/2008 3/2008 3/2008 12/2006-
03/19/09
03/19/09
03/19/09;
6/16/2009
03/19/09
03/19/09
03/19/09;
6/16/2009
6/16/2009
6/16/2009
6/16/2009
03/19/09
Search Terms
Time Period
antoncic w/20 (exec* w/5 *comm*)

antoncic* w/20 (hedg*)
antoncic* w/25 (fuld* or *goldfarb* or *gregory*)
antoncic* w/25 *chunky*
(*pol* or *proced*) w/10 (*product* w/5 *control*)
12/200612/200612/200612/20063/2008-
(ernst* or EY or E&Y or E and Y) w/15 *valu*
3/2008-
(loan* or equit*) w/15 (financ* or *invest*)

(omeara* or *omeara* or *kirk* or *goldfarb* or
*nagioff*) w/20 (*risk* or expos*)
audit* w/20 *valu*
(mark* or MTM or mark*to*market) w/15 (expos* or
*risk*)
(*risk framework*) or (risk* w/5 *framework*)
((*risk* or expos* or reliab* or accur*) and ( caution or
concern or increase or toxic or outsized or significant
or chunky )) w/15 *model*
(worst or stress*) w/2 (test* or event* or case* or
scenario*) w/5 limit* w/5 violation*
scenario*) w/5 limit* w/5 breach*
scenario*) w/5 limit* w/5 excess*
(caution or concern or increase or toxic or outsized or
significant) w/10 channel w/10 (correspondent or bulk
or *organic)
12/2006-
(aur* or *BNC*) w/20 (dilig* or risk or expos*)
12/2006-
(aur* or *BNC*) w/20 mort*

( caution or concern or increase or toxic or outsized or
significant or chunky ) w/20 (aur* or *BNC*)
Aurora* w/20 (*Mortgage Maker* and *Expanded
Options*)
Trimont w/20 valu*
*Aurora* w/10 *report* w/20 (default* or foreclosure*
or epd or early payment default)
*Golan* w/20 *Aurora*
12/2006-
12/200612/200612/200612/2006-
Date of
Request
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09;
6/16/2009
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
12/200612/2006 12/2006 -
03/19/09;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
03/19/09
12/2006-
12/200612/200612/200612/200612/2006-
03/19/09;
6/16/2009
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
Search Terms
Time Period
((*risk* or *expos*) w/20 (BNC or Aurora or warehous*

12/2006or securitiz* )
((S&P* or Moody* or Fitch*) w/7 Lehman) w/15 (critic*
12/2006or downgrade)
goodman* w/20 (alt-A or *altA* or *subprime*)
12/2006((mortgage or mbs or *risk* or expos* or subprime)
w/20 concentrat*
((delinq* or *default*) w/10 (significant*, spike*,
increase*, up* or rais* or rise*)) w/20 mort*
RMBS w/10 (*risk* or expos* or mark* or
mark*to*market or MTM* or *valu*)
(CDO* or collateralized debt obligation) w/5 (*risk* or
expos* or mark* or mark*to*market or MTM* or
*valu*)
(*risk* or expos* or mark* or mark*to*market or MTM*
or *valu*) w/5 CDS*
((*risk* or expos* or mark* or mark*to*market or
MTM* or *valu*) w/10 ABS*
(mark* or mark*to*market or MTM* or *valu*) w/10
(real* w/5 *est*)
(*CDO* or *collat* or *ABS* or *CDS*)
(securitiz* or CDO) w/15 ((*legit* or true w/10 sale))
((*risk* or expos*) and ( caution or concern or increase
or toxic or outsized or significant or chunky )) w/20
(Alt-A or *AltA* or *sub*)
((antoncic* or *risk* or expos*) and ( caution or
or chunky )) w/20 (*LBO* or *lever* or *buy-out* or
*buyout* or bridge* or syndicat*)
antoncic* w/20 (securit* or *warehous*)
(arch* or *suncal* or arl* or austin*)
bridge w/5 (equity or loan*) w/7 (expos* or *risk*)
6
12/2006-
Date of
Request
03/19/09
03/19/09
03/19/09;
6/16/2009
03/19/09
12/2006-
03/19/09;
6/16/2009
03/19/09
12/2006-
03/19/09
12/2006-
03/19/09
12/2006-
03/19/09
3/2008-
03/19/09
3/2008-
03/19/09
12/2006 3/2008-
03/19/09
03/19/09
3/2008 -
03/19/09;
6/16/2009
12/2006 -
03/19/09;
6/16/2009
12/2006 -
03/19/09
03/19/09
12/2006-
3/200812/2006 -
03/19/09
Search Terms
Time Period
((*risk* or expos*) w/5 synd*)
12/2006 -

(equit* or *liquid* or *debt*)
(*power* or *plant*)
(risk* or expos* or bridge* or syndicat*) w/20 *arch*
((*risk* or expos*) w/10 CMBS)
3/2008 -
Date of
Request
03/19/09;
6/16/2009
03/19/09
3/2008 -
03/19/09
12/2006 3/2008 -
03/19/09
03/19/09
12/2006 -
03/19/09;
6/16/2009
03/19/09
03/19/09
antoncic* w/20 *arch*

(mark* or mark*to*market or MTM) w/5 (asset* or
position or portfolio or CRE or real estate)
(reduce* or (write* w/2 down or off)) w/5 (real or CRE
or expos*)
(mark* or mark*to*market or MTM) w/5 portfolio
leverage* w/2 loan* w/10 (risk* or expos*)
12/2006 12/2006 -
((risk* or expos*) w/10 LBO*)
12/2006 -
leverage* w/2 buy* w/2 out

(antoncic* or *risk* or expos*) w/25 (*MAC* or
*material adverse change* or *MAE* or *material
adverse effect* or covenant light)
((*capital* or *liquid*) w/15 model) w/25 stress*
(o'meara or omeara) w/25 hedg*
goodman w/25 hedg*
hedg* w/20 (*effective* or correlat*)
hedg* w/25 ((real w/3 estate) or *subprime* or alt-a or
*altA* or mort* or LBO)
capital w/5 adequacy
(*lever* or lvg) w/10 (*liquid* or *capital*)
(*capital* or *liquid*) w/15 model*
12/2006 12/2006 12/2006 -
03/19/09
03/19/09;
6/16/2009
03/19/09;
6/16/2009
03/19/09
03/19/09
03/19/09
12/2006 -
03/19/09
12/2006 12/2006 12/2006 -
03/19/09
03/19/09
03/19/09
12/2006 -
03/19/09
12/2007 12/2007 12/2007 -
03/19/09
03/19/09
03/19/09
12/2006 12/2006 12/2006 -
03/19/09
Search Terms
Time Period
*liquid* w/20 (*warehous* or securit*)

*liquid* w/20 (repurchas* and request* and loan*)
audit* w/20 (*capital* or *liquid*)
(*capital* or *liquid*) w/20 (expos* or *risk* or *suff* or
*adeq*)
audit* w/20 (*repo* or *finan*)
under w/2 capital*
Undercapitalized
(capital* or liquid*) w/15 (need* or risk* or scor* or
low* or dire* or troubl* or problem)
*exec* w/10 *comp*
(*bonus* or numbers or incentive*) /10 (pool* or
award* or book*)
*recap*
*paulson*
*KDB* or Korea* or Korea Development Bank
Euoo Sung Min
EM w/5 (invest* or equity* or Korea)
*SpinCo* or spin-off or spinoff or (*spin* w/ 5 *co*)
*blackstone* or *black* w/5 *stone*
ballyrock or *bally* w/5 *rock*
*blackrock* or *black* w/5 *rock*
*citi* w/20 *collat*
(*neuberger* or *nb* or *berman*) w/20 (*sell* or *sale*
or *contract* or *agreement*)
(*neuberger* or *nb* or *berman*) w/20 (*neg* or
*deal*)
(BOA or bank of america or B of A or *BofA) w/20
(*sell* or *sale* or *contract* or *agree*)
(BOA or bank of america or B of A or BofA)
w/20 (*neg* or *deal*)
(MS or Morgan Stanley or *morganstanley* or
*morgan* or *stanley*) w/20 (*sell* or *sale* or
*contract* or *agree*)
*morgan* or *stanley*) w/20 (*neg* or *deal*)
8
12/2007 12/2007 12/2007 12/2007 -
Date of
Request
03/19/09
03/19/09
03/19/09
03/19/09
12/2007 12/2007 12/2007 12/2007 -
03/19/09
03/19/09
03/19/09
03/19/09
12/2006 1/2007 -
03/19/09
03/19/09
3/2008 3/2008 4/2008 4/2008 4/2008 3/2008 3/2008 3/2008 3/2008 3/2008 3/2008 -
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09;
6/16/2009
03/19/09
03/19/09
03/19/09
03/19/09
03/19/09
3/2008 -
03/19/09
5/2008 -
03/19/09;
6/16/2009
03/19/09;
6/16/2009
03/19/09;
6/16/2009
5/2008 5/2008 -
5/2008 -
03/19/09;
6/16/2009
Search Terms
Time Period
Nomura w/20 (*sell* or *sale* or *contract* or *agree*

or *deal* or *neg*)
(*JPM* or *JP Morgan* or Chase) and (collat* w/10
*demand*)
crisis or credit*)
crisis)
(Commercial mezzanine debt) or mez debt w/10
(MTM or mark*to*market)
(SSR or SS or super senior) w/10 (concern or caution
or aggres*)
assum* w/5 (wrong or bad or off or flaw*) (mark or
mark*to*market or mtm or *valu*)
(mark or mark*to*market or mtm or *valu*) w/20
(asset* or model* or method*) w/20 (write down or
flaw* or aggres*)
(inflat* or *over*)
((mark or mark*to*market or mtm or *valu*) w/10
*comp*) w/10 fixed* w/5 *income
(real* w/5 *est*)
(*pol* or *proced*) w/10 (*product* w/5 *control*) and
(mark or mark*to * market or mtm)
(ernst* or EY or E&Y or E and Y) w/15 (mark or
Search 4
Custodians:
9
5/2008 -
Date of
Request
03/19/09
8/2008 -
03/19/09
3/2008 -
03/19/09
3/2008 -
03/19/09
12/2006 12/2006 -3/2008 12/2006 12/2006 -
03/19/09;
6/16/2009
03/19/09;
6/16/2009
03/19/09
03/19/09;
6/16/2009
03/19/09
3/2008 -
03/19/09;
6/16/2009
03/19/09
3/2008 -
03/19/09
3/2008 -
03/19/09
3/2008 -
03/19/09
3/2008 -
03/19/09
3/2008 -
03/19/09;
6/16/2009
3/2008 --
Kaushik Amin
David Chan
Dan Fleming
Jeff Goodman
Skip McGee
Beth Rudofker
Bill Ruiz
David Sherr
Paul Shotton
Ken Umezaki
Laura Vecchio
Search Terms
Time Period

board*
*bd*
*exec*
*comm*
*reg*
((*risk* or *expos*) and ( caution or concern or increase
mort*
hedge*
10
12/2006 -
Date of
Request
03/27/09;
6/16/2009
6/16/2009
12/20066/16/2009
12/20066/16/2009
12/20066/16/2009
12/200603/27/09
12/200603/27/09
12/200603/27/09
12/2006-
Search Terms
Time Period

*liquid*
*capital*
crisis or credit*)
crisis)
12/2006-
Date of
Request
03/27/09
12/2006-
03/27/09
12/2006-

counterparty))
counterparty))
CCE))
12/2006 3/2008 -
12/200612/200612/200612/200612/20063/2008-
3/2008-

audit* w/20 *valu*
*risk*)
12/2006-
11
3/2008 3/2008 -
3/2008 3/2008 3/2008 3/2008 -
12/200612/200612/200612/200612/2006-
03/27/09
03/27/09
03/27/09;
6/16/2009
03/27/09
03/27/09
03/27/09;
6/16/2009
6/16/2009
6/16/2009
6/16/2009
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09;
6/16/2009
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
Search Terms
Time Period

or *organic)
12/2006 12/2006 -
03/27/09;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
03/27/09
12/2006-
12/2006-

Options*)
Trimont w/20 valu*
or securitiz* )
or downgrade)
12/2006-
((mortgage or mbs or *risk* or expos* or subprime)

w/20 concentrat*
*valu*)
12
Date of
Request
12/200612/200612/200612/200612/200612/200612/200612/200612/2006-
03/27/09;
6/16/2009
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09;
6/16/2009
03/27/09
12/2006-
03/27/09;
6/16/2009
03/27/09
12/2006-
03/27/09
12/2006-
Search Terms
Time Period
(*risk* or expos* or mark* or mark*to*market or MTM*

or *valu*) w/5 CDS*
(real* w/5 *est*)
13
12/2006-
Date of
Request
03/27/09
12/2006-
03/27/09
3/2008-
03/27/09
3/2008-
03/27/09
12/2006 3/2008-
03/27/09
03/27/09
3/2008 -
03/27/09;
6/16/2009
12/2006 -
03/27/09;
6/16/2009
12/2006 -
03/27/09
03/27/09
3/200812/2006 12/2006 3/2008 -
03/27/09
03/27/09;
6/16/2009
03/27/09
3/2008 -
03/27/09
12/2006 3/2008 -
03/27/09
03/27/09
12/2006 -
03/27/09;
6/16/2009
03/27/09
03/27/09
12/2006 12/2006 12/2006 -
03/27/09
Search Terms
Time Period
Date of
Request
or expos*)
12/2006 12/2006 -
12/2006 -

goodman w/25 hedg*
(*capital* or *liquid*) w/20 (expos* or *risk* or *suff* or
*adeq*)
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
12/2006 12/2006 12/2006 -
03/27/09
03/27/09;
6/16/2009
03/27/09;
6/16/2009
03/27/09
03/27/09
03/27/09
12/2006 -
03/27/09
12/2006 12/2006 12/2006 -
03/27/09
03/27/09
03/27/09
12/2006 -
03/27/09
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
12/2007 12/2007 12/2007 12/2007 -
03/27/09
03/27/09
03/27/09
03/27/09
12/2006 1/2007 -
03/27/09
03/27/09
3/2008 3/2008 -
03/27/09
03/27/09
14
Search Terms
Time Period

Euoo Sung Min
4/2008 4/2008 4/2008 3/2008 -

*deal*)
or *deal* or *neg*)
*demand*)
crisis or credit*)
crisis)
or aggres*)
3/2008 3/2008 3/2008 3/2008 3/2008 -
Date of
Request
03/27/09
03/27/09
03/27/09
03/27/09;
6/16/2009
03/27/09
03/27/09
03/27/09
03/27/09
03/27/09
3/2008 -
03/27/09
5/2008 -
03/27/09;
6/16/2009
03/27/09;
6/16/2009
03/27/09;
6/16/2009
15
5/2008 5/2008 -
5/2008 5/2008 -
03/27/09;
6/16/2009
03/27/09
8/2008 -
03/27/09
3/2008 -
03/27/09
3/2008 -
03/27/09
12/2006 12/2006 3/2008 12/2006 -
03/27/09;
6/16/2009
03/27/09;
6/16/2009
03/27/09
03/27/09;
Search Terms
Time Period

flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
Search 5
Custodians:
Steve Berkenfeld
Eric Felder
Richard Fuld
Michael Gelband
Jeff Goodman
Eric Hibbert
Jeremy Isaacs
Rich McKinney
Matt Miller
Tom Russo
Paul Shotton
16
12/2006 -
Date of
Request
6/16/2009
03/27/09
3/2008 -
03/27/09;
6/16/2009
03/27/09
3/2008 -
03/27/09
3/2008-
03/27/09
3/2008-
03/27/09
3/2008-
03/27/09
3/2008-
03/27/09;
6/16/2009
3/2008 -
Search Terms
(Includes revisions of the Search #3 terms plus
additional terms)
board*
*bd*
*exec*
*comm*
*reg*
((*risk* or *expos*) and ( caution or concern or
increase or toxic or outsized or significant or chunky))
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
17
Time Period
12/2006 -
Date of
Request
4/28/2009;
6/16/2009
6/16/2009
12/20066/16/2009
12/20066/16/2009
12/20066/16/2009
12/200612/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
12/2006-
4/28/2009;
6/16/2009
Search Terms
additional terms)
counterparty))
counterparty))
CCE))
audit* w/20 *valu*
*risk*)
or *organic)
18
Time Period
12/2006 3/2008 3/2008 3/2008 3/2008 3/2008 12/200612/200612/200612/200612/20063/2008 3/2008 -
Date of
Request
4/28/2009
4/28/2009
4/28/2009;
6/16/2009
6/16/2009
6/16/2009
6/16/2009
12/200612/2006-
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/2006 12/2006 -
4/28/2009;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006-
4/28/2009
Search Terms
additional terms)
Time Period
12/2006-
Date of
Request

Aurora* w/20 (*Mortgage Maker* or *Expanded
Options*)
Aurora w/20 (*Choice Advantage* or *Express
Option*)
Trimont w/20 valu*
*Gollin* w/20 *Aurora*
((*risk* or *expos*) w/20 (BNC or Aurora or
warehous* or securitiz* )
12/200612/2006-
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
*Aurora* w/50 dashboard
12/2006-
((S&P* or Moody* or Fitch*) w/7 Lehman) w/15 (critic* 12/2006or downgrade)

w/20 concentrat*
*valu*)
(*risk* or expos* or mark* or mark*to*market or
MTM* or *valu*) w/5 CDS*
(real* w/5 *est*)
19
12/200612/2006-
4/28/2009;
6/16/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
12/2006-
4/28/2009;
6/16/2009
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
3/2008 -
4/28/2009
Search Terms
additional terms)
or expos*)
20
Time Period
Date of
Request
3/2008 -
4/28/2009
12/2006 -
4/28/2009;
6/16/2009
4/28/2009
3/2008 3/2008 -
4/28/2009;
6/16/2009
12/2006 -
4/28/2009;
6/16/2009
12/2006 3/2008 -
4/28/2009
4/28/2009
12/2006 12/2006 3/2008 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
3/2008 -
4/28/2009
12/2006 3/2008 -
4/28/2009
4/28/2009
12/2006 12/2006 12/2006 -
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
12/2006 -
4/28/2009
12/2006 12/2006 -
4/28/2009
4/28/2009;
6/16/2009
Search Terms
additional terms)
goodman w/25 hedg*
(*capital* or *liquid*) w/20 (expos* or *risk* or *suff*
or *adeq*)
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
Euoo Sung Min
21
Time Period
12/2006 -
Date of
Request
12/2006 12/2006 12/2006 -
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
12/2006 -
4/28/2009
12/2006 12/2006 12/2006 -
4/28/2009
4/28/2009
4/28/2009
12/2006 -
4/28/2009
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
12/2007 12/2007 12/2007 12/2007 -
4/28/2009
4/28/2009
4/28/2009
4/28/2009
12/2006 1/2007 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009;
3/2008 3/2008 4/2008 4/2008 4/2008 -
Search Terms
additional terms)
Time Period
Date of
Request
3/2008 -

*deal*)
or *deal* or *neg*)
*demand*)
crisis or credit*)
crisis)
or aggres*)
3/2008 3/2008 3/2008 3/2008 3/2008 -
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
3/2008 -
4/28/2009
5/2008 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
22
5/2008 5/2008 -
5/2008 5/2008 -
4/28/2009;
6/16/2009
4/28/2009
8/2008 -
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
12/2006 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
12/2006 3/2008 12/2006 -
4/28/2009;
6/16/2009
Search Terms
additional terms)
flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
(risk w/3 appetite) w/10 (breach or violat* or exce* or
overage)
(risk w/3 appetite) w/10 over w/3 limit
limit w/5 (breach or violat* or exce* or overage or
(over w/3 limit))
(limit w/5 ( use* or usage)) w/10 (breach or violat* or
exce* or overage)
((risk w/3 appetite) w/10 (increas* or rais* or higher or
change or modify or revis*))
countercyclical w/5 (growth or strategy)
Antoncic w/10 (fire* or replace* or move* or shift* or
sack* or rid* or demot*)
Antoncic w/15 (whistle* or blow*)
Antoncic w/10 play* w/3 ball
12/2006-
Antoncic w/10 play* not w/3 (commercial or weak or

ridicul* or impossib*)
Gelband w/10 (fire or replace or move or shift or sack
12/2006-
23
Time Period
Date of
Request
12/2006 -
4/28/2009
3/2008 3/2008 -
4/28/2009;
6/16/2009
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
12/200612/200612/200612/200612/200612/200612/200612/2006-
12/2006-
4/28/2009;
6/16/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
Search Terms
additional terms)
or can* or transfer* or terminat*)
(Suncal or Coeur or Prologis or Diversity or Gospel or
Imperial or Alcoa or Ford or FMC or DT or Altria or
GECC or General Electric Capital or Deutsche) w/10
(risk* or expos* or commit*)
CSE w/10 ((tier 1 or one) or capital ratio and (increas*
or high* or rais*))
Liquid* w/10 thirty (B or billion or bn) or 30 (B
or billion or bn)
*repurchase requests* w/20 (*BNC* or aur*)
BNC w/3 Al*
Time Period
Beltran w/3 Al*
12/2006 -
Date of
Request
12/2006-
4/28/2009;
6/16/2009
12/2006-
4/28/2009
9/2008-
4/28/2009
12/2006 12/2006 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
Search 6
Custodians:
Janet Birney
Julie Boyle
Emil Cornejo
James Killerlane
Carlo Pellerani
Huw Rees
Search Terms
(same Terms as Search #1)
or mov*)
pledg*)
24
Time Period
8/1/08-9/22/08
2/01/08-9/22/08
Date of
Request
4/28/2009
4/28/2009
8/1/08-9/22/08
8/1/08-9/22/08
4/28/2009
4/28/2009
3/31/08 -9/22/08
3/31/08 -9/22/08
4/28/2009
4/28/2009
Search Terms
short) w/10 liquid*
manual w/5 over*
collateral*
guarant*
fail* or bankrupt*
lien
negotiate*
HSBC
Citi
Search 7
25
Time Period
Date of
Request
3/31/08 -9/22/08
4/28/2009
8/1/08-9/22/08
8/1/08-9/22/08
8/1/08-9/22/08
2/01/08-9/22/08
2/01/08-9/22/08
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
3/31/08 -9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
3/31/08 -9/22/08
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
8/1/08-9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
6/1/08-9/22/08
8/15/08-9/22/08
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
Custodians:
Robert Azerad
Alternative 1: All e-mails 9/8/08 to 9/22/08
Alternative 2 [If Alternative 1 would return an unacceptably high volume]:
Search Terms
Time Period
bar*
Cure
employ*
agreement*
apa*
draft*
repo*
repurchase
Ali
mark*
dtc
dtcc
fed
fedwire
fed wire
new york fed
ny fed
frb
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
9/8/08-9/22/08
Search Terms
(sent as an additional Search Request #6)
board*
*bd*
26
Time Period
12/2006 -
Date of
Request
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
Date of
Request
5/7/2009;
6/16/2009
6/16/2009
12/2006 12/2006 -
6/16/2009
*exec*
*comm*
*reg*
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty))
counterparty))
CCE))
27
6/16/2009
12/2006 6/16/2009
12/2006 12/2006-
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009
12/2006-
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
5/7/2009;
6/16/2009
6/16/2009
6/16/2009
12/2006 3/2008 3/2008 3/2008 3/2008 3/2008 12/200612/2006-
6/16/2009
5/7/2009
5/7/2009

12/200612/200612/20063/2008 3/2008 -

audit* w/20 *valu*
*risk*)
or *organic)
12/200612/2006-
5/7/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
12/200612/2006-
5/7/2009
5/7/2009
12/200612/2006-
5/7/2009
5/7/2009
12/2006 12/2006 -
5/7/2009;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006-
5/7/2009
12/2006-

Options*)
Option*)
Trimont w/20 valu*
12/200612/2006-
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
12/200612/2006-
5/7/2009
5/7/2009
12/200612/2006-
5/7/2009
5/7/2009
28
12/2006-

w/20 concentrat*
*valu*)
(real* w/5 *est*)
29
12/200612/2006-
5/7/2009;
6/16/2009
5/7/2009
5/7/2009;
6/16/2009
5/7/2009
12/2006-
5/7/2009;
6/16/2009
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
12/2006-
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009
12/2006 -
5/7/2009;
6/16/2009
5/7/2009
3/2008 3/2008 -
5/7/2009;
6/16/2009
12/2006 -
5/7/2009;
6/16/2009
12/2006 3/2008 -
5/7/2009
5/7/2009
12/2006 -
5/7/2009
12/2006 -

3/2008 -
5/7/2009;
6/16/2009
5/7/2009
3/2008 -
5/7/2009
12/2006 3/2008 -
5/7/2009
5/7/2009
12/2006 12/2006 12/2006 -
5/7/2009;
6/16/2009
5/7/2009
5/7/2009

or expos*)
12/2006 -
5/7/2009
12/2006 12/2006 -
12/2006 -

goodman w/25 hedg*
12/2006 12/2006 12/2006 -
5/7/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
5/7/2009
12/2006 -
5/7/2009
12/2006 12/2006 12/2006 -
5/7/2009
5/7/2009
5/7/2009
12/2006 -
5/7/2009
12/2007 12/2007 12/2007 12/2007 12/2007 -
5/7/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009
30

or *adeq*)
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
Euoo Sung Min
3/2008 3/2008 4/2008 4/2008 4/2008 -
3/2008 -

*deal*)
or *deal* or *neg*)
31
12/2007 12/2007 -
5/7/2009
5/7/2009
12/2007 12/2007 12/2007 12/2007 -
5/7/2009
5/7/2009
5/7/2009
5/7/2009
12/2006 1/2007 -
3/2008 3/2008 3/2008 3/2008 3/2008 -
5/7/2009
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009
5/7/2009
3/2008 -
5/7/2009
5/2008 -
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/2008 5/2008 -
5/2008 5/2008 -
5/7/2009;
6/16/2009
5/7/2009
8/2008 -
5/7/2009
*demand*)
crisis or credit*)
crisis)
or aggres*)
flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
overage)
(over w/3 limit))
exce* or overage)
32
3/2008 -
5/7/2009
3/2008 -
5/7/2009
12/2006 -
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009
12/2006 3/2008 12/2006 -
5/7/2009;
6/16/2009
12/2006 -
5/7/2009
3/2008 3/2008 -
5/7/2009;
6/16/2009
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009
3/2008 -
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
6/16/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
12/200612/200612/2006 12/200612/2006-

12/200612/200612/2006-

or high* or rais*))
or billion or bn)
BNC w/3 Al*
12/2006-
Beltran w/3 Al*
12/2006 -
12/200612/2006-
5/7/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
6/16/2009
5/7/2009
12/2006-
5/7/2009;
6/16/2009
12/2006-
5/7/2009
9/2008-
5/7/2009
12/2006 12/2006-
5/7/2009
5/7/2009;
6/16/2009
5/7/2009;
6/16/2009
Search 8
Custodians:
Thomas Wind
Mortgage Origination and Securitization Search Terms
Search Terms
Time Period

Options* or *Choice Advantage*)
33
12/200612/200612/2006-
Date of
Request
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
Search Terms
Time Period

or securitiz* )
or downgrade)
(Alt-A or *AltA* or *sub* or Alt-B or Alt B)
(antoncic* or kritikos or mckinney) w/20 (securit* or
*warehous*)
(*repurchase w/3 requests)* w/20 (*BNC* or aur*) w/20
(increas* or sig* or *concern*)
goodman* w/20 (alt-B or *altB* or alt b)
((*risk* or expos*) and ( caution or concern or increase or
toxic or outsized or significant or chunky )) w/20 (*alt-B*
or *altB*)
hedg* w/25 (alt-B or *altB* or alt b)
Disclos* w/10 (altA or Alt-A or AltB or Alt-B or
subprime or prime or sub*)
Expos* w/10 (altA or Alt-A or AltB or Alt-B or
(altA or Alt-A) and (AltB or Alt-B) and (subprime
or sub*)
(CLTV or FICO or LTV) w/20 (underwrit*
or guideline* or standard* or min* or max*) w/20
(tight* or new or adjust* or revised or change*)
risk and "mortgage maker" w/20 (default or FPD or
EPD)
(Aurora or BNC) w/20 (shut* or close* or cease* or
discontin*)
BNC w/20 ("80/20" or "Select Lending" or "Score
Advantage")
(*Alt-A* or *Alt A*) w/20 (*Alt-B* or *Alt B*)
(*Alt-A* or *Alt A* or *Alt-B* or *Alt B*) w/20
subprime
(board or 10K or 10Q or 8K) w/20 (*Alt-A* or *Alt A*
or *Alt-B* or *Alt B* or subprime)
34
12/200612/2006-
Date of
Request
4/28/2009
4/28/2009
3/2008 -
4/28/2009;
6/16/2009
12/2006 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
6/16/2009
6/16/2009
12/2006 12/200612/2006-
12/200612/200612/2006 -
6/16/2009
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 12/2006 -
6/16/2009
6/16/2009
12/2006 -
6/16/2009
Search Terms
Time Period
Portales Partners
12/2006 -
Date of
Request
6/16/2009
Search 9
Custodians:
Erin Callan
Jonathan Cohen
Kenneth Cohen
David Goldfarb
Joe Gregory
Edward Grieb
Steve Hash
Paul Hughson
Ted Janulis
Barry Jones
Abe Kebede
Alex Kirk
Ian Lowitt
Bart McDade
Patrick McGarry
Andrew Morton
Paolo Tonucci
Larry Wiesenick
Search Terms
additional terms)
board*
*bd*
35
Time Period
12/2006 -
Date of
Request
4/28/2009;
6/16/2009
6/16/2009
12/200612/2006-
6/16/2009
Search Terms
additional terms)
*exec*
*comm*
*reg*
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty)
counterparty))
36
Time Period
Date of
Request
6/16/2009
12/20066/16/2009
12/200612/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
12/2006-
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009;
6/16/2009
6/16/2009
6/16/2009
12/2006 3/2008 3/2008 3/2008 3/2008 3/2008 -
6/16/2009
Search Terms
additional terms)
CCE))
Time Period

audit* w/20 *valu*
*risk*)
or *organic)
12/200612/2006-
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/2006 12/2006 -
4/28/2009;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006-
4/28/2009
12/2006-

Options*)
12/200612/2006-
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
37
12/200612/200612/200612/200612/20063/20083/2008-
Date of
Request
Search Terms
additional terms)
Option*)
Trimont w/20 valu*
Time Period
12/200612/2006-
4/28/2009
4/28/2009
12/200612/2006-
4/28/2009
4/28/2009
12/2006-

w/20 concentrat*
*valu*)
(real* w/5 *est*)
38
12/200612/2006-
Date of
Request
4/28/2009;
6/16/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
12/2006-
4/28/2009;
6/16/2009
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
12/2006-
4/28/2009
3/2008-
4/28/2009
3/2008-
4/28/2009
12/2006 -
4/28/2009;
6/16/2009
4/28/2009
3/20083/2008 -
4/28/2009;
6/16/2009
Search Terms
additional terms)
Time Period
Date of
Request
12/2006 -
4/28/2009;
6/16/2009
12/2006 3/2008-
4/28/2009
4/28/2009
12/2006 12/2006 3/2008 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
3/2008 -
4/28/2009
12/2006 3/2008 -
4/28/2009
4/28/2009
12/2006 12/2006 12/2006 -
4/28/2009;
6/16/2009
4/28/2009
4/28/2009

or expos*)
12/2006 -
4/28/2009
12/2006 12/2006 -
12/2006 -

12/2006 12/2006 12/2006 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
12/2006 -
4/28/2009
39
Search Terms
additional terms)
goodman w/25 hedg*
or *adeq*)
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
Euoo Sung Min
3/2008 3/2008 4/2008 4/2008 4/2008 -
3/2008 -

3/2008 3/2008 3/2008 3/2008 3/2008 -
40
Time Period
Date of
Request
12/2006 12/2006 12/2006 -
4/28/2009
4/28/2009
4/28/2009
12/2006 -
4/28/2009
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
12/2007 12/2007 12/2007 12/2007 -
4/28/2009
4/28/2009
4/28/2009
4/28/2009
12/2006 1/2007 -
4/28/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
Search Terms
additional terms)
*deal*)
or *deal* or *neg*)
*demand*)
crisis or credit*)
crisis)
or aggres*)
flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
41
Time Period
Date of
Request
3/2008 -
4/28/2009
5/2008 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
5/2008 5/2008 -
5/2008 5/2008 -
4/28/2009;
6/16/2009
4/28/2009
8/2008 -
4/28/2009
3/2008 -
4/28/2009
3/2008 -
4/28/2009
12/2006 -
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
12/2006 3/2008 12/2006 -
4/28/2009;
6/16/2009
12/2006 -
4/28/2009
3/2008 3/2008 -
4/28/2009;
6/16/2009
4/28/2009
3/2008 -
4/28/2009
Search Terms
additional terms)
overage)
(over w/3 limit))
exce* or overage)
or high* or rais*))
or billion or bn)
BNC w/3 Al*
42
Time Period
Date of
Request
3/2008-
4/28/2009
3/2008-
4/28/2009
3/2008-
4/28/2009
3/2008-
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
4/28/2009;
6/16/2009
6/16/2009
4/28/2009;
6/16/2009
12/200612/200612/200612/200612/200612/200612/200612/200612/200612/200612/2006-
12/2006-
4/28/2009
9/2008-
4/28/2009
12/2006 12/2006 -
4/28/2009
4/28/2009;
Search Terms
additional terms)
Time Period
Date of
Request
Beltran w/3 Al*
12/2006 -
"balance sheet" w/20 (limit* or use* or target or incre* or

breach* or rais* or exce*)
or *altB*)
"Bull Steepening" or "Bull Flattening" or "Bear Flattening"
or "Bear Steepening" or "Russian default" or "EMG" or
("stress test" w/5 "rating default") or ("stress test"
w/5 "hedge fund" w/2 (risk or "blow-out")) or ("stress test"
w/5 "HY") or ("LBO" w/2 "default risk") or ("stress test"
w/5 "equity crash") or "Black Monday" or "Parallel Move
Down" or "Parallel Move Up" or "Oil Supply Crisis" or
"Liquidity Crunch"
"Project Thunder" w/20 (breach or violat* or limit or risk or
exposure or commitment or valu* or board or "bod" or
directors or brd or bd)
"Project Normandy" w/20 (breach or violat* or limit or risk
or exposure or commitment or valu* or board or "bod" or
"Project V" w/20 (breach or violat* or limit or risk or
"Project Palm" w/20 (breach or violat* or limit or risk or
"Project Rooster" w/20 (breach or violat* or limit or risk or
"Project Antelope" w/20 (breach or violat* or limit or risk
Lloyds w/20 (breach or violat* or limit or risk or exposure
or commitment or valu* or board or "bod" or directors or
brd or bd)
Endemol w/20 (breach or violat* or limit or risk or
12/2006-9-15-08
6/16/2009
4/28/2009;
6/16/2009
6/16/2009
12/2006-9-15-08
12/2006-9-15-08
6/16/2009
6/16/2009
12/2006-9-15-08
12/2006-9-15-08
12/2006-9-15-08
6/16/2009
6/16/2009
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
43
Search Terms
additional terms)
Debitel w/20 (breach or violat* or limit or risk or exposure
or commitment or valu* or board or "bod" or directors or
brd or bd)
Houghton w/20 (breach or violat* or limit or risk or
"Education Media" w/20 (breach or violat* or limit or risk
((Michael or Mike or Gelband) or (head w/2 FID)) w/10
(fir* or replac* or mov* or shift* or sacks* or can* or
transfer* or terminat* or depart* or leav* or sack* or (get
w/5 rid) or can*)
(CRO or "chief risk officer" or antoncic or madelyn or
"MA" or O'Meara or Chris or "COM") w/10 (replac* or
new or look* or hir* or interview*)
((Roger or Nagioff) or (head w/2 FID))w/10 (fir* or replac*
or mov* or shift* or sacks* or can* or transfer* or
terminat* or depart* or leav* or resign* or (get w/5 rid))
Time Period
Date of
Request
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
12/2006-9-15-08
6/16/2009
1/2007-7/2007
6/16/2009
5/2007 - 2/2008
6/16/2009
1/2008 -5/2008
6/16/2009
Search 10
Custodians:
Ji Yeong Chu
Sterling Fielding
Search Terms
or mov*)
pledg*)
44
Time Period
8/1/08-9/22/08
2/01/08-9/22/08
Date of
Request
4/28/2009
4/28/2009
8/1/08-9/22/08
8/1/08-9/22/08
4/28/2009
4/28/2009
3/31/08 -9/22/08
4/28/2009
Search Terms
short) w/10 liquid*
manual w/5 over*
collateral*
guarant*
fail* or bankrupt*
lien
negotiate*
HSBC
Citi
or *altB*)
45
Time Period
3/31/08 -9/22/08
Date of
Request
4/28/2009
3/31/08 -9/22/08
4/28/2009
8/1/08-9/22/08
8/1/08-9/22/08
8/1/08-9/22/08
2/01/08-9/22/08
2/01/08-9/22/08
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
3/31/08 -9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
12/1/07-9/22/08
3/31/08 -9/22/08
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
8/1/08-9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
7/1/08 - 9/22/08
6/1/08-9/22/08
8/15/08-9/22/08
12/200612/2006-
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
4/28/2009
6/16/2009
6/16/2009
Search Terms
or sub*)
Time Period
12/2006 -
Date of
Request
6/16/2009
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/200612/2006-
Search 11
Custodians:
Anthony Barsanti
Lisa Beeson
Clement Bernard
Shaun Butler
David Lazarus
David O'Reilly
Mark Walsh
Search Terms
additional terms)
board*
*bd*
*exec*
*comm*
46
Time Period
12/2006 -
Date of
Request
5/12/2009;
6/16/2009
6/16/2009
12/20066/16/2009
12/20066/16/2009
12/200612/2006-
6/16/2009
Search Terms
additional terms)
*reg*
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty)
counterparty))
CCE))
47
Time Period
Date of
Request
12/2006-
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
3/2008 -
5/12/2009
3/2008 -
5/12/2009
12/2006-
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
5/12/2009;
6/16/2009
6/16/2009
6/16/2009
12/2006 3/2008 3/2008 3/2008 3/2008 3/2008 12/200612/200612/200612/200612/2006-
6/16/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
Search Terms
additional terms)
Time Period

audit* w/20 *valu*
*risk*)
or *organic)
12/200612/2006-
5/12/2009
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
12/200612/2006-
5/12/2009
5/12/2009
12/200612/2006-
5/12/2009
5/12/2009
12/2006 12/2006 -
5/12/2009;
6/16/2009
6/16/2009
12/2006 -
6/16/2009
12/2006-
5/12/2009
12/2006-

Options*)
Option*)
Trimont w/20 valu*
12/200612/2006-
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
12/200612/2006-
5/12/2009
5/12/2009
12/200612/2006-
5/12/2009
5/12/2009
48
3/20083/2008-
Date of
Request
Search Terms
additional terms)
Time Period
12/2006-

w/20 concentrat*
*valu*)
(real* w/5 *est*)
49
12/200612/2006-
Date of
Request
5/12/2009;
6/16/2009
5/12/2009
5/12/2009;
6/16/2009
5/12/2009
12/2006-
5/12/2009;
6/16/2009
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
12/2006-
5/12/2009
3/2008-
5/12/2009
3/2008-
5/12/2009
12/2006 3/2008-
5/12/2009
5/12/2009
3/2008 -
5/12/2009;
6/16/2009
12/2006 -
5/12/2009;
6/16/2009
12/2006 3/2008-
5/12/2009
5/12/2009
Search Terms
additional terms)
Time Period
12/2006 12/2006 -
Date of
Request
3/2008 -
5/12/2009
5/12/2009;
6/16/2009
5/12/2009
3/2008 -
5/12/2009
12/2006 3/2008 -
5/12/2009
5/12/2009
12/2006 12/2006 12/2006 -
5/12/2009;
6/16/2009
5/12/2009
5/12/2009

or expos*)
12/2006 -
5/12/2009
12/2006 12/2006 -
12/2006 -

goodman w/25 hedg*
12/2006 12/2006 12/2006 -
5/12/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
5/12/2009
12/2006 -
5/12/2009
12/2006 12/2006 12/2006 -
5/12/2009
5/12/2009
5/12/2009
12/2006 -
5/12/2009
50
Search Terms
additional terms)
or *adeq*)
under*capital*
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
Euoo Sung Min
3/2008 3/2008 4/2008 4/2008 4/2008 -
3/2008 -

*deal*)
51
Time Period
Date of
Request
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
12/2007 12/2007 12/2007 12/2007 12/2007 -
5/12/2009
5/12/2009
6/30/2009
5/12/2009
5/12/2009
12/2006 1/2007 -
3/2008 3/2008 3/2008 3/2008 3/2008 -
5/12/2009
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
5/12/2009
3/2008 -
5/12/2009
5/2008 -
5/12/2009;
6/16/2009
5/12/2009;
5/2008 -
Search Terms
additional terms)
or *deal* or *neg*)
*demand*)
crisis or credit*)
crisis)
or aggres*)
flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
52
Time Period
5/2008 -
5/2008 -
Date of
Request
6/16/2009
5/12/2009;
6/16/2009
5/2008 -
5/12/2009;
6/16/2009
5/12/2009
8/2008 -
5/12/2009
3/2008 -
5/12/2009
3/2008 -
5/12/2009
12/2006 -
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009
12/2006 3/2008 12/2006 -
5/12/2009;
6/16/2009
12/2006 -
5/12/2009
3/2008 3/2008 -
5/12/2009;
6/16/2009
5/12/2009
3/2008 -
5/12/2009
3/2008-
5/12/2009
3/2008-
5/12/2009
3/2008-
5/12/2009
Search Terms
additional terms)
overage)
(over w/3 limit))
exce* or overage)
Time Period
3/200812/200612/200612/200612/200612/200612/200612/200612/2006-

or high* or rais*))
or billion or bn)
BNC w/3 Al*
Beltran w/3 Al*
12/2006 -

12/200612/2006-
53
12/200612/200612/2006-
Date of
Request
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
6/16/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
6/16/2009
5/12/2009;
6/16/2009
12/2006-
5/12/2009
9/2008-
5/12/2009
12/2006 12/2006-
5/12/2009
5/12/2009;
6/16/2009
5/12/2009;
6/16/2009
6/16/2009
6/16/2009
Search Terms
additional terms)
or *altB*)
((Michael or Mike or Gelband) or (head w/2 FID)) w/10
(fir* or replac* or mov* or shift* or sacks* or can* or
transfer* or terminat* or depart* or leav* or sack* or (get
w/5 rid) or can*)
((Roger or Nagioff) or (head w/2 FID))w/10 (fir* or replac*
or mov* or shift* or sacks* or can* or transfer* or
terminat* or depart* or leav* or resign* or (get w/5 rid) or
can*)
or sub*)
Search 12
Time Period
Date of
Request
12/200612/20061/2007-7/2007
6/16/2009
6/16/2009
6/16/2009
5/2007 - 2/2008
6/16/2009
1/2008 -5/2008
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
12/2006 -
6/16/2009
To include email sent/received by the following two email addresses:

Search Terms
Time Period
LBECMember@exeulon.lehman.com
LBECAssistants@exeulon.lehman.com
12/06 - 9/15/08
12/06 - 9/15/08
Date of
Request
6/09/2009
6/09/2009
The numbers in parenthesis after custodian names is the number of the prior search, if
any, for which that custodians e-mail was pulled (or requested to be pulled) from Iron
Mountain.
Search 13:
Custodians:
Ken Umezaki (4)
54
Search Terms
Time Period
"balance sheet" w/20 (limit* or use* or target or incre*

or breach* or rais* or exceed*)
("EAF" or equity adequacy framework) w/20 (deficit
or short* or underage or reduc* or low*)
("EAF" or equity adequacy framework) w/20 ("lessliquid" or "less liquid" or illiquid)
("EAF" or equity adequacy framework) w/20
("trading loss*" or counterpart* loss* or "liquidation
loss*")
"liquidation loss*" w/10 asset w/10 (mark or MTM or
haircut*)
("EAF" or equity adequacy framework) w/10 alloca*
w/10 mortgage* or "real estate" or "commercial" or
"HG" or "HY"
("EAF" or equity adequacy framework) w/20 "FID"
or "fixed income" w/10 "charge"
"Bull Steepening" or "Bull Flattening" or "Bear
Flattening" or "Bear Steepening" or "Russian default"
or "EMG" or ("stress test" w/5 "rating default") or
("stress test" w/5 "hedge fund" w/2 (risk or "blowout")) or ("stress test" w/5 "HY") or ("LBO"
w/2 "default risk") or ("stress test" w/5 "equity crash")
or "Black Monday" or "Parallel Move Down" or
"Parallel Move Up" or "Oil Supply Crisis" or
"Liquidity Crunch"
"Contingent Acquisitions" w/20 (breach or violat* or
limit or risk or exposure or commitment or valu* or
board or "bod" or directors or brd or bd or mark*
or MTM)
"Project Thunder" w/20 (breach or violat* or limit or
risk or exposure or commitment or valu* or board or
"bod" or directors or brd or bd or mark* or MTM)
"Project Normandy" w/20 (breach or violat* or limit or
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
55
Search Terms
Time Period

directors or brd or bd or mark* or MTM)
"Project Palm" w/20 (breach or violat* or limit or risk
or exposure or commitment or valu* or board or "bod"
or directors or brd or bd or mark* or MTM)
"Project Rooster" w/20 (breach or violat* or limit or
"Project Antelope" w/20 (breach or viol at* or limit or
Goodman* w/20 (alt-B or *altB* or alt b)
(*alt-B* or *altB*)
Advantage")
(CLTV or FICO or LTV) w/20 (underwrit* or
guideline* or standard* or minimum or maximum)
w/20 (tight* or new or adjust* or revised or change*)
(Aurora or ALS or BNC) w/20 ("negative
amortization" or "negatively amortized" or "Hybrid
ARM" or "hybrid adjustable rate mortgage")
(Aurora or BNC) w/20 (shutdown or cease* or
discontin*)
("new products committee" or new product
committee) w/20 (mortgage or Aurora or BNC)
((Michael or Mike or Gelband) or (head w/2 FID))
w/10 (fir* or replac* or mov* or shift* or sacks* or can*
or transfer* or terminat* or depart* or leav* or sack* or
(get w/5 rid) or can*)
56
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
Search Terms
Time Period

((Roger or Nagioff) or (head w/2 FID)) w/10 (fir* or
replac* or mov* or shift* or sack* or can* or transfer*
or terminat* or depart* or leav* or resign* or sack* or
(get w/5 rid))
Disclos* w/10 (altA or Alt-A or AltB or Alt-B
or subprime or prime or sub*)
Expos* w/10 (altA or Alt-A or AltB or Alt-B
(altA or Alt-A) and (AltB or Alt-B) and
(subprime or sub*)
(Arch* or ASN or ASOT) w/10 (break* w/5 fee)
Project Easy Living or EZ Living
(Arch* or ASN or ASOT) w/10 (complete* or close* or
consum*)
(Energy Future or TXU or First Data or FD
Goldman Sachs or GS or Education Media or
EMPG or Applebees or Home Depot or HD or
Endemol or GSCP or Advent International or
Lloyds or TSB or Local Insight or LIM or
Debital or CDW) w/20 (breach or violat* or limit or
bod or directors or brd or bd or mark* or
MTM)
"Liquidity Crunch"
(rais* or increase* or grow* or us*) w/5 (risk
appetite or RA)
(risk appetite or RA or VaR) w/7 (breach* or over*
57
1/2008 -5/2008
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 -
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
Search Terms
Time Period
or compare*) w/5 limit*

Limit w/5 (grow* or rais* or increase*)
(off-site or offsite) w/5 (RA or risk appetite)
Strateg* w/7 (grow* or increase* or rais*)
(BOD or *bd* or Board or Directors or BRD) w/20
(altA or Alt-A or AltB or Alt-B or subprime
or prime or sub* or risk appetite or RA or VaR or
liquidity pool)
(Audit or Finance or Nominating or Compensation)
w/5 committee w/10 (presen* or report* or material*
or disclose* or update* or inform* or fil*)
Archstone w/20 (limit or risk or exposure or
commitment or valu* or board or "bod" or directors or
brd or bd or mark* or MTM)
"Project Easy Living" w/20 (limit or risk or exposure
or commitment or valu* or board or "bod" or directors
or brd or bd or mark* or MTM)
"Easy Living" w/20 (limit or risk or exposure or
"EZ Living" w/20 (limit or risk or exposure or
"ASN" w/20 (limit or risk or exposure or commitment
or valu* or board or "bod" or directors or brd or
bd or mark* or MTM)
"Arch" w/20 (limit or risk or exposure or commitment
bd or mark* or MTM)
"ASOT" w/20 (limit or risk or exposure or
"Diversity Funding" w/20 (limit or risk or exposure or
"Project Gospel" w/20 (limit or risk or exposure or
58
Date of
Request
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

"Gospel" w/20 (limit or risk or exposure or
"Northern Rock" w/20 (limit or risk or exposure or
"Prologis" w/20 (limit or risk or exposure or
"Dermody" w/20 (limit or risk or exposure or
"ProLogic" w/20 (limit or risk or exposure or
"Coeur Defense" w/20 (limit or risk or exposure or
"Project Dame" w/20 (limit or risk or exposure or
"La Defense" w/20 (limit or risk or exposure or
"Carlyle" w/20 (limit or risk or exposure or
"Windermere XIV" w/20 (limit or risk or exposure or
"Win 14" w/20 (limit or risk or exposure or
"SunCal" w/20 (limit or risk or exposure or
59
Date of
Request
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period
"Ritter Ranch" w/20 (limit or risk or exposure or

"Delta Shores" w/20 (limit or risk or exposure or
"Project Galaxy" w/20 (limit or risk or exposure or
"College Park" w/20 (limit or risk or exposure or
"Inland Empire" w/20 (limit or risk or exposure or
w/10 (fir* or replac* or mov* or shift* or sack* or can*
or transfer* or terminat* or depart* or leav* or (get
w/5 rid))
(CRO or "chief risk officer" or antoncic or Madelyn or
((Roger or Nagioff) or (head w/2 FID))w/10 (fir* or
or terminat* or depart* or leav* or resign* or (get w/5
rid))
divers* w/2 benefit
(Pine or Spruce or Kingfisher or Verano or Ruby or
Clio or Leoforos or 7th Avenue or Thalia or Sasco or
Cayman Partners or Delta Topco or HD Supply
or Fenway) w/20 (collateral or *liquid* or JPM or
*morgan)
(10-K or 10K or 10-Q or 10Q) w/20 (altA or Alt-A
or AltB or Alt-B or subprime or prime or sub* or
risk appetite or RA or VaR or liquidity pool)
Search 14:
60
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
Custodians:
Gelband (5)
Search Terms
Time Period

loss*")
haircut*)
"HG" or "HY"
"Liquidity Crunch"
or MTM)
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
61
Search Terms
Time Period

(*alt-B* or *altB*)
Advantage")
discontin*)
62
12/2006-
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
Search Terms
(get w/5 rid))
(subprime or sub*)
consum*)
MTM)
63
Time Period
Date of
Request
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period
"Liquidity Crunch"
appetite or RA)
liquidity pool)
bd or mark* or MTM)
bd or mark* or MTM)
64
Date of
Request
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
Search Terms
brd or bd or mark* or MTM or mark* or MTM)
65
Time Period
Date of
Request
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
Search Terms
w/5 rid))
rid))
divers* w/2 benefit
*morgan)
66
Time Period
Date of
Request
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
12/2006-9/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period
Date of
Request
Search Terms
Time Period

loss*")
haircut*)
"HG" or "HY"
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009

Search 15:
Custodians:
Goodman (4)
67
Search Terms
Time Period

"Liquidity Crunch"
or MTM)
MTM)
(*alt-B* or *altB*)
68
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
Search Terms
Time Period

Advantage")
discontin*)
(get w/5 rid))
(subprime or sub*)
consum*)
69
12/200612/200612/2006-
Date of
Request
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Search Terms
Time Period

"Liquidity Crunch"
appetite or RA)
liquidity pool)
bd or mark* or MTM)
70
Date of
Request
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/2006-
6/18/2009
Search Terms
Time Period

bd)
brd or bd)
71
Date of
Request
9/30/08
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

w/5 rid))
rid))
divers* w/2 benefit
72
Date of
Request
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

12/2006Clio or Leoforos or 7th Avenue or Thalia or Sasco or
*morgan)
12/2006or AltB or Alt-B or subprime or prime or sub* or
NYSE w/10 (exam* or audit* or review*)
1/1/200612/31/07
Date of
Request
6/18/2009
6/18/2009
6/18/2009
Search 16:
Custodians:
OMeara (3)
Search Terms
Time Period

loss*")
haircut*)
"HG" or "HY"
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
73
Search Terms
Time Period

"Liquidity Crunch"
or MTM)
Lloyds w/20 (breach or violat* or limit or risk or
74
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

MTM)
(*alt-B* or *altB*)
Advantage")
discontin*)
(get w/5 rid))
75
Date of
Request
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 -
6/18/2009
Search Terms
Time Period

(subprime or sub*)
consum*)
"Liquidity Crunch"
appetite or RA)
liquidity pool)
76
12/2006 12/2006 12/2006 12/2006 12/2006 -
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

bd)
bd or mark* or MTM)
77
Date of
Request
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

78
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
Search Terms
w/5 rid))
rid))
divers* w/2 benefit
*morgan)
e and y
e&y
ernst*
@ey.com
@uk.ey.com
Time Period
Date of
Request
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
1/1/200612/31/07
12/200612/200612/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Search 17:
Custodians:
[Note that the e-mail for all custodians in Search 16 was already pulled for these date
ranges in prior searches.]
Kaushik Amin (4)
Madelyn Antoncic (3)
Robert Azerad (7)
79
Steve Berkenfeld (5)

Eric Felder (5)
Richard Fuld (5)
Eric Hibbert (5)
Jeremy Isaacs (5)
Demitrios Kritikos (3)
Ian Lowitt (1)
Bert McDade (3)
Hugh McGee (4)
Rich McKinney (5)
Matt Miller (5)
Roger Nagioff (3)
Tom Russo (5)
Mark Shafir (2)
David Sherr (4)
Paul Shotton (4)
Search Terms
Time Period

loss*")
haircut*)
"HG" or "HY"
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
80
Search Terms
Time Period

"Liquidity Crunch"
or MTM)
81
12/2006-
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

MTM)
(*alt-B* or *altB*)
Advantage")
discontin*)
(get w/5 rid))
82
Date of
Request
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
Search Terms
Time Period
(subprime or sub*)
consum*)
"Liquidity Crunch"
appetite or RA)
liquidity pool)
83
12/2006 12/2006 12/2006 -
Date of
Request
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

bd or mark* or MTM)
bd or mark* or MTM)
84
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/2006-
6/18/2009
Search Terms
Time Period

w/5 rid))
85
Date of
Request
9/30/08
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
Search Terms
Time Period

rid))
divers* w/2 benefit
*morgan)
Date of
Request
1/2008 -5/2008
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
Search 18:
[Note: These search terms are identical to search 16. However, the e-mail from these
custodians has not yet been pulled. A&M is currently pulling for searches 8-11. Thus,
once searches 8-11 are completed, these can be run without going back to Iron
Mountain. This search was separated from search 16 to allow search 16 to proceed
immediately.]
Custodians:
Clement Bernard (11)
Erin Callan (9)
Ken Cohen (9)
David Goldfarb (9)
Joe Gregory (9)
Steve Hash (9)
Paul Hughson (9)
Alex Kirk (9)
Andrew Morton (9)
Mark Walsh (11)
Larry Wieseneck (9)
86
Search Terms
Time Period

loss*")
haircut*)
"HG" or "HY"
"Liquidity Crunch"
or MTM)
12/2006-12/31/08
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
87
Search Terms
Time Period

MTM)
(*alt-B* or *altB*)
Advantage")
88
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period
discontin*)
(get w/5 rid))
(subprime or sub*)
consum*)
"Liquidity Crunch"
appetite or RA)
89
Date of
Request
12/2006-
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
Search Terms
Time Period

liquidity pool)
bd or mark* or MTM)
bd or mark* or MTM)
90
3/2006-9/2007
3/2006-9/2007
3/2006-9/2007
12/2006-
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

91
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/2006-
6/18/2009
Search Terms
Time Period

w/5 rid))
rid))
divers* w/2 benefit
*morgan)
Search 19:
92
Date of
Request
9/30/08
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
Custodians:
Robert Azerad (7)
Search Terms
Time Period
((risk appetite or VaR or RA) w/20 (calculat* or

analyz* or analys* or estimat* or comput* or evaluat*
or assess*))
12/2006-
Date of
Request
6/18/2009
Search 20:
Custodians:
Paul Shotton (4)
Madelyn Antoncic (3)
Mark Weber
Paul Zakian
Nachi Das
Fong Liu
Search Terms
Time Period
1/1/200612/31/07
Search 21:
Custodians:
Anthony Barsanti
James Blankmore
Brett Bossung
Jonathon Cohen
Emily Davis-Knight
Mark Gabbay
Lynn Gray
Robert Hedlund
Mark Newman
93
Date of
Request
6/18/2009
John Niebuhr
Mike Odrich
Coburn Packard
Thomas Pearson
Search Terms
Time Period

bd or mark* or MTM)
bd or mark* or MTM)
94
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/2006-
6/18/2009
Search Terms
Time Period

95
Date of
Request
9/30/08
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

Date of
Request
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search 22:
Custodions:
Richard Gladwin
Tom Humphrey
Satu Parikh
Jerry Rizzeri
Chuck Watson
Search Terms
Time Period

w/5 rid))
rid))
Search 23:
Custodians:
96
1/2007-7/2007
Date of
Request
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
Beth Rudofker (4)

Erin Callan (9)
Ian Lowitt (1)
Dave Goldfarb (9)
Martin Kelly (2)
Laura Vecchio (4)
Search Terms
Time Period
"e and y"

e&y
ernst*
@ey.com
@uk.ey.com
12/200612/200612/200612/200612/2006-
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Search 24:
Custodians:
Martin Kelly (2)
Anthony Stucchio
Spencer Kagan
Lynn Gray
Al Picallo
Search Terms
Time Period
(Real Estate or High Yield or Leveraged Loan

or HY ) w/15 (Risk Appetite or RA or (rais* w/5
limit*) or breach* or deal pipeline or exposure
limit or deal level balance sheet or board or
directors of BOD or brd or bd or mark* or
MTM)
(Archstone or Easy Living) w/2 (Barclays or Bank
Of America))
Archstone w/5 (2008 w/2 update)
Archstone w/5 (2007 w/2 update)
(Tishman or Speyer or Multifamily Fund) AND
97
5/2007 9/2008
Date of
Request
6/18/2009
5/2007 9/2008
6/18/2009
5/2007 9/2008
5/2007 9/2008
5/2007 9/2008
6/18/2009
6/18/2009
6/18/2009
Search Terms
(Confidential Information Memorandum or CIM)
(Archstone or Easy Living) w/2 (Syndication /3
Status)
((Real Estate Deal OR Level Balance Sheet) AND
(Archstone or Energy Future or TXU or First Data
or FD Goldman Sachs or GS or Education Media
or EMPG or Applebees or Home Depot or HD or
Debital or CDW or Diversity Funding or Prologis or
Coeur or Carlyle or Project Murphy or Heritage
Fields or 237 Park or Hilton
Or Easy Living or Project Gospel or Northern
Rock or Prologis or Dermody or Ashmun or Coueur
or Carlyle or Win 14 or Project Murphy or
Heritage Fields or 237 Park or Project Murphy
or Northstar or GEM))
((Loan or Deal) w/2 (Prospectus or Agreement or
(Term Sheet)))
(Archstone Business Plan and Syndication Update)
((Easy Living or Gospel or Northern Rock or
Prologis or Dermody or Ashmun or Coueur or
Carlyle or Win 14 or Project Murphy or Heritage
Fields or 237 Park or Project Murphy or
Northstar or GEM or Archstone or Energy Future
or TXU or First Data or FD Goldman Sachs or GS
or Education Media or EMPG or Applebees or
Home Depot or HD or Endemol or GSCP or
Advent International or Lloyds or TSB or Local
Insight or LIM or Debital or CDW or Diversity
Funding or Prologis or Coeur or Carlyle or Project
Murphy or Heritage Fields or 237 Park or
Hilton) AND ((GREG Regional Credit Committee)
or (GREG Global Credit Committee) or (Firm
Commitment Committee) or (Investment
Committee) or (Bridge Loan Committee) or (New
Product Committee) or (New Products
98
Time Period
Date of
Request
5/2007 9/2008
6/18/2009
5/2007 9/2008
6/18/2009
5/2007 9/2008
6/18/2009
5/2007 9/2008
5/2007 9/2008
6/18/2009
6/18/2009
Search Terms
Committee) or (Commitment Committee) or
(Executive Committee)))
(Appraisals w/5 (Archstone or Easy Living or
Project Gospel or Northern Rock or Prologis or
Dermody or Ashmun or Coueur or Carlyle or Win
14 or Project Murphy or Heritage Fields or 237
Park or Project Murphy or Northstar or GEM))
Fail* w/2 sale*
"CLO" or "CLOs" or "CDO" or "CDOs"
securitize* or structured
FAS
(Freedom or Verano or Spruce or Pine or
SASCO or Excalibur or Fenway or Thalia)
Time Period
Date of
Request
5/2007 9/2008
6/18/2009
12/2007-9/2008
12/2007 -5/2008
10/2007 9/2008
12/2007 9/2008
3/2008 - 9/2008
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Time Period
12/2006-
Date of
Request
6/18/2009
12/2006-
6/18/2009
12/2006-12/31/08
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search 25:
Custodians:
Jasit Bhattal
Hyung Lee
George Walker
Search Terms
liquidity pool)
("EAF" or equity adequacy framework) w/20 ("less99
Search Terms
Time Period
liquid" or "less liquid" or illiquid)

loss*")
haircut*)
"HG" or "HY"
"Liquidity Crunch"
or MTM)
100
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

Lloyds w/20 (breach or violat* or limit or risk or
MTM)
(*alt-B* or *altB*)
Advantage")
discontin*)
101
Date of
Request
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

(get w/5 rid))
(subprime or sub*)
consum*)
"Liquidity Crunch"
appetite or RA)
102
Date of
Request
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
6/18/2009
3/2006-9/2007
3/2006-9/2007
6/18/2009
6/18/2009
Search Terms
Time Period

bd or mark* or MTM)
bd or mark* or MTM)
brd or bd)
103
3/2006-9/2007
10/1/20069/30/08
Date of
Request
6/18/2009
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
Search Terms
Time Period

104
10/1/20069/30/08
Date of
Request
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/20069/30/08
6/18/2009
10/1/2006-
6/18/2009
Search Terms
Time Period

w/5 rid))
rid))
board*
*bd*
*exec*
*comm*
*reg*
w/20 mort*
105
Date of
Request
9/30/08
10/1/20069/30/08
6/18/2009
1/2007-7/2007
6/18/2009
5/2007 - 2/2008
6/18/2009
1/2008 -5/2008
6/18/2009
6/18/2009
12/2006 6/18/2009
12/2006 6/18/2009
12/2006 6/18/2009
12/2006 6/18/2009
12/2006 6/18/2009
12/20066/18/2009
12/2006
Search Terms
Time Period

hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty))
counterparty))
CCE))
audit* w/20 *valu*
*risk*)
106
Date of
Request
6/18/2009
12/200612/2006
6/18/2009
12/2006-
6/18/2009
3/2008 3/2008 12/200612/2006 3/2008 3/2008 3/2008 3/2008 3/2008 12/200612/200612/200612/200612/20063/20083/200812/200612/200612/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Search Terms
Time Period

or *organic)
Options*)
Trimont w/20 valu*
((S&P* or Moody* or Fitch*) w/7 Lehman) w/15
(critic* or downgrade)
w/20 concentrat*
*valu*)
107
Date of
Request
6/18/2009
12/200612/2006 -
6/18/2009
12/2006 -
6/18/2009
12/2006 -
6/18/2009
6/18/2009
12/200612/200612/200612/200612/200612/200612/200612/200612/200612/200612/200612/200612/2006-
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
12/2006-
6/18/2009
Search Terms
Time Period

(real* w/5 *est*)
or expos*)
108
Date of
Request
12/2006-
6/18/2009
3/2008-
6/18/2009
3/2008-
6/18/2009
12/2006 3/2008-
6/18/2009
6/18/2009
3/2008 -
6/18/2009
12/2006 -
6/18/2009
12/2006 -
6/18/2009
6/18/2009
3/200812/2006 12/2006 3/2008 -
6/18/2009
6/18/2009
6/18/2009
3/2008 -
6/18/2009
12/2006 3/2008 -
6/18/2009
6/18/2009
12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
12/2006 12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
Search Terms
Time Period

goodman w/25 hedg*
or *adeq*)
under*capital*
under w/2 capital*
Undercapitalized
*exec* w/10 *comp*
award* or book*)
*recap*
*paulson*
Euoo Sung Min
109
12/2006 12/2006 12/2006 12/2006 -
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006 -
6/18/2009
12/2006 12/2006 12/2006 -
6/18/2009
6/18/2009
6/18/2009
12/2006 -
6/18/2009
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2007 12/2007 12/2007 12/2007 12/2007 -
6/18/2009
6/18/2009
6/30/2009
6/18/2009
6/18/2009
12/2006 1/2007 -
6/18/2009
6/18/2009
3/2008 3/2008 4/2008 4/2008 4/2008 3/2008 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
Search Terms
Time Period

(*neuberger* or *nb* or *berman*) w/20 (*sell* or
*sale* or *contract* or *agreement*)
*deal*)
(BOA or bank of america or B of A or *BofA)
w/20 (*sell* or *sale* or *contract* or *agree*)
or *deal* or *neg*)
*demand*)
crisis or credit*)
crisis)
or aggres*)
flaw* or aggres*)
(inflat* or *over*)
110
3/2008 3/2008 3/2008 3/2008 3/2008 -
Date of
Request
6/18/2009
6/18/2009
6/18/2009
6/18/2009
6/18/2009
3/2008 -
6/18/2009
5/2008 -
6/18/2009
5/2008 -
6/18/2009
5/2008 -
6/18/2009
5/2008 -
6/18/2009
5/2008 -
6/18/2009
8/2008 -
6/18/2009
3/2008 -
6/18/2009
3/2008 -
6/18/2009
12/2006 12/2006 -3/2008 -
6/18/2009
6/18/2009
6/18/2009
6/18/2009
12/2006 12/2006 3/2008 --
6/18/2009
6/18/2009
Search Terms
Time Period

(real* w/5 *est*)
divers* w/2 benefit
*morgan)
Date of
Request
3/2008 -
6/18/2009
3/2008 -
6/18/2009
3/2008 -
6/18/2009
3/2008 -
6/18/2009
3/2008 -
6/18/2009
3/2008 -
6/18/2009
12/200612/2006-
6/18/2009
6/18/2009
12/2006-
6/18/2009
Search 26:
Custodians:
Matthew Lee
Search Terms
Time Period
email messages sent from Michael (or Mike)

McGarvey to Matthew Lee
Search 27:
Custodians:
111
1/1/2008 9/22/2008
Date of
Request
7/02/2009
Richard Abbott
Kaushik Amin
Robert Azerad
Clement Bernard
Erin Callan
Tejal Joshi
Martin Kelly
Mitch King
Ian Lowitt
Mike McGarvey
Marie Stewart
Search Terms
Time Period
repo* w/5 (105 or 108)
8/2007 9/22/2008
Date of
Request
7/22/2009
Search 28
Custodians:
Joe Li
Search Terms
additional terms)
board*
*exec*
*comm*
*reg*
112
Time Period
Date of
Request
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
Search Terms
additional terms)
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty)
counterparty))
CCE))
113
Time Period
Date of
Request
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
12/2006 12/2006 3/2008 3/2008 -
7/22/2009
7/22/2009
7/22/2009
7/22/2009
3/2008 3/2008 -
7/22/2009
7/22/2009
3/2008 -
7/22/2009
12/2006 12/2006 12/2006 12/2006 12/2006 3/2008 3/2008 12/2006 12/2006 -
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
Search Terms
additional terms)
audit* w/20 *valu*
*risk*)
or *organic)
Options*)
Option*)
Trimont w/20 valu*
or downgrade)
114
Time Period
Date of
Request
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 12/2006 -
7/22/2009
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
Search Terms
additional terms)
w/20 concentrat*
*valu*)
(real* w/5 *est*)
115
Time Period
Date of
Request
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
12/2006 3/2008 -
7/22/2009
7/22/2009
3/2008 -
7/22/2009
12/2006 -
7/22/2009
12/2006 3/2008 -
7/22/2009
7/22/2009
12/2006 12/2006 3/2008 -
7/22/2009
7/22/2009
7/22/2009
3/2008 -
7/22/2009
12/2006 -
7/22/2009
Search Terms
additional terms)
or expos*)
goodman w/25 hedg*
or *adeq*)
under*capital*
under w/2 capital*
Undercapitalized
116
Time Period
Date of
Request
3/2008 -
7/22/2009
12/2006 12/2006 12/2006 -
7/22/2009
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 12/2006 12/2006 12/2006 12/2006 -
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 12/2006 -
7/22/2009
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 12/2007 -
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
12/2007 12/2007 12/2007 12/2007 -
7/22/2009
7/22/2009
7/22/2009
7/22/2009
Search Terms
additional terms)
flaw* or aggres*)
(inflat* or *over*)
(real* w/5 *est*)
overage)
(over w/3 limit))
exce* or overage)
117
Time Period
Date of
Request
12/2007 -
7/22/2009
3/2008 3/2008 -
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
3/2008 -
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
12/2006 12/2006 -
7/22/2009
7/22/2009
Search Terms
additional terms)
or high* or rais*))
or billion or bn)
BNC w/3 Al*
Beltran w/3 Al*
bod or directors or brd or bd or mark* or MTM)
"Liquidity Crunch"
118
Time Period
Date of
Request
12/2006 12/2006 -
7/22/2009
7/22/2009
12/2006 12/2006 - 9/2008
7/22/2009
7/22/2009
12/2006 -
7/22/2009
12/2006 -
7/22/2009
9/2008 -
7/22/2009
12/2006 12/2006 12/2006 12/2006 - 9/2008
7/22/2009
7/22/2009
7/22/2009
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
Search Terms
additional terms)
board*
*exec*
*comm*
*reg*
w/20 mort*
hedge*
*liquid*
*capital*
crisis or credit*)
crisis)
counterparty)
119
Time Period
Date of
Request
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
7/22/2009
7/22/2009
7/22/2009
7/22/2009
12/2006 - 9/2008
12/2006 - 9/2008
7/22/2009
7/22/2009
Search Terms
additional terms)
counterparty))
CCE))
Time Period
Date of
Request
12/2006 - 9/2008
7/22/2009
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
12/2006 - 9/2008
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
7/22/2009
Time Period
Date of
Request
7/24/2009
Search 29
Custodian:
Jeffrey Welikson
Search Terms
board or "bod" or directors or brd or bd
10/2006-
Search 30
Custodian:
Fred Orlan
Search Terms
Time Period

(over w/3 limit))
exce* or overage)
120
12/2006-
Date of
Request
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/2006
7/24/2009
Search Terms
Time Period

12/2006
12/2006limit or risk or exposure or commitment or valu* or
or MTM)
Energy Future or project thunder or TXU or
12/2006First Data or FD Goldman Sachs or GS or
Education Media or EMPG or Applebees or Project
Antelope or Home Depot or HD or Endemol or
GSCP or Advent International or Lloyds or
caballero or TSB or Local Insight or Project Palm
or LIM or Debitel or CDW or project rooster or
Project Normandy or Houghton or riverdeep or
six gear or project v
Date of
Request
7/24/2009
7/24/2009
7/24/2009
Search 31
Custodian:
Henry Domenici
Carlo Pellarani
Helmut Olivier
Search Terms
Time Period
Pine or Spruce or Kingfisher or Verano or Ruby or

12/2006Clio or Leoforos or 7th Avenue or Thalia or Sasco or
or Fenway
ECB or European Central Bank
12/2006
Search 32
Custodians:
Mark Weber
Ryan Traversari
121
Date of
Request
7/24/2009
7/24/2009
Search Terms
Time Period
*risk management* w/10 (section or portion or MD&A

or discussion or segment or language or draft or
updated or newest version or recent version or
current version)
*risk management* w/20 (edits or edited or edit or
redlin* or tracked changes or track changes or
changes tracked)
(*risk management* or risk section or VaR or
appetite or RA) w/15 (management or managements)
w/5 (discus* or analys*)
*other measures* or *one risk measure* or (increas*
w/5 broad risk measure)
(10-K or 10K or 10-Q or 10Q or quarter* or filing) w/20
(appetite or *risk* or limit or limits or breach* or
usage or VaR or RA or overage*)
(disclo* or remov* or take out or take it out or
leave out or leave it out or left out or
unnecessar* or not necessary or dont need to or
do not need to or doesnt want to or against or
includ* or shouldnt or should not or omit*) w/10
(appetite or other measures or other risk or *risk
management*)
average risk appetite usage or balance sheet,
capital and risk
(Board or BoD or bd or brd) w/10 (financ* or appetite
or usage or limit or limits or breach* or risk or ((slide
or slides or presentation) w/6 financ*)
(market environment and revenues/expenses and
profitability) or (figures represent average of daily
usage) or (figures represent average daily usage)
S-K w/15 305
reg-y or regulation-y or reg y or regulation y
Financial Information w/2 .ppt
OMeara* w/10 (presentation or risk or board or BoD
or bd or brd)
Finance w/5 committee
122
8/1/07-2/28/08
Date of
Request
7/24/2009
8/1/07-2/28/08
7/24/2009
8/1/07-2/28/08
7/24/2009
8/1/07-2/28/08
7/24/2009
8/1/07-2/28/08
7/24/2009
8/1/07-2/28/08
7/24/2009
5/1/07-
7/24/2009
5/1/07-
7/24/2009
8/1/07-2/28/08
7/24/2009
8/1/07-2/28/08
5/1/075/1/075/1/07-
7/24/2009
7/24/2009
7/24/2009
7/24/2009
5/1/07-
7/24/2009
Search 33
Custodian:
Mark Weber
Search Terms
Time Period
limit w/8 (breach or violat* or excee* or overage or

increas* or rais* or barely)
Over w/5 limit or limits
(limit w/5 ( use or usage)) w/10 (breach or violat* or
excee* or overage)
((risk w/3 appetite) or RA or VAR) w/10 (increas* or
rais* or higher or chang* or modif* or revis*)
Stress w/4 test*
(risk or appetite or VAR or RA) w/10 (cse or sec)
(*liquid* or *capital*)
((fixed w/5 income) or FID) w/10 (anotncic* or (risk*
w/20 counterparty) or (risk* w/20 CCE) or (expos*
w/20 counterparty) or (expos* w/20 CCE))
antoncic* w/20 ((risk* or expos*) or (exec* w/5
*comm*) or (hedg*))
Archstone or bridge equity w/15 (breach* or late or
should have or calculat* or violat* or excee* or
mistake or oversight or shouldve or havent been
or we werent or leverag* or (over w/4 limit))
(ernst* or EY or E&Y or E and Y) w/15 ((risk or
appetite or VaR or RA) w/8 (materials or statistics or
suppor* or documentation or evidenc*))
risk w/10 audit
123
12/2006-
Date of
Request
7/24/2009
12/200612/2006-
7/24/2009
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/20068/1/07-2/28/08
12/2006-
7/24/2009
7/24/2009
7/24/2009
12/200612/2006 3/2008 -
7/24/2009
7/24/2009
7/24/2009
12/2006-
7/24/2009
5/2007-
7/24/2009
3/2008 -
7/24/2009
12/200612/200612/2006-
7/24/2009
7/24/2009
7/24/2009
Search Terms
Time Period

scenario*) w/5 limit* w/5 (violation* or breach* or
excess*)
Antoncic w/10 (fire* or replace* or shift* or sack* or
rid or demot* or (whistle* or blow*))
Gelband w/10 (fire or replace or sack or transfer* or
terminat* or canned)
or high* or rais*))
"balance sheet" w/12 (limit* or usage or target or increa*
or breach* or rais* or excee*)
"Bull Steepening" or "Bull Flattening" or "Bear Flattening"
or "Bear Steepening" or "Russian default" or "EMG" or
("stress test" w/5 "rating default") or ("stress test"
w/5 "hedge fund" w/2 (risk or "blow-out")) or ("stress test"
w/5 "HY") or ("LBO" w/2 "default risk") or ("stress test"
w/5 "equity crash") or "Black Monday" or "Parallel Move
Down" or "Parallel Move Up" or "Oil Supply Crisis" or
"Liquidity Crunch"
or AltB or Alt-B or subprime or prime or subprime or sub prime)
or subprime or prime or sub-prime or sub prime)
Shocked or speechless or stupid* or huge mistake or
big mistake or dumb or cant believe or cannot
believe or serious trouble or big trouble or
unsalvageable or too late or ((breach or violat*) w/5
(duty or duties or obligation*)) or nothing we can
124
Date of
Request
12/2006 -
7/24/2009
3/2008 -
7/24/2009
12/2006 12/200612/2006-
7/24/2009
7/24/2009
7/24/2009
12/200612/2006-
7/24/2009
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/2006-
7/24/2009
12/2006 -
7/24/2009
12/2006-
7/24/2009
Search Terms
Time Period
do or uncomfortable or not comfortable or I dont

think we should or very sensitive or highly
sensitive or very confidential or highly
confidential or strongly disagree or do not share
this or dont share this or between you and me
or just between us or ((cant or cannot or shouldnt
or should not or wont or will not) w/5 (discuss or
talk about) w/5 (email or e-mail or computer)) or
(should w/5 (discuss or talk) w/5 (phone or in
person))
Search 34
Custodians:
Brian Barry
Anthony Barsanti
Clement Bernard
Brett Bossung
Jonathan Cohen
Ken Cohen
Steven Fischler
Richard Fuld
Michael Gelband
Jeff Goodman
Lynn Gray
Joe Gregory
Steve Hash
Paul Hughson
Spencer Kagan
Abe Kebede
Ari Koutouvides
Larry Kravetz
David Lazarus
Ian Lowitt
Andrew Morton
Roger Nagioff
Chris O'Meara
125
Date of
Request
Don Petrow
Gerry Reilly
Melissa Sullivan
Mark Walsh
Search Terms
Time Period
*Trimont*
1/2007-9/15/2008
Date of
Request
8/11/2009
Search 35
Custodians:
Meredith Adler
Michael Brennan
Allyson Carine
Matthew Clinton
Maximillian Coreth
Jeff Frase
Peter Keavey
David Levin
Timothy Luke
Stephen Lukow
Thomas Marino
James Macintosh
Daniel O'Connor
Satu Parikh
Jerry Rizzieri
Rob Ruckman
Search 1: All e-mails for which the above custodians are a sender or recipient from
8/25/08 to 8/29/08.
Search 2: All e-mails for which the above custodians are a sender or recipient from
9/14/08 to 9/22/08.
Search 36
Custodians:
126
Jonathan Chalfen
Jeff Goodman
Manhua Leng
Michelle Ng
Chris OMeara
Lisa Rathgeber
Paul Shotton
Ryan Traversari
Mark Weber
Search Terms
Time Period
- NO SEARCH TERMS -
9/2007-3/31/2008
Date of
Request
8/28/2009
Search 37
Custodians:
Erin Callan
Eric Felder
Richard Fuld
David Goldfarb
Joe Gregory
Ed Grieb
Ian Lowitt
Herbert McDade
Hugh McGee
Andrew Morton
Chris OMeara
Gerard Reilly
Thomas Russo
George Walker
Search Terms
Time Period
Repo 105 or Repo 108
1/1/20079/30/2008
127
Date of
Request
12/2/2009
Exhibit5.2
STRATIFY - Documents Loaded into Examiner Site

Custodian
*Lyons.Timothy*
Abbott.Robert
Abrary, Ray
Adler.Meredith
Ames.Mark
Angley.Sharyn
anton
Antoncic, Madelyn
Aronow.David
Azerad.Robert
Babar.Usman
Bachman.Gary
Barry.Brian
Barsanti.Anthony
Baumert.Karl
Beeson.Lisa
Beldner.Brett
Berkenfeld, Steven
Bernard.Clement
Besen.ElizabethR
Bhattal.Jasit
Binkley.Tracy
Birney.Janet
Blackwell.Alastair
Blankmore.James
Bossung.Brett
Boyle.Julie
Brennan.Michael(FI)
Butler.Shaun
Calistri.Peter
Callan.Erin
Calo.Jerry
Carine.Allyson
Ccmfixedincome
Cerullo.MarioS
Chalfen.Jonathan
Chan, David
Cheuk.ChiChun
Chopra.Neeraj
Chopra.Nitin
Chu.JiYeong
Clinton.Matthew
Coghlan.John
Cohen.Jonathan
Cohen.Kenneth
Cohn.Steven
Collerton.AnthonyJ
Colombo.StevenJ
Coreth.Maximilian
Cornejo, Emil
Crepeau.Alex
Critchett.Emily
Das.Nachiketa
Davis.Emily
Delong.Jay
Denig.Nancy
Dinnie.Kevin
DiscoverReady Delivery 20091020_01
Dolan.StephanieE
Domenici.Henry
Donini.Gerald
Echtermann.Heidemarie
Eickbush.Gregory
Emmert.James
Engel, Steve
Errington.Hibbert
Felder.Eric
Feraca, John
Ferguson.Nancy
Fielding, Stirling
Finnegan.Brian
Finnegan.Mark
Fischler.Steven
Fitzgibbon.Jennifer
Fleming, Daniel
Flynn.RichardF
Forsyth.David
Frase.Jeff
Freedman.Josh
Freidheim.Scott
Fuld.Richard
Gabbay.Mark
Garvey.Brendan
Gatto.Joseph
Gelband.Michael
Gibson.Rhona
Gilhool.Francis
Gladwin.Richard
Goldband.Craig
Goldfarb.David
Goodman, Jeffrey
Gorman.Les
Graham.Kettle
Gray.Lynn
Gregory.Joseph
Grieb.Edward
Guarino.Jim
Guglielmo.Robert
Guth. Aaron
Hadingham.Peter
Harrison.Claire
Haseruck.Dirk
Hash.Steven
Head.Brian
Hedlund.Robert
Heike.David
Heyder.Ingrid
Hibbert.Eric
Higham.Paul
Hope.Wiliam
Hornick.Peter
Hraska.James
Hughson.Paul
Humphrey.Thomas
Igoe.Joseph
Imundo.Jonathan
Isaacs.Jeremy
Ito, Gregory
Janulis,Ted
Johnson.Jack
Jones, Craig
Jones,Barry
Jones.Keith
Joshi.Tejal
Judd.Angela
Kagan.Spencer
Kalra.Abhishek
Kanamori.Yasumichi
Kaushik, Amin
Keavey.Peter
Kebede.AbebualA
Kelly, Martin
Killerlane.James
Killfeather.MichaelF
Kimmel.Scott
King.George
King.Mitchell
Kirk.Alex
Klinger.Jeff
Koutouvides.Ari
Kozlov.Anatoly
Kravetz.LarryJ
Kritikos, Demetrios
Kulikov.Maxim
Lane.Andrew
Larson.EricD
Lauckhardt.Shelby
Lazarus.David
LBECmember
LBECAssistants
Lechner.Scott
Lee,Matthew
Lee.Hyung
Leng.Manhua
Lessing.Stephen
Leung.Jacklyn
Levin.David
Li,Joe
Lista.William
Liu.Fong
Lohuis.David
Loughborough.John
Lowitt, Ian
Lowitt,Ian
Luglio.Thomas
Luke.Tim
Lukow.Stephen
Lyons.Timothy
Macintosh.James
Mallet_Review
Marino.Tom
Markowitz.Meryl
Masuda.Yukihiro
Mawe.John
McDade, Bart
McDonald.Gregory
McGarry,Patrick
McGarvey.Michael
McGee, Hugh
McKinney.Rich
Miller.Matt
Morton.Andrew
Multiple_BoA
Murphy.Erin
Nagioff, Roger
Nagpal.Ajay
Narayn.TK
Nevarez.Ilka
Newman.Mark
Ng.Chiu
Ng.Michelle
Nguyen.Long
Niebuhr.John
O.Connor.DanielT
O.Connor.Matthew
Odrich.Mike
Olivier.Helmut
Omeara 3/1/07-12/31-07
Omeara, Christopher
Search 04/19/09 15:41
OReilly.David
Orlan.Fred
Packard.Coburn
Palchynsky.John
Parikh.Satu
Park.Jennifer
Park.Seth
Parker.Paul
Paulson.Richard
Pearson.Thomas
Pellerani.Carlo
Petrow.Donald
Picallo.Albert
Plaisant.Michael
Plavan.Katherine
Policke.Richard
Polisi.Catherine
Principato.Janice
Priolo.Anthony
Puljic.Goran
Radicopoulos.Billy
Rahavy, Sean
Rathgeber.Lisa
Rees.Huw
Reilly.Gerard
Rizzeri.Jerry
Roake.Michael
Ruckman.Rob
Rudofker, Beth
Ruiz.WilliamH
Russo.Thomas
Sapia.Joseph
Schreiber.Russell
Sciacca.Brian
Seery.James
Servidio.Lawrence
Shafir, Mark
Shah.Amit
Shapiro, Mark
Sherr, David
Shotton, Paul
Singh.Harlin
Snell.Scott
Song.LingFeng
Spero.Charles
Stabenow.Sigrid
Stephenson.Ros
Stewart.Marie
Stucchio.Anthony
Sullivan.Melissa
Sullivan.Tim
Sutherland.Erika
Sweely.Gordon
Telmer.Colin
Tham.John
Tonucci, Paolo
Traversari.Ryan
Tuosto.John
Umezaki, Kentaro
Uttam.Abhinav
Vecchio, Laura
VergelDeDios.John
Vongsa.Dala
Walenczyk.William
Walker.George
Walsh.Mark
Wang.RobertoY
Watson.Chuck
Weber.Mark
Weiss.Jeff
Welikson, Jeffrey
Wenig.Barbara
Wickham.John
Wieseneck.Larry
Wind.Thomas
Wise.Monique
Wong.Kristie
Yeleswarapu.Sudarsana
Yeung, Andrew
Zakian.Paul
Zusy.MarkL
Exhibit5.3
WEIL, GOTSHAL& MANGES

LLP
AUSTIN
767 FIFTH A V E N U E
BOSTON
N E W YORK. N Y I 0 1.53
( 2 12) 3 1 0 - 8 0 0 0
FAX: ( 2 12) 3 1 0 - 8 0 0 7
BRUSSELS
BUDAPEST
DALLAS
FRANKFURT
HOUSTON
LONDON
MIAMI
MUNICH
PARIS
PRAGUE
PROVIDENCE
SHANGHAI
S I L I C O N VALLEY
JONATHAN D. POLKES
DIRECT LINE (21 2) 3 10-8881
May 26,2009
E-MAIL: ~omrhan.polker@weil.com
SINGAPORE
WARSAW
W A S H I N G T O N . D.C.
BY FEDEX AND E-MAIL

Robert L. Byman
Jenner & Block LLP
330 N. Wabash Avenue
Chicago, IL 606 1 1-7603
Re:
Lehman Brothers Holdings Inc., Document

Protocols in Examiner Investigation
Dear Bob:
We write to memorialize our previous discussions concerning (1) the
Examiner's disclosure of documents produced by Lehman and (2) the protocols related to
Lehman's "claw-back" of privileged documents inadvertently produced to the Examiner
by Lehman.
The Examiner has sought a large volume of documents and information
and asked Lehman to expedite this production. Accordingly, Lehman and the Examiner
have agreed to supplement the Stipulation entered into between the parties and ordered
by the Bankruptcy Court on January 9, 2009 (the "January 9 Stipulation") as set forth
below.
Pursuant to the January 9 Stipulation, Lehman's production of any
documents and information ("Shared Information") subject to a claim of confidentiality,
attorney-client privilege, attorney work product, or any other privilege is not a waiver of
any claim of privilege, confidentiality, or other protection with respect to that or any
other Shared Information. In the event that privileged or protected Shared Information is
inadvertently produced to the Examiner, Lehman shall notify the Examiner in writing.
Robert L. Byman, Esq.

May 26,2009
Page 2
The Examiner shall promptly collect all copies of protected or privileged Shared
Information and return them to Lehman, or shall inform Lehman in writing that all copies
of such material have been deleted or destroyed.
If, in the course of the Examiner's own review of Shared Information, the
Examiner identifies material for which it believes a valid privilege may exist, the
Examiner shall promptly notify Lehman. The Examiner shall collect all copies of the
privileged Shared Information and return them to Lehrnan, or shall inform Lehman in
writing that all copies of such material have been deleted or destroyed.
Pursuant to paragraph 16 of the Preliminary Work Plan of Anton R.
Valukas, Examiner, February 17, 2009 (the "Preliminary Work Plan"), and as previously
agreed with you, the Examiner may make Shared Information publicly available through
a document depository "subject to redactions for applicable privileges and confidences."
Accordingly, the Examiner shall notify Lehman at least thirty (30) days prior to making
Shared Information available to interested third parties through a document depository.
Notwithstanding paragraph 5 of the January 9 Stipulation, Lehman and the
Examiner agree that the January 9 Stipulation does not preclude the Examiner from
disclosing Shared Information to current or former Lehman employees, and their counsel,
in connection with interviews of current or former Lehman employees related to the
Examiner's investigation ("Employee Interviews"). The Examiner shall request that all
copies of Shared Information disclosed in Employee Interviews are returned to the
Examiner at the end of the interview.
Finally, Lehrnan and the Examiner will each designate a person or persons
to coordinate the clawback of Shared Information pursuant to the protocols set forth
herein.
The agreements memorialized herein shall apply to the production and
disclosure of all Shared Information, whether produced or disclosed before or after the
date of this letter.
Please feel free to contact me should you have any questions concerning
the above.
~ona$an D. Polkes
Exhibit5.4
B254 (Form 254 Subpoena for Rule 2004 Examination) (12/07)
UNITED STATES BANKRUPTCY COURT

Southern
Inc., et al.,
In re Lehman Brothers Holdings
,
Debtor
SUBPOENA FOR RULE 2004 EXAMINATION

Case No.*
To:
ABN AMRO Securities (USA) Inc.

Park Avenue Plaza
55 E 52nd St.
New York, NY 10055
New York
District of
Chapter
08-13555
11 (jointly administered)
G YOU ARE COMMANDED to appear and testify at an examination under Rule 2004, Federal Rules of Bankruptcy Procedure, at the place,
date, and time specified below. A copy of the court order authorizing the examination is attached.
PLACE OF TESTIMONY
DATE AND TIME
x YOU ARE COMMANDED to produce and permit inspection and copying of the following documents or objects at the place, date, and
G
time specified below (list documents or objects):
See attached rider.
PLACE
DATE AND TIME
Jenner & Block LLP

919 3rd Avenue, 37th Floor
New York, NY 10022-3908
August 24, 2009
ISSUING OFFICER SIGNATURE AND TITLE
DATE
August 11, 2009
ISSUING OFFICERS NAME, ADDRESS, AND PHONE NUMBER
Robert L. Byman
Jenner & Block LLP
919 Third Avenue, 37th Floor
New York NY 10022-3908
(312) 923-2679
* If the bankruptcy case is pending in a district other than the district in which the subpoena is issued, state the district under the case number.
PROOF OF SERVICE
DATE
PLACE
SERVED
SERVED ON (PRINT NAME)
MANNER OF SERVICE
SERVED BY (PRINT NAME)
TITLE
DECLARATION OF SERVER
I declare under penalty of perjury under the laws of the United States of America that the foregoing information contained in the Proof
of Service is true and correct.
Executed on
DATE
SIGNATURE OF SERVER
ADDRESS OF SERVER
Rule 45, Federal Rules of Civil Procedure, Subdivisions (c), (d), and (e), as amended on December 1, 2007, made applicable in cases under the Bankruptcy Code by Rule 9016,
Federal Rules of Bankruptcy Procedure:
(c) Protecting a Person Subject to a Subpoena.
(1) Avoiding Undue Burden or Expense; Sanctions. A party or attorney responsible for
issuing and serving a subpoena must take reasonable steps to avoid imposing undue burden or
expense on a person subject to the subpoena. The issuing court must enforce this duty and impose an
appropriate sanction which may include lost earnings and reasonable attorney's fees on a party
or attorney who fails to comply.
(2) Command to Produce Materials or Permit Inspection.
(A) Appearance Not Required. A person commanded to produce documents,
electronically stored information, or tangible things, or to permit the inspection of premises, need not
appear in person at the place of production or inspection unless also commanded to appear for a
deposition, hearing, or trial.
(B) Objections. A person commanded to produce documents or tangible things or
to permit inspection may serve on the party or attorney designated in the subpoena a written
objection to inspecting, copying, testing or sampling any or all of the materials or to inspecting the
premises or to producing electronically stored information in the form or forms requested. The
objection must be served before the earlier of the time specified for compliance or 14 days after the
subpoena is served. If an objection is made, the following rules apply:
(i) At any time, on notice to the commanded person, the serving party
may move the issuing court for an order compelling production or inspection.
(ii) These acts may be required only as directed in the order, and the
order must protect a person who is neither a party nor a party's officer from significant expense
resulting from compliance.
(3) Quashing or Modifying a Subpoena.
(A) When Required. On timely motion, the issuing court must quash or modify a
subpoena that:
(i) fails to allow a reasonable time to comply;
(ii) requires a person who is neither a party nor a party's officer to travel
more than 100 miles from where that person resides, is employed, or regularly transacts business in
person except that, subject to Rule 45(c)(3)(B)(iii), the person may be commanded to attend a
trial by traveling from any such place within the state where the trial is held;
(iii) requires disclosure of privileged or other protected matter, if no
exception or waiver applies; or
(iv) subjects a person to undue burden.
(B) When Permitted. To protect a person subject to or affected by a subpoena, the
issuing court may, on motion, quash or modify the subpoena if it requires:
(i) disclosing a trade secret or other confidential research, development,
or commercial information;
(ii) disclosing an unretained expert's opinion or information that does
not
describe specific occurrences in dispute and results from the expert's study that was not requested by
a party; or
(iii) a person who is neither a party nor a party's officer to incur
substantial expense to travel more than 100 miles to attend trial
(C) Specifying Conditions as an Alternative. In the circumstances described in
Rule 45(c)(3)(B), the court may, instead of quashing or modifying a subpoena, order appearance or
production under specified conditions if the serving party:
(i) shows a substantial need for the testimony or material that cannot be
otherwise met without undue hardship; and
(ii) ensures that the subpoenaed person will be reasonably compensated.
(d) Duties in Responding to a Subpoena.

(1) Producing Documents or Electronically Stored Information. These procedures apply
to producing documents or electronically stored information:
(A) Documents. A person responding to a subpoena to produce documents must
produce them as they are kept in the ordinary course of business or must organize and label them
to correspond to the categories in the demand.
(B) Form for Producing Electronically Stored Information Not Specified. If a
subpoena does not specify a form for producing electronically stored information, the person
responding must produce it in a form or forms in which it is ordinarily maintained or in a
reasonably usable form or forms.
(C) Electronically Stored Information Produced in Only One Form. The person
responding need not produce the same electronically stored information in more than one form.
(D) Inaccessible Electronically Stored Information. The person responding
need not provide discovery of electronically stored information from sources that the person
identifies as not reasonably accessible because of undue burden or cost. On motion to compel
discovery or for a protective order, the person responding must show that the information is not
reasonably accessible because of undue burden or cost. If that showing is made, the court may
nonetheless order discovery from such sources if the requesting party shows good cause,
considering the limitations of Rule 26(b)(2)(C). The court may specify conditions for the
discovery.
(2) Claiming Privilege or Protection.
(A) Information Withheld. A person withholding subpoenaed information
under a claim that it is privileged or subject to protection as trial-preparation material must:
(i) expressly make the claim; and
(ii) describe the nature of the withheld documents, communications,
or
tangible things in a manner that, without revealing information itself privileged or protected, will
enable the parties to assess the claim.
(B) Information Produced. If information produced in response to a subpoena is
subject to a claim of privilege or of protection as trial-preparation material, the person making the
claim may notify any party that received the information of the claim and the basis for it. After
being notified, a party must promptly return, sequester, or destroy the specified information and
any copies it has; must not use or disclose the information until the claim is resolved; must take
reasonable steps to retrieve the information if the party disclosed it before being notified; and may
promptly present the information to the court under seal for a determination of the claim. The
person who produced the information must preserve the information until the claim is resolved.
(e) Contempt.
The issuing court may hold in contempt a person who, having been served, fails without adequate
excuse to obey the subpoena. A nonparty's failure to obey must be excused if the subpoena
purports to require the nonparty to attend or produce at a place outside the limits of Rule
45(c)(3)(A)(ii).

DOCUMENTRIDER
PursuanttoFed.R.Civ.P.45,Fed.R.Bankr.P.2004andtheCourtsFebruary11,
2009Order(Order,attachedheretoasExhibitA),AntonR.Valukas,Esq.,the
appointedExaminerforLehmanBrothersHoldings,Inc.(LBHI)anditsaffiliated
debtors(Debtors),throughcounsel,herebyrequeststhatyouproducethedocuments
describedbelowforinspectionandcopyingattheofficesofJenner&BlockLLP,919
ThirdAvenue,NewYork,NY100223908onAugust24,2009at10:30a.m.
INSTRUCTIONS
1.
DocumentshouldbeinterpretedasbroadlyaspermittedbytheFederalRules
ofCivilProcedureandincludesalltangiblethingsandelectronicallystored
information.Anytermsintheserequestsshouldlikewisebeinterpretedas
broadlyaspossible.Referencestoentitiesshouldbeinterpretedbroadlyto
includethenamedentityanditsaffiliates,parents,subsidiaries,officers,
directors,employeesandagents.
2.
AsdirectedbytheOrder,ifyouwithholdanydocumentsfromtheproduction
baseduponaclaimofprivilege,provideExaminerscounselwithaprivilegelog
containingtheinformationrequiredunderFed.R.Bank.P.7026withinten(10)
daysofserviceoftheforegoingsubpoena.
REQUESTS
Please produce documents responsive to the below requests for May 1, 2008 to
September30,2008.
1.
Pleaseproducedocumentsthatconcern,discuss,evaluateoranalyzeshort
selling,includingshortingornakedshortsellingofthestockofLBHIoranyofits
affiliates,oranyactual,reported,orrumoredbasisforsuchshortselling,
By:/s/RobertL.Byman
RobertL.Byman
JENNER&BLOCKLLP
919ThirdAvenue,37thFloor
NewYork,NewYork100223908
Telephone:(212)8911600
Facsimile:(212)8911699
330NorthWabashAvenue
Chicago,Illinois606117603
AttorneysfortheExaminer
EXHIBITA

SOUTHERN DISTRICT OF NEW YORK
------------------------------------------------------------------------x
In re
Chapter 11 Case No.
LEHMAN BROTHERS HOLDINGS INC., et al.,
08-13555 (JMP)
Debtors.
(Jointly Administered)
---------------------------------------------------------------------- x
ORDER GRANTING EXAMINER'S MOTION DIRECTING THE PRODUCTION OF
DOCUMENTS AND AUTHORIZING THE EXAMINATIONS OF THE DEBTORS'
CURRENT AND FORMER OFFICERS, DIRECTORS AND
EMPLOYEES, AND OTHER PERSONS AND ENTITIES
Upon the Motion of Anton R. Valukas (the "Examiner") for an Order Directing the
Production of Documents and Authorizing the Examination of the Debtors' Current and Former
Officers, Directors and Employees, and Other Persons and Entities (the "Motion"); and the Court
having reviewed the Motion and the exhibits submitted in support; and the Court being satisfied
that adequate notice of the Motion has been provided in accordance with the procedures set forth in
the order entered September 22, 2008 governing case management and administrative procedures
[Docket # 285] (i) to the Court; (ii) counsel for the Debtors;' (iii) the U.S. Trustee; (iv) counsel for
the Official Committee of Unsecured Creditors; (v) counsel for the Debtors' postpetition lenders;
(vi) the Securities and Exchange Committee; (vii) the Internal Revenue Service; (viii) the United
States Attorney for the Southern District of New York; (ix) any person with a particularized
interest in the subject matter of the Motion; and (x) all parties who have requested notice in these
Chapter 11 Cases; and (xi) it appearing that no other or further notice of the Motion need be
provided; and after due deliberation and sufficient cause appearing therefor; it is hereby
ORDERED
' Capitalized terms not otherwise defined shall have the meaning ascribed to them in the Motion.
1.
The Motion is granted.
2.
The Examiner is authorized, pursuant to Bankruptcy Rule 2004, to issue such
subpoenas as may be necessary to compel the production of documents and the testimony of
Witnesses in connection with the Examiner's Investigation.
3.
The Examiner shall serve each subpoena and a copy of this Order on the target of
the subpoena, with copy to (i) the Debtor; (ii) the Securities and Exchange Commission; (iii) the
Internal Revenue Service; (iii) the SIPA Trustee; and (iv) the United States Attorney for the
Southern District of New York.
4.
As directed in 8 of the Examiner Order, the Examiner shall cooperate fully with
any government agencies including, but not limited to, any Federal, state or local government
agency that currently or in the future may be investigating the Debtors, their management or their
financial condition, and the Examiner shall use best efforts to coordinate with such agencies in
order to avoid unnecessary interference with, or duplication of, any investigations conducted by
such agencies. The Examiner will follow a protocol to be established with the governmental
agencies for the sharing of information to the extent that such sharing benefits the Debtors' estates,
and such sharing of information shall be subject to appropriate conditions to protect the Debtors'
estates.
5.
The Examiner shall file with the Court an affidavit or declaration of service
for each subpoena he serves.

6.
Unless otherwise agreed to by the Examiner, Witnesses shall have ten (10) days
from the service of a subpoena to either (1) produce to the Examiner all responsive documents
requested in the Examiner's subpoena, except as provided in 7 infra; or (2) file with the
Bankruptcy Court an objection or response to the subpoena, with a hearing promptly scheduled.
7.
Unless otherwise agreed by the Examiner, if a Witness withholds any documents
from the production based upon a claim of privilege, such Witness is directed to provide counsel
for the Examiner with a privilege log, containing the information required under Bankruptcy Rule
7026, within ten (10) days of the service of a subpoena upon the Witnesses.
8.
The Witness is directed to submit to oral examination upon reasonable notice and,
absent other agreement with the Examiner, in no event more than fifteen (15) days from the date of
service of a deposition subpoena upon such Witness
9.
Nothing herein limits the substantive rights of Witnesses or other parties
under applicable law to object to or oppose any subpoena the Examiner may serve.
10.
This Court shall retain jurisdiction to resolve any disputes arising or related to this
Order including any discovery disputes that may arise between or among the parties and to
interpret, implement and enforce the provisions of this Order.
11.
In accordance with Bankruptcy Rules 2004 and 9016, the Clerk of this Court
shall issue subpoenas, signed but otherwise in blank, as requested by the Examiner.
12.
This Order is without prejudice to the Trustee's right to file further motions seeking
additional documents and testimony pursuant to Bankruptcy Rule 2004(a) or any other applicable
law.
Dated: February 11, 2009
New York, New York
/s/ James M. Peck_____________________
UNITED STATES BANKRUPTCY JUDGE
16254 (Form 254 - Subpoena for Rule 2004 Examination) (I2/03)

District of
Southern
In re Lehman Brothers Ho1d1r}gs, Inc., et al.,

Debtor
Korea Development Bank

32nd Floor
Mutual of America Life Insurance Bldg.
320 Park Ave., New York, V`. 10022
To:
New York
Case No."
08-13555lJMP
Chapter
I1 (Jointly Administered)
cot Louis M. Solomon

Dechert LLP
1095 Avenue of the Americas
New York, NY 10036
YOU ARE COMMANDED to appear and testify at an examination under Rule 2004, Federal Rules of Bankruptcy Procedure, at the place,
DATE AND TIME
PLACE OF TESTIMONY
YOU ARE COMMANDED to produce and permit inspection and copying of the following documents or objects at the place, date, and
See attached rider
DATE AND TIME
PLACE
Jenner & Block LLP

New York, NY 10022-3908
1SF
ER SIGNATURE
August 7, 2009
DATE
D TITLE
July 28, 2009
ISSUING OFFICER'S NAME, ADORES
D PHONE NUMBER Robert L. Byron

Jenner & Block LL
919 ?laird
__
Iv
If the
er
13254 (Form 254 Subpoena for Rule 2004 Examination) (12107)
PROOF OF SERVICE
DATE
PLAC
SERVED
MANNER OF SERVIC
SERVED DV (PRINT
TITLE
NAME
Executed on
SIGNATURE OF SERVER
DATE
ADDRESS OF SERVER
(I) Avoiding Undue Burden or Expense; Sanctions. A party or attorney responsible for
issuing and serving a subpoena must take reasonable steps to avoid unposing undue burden or
espouse on a person subject to the subpoena. The issuing court roust enforce this duty and impose an
appropriate sanction --- which may include lost earnings and reasonable attorney 's fees on a patty
(2) Command to Produce Materials or Permit Inspection,
electronically stored information, or tangible things, or to permit the inspeetton of premises, need not
deposition, nearing, or trial.
(13) Objections. A person commanded to produce documents or tangible things or
to permit inspection may serve on the party or attorney designated in the subpoena a wr i tten
objection to Inspecting, copying, testing or sampling, any or all of the materials or to inspecting the
subpoena is served. If an objection le made, the following riles apply:
(ii) These acts tinny be required only as directed in the order, and the
resulting front compliance,
(3) Quashing or Modifying a Subpoena
subpoena that:
(ii) requires a person who is neither a party nor a parry's officer to travel
more than 1 00 ogles from where that person resides, is employed, or regularly transacts business in
person except that, subject to Rule 45(c)(3)(13)(iii), the person may be commanded to attend a
trial by rraveiing from any such place within tine state where the trial is held;
(B) When I'e:ntitted. To protect a person subject to or affected by a subpoena, the
issuing court may, an motion, quash or modify the subpoena if ;t requires:
(i) disclosing a trade secret sr other confidential research, development,
or tom:: rerciai information;
.,p aion or i ;forma t.n that does
(i) disclosing an t. v
r
fie occurrences in dispute and results
suhsro:tet.: e
Emit
the expert's study that was not requested by
(iii) a person who is neither a party nor a party 's officer to incur
rinse to travel more than 100 miles to attend trial
she mm1 may. instead of gtushing or modifying a subpoena, ender eb.t-on emir or
_t .,:rag party:
ed car rich, tierrs
l need for tine tostimem .
u It

(I) Producing Documents or Electronically Stored Information. These procedures apply
to producing'jnoumenta or electronically stored information:
(13) Form for Producing Electronically Stored lnfortnation Not Specified, if a
subpoena does not specify a form for producing electronically stored infoematton, the person
(C) Electronically Stored Information Produced in Only One Farm. The person
responding need not produce the same electronically stored infomtation in more than one form.
(D) Inaccessible Electronically Stored Infonnstion. The person responding
identifies as not reasonably accessible because of undue burden or cost, On motion to compel
discovery or for a protective order, the person responding most show that the information is not
reasonably accessible because of undue burden or cost. if that showing is made, the court may
nonetheless order discovery from stitch sources if the requesting parry shows good cause,
discovery.
(A) Information Withheld. A person withholding subpoenaed inform anon
under a claim that it is privileged or subject to protection as trial-preparation material roust:
(ii) describe the nature of the withheld documents. cemmunica:rons,
or
enable the patties to assess the claim.
(8) ltiferrnatien Produced. If information produced in response to a subpoena is
subject to a claim of privilege or of protection as trial-preparation materiel, the Iseraon making the
bring notified, a party most promptly return, sequester, or dealroy the specified tnforntstion and
reasonable steps to retrieve the information if the party disclosed it before bring notified; anti may
promptly present the interaction to the court under seal fora determine on of the claim T .be
person who produced she information most preset ve the information not the claim is resolved.
4e) Contempt.
g beer. mere, is w tout adequate
The issuing court may hold in contempt a ;'re
subpoena
- art be eie:eare
excuse to obey the s r a ' b p o e ra..A nonpa.t s inre ,
purports to require the nonparty to attend or prod -_e at a place outside tr iirn.ra of Rule
45(c?(3)(A)(it).
DOCUMENT RIDER
Pursuant to Fed. R. Civ. P. 45, Fed. R. Bankr. P. 2004 and the Court's February 11,
2009 Order ("Oder," attached hereto as Exhibit A), Anton R. Valukas, Esq., the
appointed Examiner for Lehman Brothers Holdings, Inc. ("LBHI") and its affiliated
debtors ("Debtors"), through counsel, hereby requests that you produce the documents
described below for inspection and copying at the offices of Jenner & Block LLP, 919
Third Avenue, New York, NY 10022-3908 on August 7, 2009 at 10:30 a.m.
INSTRUCTIONS
1.
"Document" should be interpreted as broadly as permitted by the Federal Rules

of Civil Procedure and includes all tangible things and electronically stored
information. Any terms in these requests should likewise be interpreted as
broadly as possible. References to entities should be interpreted broadly to
include the named entity and its affiliates, parents, subsidiaries, officers,
directors, employees and agents.
2.
As directed by the Order, if you withhold any documents from the production
based upon a claim of privilege, provide Examiner's counsel with a privilege log
containing the information required under Fed. R. Bank. P. 7026 within ten (10)
days of service of the foregoing subpoena.
REQUESTS
Please provide any documents or information concerning the potential

acquisition by KDB (either acting alone, or as part of a consortium) of either LBHI,
Lehman Brothers Inc. ("LBI") or Neuberger Berman, or any of the assets, divisions,
departments, groups, parts or subsidiaries belonging to any of them (the "target
entities") including but not limited to:
All communications between Korea Development Bank and LBHI, LBI or any
other Lehman entity in connection with the potential investment in or acquisition
of any of the target entities.
2.
All analyses or reports created by or at the request or direction of Korea

Development Bank concerning the financial condition or the valuation of any
assets and/or liabilities of any of the target entities.
3.
All documents reflecting communications with KDB's regulators regarding

KDB's potential investment in or acquisition of the target entities.
4.
All communications within KDB or between or among KDB and other

consortium members regarding the potential investment in or acquisition of the
target entities.
5.
All communications between or among KDB and Perella Weinberg or JR

Morgan in their roles as strategic advisors to KDB with respect to the potential
investment in or acquisition of the target entities.
By:
Is/ Robert L. Byman
Robert L. Byman
JENNER & BLOCK LLP

New York, New York 10022-3908
Telephone: (212) 891-1600
Facsimile: (212) 891-1699
330 North Wabash Avenue
Chicago, Illinois 60611-7603
Telephone: (312) 222-9350
Facsimile: (312) 527-0484
Attorneys for the Examiner
EXHIBIT A
1782

y
In re
Chapter 11 Case No.
08-13555 (JMP)
Debtors.
x

EMPLOYEES,ANDOTHERPERSONS AND ENTITIES
that adequate notice of the Motion has been provided in accordance with the procedures set forth i
[Docket # 285] (i) to the Court; (ii) counsel for the Debtors; (iii) the U.S. Trustee; (iv) counsel for
the Official Committee of Unsecured Creditors; (v) counsel for the Debtors' post-petition lenders;
ORDERED
terms not otherwise defined shall have the meanin
to th ,rim in the Motion .

3.
4.
As directed in '11 8 of the Examiner Order, the Examiner shall cooperate fully with
agencies for the sharing of infotuiation to the extent that such sharing benefits the Debtors' estates,
estates.
5.

6.
7.
8.
9.
10.
11.
12.
law.
New York, New York
is/ James M. Peck

District of
Southern
In re Lehman Brothers Holdings,

,
Inc., et al.,
Debtor

Case No.*
To:
Lazard Ltd.
30 Rockefeller Place
New York, NY 10020
New York
Chapter
08-13555 (JMP)
11 (Jointly Administered)
PLACE OF TESTIMONY
DATE AND TIME
GX YOU ARE COMMANDED to produce and permit inspection and copying of the following documents or objects at the place, date, and
See attached rider.
PLACE
Jenner & Block LLP
DATE AND TIME
August 20, 2009
New York, NY 10022-3908
DATE
August 10, 2009

Robert L. Byman
Jenner & Block LLP
(312) 923-2679
PROOF OF SERVICE
DATE
PLACE
SERVED
MANNER OF SERVICE
TITLE
Executed on
DATE
SIGNATURE OF SERVER
ADDRESS OF SERVER
subpoena that:
not
a party; or

discovery.
or
(e) Contempt.
45(c)(3)(A)(ii).

DOCUMENTRIDER
2009Order(Oder,attachedheretoasExhibitA),AntonR.Valukas,Esq.,the
INSTRUCTIONS
1.
2.
REQUESTS
September30,2008.
1.
Please produce documents that concern, discuss, evaluate or analyze
potential mergers with, spin offs of, investments in, or acquisitions of any assets,
divisions, departments, groups, parts, or subsidiaries of, LBHI or its affiliates by any
otherentity.
By:/s/RobertL.Byman
RobertL.Byman
1786309
JENNER&BLOCKLLP
2
1786309
EXHIBITA
3
1786309

------------------------------------------------------------------------x
In re
Chapter 11 Case No.
08-13555 (JMP)
Debtors.
---------------------------------------------------------------------- x
ORDERED
1.
2.
3.
4.
estates.
5.

6.
7.
8.
9.
10.
11.
12.
law.
New York, New York
/s/ James M. Peck_____________________

Southern
In re Lehman Brothers Holdings ,Inc., et al.,

Debtor
District of

Case No.*
To:
Perella Weinberg Partners LP

767 Fifth Avenue
New York, NY 10153
New York
08-13555
Chapter 11 (jointly administered)
PLACE OF TESTIMONY
DATE AND TIME
x YOU ARE COMMANDED to produce and permit inspection and copying of the following documents or objects at the place, date, and
G
See attached rider.
PLACE
DATE AND TIME
Jenner & Block LLP

919 3rd Avenue, 37th Floor
New York, NY 10022-3908
August 24, 2009
DATE
August 11, 2009
Robert L. Byman
Jenner & Block LLP
(312) 923-2679
PROOF OF SERVICE
DATE
PLACE
SERVED
MANNER OF SERVICE
TITLE
Executed on
DATE
SIGNATURE OF SERVER
ADDRESS OF SERVER
subpoena that:
not
a party; or

discovery.
or
(e) Contempt.
45(c)(3)(A)(ii).

DOCUMENTRIDER
2009Order(Order,attachedheretoasExhibitA),AntonR.Valukas,Esq.,the
INSTRUCTIONS
1.
2.
REQUESTS
September30,2008.
1.
Please produce documents that concern, discuss, evaluate or analyze
potential mergers with, investments in, or acquisitions of any assets, divisions,
departments, groups, parts, or subsidiaried of LBHI or any of its affiliates by Korea
DevelopmentBank,HanaFinancialGroup,oranyotherentity.
By:/s/RobertL.Byman
RobertL.Byman
JENNER&BLOCKLLP
EXHIBITA

------------------------------------------------------------------------x
In re
Chapter 11 Case No.
08-13555 (JMP)
Debtors.
---------------------------------------------------------------------- x
ORDERED
1.
2.
3.
4.
estates.
5.

6.
7.
8.
9.
10.
11.
12.
law.
New York, New York
/s/ James M. Peck_____________________

District of
Southern
In re
Lehman Brothers Holdings,

Inc., et al.
,
New York
Debtor
Case No.*
To:
Tishman Speyer
Rockefeller Center
45 Rockefeller Plaza
New York, NY 10111
Chapter
08-13555 (JMP)
11 (Jointly Administered)
cc: David Bryan

Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
PLACE OF TESTIMONY
DATE AND TIME
X YOU ARE COMMANDED to produce and permit inspection and copying of the following documents or objects at the place, date, and
G

See attached rider.
PLACE
DATE AND TIME
Jenner & Block LLP

919 Third Avenue 37th Floor
New York, NY 10022-3908
August 24, 2009, 10:30 a.m.
DATE
August 13, 2009

Robert L. Byman
Jenner & Block LLP
919 Third Avenue 37th Floor
New York, NY 10022-3908
(312) 923-2679
PROOF OF SERVICE
DATE
PLACE
SERVED
MANNER OF SERVICE
TITLE
Executed on
DATE
SIGNATURE OF SERVER
ADDRESS OF SERVER
subpoena that:
not
a party; or

discovery.
or
(e) Contempt.
45(c)(3)(A)(ii).
DOCUMENT RIDER
Pursuant to Fed. R. Civ. P. 45, Fed. R. Bankr. P. 2004 and the Courts February 11,
2009 Order (Order, attached hereto as Exhibit A), Anton R. Valukas, Esq., the
appointed Examiner for Lehman Brothers Holdings, Inc. (LBHI) and its affiliated
debtors (Debtors), through counsel, hereby requests that you produce the documents
described below for inspection and copying at the offices of Jenner & Block LLP, 919
Third Avenue, New York, NY 10022-3908 on August 24, 2009 at 10:30 a.m.
INSTRUCTIONS
1.
Document should be interpreted as broadly as permitted by the Federal Rules

of Civil Procedure and includes all tangible things and electronically stored
information. Any terms in these requests should likewise be interpreted as
broadly as possible. References to entities should be interpreted broadly to
include the named entity and its affiliates, parents, subsidiaries, officers,
directors, employees and agents.
2.
As directed by the Order, if you withhold any documents from the production
based upon a claim of privilege, provide Examiners counsel with a privilege log
containing the information required under Fed. R. Bank. P. 7026 within ten (10)
days of service of the foregoing subpoena.
REQUESTS
1.
For the period between January 1, 2007 and October 1, 2008, all documents
relating to the risk analysis and valuation of Archstone-Smith Real Estate
Investment Trust (Archstone) and/or assets owned or controlled by it,
including, but not limited to valuations, analyses, business plans, forecasts, and
projections which were performed by you or any third-party, as well as all
documents reflecting any decrease in the market value of Archstone and/or
assets owned or controlled by it.
2.
relating to the formulas, processes, methodologies, and procedures that you or
any third-party used in valuing Archstone-Smith Real Estate Investment Trust
and/or assets owned or controlled by it.
3.
concerning any agreements between you and any third-parties, including LBHI
(and any subsidiaries or affiliates thereof) relating to Archstone-Smith Real
Estate Investment Trust, including, but not limited to, term sheets, letters of
intent, commitment letters, and contracts.
4.
For the period between January 1, 2006 and October 1, 2008, please produce all
correspondence, including e-mails, concerning: (1) agreements between you and
any third-parties relating to Archstone-Smith Real Estate Investment Trust
(Archstone); and (2) risk analysis, liquidity analysis, and valuation of
Archstone and/or assets owned or controlled by it.
5.
For the period between May 1, 2007 and October 31, 2007, all communications
between you (including any of your agents, affiliates, or subsidiaries) and LBHI
(including any agents, affiliates, or subsidiaries thereof) relating to: (1) LBHIs
right to terminate its transaction to acquire Archstone-Smith Trust; and (2) any
discussions concerning altering the terms of the transaction between you and
LBHI relating to Archstone-Smith Trust.
6.
For the period between May 1, 2007 and October 31, 2007, all internal
communications within your company (including communications within,
between, or among any of your agents, affiliates, or subsidiaries) relating to: (1)
LBHIs right to terminate its transaction to acquire Archstone-Smith Trust; and
(2) any discussions concerning altering the terms of the transaction between you
and LBHI relating to Archstone-Smith Trust.
7.
For the period January 1, 2007 and September 15, 2008, all documents, including
emails, regarding or reflecting discussions with LBHI (including any affiliates or
subsidiaries thereof) relating to potential transactions between you and LBHI
which were considered but never consummated.
8.
For the period January 1, 2006 and October 31, 2007, all documents, including
emails, relating to the negotiation with LBHI (including any affiliates or
subsidiaries thereof) to purchase or acquire an interest in Archstone-Smith Real
Estate Investment Trust and/or assets owned or controlled by it.
By: /s/ Robert L. Byman

Robert L. Byman
JENNER & BLOCK LLP

New York, New York 10022-3908
Telephone: (212) 891-1600
Facsimile: (212) 891-1699
330 North Wabash Avenue
Chicago, Illinois 60611-7603
Telephone: (312) 222-9350
Facsimile: (312) 527-0484
Attorneys for the Examiner
EXHIBIT A

------------------------------------------------------------------------x
In re
Chapter 11 Case No.
08-13555 (JMP)
Debtors.
---------------------------------------------------------------------- x
ORDERED
1.
2.
3.
4.
estates.
5.

6.
7.
8.
9.
10.
11.
12.
law.
New York, New York
/s/ James M. Peck_____________________
Exhibit5.5
Robert
Byman
Digitally signed by Robert Byman

DN: cn=Robert Byman, o, ou,
email=rbyman@jenner.com, c=US
Date: 2009.04.28 13:12:41 -04'00'
Robert Byman
Digitally signed by Robert Byman

DN: cn=Robert Byman, o, ou,
email=rbyman@jenner.com, c=US
Date: 2009.04.28 17:56:52 -04'00'
APPENDIX6:LEHMANSYSTEMS
Appendix6waspreparedbyDuff&PhelpsandisreferencedinSectionII.Cof
the Report. Exhibit 1 details Lehmans systems that the Examiner understands to be
maintained by Barclays, and Exhibit 2 details all systems to which the Examiner was
grantedordeniedaccess.
Exhibit1
ListofLehmanSystemsandSoftware
1.
1099Etc
29. AffiliatedIssuerTesting
2. FQuarterlyLoad
30. AffirmReporting
3. 13FReports
4. 75daypopupwindowon
LehmanLiveforPersonalContact
Informationverification
31. AGEdwardsGIMIIWeb
5. AAPS
34. AIMSMAINFRAMEJOBS
6. ABC
35. AIMSMAINFRAMEJOBS
7. ABCDS
36. AirTrafficControlOptimizer
8. ABCDSCMBX
37. AirTrafficControlReportsLibrary
9. ABSCMBSModels
38. AirDefense
10. AccessReviewTool
39. AlertUserInterface
11. AccountAffirmations
40. ALFIE
32. AICashMovement
33. AIMRReturnandComposite
Database
12. AccountInquiry
41. Alg
13. AccountScorecard(EQ)
42. Alphablox
14. Ace
43. AMB
15. ACL
44. AMBDBSPost
16. ActiveDirectory
45. AMBSubLedger
17. Actum
46. AMM
18. ADB
47. AMMFlow
19. AdminSystemforADS
48. AMMAExcelTemplate
20. AdmiralDocs
49. AMS(ADAM)
21. ADP
50. AnalysisServices2005Farm
22. ADPBroadcastWebService
23. ADPCheckandWireSystems
51. AnalysisServicesFarmRingFenced
24. ADPTaxService
52. AnnouncementManager
25. ADPBridge(*)
53. Antivirus(SAV)
26. ADPWilco
54. APB
27. ADSARTISTDataServices
55. Appia
28. AdvantageDatabaseServer
56. AppiaandTradescope
2
57. ApplicationPackagingFramework
89. AspectsARTSISIS
58. ApprovalEngine
90. Aspire
59. AppVault
91. AssentisDocBase
60. AQITAS
92. AssentisDocRepo
61. Aquracy
93. AssetCalculationTool(ACT)
62. Archibus
94. AssetDefaultTMS3.7
63. ArchibusWebCentral
95. AssetMaintenanceTMS3.7
64. Arcsight
96. AssetManagement
65. Argus(BusinessPortal)
97. AssetSetupWebService
66. ARMS
98. AssetAdvisor
67. ArrivalforWindows
99. Astrid
68. ARSAccounts
100.ASXGWs
69. ARSClientPortal
101.Athena
70. ARSMiddleOfficeDataManagement
102.AttachmateDST
71. ARSProductManager
103.AttributionandCoverageSystem
72. ARSReporting
104.AUReportingDatabase
73. ARSWhittakerGarnier
105.AUReportingETL
74. ArtSystemGlobal
106.AUReportingTransactionProcessor
75. ASA
107.AUTransactionDatabase
76. ASAP
108.AuditCommentTracking
77. ASAPMailer
79. AsiaEquitiesCCAppia
109.AURQCQuantum
110.AuroraFinalDocsTransmittal
System
80. AsiaEquitiesCCMETSII
111.AuroraLTSDatabase
81. AsiaEquitiesCCRADIX/FIXOM
112.AuroraLTSETL
82. AsiaFIDLLAnalytics
113.AuroraODSDatabase
83. AsiaRatesAnalytics
114.AuroraODSETL
84. AsiaSameDayValuation
115.AuroraonLehmanLive
85. AsianTickDatabases
116.AuroraReportSupportDatabase
86. AsiaRisk
117.AuroraReportingPortal
87. AspectIVRDatabase
118.AuroraSCRM
88. AspectUIPCallCenter
119.AuroraServicingDatabase
78. ASAPPaymentWorkflow
120.AuroraServicingETL
3
121.AuroraWebsphere
148.BackIntheBlack
122.Autexblockdata
149.BrowserAsynchMessaging(BAM)
123.AutoDoneAwayTrader
150.BankOfItaly(LOFIDBOI002)
124.AutoCad
151.BankReconciliation
125.AutoCADLDMS
126.AutomatedCreditEventSystem
(ACES)
152.Bankingsystems&MARS
127.AutomatedPositionMatch
155.BAS
153.BankServGFX
154.TRAM_BART
128.AutomatedUnderwriting
129.AutomatedUnderwritingAdmin
UI
130.AutomatedUnderwritingCredit
ManagementSystemService(AU
CMS)
131.AutomatedUnderwritingFull
EvaluationService(AUFE)
156.BaselineClientNB
157.BatchmarketingUploadusingExcel
158.BusinessContinuityPlanning(BCP)
159.BCRPIMBusinessControl
Reporting
160.BDEBO
161.BDEDatabase
132.AutomatedUnderwritingPFUI
133.AutomatedUnderwritingPricing
Service(AUPricing)
134.AutomatedUnderwritingProduct
FinderService(AUPF)
135.AutomatedUnderwritingBusiness
RuleManagementSystem
162.BDSReporting
136.AutoQuote
168.Beverages
137.Autosys
169.BigFix
138.AutosysPortal
170.BillingAdvantageFee
139.AWDBIDatamart
171.BIS
140.AWDContact
172.BLACKBERRY
141.AWDScan
173.BlackberryAdministrationTool
142.AWDViewStation
174.BlackBerryIntegrationService
143.Axon
175.BloombergAmericas
144.AxysAccountCrossReference
176.BloombergPOMS
145.AXYSSupport
177.BNAFixedAssets
146.B2London
178.BNATaxForms
147.B2Tokyo
179.BNATaxPlanner
163.BEN
164.BENFrontEnd
165.Benefits
166.BESRegulator
167.BESAdvisor
180.BNCCMDB
212.BusinessUnitsLoader
181.BNCEmpowerLOS
213.BusinessWorks
182.BoardVantage
214.CacheMatrixPortal
183.BOJNetFin
215.CADBusinessObjects
184.BondAdministration(RegAB)
216.CalendarCreator
185.Bondspreadsandquotes
217.Caliber
186.Bondvision
218.CallanPepforWindows
187.BonyInform
219.CalyxPoint
188.Bookbuilder
220.CAMEO
189.BookCourier1.4.1.0
221.CANE
190.BorlandMCD
222.CantoreSpeedEurope
191.BPMEssbase
223.CapitalCalculator
192.BPMiProcess
224.CapitalIQ
193.BPSA
225.CardKeyGenerator
194.BranchOrderingSystem
226.CARS
195.Brass
227.Caruso
196.BrassGateways
228.CashAtBanks
197.BreakGlass
229.CashConscious
198.BridgeStationAmericas
230.CashManagementSystem(CMS)
199.BriteSTP
231.CashRates
200.BrokerAudit
232.CashRecon
201.BrokerTec
233.CATSCore
202.BrowserAsynchMessaging(BAM)
234.CATSCredit
203.BTMUEB
235.CATSGovernment
204.Buildforge
236.CATSMoneyMarkets
205.BusinessContinuityPlanning(BCP)
206.BusinessIntelligence(BusinessObj,
Essbase)
237.CATSMunicipals
207.BusinessObjects
240.CATSSyndicats
238.CATSNYRates
239.CATSPrimeServices
208.BusinessPlan
241.CBsiteandresearchAccess
209.BusinessProcessAnalysis
242.CBInsight
210.BusinessProcessManagement
243.CBO
211.BusinessServiceGroup(BSG)
5
244.CBTS&CBS
276.ClaimsTrackingSystem
245.CCTracker
277.CLASSAPI
246.CCS
278.ClearDeskPolicy
247.CDE
279.ClearTrust
248.CDOAnalytics
280.Clearvision
249.CDOCentral
281.ClearVisionASIA
250.CDOSentry
282.ClearVisionChicago
251.CdsMatrixPricing
283.ClearvisionHongKong
284.ClearvisionUK,LiffeGateway,
EuroFinanceGateway,LME
Gateway,GSAMDashboard
252.CDY
253.CEG
254.CEL
285.ClientManagementSystem
255.CEL(FUTURES)
286.ClientOnboarding
256.CEP
287.ClientSeg
257.CERTSigning
288.ClientTradeReporting
258.ChangePassword
289.ClientLink
259.ChaseViews
290.clientPortfolioLoader
260.ChaseLinkInsight
291.CliqBook
261.CheckFreeSecurityAPL
292.CLS
262.Checklist
293.CMBSSurveillanceCE
263.CIA
294.CMCDocFinder
264.CIAS
295.CMDMarketMonitor
265.CiscoCallManager
296.CMDDataHarvester
266.CiscoIOS
297.CMDETRADE
267.CiscoIPPhoneDirectory
298.CMDFeed
268.CiscoIPTV
299.CMDKinetix
269.CiscoUnity
300.CMOD
270.CitiDirect
301.CMR
271.Citrix
302.CMSCreditMarkingService
272.CitrixEdgesight
303.CobraFFT
273.CitrixGL
304.CobraParis
274.CitrixUNIX(CTR_UNIX)
305.CogniviewPDF2XL
275.ClaimsTracking2UK
306.COGNOS
6
307.CognosBudgeting(ALS)
336.CorporateActions(CAN)
308.CognosForecastingTool
309.CommBalCommodityBalance
Sheet
310.CommissionOverrideException
System
337.CorporateActionsEmailService
338.CorporateBudgetingCognos
339.CorporateCashReporting
340.CorrectNet
341.COSTTRANSPARENCY
311.CommissionSubSystem
342.Cougar
312.CommoditiesNewDealReviewtool
343.CougarWeb
344.CounterpartyExclusionaryWatch
List
313.CommonSupportTool
314.Comnetix
315.COMPASS
345.COVEChartofValueEngine
316.ComplianceIngestionTool
346.COVEChartofValueEngine
317.Complinet
347.CPI
318.Composite
348.CPR
319.Concert
349.CRAWIZ
320.ConcurrentVersioningSystem
350.CRDCentralCredit
321.ConduitPIF
351.CRDCreditPricingSystem
322.Confirms
352.CRDCreditDerivativesAP(CdsAP)
323.Confirms(MTS)inCSFDesigner
324.Confirms(TMSNBITS)inCSF
Designer
353.CRDCreditLive
354.CRDCreditScope
355.CRDLehmanLiveCredit
325.Conspo
356.CRDLoans
326.ContactDataHub
357.CreditAnalytics(CRD)
327.ContentDeploymentTool
328.ContentManagementforJPPublic
site
329.ConvertibleSoftwareandData,
LehmanLiveapplications
358.CreditAPLondon
359.CreditDerivativesSystem(CDS)
360.CreditLimits
361.CreditQuantStrategy
330.COPS
362.CreditAP
331.Core
363.CreditAPTokyo
332.CoreEngineeringLab
364.CreditCE
333.CoreFinancials
365.CreditCE(CE)
334.COREPipeline
366.CreditEx
335.Core_LDAP
367.CreditMatch
7
368.CreditMPE
400.CWD
369.CreditMPESymphonyGrid(Grid)
401.D&BSpentAnalysis
370.CreditorRelationsDatabase
402.DailyCommentarySystem
371.CreditWebPortal
403.DailyCommissionReport
372.CreditWorkstation
404.DaitoApartmentLoanAssessment
373.Creekpath
405.DARE
374.CREST
406.DARMA
375.Crest/EuroclearGateways
407.DashboardReporting
376.CrestronEcontrolPlugIn
408.DataManagementAdministration
377.CRex
409.DatabaseComparison
378.CRISP
410.DatabaseEngineering
379.CRM
411.DataCompass
380.CRMWeb/RMIServices
412.Dataport
381.CrossingEngine
413.DataQuality
382.CrystalEnterprise
414.DataServices
383.CrystalEnterpriseFarm
415.Datatrac
384.CrystalEnterpriseGateway
416.DatawatchMonarchPro
385.CrystalEnterpriseXMLAPI
417.DataWS
386.CrystalReportingInterface
418.DAWN
387.CSERecon
419.DAWNNY
388.CST
420.DBTextworks
389.CSVAddin
421.DBToolsonPortal
390.CTA
422.DBSCoreFeed
391.CTAPortal
423.GEACGeneralLedgerCorporate
392.CTAResearch
424.DealCard2
393.CTI
425.DealerRecode
394.CTIWebSuite
426.DealogicSMP
395.CTS
427.DebtDatabase
396.CurveBank
428.DefaultModuleSystem
429.Delta1EquitySwapsStrategic
System
397.CUTHBERT
398.CVM
430.DerivAutomationServices
399.CVS
431.Desks
8
432.DesktopEngineeringTools
464.DSTLITERATURE
433.DevelopmentTools
465.DSTSameDayCash
434.Dfs
466.DSTTALogon
435.DHCP
467.DTCID
436.DIA
468.DTCOneBox
437.DIADataAccessLayer
469.DTCC
438.DIAReportingDataStore
470.DuplicateLoanCheck
439.DialTone
471.DyalogAPL_MagPerfReports1.0
440.DialTone.Net
441.DirectDealerNotificationSystem
(DDN)
472.Dynamix
473.DynamixAS
474.DynamixCreditAM
442.DirectExchangeInfrastructure
475.DynamixEU
443.Director
476.eaffirm_manager
444.DirectoryGatekeeper
477.EagleEncompassEnergySuite
445.Disclosures
478.EAI
446.DMS
479.eBankerCacheFramework
447.DMSIC
480.eBankerEssbase
448.DNSDomainNameSystem
481.eBankerMarketData(EMD)
449.DOCCENTRALNYDocumentum
482.eBankerPremier
450.DocCorralService
483.eBankerBatchProcessing
451.DocSpeed
484.eBankerContactManagement
452.Documation
485.eBankerDataWarehouse
453.DOCCENTRALNYDocumentum
486.eBankereDMS(IDM)
454.DOCVIEW
487.eBankerMarketFeeShare
455.DokTrak
488.eBankerMenuBar(EBM)
456.Dolfin
489.eBankerPPR(EBK)
457.DomesticProgramTrading(DPT)
490.eBankerReportCenter(EBR)
458.DoneAwayBookingSystem(DABS)
491.eBankerWebServices(EBS)
459.DRA
492.eBankerWorkspaces(EBX)
460.DREAMDocumentum
493.Eclerx
461.DSQuant
494.eClient
462.DSTAWDArchiver
495.eClientClientSignUp
463.DSTAWDView
9
496.ECMAnalytics
526.Empower
497.EdgarIMetrix
527.EMS
498.EDGE
528.EMSEnterprise
499.EdifyElectronicWorkforce
529.EMSezDeploy
500.EDM
530.EnCompassEnergySuite
501.EES
502.EquityFinanceAccount
Management
531.EnCompassEnergySuiteInterface
532.EndofDayAllocation
533.EngineeringDashboard
503.EFCASH
534.EnterpriseAccountManagement
504.EFCOS
535.EnterpriseAnnouncementData
505.EFDL
536.EnterpriseDirectory(LDAP)
506.EFGPNL
537.EnterprisePortalServices
507.EFGWEB
509.EIS
538.EnterprisePriceManagement(EPM)
539.EnterpriseValuationGroupModels,
SoftwareandData
510.EIS
540.EntityMaster
511.EISScorecard
541.EntityMaster
512.EISServicesSupportTools
542.EntityMaster(ETM)
513.EISDataQuality
543.EPIC
514.ElectraStaars
544.EnterprisePriceManagement(EPM)
515.ElectronicDeliveryEngine
516.ElectronicMasterApprovalForm
(EMAF)
545.EuropeanProgramTrading
517.ELMO
548.EQ_COMPASS_US
508.EII
546.EQStocksofInterest
547.EQWebsite
518.ELSIE
549.EQM
519.eLynx
550.EquitiesBudgetTool
520.EMCAuthenticaIRMClient
551.EquitiesGameplan
521.EMCSmart
552.EquitiesGlobalOESBrowser
522.EMCUtilities
523.EmergencyAssistance(CISCOIP
phones)
553.EquitiesOES
554.EquitiesSalesPortal
555.EquitiesVotesApplication
524.EmployeeAccounts
556.EquitiesYearEndScorecards
525.EmployeeTickets
557.EquityCommissionException
10
System(ECES)
585.ETAEurope
558.EquityDerivativesSoftData
559.EquityFinanceAccount
Management
560.EquityFinanceGroupUtilitiesfor
Prime
586.ETL
587.ETradeAnalytics
588.ETrust
589.eTrustAccessControl
590.EUOES
591.EU_IFM(EuropeanIndex
MembershipService)
561.EquityPLSystem(ASIA)
562.EquityResearchEstimateand
AccountinghistoriesBalanceSheets
andIncomeStatements
592.EUCLIDServer
563.EquityResearchEventForm
593.EuclidSP
564.EquityRisk
594.EUD_MIXED
565.EquityScorecardandBusinessPlan
595.Eurex
566.EquityStrategyWebsite
596.EuroABSAnalyticsApplications
567.EquitySwaps
568.EquitySyndicationandEvent
Management
597.EuroABSIndex
598.EuroSecuritisedProductsIRExotics
DeskApps
569.ERaP
599.EuroABSAP
600.EuroABSResearchandTrading
Database
570.ERaP
571.ERDMToolGlobal
601.EuroclearRealTimeReporting
572.eReview
573.ERM(EnterpriseRelationship
Manager)
602.Euromonitor
603.EUROMTS(MilanTradingSystem)
574.ERS
604.EuropeanTickDatabases
575.eSAP
605.EventRequest
606.EVFEnterpriseValuation
Framework
576.ESMAssetAdvisor
577.ESM
579.ESMProduct
607.Evos
608.ExecutionServicesAnalyticsModels,
SoftwareandData
580.ESP2000
609.ExecutiveCommunications
581.Essbase
583.EssbaseExtensions
610.Exo
611.ExpenditureRequestsandER
Reporting
584.EstatePlanning
612.ExpenseAnalytics
578.ESMPricing
582.EssbaseEVE
11
613.ExpenseAnalyticsOLAPReporting
614.ExpenseAnalyticsOperational
Reporting
644.FIDBlotter
615.Extra
647.FIDConfigServer
616.EyeonEntry(EOE)
648.FIDETcredit
645.FIDCacheManager
646.FIDClientCalendar
617.FactivaNewsSummary
649.FIDFeedReconciler
618.Factset
650.FIDGameplan
619.FactsetBatchProgram
651.FIDTraderPortal
620.FactsetBatchSystem
652.FIDBlotter
621.FactsetReportConsolidator
653.FidelityAdvisorChannel
622.FailsandClaims
654.FidelityMSP
623.FAME
655.FidelityNavigator
624.FAS133
656.FidelityPassport
625.FastTrack
657.Fidessa
626.FCADBAIS
658.FIDMuniLongBondInitiativeUS
627.FCADFermat
629.FDR
659.FIDMuniShorttermInitiativeUS
660.FIDMuniStructuredProducts
Initiative
630.FeeandRebatesReportingTool
661.FidRoadMapLauncher
631.FeeManagementSystem
662.FILEINTIME
632.FeedtoBarnett
663.Filemaker8.0
633.FES
664.FileMover
634.FHAMortgageLimits
635.FHJM/GalaxyCommodities
AnalyticsLibraries
665.FINAIMS
636.FIRisk
668.FinanceExecDashboard
637.FIALehmanLive
669.FinanceReportRepository
628.FCI
666.FinanceDashboard
667.FinanceDataWarehouse
638.FIAPIPE
670.FinanceReportRepositoryESS
639.FIATimeSeriesPlotter
671.FinanceReportRepositoryTASC
640.FIAAnalyticCalculatorServer
672.FinanceTraderPortal
641.FIBFIxedIncomeBlotter
673.FinanceAsiasubscription
642.FIDAnalytics
674.FinDelta1
643.FIDAuctionRateTradingUS
675.FinesseAmericas
12
676.Fire
705.FundFone
677.Firewalls
706.FundReports
678.FirmCRMETS
707.FundsDisbursementSystem
679.FirmCRMVendorMgmt
708.FundsDueDiligence
680.FIRST
709.FundsRiskManagement
681.FIRST(FUTURES)
682.FixedIncomeClientValuation
Framework
683.FixedIncomeMarketMonitors
(FMM)
710.FuturesControlTools
711.FuturesJournalRequest
712.FuturesOptionsandFX
713.FXCashUtilities
714.FXCobra
684.FixedIncomeSalesPortal
715.FXECNs
685.FlowDashboard
716.FXHedgeSystem
686.FMCPages
717.FXMaria
687.FMSFailsManagementSystem
718.FXSpirit
688.FuturesOptionsandFX
719.FXTradeBar
689.FOFXTLM
720.FX/EMGRAT
690.FORECAST
721.Fx2BVolFeeder
691.ForeclosureLossReserve
722.FXEMGOptmodel
692.ForwardCommitments
723.GALAXYIOIPlatform
693.FPS
724.GALAXYIOIPlatform
694.FRA
725.GamePlan
695.FreedomTracker
726.GarbanETCEurope
696.Frictionless
727.Garm2
697.FTGCleanPL
698.FTGCreditDerivativesPriceTesting
System
728.Gatetimes
729.GBD
699.FTM
730.GCSFilemover
700.FTPLehman.com
701.FTPPGPEncryptedFileTransfer
System
702.FundDerivativesTrade
ManagementSystem
731.GDTS
732.GEACGeneralLedgerCorporate
733.GEACGeneralLedgerMTS
703.FundLauncher
734.GEDS
735.Generalconfigurationsupportfor
routers
704.FundYieldTracker
736.GenericMessagingComponent
13
737.Geneva
767.GOBI
738.GetBuildDeploy
768.SalesStation(SS)
739.GFS
769.GPDGlobalProductDatabase
740.GFS_DERIVATIVES
770.GPSUTILITYSERVERS
741.GGLI
771.GQUEST
742.Ghighlights
772.GQuestAS
743.GIC
773.GQUESTEssbase
744.GiftRequestForm
774.GlobalGRASPAuthoring
745.GlassLocus
775.GRASPDAT
746.GlobalAccounts
776.GRASPXLA
747.GlobalCapitalMarketsCRM
748.GlobalCashandCollateral
ManagementSystem(GCCM)
777.GreatlandARMAuditor
749.GDTS
780.GREGHistoricalDatabase
778.GreekMachine
779.GREEN
750.GlobalEQOutlookCRM
751.GlobalEQResearchContactList
ManagementandIntegratedDialer
Application
781.GREGVault
782.Gridly
783.GrowthofBusiness
752.GlobalEquityResearch
784.Grtm
753.GlobalEquityStrategyData
785.GSA
754.GlobalGovernmentsAP
786.GSAMDashboard
755.GlobalHistoryofPublications
787.GSS
756.GlobalLinkGTSS(US)
788.GSSDataWarehouse
757.GlobalNFS
789.GSSTradeApp
758.GlobalOperationalRisk
790.GSS_OLAP
759.GlobalPasswordResetTool
791.GSSR
760.CBO
792.GuestWirelessAccess(Guestnet)
761.GlobalProducts
793.Haircut
762.GlobalRegistration
794.HDAT
763.GlobalReportsIntegrationProject
795.HedgeBook
764.Global1
796.HedgeFundIQ
765.GMCProduction
797.HelpDesk
766.GMD
798.Hermes
14
799.HighRiskAssetsApplication
830.IBDBlackBerryFormsEngine
800.HIPS
831.IBDBlackBerryGreenbook
801.HistoricalRevenue
802.HistoricalTimeSeriesDataon
SecuritiesPricingandAnalytics
832.IBDBusinessObjects
833.IBDContactManagement
834.IBDeDMS(DocumentManagement)
803.HJMApp
835.IBDeReview(ERV)
804.HKLDAPTree
836.eBankerMarketFeeShare
805.HLCDesktop
837.INFORMIXInfrastructure
806.HOLTValueSearch
838.ICVerify
807.HomeDirectories
839.ICCOGMACFramework
808.HomeSecurityWebXMLAPI
840.ICEEM
809.HorizonGlobalTrading
841.ICEIR
810.HPOV
842.ICEIRExotics
811.HRAffirmativeAction
843.ICEsys
812.HRControlReporting
844.IDB
813.HREmployeeNewHire
845.IDCRemotePlus
814.HRePay
846.iDealConnectivityProduction
815.HReProfile
847.IDS(IntrusionDetection)
816.HREquityCompensation
848.IDS(IntrusionDetection)
817.HRNYSNonResidentTaxation
849.IDSProventiaNIPS
818.HROnlineBonus
819.HRPeoplesoftSourceControl
(STAT)
850.IFRsubscription
851.IISEngineeringandSupportIIS
Farms
820.HRPerformanceManagement
852.IISServicesforWindows
821.HRProductionMaintenance
853.IMDCISPortal
822.HRSecureTransfers
854.ARSClientPortal
823.HRSystemsIntegration
855.IMDIndiaTestBed
824.HRTimeandAttendance(TAS)
826.HyperionEnterprise
856.IMDIntranet
857.IMDMerchantBankingVenture
Capital
827.HypotheticalGrowthofaDollar
858.IMDOATSClient
828.IABilling
859.IMDOnlineClientApplicationBatch
829.IABillingIntranet
860.IMDProductionManagement
825.HRWorkflow
15
Reporting
890.InteractCommerce_Act6.0
861.IMDReconciliationTool
862.IMDRevenueAnalysisSystem
LNW
891.InternationalResortHomeLending
863.IMDRisk
894.IntexDesktop
892.IntersperseManager
893.IntexDealmaker
864.IMDSATPortal
895.IntexTreppAutosysdownload
865.IMD_INDIA_PAG_TechResearch
896.IntraNet(INT)
866.imlive
897.InvestorTools
867.INFIDTradingNSettlement
898.IOINet
868.IncidentDashBoard
899.IPC
869.INDEX
900.IPlanner
870.IndexReporter
901.IPOAllocation
871.IndiaFirewall
902.IRMillennium
872.IndiaLDAPTree
903.Iris
873.IndiaCapGainsTaxApp
904.PanasonicIrisScaner
874.IndicesMaintenance
905.IRiseDefinitionCenter
875.Infinity
906.IRiseStudio
876.Infoburst
907.iSecurity
877.Infopac
908.ISITCTradeNotification
878.InformaticaPowerCenter
909.ISOSBus&PersonalTravelTracker
879.Infovista
910.ISPIPAddress
880.INGTop10Data
911.ISS
881.INS_OnTrackforTraining
912.ISTAR
882.InsiderList
913.iSwap
883.Insight
914.IT2104.1
884.InSource
915.ITBPAFramework
885.InstantInterest
916.ItemRequestTool(IR)
886.InstinetAmericas
887.InstitutionalCorporateMarketing
Workflow
917.ITGOptimizer
918.ITGPlatform
919.ITS
888.InstitutionalSalesReports
889.IntegratedCrossProduct
EnvironmentICE
920.ITS/Sicoargo
921.ITSMAudit
16
922.ITSMServiceandAssetManagement
Dashboard
954.LBAppInstaller
955.LBBankFinancialReporting
923.Ivan
956.LBDeviceFilter
924.IVRTrades
957.LBAMChicagoDashboard
925.iWatchDMU
958.LBAMPortia
926.IwatchTool
959.LBAMPortiaReconReports
927.IWFReportingDatabase
960.LBAMChicagoIndexSystem
928.IWFReportingETL
961.LBAMChicagoIntranetReporting
929.JARSigning
962.LBAMChicagoNightlyProcess
930.JawsforWindows6.0
963.LBAMChicagoPricing
931.JDialTone
964.LBAMFeeManagement
932.JETSR
965.LBAMIISOLAP
933.JGEN
935.JobRun
966.LBAMMathworksMatlab
967.LBAMMathworksMatlabLicense
Manager
936.JobTrack
968.LBAMPOMSGateway
937.JPMChaseReceivablesEdge
969.LBAMPortiaAIM
938.JSDSStaticData(Asia)
970.LBAMReportsWL
939.JSDSStaticData(Europe)
971.LBAMTPS
940.JVE
972.LBAMTRACEReporting
941.KDBCapture
973.LBBankPublicWebsite
942.Keeper
974.LBCDATieredInterestRate
943.Kerberos
975.LBJHedgeTool
944.Keynote
976.LBSBFPublicWebsite
945.KPI
977.LBSPBO
946.LaporteAssetAllocationSystem
978.LBSTS
947.LarkspurDataMaster
979.Core_LDAP
948.LAS
980.LDAPtoCommunicator
949.LASERS
981.LEControlsMEclose
950.Laura
982.LEADS
951.LawBaseCA
983.LECReport
952.LawBaseSpecialServicing
984.LegalGuarantees
953.LawBase_LM
985.LegalHolds
934.JIRA
17
inCSFDesigner
986.LehmanAllocationProcessor(LAP)
987.LehmanCustomerAllocation
Manager(LCAM)
1015. Letters(GACNCLPPLFDSEOQ)
inCSFDesigner
988.LehmanExchange(LX)
1016. LEXICON
989.LehmanManagementService
1017. LFAWeb
990.LehmanMarketIntelligence
1018. LIAMUS
991.LehmanRCPApplicationContainer
1019. Libra
992.LehmanStandardFile
1020. LIFE
993.Lehman.IMD.PDFService
1021. LIMA
994.LehmanAM.com
1022. Lineage
995.LehmanLive
996.LehmanLive(includingPortalCore
andUserSignup
1023. LinuxEngineeringServices
997.LehmanLive
1026. LiquiditySystem
998.LehmanliveFramework(LLF)
1027. LiquidNet
1024. LINXAPI
1025. LipperLANA
999.LehmanLiveUsageTracking
1000. LehmanLiveWebService
MonitoringApplications
1028. ListEditor
1029. LondonMarginSystem(LMS)
1030. LMX/OAT(Asia)
1001. LehmanLive:Telephony
1031. LMX/OAT(Europe)
1002. LehmanRetrieve
1032. LMX/OAT(US)
1003. LehmanRisk
1033. LNS
1004. LehmanRiskSummarySystem
1034. LoanLocator
1005. LehmanRiskRiskBasedMargin
1035. LoanWorkbench
1006. LeimbergDecoupleCruncher
1036. LoanBarnService
1007. LeimbergNumberCruncher
1008. LEControlsMECloseProd
(LEMAP)
1037. LoanIQ
1038. LoanIQBatch
1009. LensApp
1039. LoanQuest
1010. LenstarOrderEntry
1011. LEOP(LegalEntityOperating
Platform)
1040. LOB
1012. LETEurope
1043. Lombard
1013. LETNY
1044. LondonAMM
1014. Letters(GACNCLPPLFDSEOQ)
1045. LondonAMMEndofDayPricing
1041. LoggingWS
1042. LogoLibrary
18
Snapshot
1077. MASAsia
1046. LondonEnterprisePOINT
1078. MAS200
1047. LondonMarginSystem(LMS)
1079. MASTimekeeper
1048. LOTS
1080. MAST
1049. LowNetWorth
1081. MasterServicingDisasterData
1050. LPMS
1082. MasterServicingEarlyPayoffs
1051. LTEC
1083. MasterServicingEstimatedLosses
1084. MasterServicingInvestor
Reporting
1052. LVAccountingTool
1053. LVApplication
1057. LVPortal
1085. MasterServicingLehmanResearch
1086. MasterServicingLetterAgreement
Tracking
1087. MasterServicingLoanNumber
Generator
1058. Macgregor(Merrin)RuleExpert
1088. MasterServicingMonthEndData
1059. Macgregor(Merrin)Tickets
1089. MasterServicingNPTracker
1090. MasterServicingOperations
Analysis
1054. LVDividends
1055. LVOpsPortal
1056. LVPerfPortal
1060. MacgregorLMXinterface
1061. MacKichanSoftwareScientific
Word
1091. MasterServicingPoolInsurance
1062. MAGInvestmentStylesAnalytics
1092. MasterServicingSubprimeLosses
1063. Magics
1093. MasterServicingVintage
1064. Mainframe
1094. MATISSE
1065. ManagerProfile
1095. MatterManagementSystem
1066. MapTradingSalesInterface
1096. MAXS
1067. MarginInterestandLatePayments
1097. MBSAllocations
1068. MarketAxess
1098. MBSFactor
1069. MARKETAXESSEUROPE
1099. MBSPricing
1070. MarketCapitalizationTesting
1100. MBSPricingEngine
1071. MarketFeeCalculator
1101. MBSSystem(MAX)
1072. MarketQA
1102. MTSDistributedApps
1073. MarketServer(ASIA)
1103. MCAtracker
1074. MarketCenter
1104. MCDAutoArchive
1105. MCDCaptureandRecognition
System
1075. MARS
1076. MAS
19
1106. MCDDatabaseInfrastructure
Container
1138. Midas
1139. MIDASTSPProxy
1107. MCDITSPlatform
1140. Midas2andEQMidas
1108. MCDViewer
1141. MindAlign
1109. MCDViewerDatabase
1111. MCDAURELI
1142. MizuhoEB
1143. ModelPortfolioImplementation
forAssetAllocation
1112. MCDAURLBSP
1144. MOM
1113. MCDExport
1145. Monoid
1114. MCDImage2Image
1146. MonthlyStatements
1115. McLagan
1147. MorganStanleyPassport
1116. MCPRAdministrator
1148. MorningstarDirect
1117. MCPRDataServices
1149. MorningstarPrincipiaPro
1118. MCPRProcessingBroker
1150. MortgageAnalyticsLehmanLive
1119. MCPRXMLDATAFEEDS
1151. MortgageCalculator
1120. MCR
1152. MOXY
1121. MCRSiebelService
1153. MPT
1122. MeetingAudit
1154. MQSeriesDistributed
1123. MercuryDashboard
1155. MSAnalysis
1124. MercuryDashboard
1156. MSBudgetReport
1125. MercuryPerformanceCenter
1157. MSClaimProcessing
1158. MSDevelopmentPrototype
Database
1110. MCDAURACES
1126. MercuryQualityCenter
1127. MergerMarket
1159. MSOriginations
1128. Merrin
1160. MSPostedRemittance
1129. MerrinP2kInterface
1130. MerrinPositionEdit
1161. MSServicerReportCard
1131. MerrinSystemMaintenance
1162. MSServicerReporting
1163. MSServicerTrailing
1132. MerrinTradeReporting
1164. MSUsers
1133. MESSAGINGCOMPLIANCE
1165. MSA
1134. MESSAGINGSUPPORT
1166. MSPortfolio
1135. Messaging_MCD
1136. MFCLOriginationPlatform
1167. MSSQLInfrastucture
1137. MicroInk
1168. MSSQLInfrastucture
20
1169. MtgIndex
1197. NBCommissionInterface
1170. MTS
1198. NBCompliance
1171. MTSDistributedApps
1172. MultipleApplicationsfor
CorporateMarketing(MicroInk,
MSSR,Factiva,)
1199. NBMoneyMarketSweep
1200. NBMonitor
1201. NBOFACIncomingWireInterface
1202. NBRealtimeJournalsOutgoing
1173. MuniSuiteMuniDeriv
1203. NBResearch
1174. MunicipalPortal
1204. NBStatementsViewer
1175. Murex
1176. MutualFundandInstitutional
ContainerdB
1177. MutualFundandPartnership
System
1205. NBTibcoBPSAInterface
1206. NBTibcoTradeInterfaceNBCS
1207. NBTibcoTradeInterfacePAM
1208. NBTibcoTradeInterfacePB
1178. MutualFundCrossTradeSystem
1209. NBTradePathIncoming
1179. MutualFundDailyStats
1210. NBUBPStockLoan
1180. MutualFundDecileReport
1211. NB.Com
1181. MutualFundMetrics
1212. NBBOtoFIFEInterface
1182. MutualFundsCodesSheet
1213. NBBOtoITEInterface
1183. MutualFundsDailyStatsAdmin
1214. NBCSExtranet
1184. MyAuroraLoan
1215. NBCSGateway
1185. MyConfirms
1186. MyContent/MyDocuments/
EnterpriseCalendaring/Survey
Service
1216. NBCSPrism2000P2K
1217. NDR
1218. NetGuard
1219. NettingUS
1187. MyPage
1220. NetworkManagement
1188. MyReports
1221. NetworkManagementDatabase
1189. NameSpaceManager
1222. NetworkOpsware
1190. NationwideDataFeed
1223. NeubergerBermanImpact
1191. NBBackOffice
1224. NeubergerBermanStatements
1192. NBBatchEntryMaintenance
1225. NewDealReview
1193. NBBlueScreenReports
1226. NewEmployeeOnBoarding
1194. NBClassAction
1227. NewHirewebsite
1195. NBClientSignup
1228. NewRiver
1196. NBClientSignup
21
1229. NewhireWebsite
1260. OptionalDividendsSystems
1230. NewsWatchAmericas
1261. OptionPricing
1231. nMarketApplicationServer
1262. OptmodelSystem
1232. NRTDMDM
1263. OPUS32Client
1233. NTP
1264. Oracle
1234. NXTCommunicator
1265. OracleBI
1235. NY
1266. Orion
1236. OASYSNBPension
1267. OTGClientLink
1237. OAT
1268. OTGFDS
1238. OBI
1269. OTGGMC(Mint)
1239. OBI
1270. OTGGSSR/SSR
1240. OCR
1271. OTGNettingEngine(Asia)
1241. OES
1272. OTGNettingEngine(Europe)
1242. OESAsia
1273. OTGRegulatory
1243. OFACOutgoingWiresInterface
1274. OTGSTPGateway
1244. OfficeoftheChairman
1275. OTGWebServices(OWS)
1245. OLAP
1276. OutlookToolbar
1246. onDemand
1277. OUTSIDEAFFILIATIONS
1247. OnlineBonusSystem
1278. OutsideBusinessInterests
1248. OnNetIPVideo
1279. OvertheWall
1249. OnsetMetaMessage
1280. P13
1250. ONTRACKFORTRAINING
1281. P2KBlotterWatcher
1251. OPAL
1282. P2KMonitor
1252. OpenBook
1253. OperationsDashboardforLBNB
StatementsProcessing
1283. PAG
1284. PAGITDevelopmentResources
1285. PAGNotificationSystem
1254. OpsDashboard
1286. PALS
1255. OpsDashboard
1287. PAMAccountAccess
1256. OpsStations
1288. PAMDirectory
1289. PAMDirectoryAdministration
Tool
1257. Opsware
1258. OpswareNetworkAutomation
System
1290. PAMDocSPEED
1259. OptionalDividends
1291. PanasonicIrisScaner
22
1292. PanelOne
1324. Picasso
1293. Panorama(PNA)
1325. PIMAUMPortal
1294. Pathfinder
1326. PIMAUMReporting
1295. PayBreeze
1327. PIMBloombergPOMS
1296. PayoutSystem
1328. PIMDashboard
1329. PIMFATEFeeAutomationand
TrackingEngine
1297. PayrollSolutions
1298. PBDocs
1330. PIMOnlineClientReporting
1299. PCLink32
1331. PIMPOMSGateway
1300. PCMAP
1301. PCR
1332. PIMProspecting
1302. PrimeClientReporting
1333. PIMReportPublisher
1334. PipeLineAsia
1303. PCRS
1304. PCSCRM(PCC)
1335. PitneyBowes
1305. PDFGenerator
1336. PIZZA(GFC)
1337. PlanetRetail
1306. PEINVESTMENTDATABASE
1307. PeopleFinder
1338. Platinum
1308. Peoplesoft
1339. PLATO
1340. PMA
1309. PeoplesoftFAS123r
1313. PeoplesoftOnboarding
1341. PMAPS
1342. PMR(PortfolioManagement
System)
1343. PMR(PortfolioManagement
System)
1314. PeoplesoftPayroll
1344. PMRAdventDataExchange
1315. PeopleSoftR2R
1345. PMRCashManagement
1316. PeoplesoftR2RStat
1346. PMRCommissions
1317. PerTracFID
1347. PMRForms
1318. PerTracIMD
1348. PMRInputScreens
1319. PFPCCMSImage
1349. PMRPerformanceEngine
1320. PFWApplication
1350. PMRReOrgProcessor
1321. PharmaPipelines
1351. PmrMaint
1322. Phoenix
1352. PNS
1323. PhoenixTradingClient
1353. PocketP2K
1310. PeoplesoftFinancials
1311. PeopleSoftG/L
1312. PeoplesoftHR
23
1354. POINT
1385. Primeweb
1355. POINTCI
1386. PRInstitutional
1356. POINTFIDAP
1387. PrintServers
1357. Pointsec
1388. Prism2000Admin
1358. PortfolioAnalysisWebService
1389. PrismRedirector
1359. PortfolioCompliance
1390. PrivateEquityBPE
1391. PrivateEquityCapitalAnalytics
Website
1360. PortfolioResourcesPrismTrading
1361. PortfolioResourcesMutualFunds
Blotter
1392. PrivateEquityCARL(CRL)
1362. PortfolioResourcesP2K
1363. PortfolioResourcesPortfolio
Analysis
1393. PrivateEquityCINVAACS
1394. PrivateEquityCMS(EBP)
1395. PrivateEquityCORE
1364. PortfolioWebBench
1396. PrivateEquityGLLink
1365. PortfolioRisk
1397. PrivateEquityInvestran
1366. Portware
1398. PrivateEquityLBPEWebsite
1367. PowerSeller
1399. PrivateEquityMAS500
1368. PowerTools
1400. PrivateEquityPACE
1369. PowerExchange
1371. PremierEventTicketSystem
1401. PrivateEquityPETE
1402. PrivateEquityPortfolioAnalytics
PAS
1372. PremiumResearch
1403. PrivateEquitywsRoleManager
1373. PresBuilder
1404. PRMerrin
1374. PresBuilder/PresLink
1405. PRMI
1375. PRIMe
1406. ProClarity
1376. PrimeBrokerMainframe
1407. PROCLARITY/PerformancePoint
1408. ProspectiveInvestorProfiling
(PIP)
1370. PRAdminRpts
1377. PrimeClientReporting
1378. PrimePortal
1409. ProSystemFXOffice
1379. PrimeRiskMetrics
1410. Prowatch
1380. PrimeServicesMetrics
1381. PrimeServicesSalesPortal
1411. PRPortfolioResources
1382. PrimeTransactionManager(PTM)
1412. PRTradingRpts
1413. PrudentialCalculator
1383. PrimeDB
1414. PSProductService
1384. PrimeQuantWeb
24
1415. PSAWebData
1447. RealTick
1416. PublicSitewww.lehman.com
1448. ReceivingExternalEmail
1417. PUMA(Equities)
1449. RecLite
1418. PUMA(Equities)
1450. Recruitmax
1419. WindowsServerPXE
1451. RegulatoryDatabasesforGCS
1420. QEDEquityDerivativeAnalytics
1452. RegulatoryReportTracking
1421. QEDFlow
1453. Rekon
1422. QIP
1454. Remedy
1423. QIPDHCPLockdown
1455. ReorgResponse
1424. QMT(QueryManagementTool)
1456. Repliweb
1425. QPMTCR
1457. ReportEngine
1426. QPMTCRDataLoadServices
1458. REPORTINGSERVICES
1427. QSS_UI
1459. Repurchase
1428. QuadrantCDPCCapitalModel
1460. ReqStatus
1429. QualsDatabase
1461. ResearchAddins
1430. Quant
1462. ResearchAnalystPortal
1431. QuantDatabaseServer
1463. ResearchAnalystPortal(RAP)
1464. ResearchTradingIdeasEquities
UK
1432. QueryWS
1433. QuickDial
1465. ReutersDealingAmericas
1434. QuickBooks
1466. ReutersPlusAmericas
1435. Quicken
1436. QuoteVision
1467. ReutersTriarchAmericas
1437. RAMP
1468. ReutersContribution(Rocky)
1469. RIPPSAdmin
1438. CLSContinuousLinkSettlement
1439. RapidUpdateProcedure
1470. RIPPSv1
1440. RapidUpdateProcedure
1471. RISC
1472. RISCDistributedApplications
1441. Raptor
1442. RAS
1473. RISCGlobal
1443. RAT
1474. RISCRanTask
1475. RISCBatch
1444. RATES/SubprimeModels
1445. RDS
1476. RISCRANMargin
1446. ReadyPlus
1477. RISCRANMargin
1478. RiskEngineAsia
25
1479. GRASPRIXMLPackager
1511. SBFBDOMonthEndReport
1480. RND
1512. SBFCAM
1481. RosettaServerApplication
1513. SBFCompliance
1482. RosettaServerApplication
1514. SBFFIdelityDirector
1483. RoyalBlue_Europe
1515. SBFHarlandFinancialLaserPro
1484. RRs
1516. SBFInsurance
1485. RSAACE
1517. SBFItemsNeeded
1486. RSASecureID
1518. SBFMSAccess
1487. RSAToken
1519. SBO2000
1488. RTA
1520. SBO64
1489. ADS
1521. SBODSS
1490. RTA
1522. SCAMP
1523. SCATSalesCreditAdjustment
Tool
1491. RTD2
1492. RVALAnalyticsCalculator
1524. ScenarioManager
1493. SAEmailReview2
1494. SalesContactManagement
1525. ScheduleA
1495. SalesEntitlementTool
1526. SCORE
1527. SCS
1496. SalesTradingIdeas
1497. SalesTradingIdeas(US)
1528. SCSBillingAdjuster
1498. SalesComp
1529. SCSFutures
1530. SCSMainframe
1499. SalesLogix
1500. SalesStation(SS)
1531. SCSSmartTicket
1501. SalesVision
1532. SCSSmartticketAdminWebSite
1533. SCTElectronicBlotter(ASIA)
1502. SalomonBrothersYieldbook
1503. SAM
1534. Seabreeze
1504. Remedy
1535. SeamlessWeb
1536. SECAM
1505. SambaService
1506. SASEntrepriseGuide4.1
1537. SectorDatabase
1507. SatoriSpreadsheet
1538. SecureFileUpload
1539. SecurIDauthentication
1508. SBGeoTrader
1509. SBFAccountingCommissions
1540. SecurityIncidentDashboard
1510. SBFACES
1541. Sensage
1542. Sequent
26
1543. ServiceNavigator
1544. ServicerBalancingWeb
Application
1573. SingleSignOnTechnologies
1545. SettlementObligations
1576. SmartClear
1546. SGrid
1577. SmartTicket
1574. SiteScope
1575. SmallSTeP
1547. SGTrust_AccountIP
1578. SmartTraxMargin
1548. SGTrust_Announcements
1579. SmartClear
1549. SGTrust_JournalSecMovement
1580. SmartConnect
1550. SGTrust_MBSFactors
1581. SmartConnectSupportServices
1551. SGTrust_Pricing
1582. SmartFlow1
1552. SGTrust_Recons
1583. SmartFlow2
1553. SGTrust_SecuritySetUp
1584. SmartLink
1554. SharedDrives
1556. ShortCutURLService
1585. SmartStreamAllocations
1586. SmartticketLehmanLiveWeb
Application
1557. ShortsLocateRiskMgt
1587. SMBCWeb21
1558. SIDSecurityIncidentDatabase
1588. SNLFinancials
1559. Siebel
1589. SnM
1560. SiebelDocumentGenerator
1590. SOBA
1561. SiebelFCCapital
1591. SettlementObligations
1592. SociallyResponsiveInvesting
Reporting
1555. Sharepoint
1562. SiebelNAOForm
1563. SiebelPrismInterface
1564. SiebelProjectUpload
1593. SolutionBuilder
1565. SiebelTraining
1594. SovereignRisk
1595. SOXCompletenessControls
1566. SiemensApogeeInsight
1567. SignatoriesDatabase
1596. SPAAnalyticsLibrary
1568. SimCorpDimension
1569. SimCorpDimensionConfirmation
Matching
1570. SimCorpDimensionCorporate
ActionFeed
1597. SpamFiltering
1598. SPARTAN
1599. SPEAR
1600. Spectrum
1601. SPEED
1571. SimCorpDimensionSTP
1602. SpeedACH
1572. SingleSecurityEnvironment
1603. SPEEDFuturesDMA
27
1604. SpiderwebRisk
1635. SuperCEL
1605. SPIRE
1636. SVN
1606. SportsandTheatreTickets
1637. SwapMarketMonitor
1607. LehmanExchange(LX)
1608. SQLServerAnalysisServices2005
Farms(OLAP)
1638. SwapsLive
1609. TAPASSSE
1611. SSTSHORTSALESTRACKING
1641. SwiftAlliance
1642. SWIMSwapIntermediation
System
1612. Staffware
1643. Switches
1613. STARFID
1644. Sybase
1614. STARS
1645. SybaseReplicationIDServer
1615. Statements(MTS)inCSFDesigner
1646. SymantecAV
1616. StatementsDataPreparation
1647. Symphony
1617. Statements(MTS)inCSFDesigner
1648. Sync2service
1649. SyndicateNotificationand
Allocation
1639. SwapStation2000
1640. SwapsWire
1610. SSR
1618. StateStreet
1619. Statpro
1650. SyndicatePublications
1620. STFSuperformTaxform
1651. SyndTrak
1621. StockLoanSubLedger
1622. STOMP
1652. Syntran
1623. STOMP
1653. SysAdmiral
1654. T&EAnalyzer
1624. STOMP(FUTURES)
1625. STORM
1655. T&ECrystalReports
1626. STPGateway
1627. StrategicInsightVariable
Annuities
1656. TA2000Desktop
1628. StructuredNotesTicker
1659. TAF
1629. Subledger
1660. TandbergManagementSuite
1661. TechnologyAdministrativePortal
(TAP)
1662. TAP(TermsheetsAutomation
Project)
1657. TAC
1658. TACVortex
1630. SubM
1631. Subversion
1632. Summit
1633. SunGardAddvantage
1663. TAPASPlatform
1634. SunGardAddVantageDR
1664. TAPASSSE
28
1665. TAS
1695. TMS
1666. FinanceReportRepositoryTASC
1696. TMSLite
1667. TaxPartnershipTrackingSystem
1697. Tocket
1668. TaxInterest
1698. Tocket
1669. TaxAnalystsPracticalDrafting
1699. TocketPC
1670. TAXBRIDGE
1700. TocketNugget
1671. TCS
1701. TotalAccessControl(TAC)
1672. TDMSEnterprise
1702. TPABilling
1673. TDMSEnterprise
1674. TechnologyAdministrativePortal
(TAP)
1703. TPXSOL
1704. Tracker
1705. TrackerTimesheets
1675. Tell
1706. Tractor
1676. TellPagingInterface
1677. TermsheetsAutomationProject
(TAP)
1707. TradeEventBus
1708. TradeRT
1709. TradeApp
1678. Texpool
1679. ThomsonFinancialTowerData
Hypo
1710. TradeApp.NET
1711. TradeawayForm
1680. ThomsonOneAmericas
1712. TradeGauge
1681. Thunderhead
1713. TradePath
1682. TibMonitoringService
1714. Tradepipe
1683. TibcoRV
1715. TraderPortal
1684. TibcoSequent2CPIInterface
1716. TradeServer
1685. TickData
1717. Tradeware
1686. HRTimeandAttendance(TAS)
1718. Tradeweb
1687. Timelines
1719. TradeWebEurope
1688. Timesten
1720. TRAM_BART
1689. TIPBRecon
1721. TransitionManagementSystem
1690. TKFXHome
1722. TravelTrax
1691. TLM
1723. TRAX
1692. TMGreports
1724. TRC
1693. TMO
1725. TRCCurrentRelease
1694. TMOExplorer
1726. TRCNewRelease
29
1727. TreasuryDocumentRepository
1759. VFBondCurveServer
1728. TreasuryWorkstation
1760. VideoConferenceGatekeeper
1729. TreasuryWorkstationTK(ASIA)
1761. ViewDirect
1730. TreasuryWorkstationEurope
1762. Viper
1731. TreasuryWorkstationGateway
1763. Vision
1732. TriTrade
1764. VistaEssbase
1733. Trooper
1765. VMware
1734. TSP
1766. VMWAREEng
1735. TTTradingTechnologies
1767. VMwareVirtualCenterAM
1736. Twiki
1768. VoipDomain
1737. TwistedPair\Wave
1769. Volbroker
1738. TWSGateway
1770. Vontu
1739. UBSGIM2
1771. Vortex
1740. UCF
1772. VPN
1741. UDB
1773. VVAExtra100
1742. UDBServerFarm
1774. VVACMTA
1743. UEMWS
1775. WallStreetOffice
1744. UnifiedGRASPGlobalWorkflow
1776. WAMMacroFCCP
1745. UnixBuildService
1777. WAMMacroGlobalBonds
1746. UnwindBook
1747. UploadfromBCDEVONto
LehmansMARIA
1778. WAMMacroMenu
1748. UPM
1781. WarehouseLending
1779. WAMMacroOperations
1780. WAMOFX
1749. UPSOnline(UPS)
1782. WebServiceMonitoring
1750. USJMSFarmService
1783. WebBench
1751. USbasedFIXEngine
1784. WebCCNet
1752. ValEngine
1785. Websense
1753. Vault
1786. Webtrends
1754. VCAS
1787. WholeLoanDataWarehouse
1755. VendorScreening
1788. WholeLoanTracking(WLT)
1756. Vertigo
1789. WhoRU
1790. WindowsServerEngineering
LBSC
1757. VertigoTokyoApplication
1758. VestekDatabase
30
1791. WindowsServerEngineering
LBSC
1792. WindowsServerPXE
1793. WinfitsOptions
1794. WireConfirmationUtility
1795. WireManagementSystem2
1796. WirelessCRM
1797. WMRAIOperationalTools
1798. WMRAISubsystemApplication
1799. WMRCentralDistribution
1800. WMRClientConfigurationTools
1801. WMRCRSubsystem
1802. WMRCRCSubsystem
1803. WMRDCOPSTools
1804. WMRDCSubsystem
1805. WMRInvestmentCatalog
1806. WMROpsTools
1807. WMRPerformanceOperation
Tools
1808. WMRPRSubsystem
1809. Wonda
1810. WordenTeleChart
1811. Workflow
1812. WORLDRECORDS
1813. www.alservices.com
1814. xml2pdfWebService
1815. YieldEnhancementSystem
1816. Yolus
1817. YTM(YieldtoMaturity)Recon
1818. ZephyrAssociates_StyleAdvisor
NB6.6
1819. ZIPINFO_PerfectAddress
31
EXHIBIT2
ListofSystemsAccessRequested
System
1. LoanIQ
2. RAMP
3. ViewDirect
4. WholeLoanDataWarehouse
5. WholeLoanTracking
6. WorldRecords
7. ADP
8. CashAtBanks
9. MTS
10. DBSCoreFeed
11. HyperionEnterprise
12. VistaEssbase
13. TMS
14. STOMP
15. RTA
16. RISCBatch
17. COREPipeline
18. CDS(CreditDerivativesSystem)
19. CreditWorkstation
20. TradeRT
21. CMBSSurveillance
22. CreditMPE
23. GEDS
24. Infinity
25. PortfolioRisk
26. APB
27. GCCM
28. TreasuryWorkstation
29. GFS
30. HyperionFinancialReports
31. DMS
32. PIMDashboard
33. Murex
34. AXYSSupport
DateRequested
06/01/09
06/01/09
06/01/09
06/01/09
06/01/09
06/01/09
06/01/09
06/01/09
05/19/09
05/19/09
05/19/09
05/20/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
06/04/09
05/26/09
05/27/09
05/27/09
06/03/09
06/01/09
06/05/09
06/05/09
06/05/09
06/10/09
32
DateApproved
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/02/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/08/09
06/08/09
06/08/09
06/08/09
06/10/09
06/15/09
06/15/09
06/15/09
06/18/09
35. ASAP
36. InSource
37. PCMAP
38. InsiderList
39. CreditorRelationsDatabase
40. JVE
41. ESMPricing
42. CDOAnalytics
43. CDOCentral
44. NetworkManagementDatabase
45. CSERecon
46. RISCGlobal
47. CAMEO
48. BNAFixedAssets
49. eBankereDMS
50. SmartTicket
51. PeopleSoftHR
52. LehmanLive
53. Haircut
54. LoanWorkbench
55. SmartStream
56. EntityMaster
57. BusinessObjects
58. HROnlineBonus
59. HRPerformanceManagement
60. MPEAnalyzer
61. CATSCore
62. LEMAP
63. CMOD
64. FinanceReportRepository
65. GlobalAccounts
66. MyConfirms
67. Dynamix
68. FIBFixedIncomeBlotter
69. PALS
70. RAT
71. GREEN
72. Summit
73. HJM
74. Delta1
06/10/09
06/11/09
06/19/09
06/05/09
06/19/09
06/19/09
06/19/09
06/18/09
06/18/09
06/03/09
06/04/09
06/05/09
06/05/09
06/11/09
06/09/09
06/30/09
05/29/09
06/12/09
07/09/09
07/10/09
07/07/09
07/22/09
07/01/09
06/05/09
06/05/09
07/21/09
07/24/09
08/04/09
08/06/09
08/05/09
07/30/09
08/05/09
08/07/09
08/07/09
08/07/09
08/10/09
08/10/09
08/10/09
08/10/09
08/18/09
33
06/18/09
06/23/09
06/24/09
06/24/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
06/25/09
07/02/09
07/07/09
07/07/09
07/08/09
07/13/09
07/24/09
07/24/09
07/28/09
07/28/09
07/30/09
07/30/09
07/31/09
07/31/09
08/07/09
08/10/09
08/10/09
08/10/09
08/10/09
08/10/09
08/18/09
08/18/09
08/24/09
08/24/09
08/24/09
08/24/09
08/25/09
75. GQuest
76. KinetixAnalyticsAddin
77. KinetixDataAddin
78. CMDKinetix
79. JETSR
80. LIAMUS
81. Remedy
82. ESP
83. FPS
84. WebCCNet
85. PrivateEquityCMS
86. CARS
87. SECAM
88. CDOSentry
89. TaxKnowledgeManager
90. Laura
91. YEC(YearEndCompensation)
92. IBDUniverse
93. IBDAnalytics
94. HRExitInterview
95. FORECAST
96. LehmanRisk
08/26/09
08/10/09
08/10/09
09/22/09
10/05/09
09/30/09
10/05/09
11/05/09
11/05/09
09/03/09
08/27/09
06/19/09
06/19/09
06/18/09
06/11/09
06/05/09
06/05/09
06/05/09
06/05/09
06/05/09
06/04/09
05/19/09
34
09/01/09
10/02/09
10/02/09
10/02/09
10/07/09
10/07/09
10/12/09
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
AccessNotApproved
APPENDIX7:BIBLIOGRAPHY
InthecourseofinvestigatinganumberofthediscretetopicsassignedtotheExaminer,
itwasnecessarytocollectandconsultpublicmaterials.Inthecourseofthoseefforts,
the Examiner assembled an extensive, although certainly not comprehensive, list of
publicly available materials relating to Lehman and relevant events, and he provides
that list in this Bibliography as a potential resource for the parties and public. The
Examinerdidnotrevieworrelyuponthelisteditemsexcepttotheextentspecifically
cited in the Report, and the Examiner makes no representation as to the reliability or
accuracyofanysourcelistedinthisBibliography.
SUBSECTION
TITLE
7.1
Books
7.2
NewsArticles
7.3
ScholarlyPublications
7.4
InternetSources
7.5
CongressionalHearings
7.6
Speeches
7.7
TelevisionBroadcasts
7.8
GovernmentReports,Studies&Statements
7.9
CallLogsandTranscripts
1.
Books
BankruptcyofLehmanBrothers(FredericP.Miller,AgnesF.Vandome&John
McBrewstereds.2009).
SubprimeCrisisBackgroundInformation:BearStearns,CreditDefaultSwap,
CollateralizedDebtObligation,CommercialPaper,MortgagebackedSecurity,
BalanceSheet,MarktomarketAccounting(FredericP.Miller,AgnesF.
Vandome&JohnMcBrewstereds.2009).
LiaquatAhamed,LordsofFinance:TheBankersWhoBroketheWorld
(2009).
RobertZ.AliberandCharlesP.Kindleberger,Manias,PanicsandCrashes:A
HistoryofFinancialCrises(6thed.2010)(1978).
FranklinAllenandDouglasGale,UnderstandingFinancialCrises(Clarendon
LecturesinFinance)(2009).
KenAuletta,GreedandGloryonWallStreet:TheFalloftheHouseofLehman(1985).
NaohikoBabaandFrankParker,FromTurmoilCrisis:DislocationsintheFXSwap
MarketBeforeandAftertheFailureofLehmanBrothers(2009).
DeanBakerandThomasFrank,PlunderandBlunder:TheRiseandFalloftheBubble
Economy(2009).
RichardM.Bookstaber,ADemonofOurOwnDesign:Markets,HedgeFunds,and
thePerilsofFinancialInnovation(2008).
EugeneF.BrighamandJoelF.Houston,FundamentalsofFinancialManagement
(8thed.1998).
CharlesBrownell,SubprimeMeltdown:FromU.S.LiquidityCrisisToGlobal
Recession(2008).
MooradChoudhry,TheRepoHandbook(2002).
WilliamD.Cohan,HouseofCards:ATaleofHubrisandWretchedExcessonWall
Street(2009).
GeorgeCooper,TheOriginofFinancialCrises:CentralBanks,CreditBubbles,andthe
EfficientMarketFallacy(2008).
AswathDamodaran,CorporateFinance,TheoryandPractice(2ded.2001).
2
AswathDamodaran,InvestmentValuation:ToolsandTechniquesforDeterminingthe
ValueofAnyAsset(2ded.2002).
AnthonyDowns,RealEstateandtheFinancialCrisis:HowTurmoilintheCapital
MarketsisRestructuringRealEstateFinance(2009).
DavidEinhorn,FoolingSomeofthePeopleAlloftheTime(2008).
NiallFerguson,TheAscentofMoney:AFinancialHistoryoftheWorld(2008).
JohnBellamyFosterandFredMagdoff,TheGreatFinancialCrisis:Causesand
Consequences(2009).
CharlesGasparino,TheSellout:HowThreeDecadesofWallStreetGreedand
GovernmentMismanagementDestroyedTheGlobalFinancialSystem(2009).
RonS.Geffner,DavidO.Vang,andRobinE.Phelan,TheImpactoftheLehman
Brothers&MerrillLynchCrisis:AnImmediateLookattheLegalGovernment&
EconomicRamificationsoftheFailuresofLeadingInvestmentBanks(2008).
CharlesR.Geisst,TheLastPartnerships:InsidetheGreatWallStreetMoney
Dynasties(2001).
RichardGoldberg,TheBattleforWallStreet:BehindtheLinesintheStrugglethat
PushedanIndustryintoTurmoil(2009).
BarbaraGoldsmith,HandbookforSurvivingtheGlobalFinancialCrisis(2009).
CharlesA.E.Goodhart,TheRegulatoryResponsetotheFinancialCrisis(2009).
SzilviaHalter,ChangesinAssetAllocationduringtheSubprimeCrisis:Affecting
SectorsandFinancialSecurities(2008).
LynnP.HarrisonIII,ConnorBifferato,MichaelHammerandCarrenB.Shulman,
TheImpactoftheSubprimeMortgageCrisis:LeadingLawyerson
UnderstandingtheFactorsResponsible,MinimizingtheFinancialImpactfor
Clients,andRecognizingtheEffectsoftheRecessiononLaw(2009).
JohnC.Hull,Options,Futures,andOtherDerivatives(6thed.2006).
DaveKansas,TheWallStreetJournalGuidetotheEndofWallStreetasWeKnowIt:
WhatYouNeedtoKnowAbouttheGreatestFinancialCrisisofOurTimeand
HowtoSurviveIt(2009).
StevenKates,MacroeconomicTheoryandItsFailings:AlternativePerspectivesonthe
GlobalFinancialCrisis(2010).
HenryKaufman,TheRoadtoFinancialReformation:Warnings,Consequences,
Reforms(2009).
KateKelly,StreetFighters:TheLast72HoursofBearStearns,theToughestFirmon
WallStreet(2009).
PaulKrugman,TheReturnofDepressionEconomicsandtheCrisisof2008(2009).
LehmanBrothers,ACentennialLehmanBrothers18501950(1950).
LesLeopold,TheLootingofAmerica:HowWallStreetsGameofFantasyFinance
DestroyedOurJobs,Pensions,andProsperityandWhatWeCanDoAboutIt
(2009).
MichaelLewis,LiarsPoker:RisingthroughtheWreckageofWallStreet(1989).
MichaelLewis,Panic:TheStoryofModernFinancialInsanity(2009).
KennethLibo,LotsofLehmans:TheFamilyofMayerLehmanofLehmanBrothers
(2007).
LawrenceMcDonaldandPatrickRobinson,AColossalFailureofCommonSense:
TheInsideStoryoftheCollapseofLehmanBrothers(2009).
CharlesR.Morris,TheTrillionDollarMeltdown:EasyMoney,HighRollers,andthe
GreatCreditCrash(2008).
PaulMuoloandMathewPadilla,ChainofBlame:HowWallStreetCausedthe
MortgageandCreditCrisis(2008).
PeterNeuandLeonardMaltz,LiquidityRiskManagement(2007).
NewYorkUniversitySternSchoolofBusiness,RestoringFinancialStability:How
toRepairaFailedSystem(ViralAcharya&MatthewRichardsoneds.2009).
JohanNorberg,FinancialFiasco:HowAmericasInfatuationwithHomeOwnership
andEasyMoneyCreatedtheEconomicCrisis(2009).
OrganisationforEconomicCooperationandDevelopment,TheFinancialCrisis:
ReformandExitStrategies(2009).
HenryM.Paulson,OntheBrink:InsidetheRacetoStoptheCollapseoftheGlobal
FinancialSystem(2010).
4
KevinP.Phillips,BadMoney:RecklessFinance,FailedPolitics,andtheGlobalCrisisof
AmericanCapitalism(2008).
Hon.RichardA.Posner,Catastrophe:RiskandResponse(2004).
Hon.RichardA.Posner,AFailureofCapitalism:TheCrisisof08andtheDescent
intoDepression(2009).
ShannonP.Pratt,etal.,ValuingaBusiness(5thed.2007).
ShannonP.PrattandRogerJ.Grabowski,CostofCapital:Applicationsand
Examples(3ded.2008).
NomiPrins,ItTakesaPillage:BehindtheBailouts,Bonuses,andBackroomDealsfrom
WashingtontoWallStreet(2009).
ColinRead,GlobalFinancialMeltdown:HowWeCanAvoidTheNextEconomicCrisis
(2009).
RobertF.ReillyandRobertP.Schweihs,ValuingIntangibleAssets(1999).
CarmenM.Reinhart,ThisTimeisDifferent:EightCenturiesofFinancialFolly(2009).
BarryRitholtz,BillFleckenstein,andAaronTask,BailoutNation:HowGreedand
EasyMoneyCorruptedWallStreetandShooktheWorldEconomy(2009).
GuillermoRosas,CurbingBailouts:BankCrisesandDemocraticAccountabilityin
ComparativePerspective(2009).
NourielRoubiniandBradSetser,BailoutsorBailIns:RespondingtoFinancialCrises
inEmergingMarkets(2004).
HermanM.Schwartz,SubprimeNation:AmericanPower,GlobalCapital,andthe
HousingBubble(2009).
HalS.Scott,TheGlobalFinancialCrisis(2009).
AndrewSheng,FromAsiantoGlobalFinancialCrisis:AnAsianRegulatorsViewof
UnfetteredFinanceinthe1990sand2000s(2009).
RobertJ.Shiller,TheSubprimeSolution:HowTodaysGlobalFinancialCrisis
Happened,andWhattoDoAboutIt(2008).
PhyllisLipkaSkupien,Esq.,TheSubprimeCrisis,AThomsonWestReport:
PerspectivesandLegalInsights(2008).
5
AndrewRossSorkin,TooBigtoFail:TheInsideStoryofHowWallStreetand
WashingtonFoughttoSavetheFinancialSystemfromCrisisandThemselves
(2009).
GeorgeSoros,TheNewParadigmforFinancialMarkets:TheCreditCrisisof2008and
WhatItMeans(2008).
ThomasSowell,TheHousingBoomandBust(2009).
GaryH.Stern,RonJ.Feldman,andPaulA.Volcker,TooBigtoFail:TheHazardsof
BankBailouts(2009).
AllisonTaylorandAliciaSansone,TheHandbookofLoanSyndicationsandTrading
(2007).
JohnB.Taylor,GettingOffTrack:HowGovernmentActionsandInterventions
Caused,Prolonged,andWorsenedtheFinancialCrisis(2009).
GillianTett,FoolsGold:HowtheBoldDreamofaSmallTribeatJ.P.MorganWas
CorruptedbyWallStreetGreedandUnleashedaCatastrophe(2009).
JosephTibman,TheMurderofLehmanBrothers:AnInsidersLookattheGlobal
Meltdown(2009).
VickyWard,TheGreatMistake:TheFallofLehmanBrothersandtheWeekendThat
ChangedtheWorld(2010).
JosephWechsberg,LehmanBrothers:TheMoneyMagicians(1990).
DavidWessel,InFedWeTrust:BenBernankesWarontheGreatPanic(2009).
MarkWilliams,UncontrolledRisk:LessonsofLehmanBrothersandHowSystemic
RiskCanStillBringDowntheWorldFinancialSystem(2010).
ThomasE.WoodsJr.andRonPaul,Meltdown:AFreeMarketLookatWhytheStock
MarketCollapsed,theEconomyTanked,andGovernmentBailoutsWillMake
ThingsWorse(2009).
MarkZandi,FinancialShock:A360LookattheSubprimeMortgageImplosion,and
HowtoAvoidtheNextFinancialCrisis(2008).
GregoryZuckerman,TheGreatestTradeEver:TheBehindtheScenesStoryofHow
JohnPaulsonDefiedWallStreetandMadeFinancialHistory(2009).
2.
NewsArticles
ACuriousCoalitionOpposedBailoutBill,N.Y.Times,Oct.3,2008.
ANewFinancialFoundation,Wash.Post,June15,2009.
Agencys04RuleLetBanksPileUpNewDebt,N.Y.Times,Oct.3,2008.
ArchstoneSmithExtendsDeadlineforBuyoutMarketwatch,WallSt.J.,Aug.6,
2007.
ArchstoneSmithMaybeAcquired,L.A.Times,May29,2007.
ArchstoneSmithRatingsWithdrawnPostClosureofAcquisitionFitch,Forbes,Nov.
8,2007.
Asked&Answered:BernankeTakesonCapitalQuestions,WallSt.J.,Dec.3,2009.
BankruptLehmanPaysAdvisers$308MinFees,N.Y.DailyNews,Aug.22,2009.
BarclaysDiamondHailsSuccessofLehmanBuy,DailyMail,Aug.3,2009.
BarclaysSaidtoPlan$6.3BillionSpinOff,N.Y.Times,Oct.12,2009.
BearDealMayDiscourageOtherInvestors,WallSt.J.,Mar.21,2008.
BearHoldersWontHaltSale,WallSt.J.,May8,2008.
BearNakedLenders,WallSt.J.,Mar.18,2008.
BearStearnsSaidTwoHedgeFundsitRunsAreNowWorthNearlyNothing,asThe
DownturninBondsTiedtoSubprimeMortgagesGetsDeeperandGoesGlobal,
WallSt.J.,July18,2007.
BernankeDefendsFedRecord,Money,Jan.3,2010.
BernankeForgivesHimselfforLehmanBros.Failure,Chi.Trib.,Aug.25,2009.
BernankeSeesRecoveryBeginningin2010,N.Y.Times,Mar.15,2009.
BernankesBearMarket,WallSt.J.,Aug.6,2007.
BernankesSpeechatJacksonHoleFedConference,Reuters,Aug.21,2009.
BofAIsSaidtoBeSellingLehmanClaim,N.Y.Times,Oct.8,2009.
BusinessandFinance,WallSt.J.,Oct.5,2007.
7
BusinessBriefs,N.Y.Post,Nov.19,2009.
CaymanIslands:HitbyHurricaneLehman,Guardian(London),Sept.3,2009.
ChicagoanNamedtoInvestigateLehmansFailureFormerU.S.AttorneyValukasto
ProbeHugeBankruptcy,Chi.SunTimes,Jan.21,2009.
ChristopherCox,SECChief,DefendsAgencysRecord,N.Y.Times,Jan.4,2009.
Corrections&Amplifications,WallSt.J.,Oct.11,2007.
CreditCrunchTime,WallSt.J.,June28,2007.
CrisisonWallSt.,LehmansFuldtoLeaveFirmatEndofYear,WallSt.J.,Nov.6,
2008.
DidLehmansFallMatterTheFinancialServiceFirmsCollapseDidntTriggerthe
Meltdown,Newsweek,May18,2009.
DTCCNamesBridgetE.OConnorChiefTechnologyOfficer,Reuters,Sept.1,2009.
EDFtoBuyLehmansEagle,WallSt.J.,Sept.30,2008.
EndofWallStreet:WhatHappened(Transcript),FoxNews,Jan.5,2009.
ExtendedInterviewwithBenBernanke,Time,Dec.8,2009.
FACTBOX:ABriefHistoryofLehmanBrothers,Reuters,Sept.13,2008.
FACTBOX:ClaimsFiledAgainstLehmanBrothers,Reuters,Oct.13,2009.
FedChairmanQ&AonFinancialCrisis,WallSt.J.,Oct.16,2008.
FedspeakHighlights:BernankeonLehman,HousePrices,More,WallSt.J.,Oct.15,
2008.
FeinbergToHeadPanel,WallSt.J.,May14,2009.
FinancialFirmsinAdministration,BBCNews,Oct.14,2009.
ForeignStocksFallonU.S.Alarms,WallSt.J.,Aug.2,2007.
FromGeneralStoretoTitan:ABriefHistoryofLehman,WallSt.J.,Sept.15,2008.
G20AimsatBankPayandCapital;StimulustoStay,Reuters,Sept.6,2009.
GeithnerAnswersSomeToughQuestionsFromDiggCommunity,DailyFinance,
Aug.25,2009.
GeithnerSaysNoTilttoGoldman,WallSt.J.,Aug.22,2009.
Geithner:StimulusEffortstoContinueUntilRecoveryinPlace,CNN,Sept.7,2009.
GermanBankProbedinLehmanTransfers,WallSt.J.,Oct.23,2008.
HeardontheStreet:FinancialAnalysisandCommentary,WallSt.J.,Sept.10,2008.
PaulsonDefendsBearStearnsRescue,Forbes,Mar.16,2008.
IndyMacProvidesAdditionalCreditLossAnalysisonAltAandSubprimeLending,
BusinessWire,Mar.29,2007.
InsidetheTimes:RallyonWallStreet,N.Y.Times,Aug.23,2008.
InvestinginFunds:AQuarterlyAnalysisAdviserAlert,WallSt.J.,Oct.2,2008.
InvestmentBankPlansforKDBtoGoAhead,TheChosunIlbo,Sept.24,2008.
J.P.Morgan,BearNearCompletion,WallSt.J.,Apr.9,2008.
LehmanBros.HoldingsChieftobeTerminated,LasVegasReviewJournal,Nov.6,
2008.
LehmanBrothers,Fin.Times,Sept.9,2008.
LehmanBrothers,Fin.Times,Sept.10,2008.
LehmanBrothersandtheCrisis:AYearOn,Economist,Sept.10,2009.
LehmanBrothersDisappearedwithHankPaulsonsReputationHeWantsitBack,
Newsweek,Jan.29,2009.
LehmanBrothersExaminerAppointed,netDockets,Jan.21,2009.
LehmanBrothersExaminesChinaGrowthOptions,ChinaDaily,Apr.3,2008.
LehmanBrothersGetsExaminer,Bankr.L.Rep.,Feb.3,2009.
LehmanBrothersSaidontheBlock,AmericanBanker,Sept.12,2008.
LehmanClientsHaveToWait,WallSt.J.,Aug.24,2009.
LehmanInheritorsDiscoverUSRulesGlobalAdvisoryRoost,EuroWeek,Aug.7,
2009.
LehmanIsNotReadytoFuld,N.Y.Times,Mar.18,2008.
LehmanLeavingS&P500Today,WallSt.J.,Sept.16,2008.
LehmanSeeksTimeToPayCreditors,WallSt.J.,Dec.31,2008.
LehmansFate,WallSt.J.,Sept.12,2008.
LehmansFuldSpeaks,N.Y.Times,Sept.10,2008.
LehmansLatestBlow,Fin.Times,Sept.3,2008.
LookingfortheWhenNottheHow,inBernankesExitStrategy,N.Y.Times,July
21,2009.
MoneyBall,WallSt.J.,Aug.17,2007.
MUFGsLehmanExposure,WallSt.J.,Sept.22,2008.
OsparietoCloseFlagshipHedgeFundAfter27%Tumble,N.Y.Times,Sept.3,2008.
Overheard:ScalingMt.Lehman,WallSt.J.,Sept.15,2009.
PattonBoggsPicksUpTopLehmanBrothersLawyer,BlogofLegalTimes,Apr.9,
2009.
PaulsonSanguineonEconomy,China,L.A.Times,Mar.5,2007.
PushoversattheFed,WallSt.J.,Mar.25,2008.
ReinventingaMarketsWatchdog,Wash.Post,Nov.4,2008.
Report:BankofAmericaOfferingToRepaySomeAid,AssociatedPress,Sept.1,2009.
RobJohnsonInterviewwithJimChanos,NewDeal2.0,Sept.1,2009.
S&PPlacesLehmanonNegativeRatingsWatch,AssociatedPress,Sept.9,2008.
SECClampsDownonNakedShortSelling,CourthouseNewsServ.,Aug.13,2009.
S.E.C.PlantoDistributeMoneyFundIsAccepted,N.Y.Times,Nov.26,2009.
SecretaryGeithnersResponsetoQuestionsfromtheWallStreetJournalandDigg
RegardingGoldmanSachs,WallSt.J.,Aug.22,2009.
10
SomeQuestionsforTimothyGeithner,IntlHeraldTrib.,Dec.15,2008.
StarkWordsBernankeSeesSubstantialCorrection,Fin.Times,Oct.5,2006.
TheAfternoonEdition:LehmansNews,WallSt.J.Online,Sept.10,2008.
TheAfternoonReport:LehmanSinks,WallSt.J.,Sept.9,2008.
TheBearStearnsFallout:BearStearnsTriggersFearsinAsia,WallSt.J.,Mar.18,
2008.
TheFinancialTruthCommission,N.Y.Times,July29,2009.
TheHistoryofLehman1844,DailyTelegraph(London),Sept.15,2008.
TheHistoryofLehman:aTimeline,FinancialWeek,Sept.14,2008.
TheMeltdownThatWasnt,WallSt.J.,Nov.15,2008.
TimelineHowtheAIGCrisisUnfolded,Fin.Times,June16,2008.
TimelineofaCrisis,WallSt.J.,Mar.17,2008.
TranscriptofAriShapirosInterviewwithToddPurdum:VanityFairProfilesFormer
TreasuryHeadPaulson,NationalPublicRadio,Sept.2,2009.
UPDATE1BarclaysOwed$3BillioninAssetsforLehmanLawyer,Reuters,Oct.16,
2009.
UPDATE1HypoRealEstateSellsoffLehmanClaims,Reuters,Oct.19,2009.
WallStreetJournalProfileonBartMcDade,WallSt.J.,Aug.28,2008.
WallStreet,StillaLittleWobbly,SteadiesItself,N.Y.Times,Aug.25,2007.
Wash.PensionInvestmentBoardSuesOverLehmanLosses,SeattleTimes,May20,
2009.
WhatsNews;BusinessandFinance,WallSt.J.,June23,2007.
WhatsNews;BusinessandFinance,WallSt.J.,July18,2007.
WhatsNews;BusinessandFinance,WallSt.J.,July27,2007.
WhatsNews;BusinessandFinance,WallSt.J.,Sept.5,2007.
WhatsNews;BusinessandFinance,WallSt.J.,Oct.5,2007.
11
WhatsNews;BusinessandFinance,WallSt.J.,Oct.19,2007.
WhatsNews;BusinessandFinance,WallSt.J.,Mar.25,2008.
WhatsNews;BusinessandFinance,WallSt.J.,Apr.4,2008.
WhatsNews;BusinessandFinance,WallSt.JAug.28,2008.
WorriesOverOil,FinancialsHurtStocks,Wash.Post,Aug.24,2008.
ABCNews,TranscriptofTimothyGeithnerInterviewonThisWeek,Mar.29,2009.
MaxAbelson,LehmanBrothersFuldWants$32M.forParkCoop;Stealth
Marketing:WhyHavePressIfYouCanAvoidIt,N.Y.Observer,May19,
2009.
JenniferAblan,Honey,IShrunktheAnalystsWallSt.TollMounts,Reuters,
Nov.18,2008.
ShamimAdamandLizaLin,KrugmanSaysBernankeShouldBeReappointedtoFed,
Bloomberg,Aug.10,2009.
LiaquatAhamed,DidLehmansFallMatter?,Newsweek,May18,2009.
VivekAhuja,ExLehmanEuropeBankersClaim$100MillioninLostPay,WallSt.J.,
Oct.13,2009.
JocelynAllison,SecuritiesPlaintiffsFightLehmanExaminerTerms,Law360,Jan.29,
2009.
TracyAlloway,BarclaysProtiumPurifiedBalanceSheet,Fin.Times,Nov.10,2009.
JoshAlper,GiantsTryingtoRecover$300MillionfromLehmanBrothers,
ProFootballTalk.com,Aug.27,2009.
ShefaliAnand,TheJunkyardDogsInvestorsinSomeFundsRisingRiskPremiums
HitHighYieldHoldings;IWouldntbeanOwner,WallSt.J.,July10,2007.
ShefaliAnand,NeubergerStartsIndependentPathNoLongerJustEquityShopfor
Lehman,WallSt.J.,May1,2009.
ShefaliAnandandDiyaGullapalli,BondFundDrop:NotQuiteaJuneSwoon
SubprimeDoesntWreakasMuchHavocasFeared;AvoidingRiskiestSecurities,
WallSt.J.,June26,2007.
12
GeorgeAnders,Business:WasAnotherEndingPossibleforBear?,WallSt.J.,Mar.
19,2008.
JennyAnderson,AfterschocksofaCollapse,WithaBankattheEpicenter,N.Y.Times,
Mar.18,2008.
JennyAnderson,AtLehman,AllayingFearsAboutBeingtheNexttoFall,N.Y.
Times,Mar.18,2008.
JennyAnderson,DemotedLehmanOfficerLeavesforCreditSuisse,N.Y.Times,July
16,2008.
JennyAnderson,BurdenedbyMortgages,LehmansOptionsNarrow,N.Y.Times,
Aug.22,2008.
JennyAndersonandEricDash,ForLehman,MoreCutsandAnxiety,N.Y.Times,
Aug.29,2008.
JennyAnderson,AndrewRossSorkin,BenWhite,AsOptionsFade,LehmanisSaid
toSeekaBuyer,N.Y.Times,Sept.12,2008.
JennyAndersonandLouiseStory,LehmanMayPutaPrizedUnitontheBlock,N.Y.
Times,Aug.19,2008.
JerryAndersonandLandonThomas,WorldBusiness,N.Y.Times,Aug.22,2008.
JennyAndersonandLandonThomas,LehmansSharesGainonSignsofRaising
Capital,N.Y.Times,Aug.23,2008.
JennyAndersonandBenWhite,WallStreetsFearsonLehmanBrothersBatter
Markets,N.Y.Times,Sept.10,2008.
EdmundL.Andrews,InMortgagePlan,LendersSetTerms,N.Y.Times,
Dec.7,2007.
EdmundL.Andrews,FedActstoRescueFinancialMarkets,N.Y.Times,Mar.17,
2008.
EdmundL.Andrews,ForgetAloof,BernankeGoesBarnstorming,N.Y.Times,
July26,2009.
EdmundL.Andrews,WorldBankersSuggestReboundMayhaveBegun,N.Y.Times,
Aug.21,2009.
13
EdmundL.Andrews,ObamatoNominateBernanketo2ndTermatFed,N.Y.Times,
Aug.25,2009.
EdmundL.Andrews,BernankeSaysFedShouldHaveDoneMore,N.Y.Times,
Dec.4,2009.
EdmundL.AndrewsandStephenLabaton,BailoutPlan:$2.5TrillionandaStrong
U.S.Hand,N.Y.Times,Feb.11,2009.
MichaelAneiro,RiskyDebtIssuancesMeetInvestorResistance,WallSt.J.,June23,
2007.
MichaelAneiro,ARespiteforBondsAfterDaysofStressGMACEarningsHelp,
RiskPremiumsTighten;AMorganStanleyBoost,WallSt.J.,July31,2007.
BinyaminAppelbaumandDavidCho,FedsApproachtoRegulationLeftBanks
ExposedtoCrisis,Wash.Post,Dec.21,2009.
MatthewArtz,FremontLookstoRecoup$4MillionLehmanLoss,MercuryNews,
Mar.26,2009.
AssociatedPress,HongKongInvestorsSueLehmanOverMinibonds,IntlHerald
Trib.,Mar.13,2009.
AssociatedPress,JudgeRejectsBankruptcyfor2HedgeFunds,N.Y.Times,Aug.31,
2007.
AssociatedPress,LehmanBankruptcyExaminerBeginsInvestigation,Associated
Press,Jan.28,2009.
AssociatedPress,LehmanExaminerHiresDuffandPhelpsasAdviser,Associated
Press,Feb.25,2009.
AssociatedPress,LehmanBarclaysTook$8.28MoreThanAllowed,WallSt.J.,Sept.
16,2009.
BarryAugenbraunandNelsonMarans,BearsMastersoftheUniverseZapped
(LetterstotheEditor),WallSt.J.,Mar.22,2008.
KenAuletta,Power,GreedandGloryonWallStreet:TheFalloftheLehmanBrothers,
N.Y.Times,Feb.17,1985.
JohnAuthers,TheShortView,Fin.Times,Mar.15,2007.
14
JeannineAversa,EmergencyMeetingonLehmanRescueRsum,AssociatedPress,
Sept.13,2008.
VikasBajaj,HomePricesFallinMoreThanHalfofNationsBiggestMarkets,N.Y.
Times,Feb.16,2007.
VikasBajaj,BearStearnsShakesUpFundsUnit,N.Y.Times,June30,2007.
VikasBajaj,MoodysSaysWorkersRatedSomeSecuritiesIncorrectly,N.Y.Times,
July2,2008.
VikasBajaj,AWallStreetGoliathTeetersAmidFearofaWiderCrisis,N.Y.Times,
Sept.14,2008.
VikasBajajandChristineHaughney,TremorsattheDoor,N.Y.Times,Jan.26,
2007.
VikasBajajandJulieCreswell,BearStearnsStavesOffCollapseof2HedgeFunds,
N.Y.Times,June21,2007.
ClareBaldwin,JuiCharkravortyandJonathanSpicer,Exclusive:FuldSaysBeing
DumpedOnforLehmanFailure,Reuters,Sept.7,2009.
BrianBandell,LehmanBros.Wins$50MForeclosureJudgmentinDelrayBeach,S.
Fla.Bus.J.,Aug.6,2009.
ParitoshBansalandEmilyChasan,LehmanPutsTwoBankUnitsonMarket:Source,
Reuters,Mar.16,2009.
ParitoshBansal,ElinorComlayandJonathanStempel,LehmanMeetingWith
BuyersforNeuberger:Report,Reuters,Sept.8,2008.
PeterBarnes,AIGApparentlyWasNotTooBigtoFail,FOXBusiness,June29,
2009.
AlistairBarr,AccreditedHomeStopsMakingRiskierLoans,MarketWatch,Feb.14,
2007.
AlistairBarr,SubprimeMortgageWoesMaybeSpreading,MarketWatch,Mar.11,
2007.
AlistairBarr,LehmanCutsValueofLeveragedLoans,Mortgages;BankMarksDown
CommitmentsandPositionsbyaNet$700Million,MarketWatch,
Sept.18,2007.
15
AlistairBarr,LehmanSharesFallAfterMoodysWarning,MarketWatch,
Sept.10,2008.
AlistairBarr,etal.,LehmanCFOCallan,COOGregoryOustedfromPosts,
MarketWatch,June12,2008.
KatharinaBart,CrisisonWallStreet:SwissBanksFaceaLehmanProbeWatchdog
InvestigatestheMethodsUsedtoSellCertainStructuredProducts,WallSt.J.,
Nov.4,2008.
MariaBartiromo,LehmanCFOErinCallan:BackfromUglyMonday,Business
Week,Mar.20,2008.
DavidWattsBartonandKarenGullo,S&PSaysItShouldntBeSuedOveraRating
onLehmanBonds,Bloomberg,July31,2009.
AndrewBary,ApartmentHouseBlues,Barrons,Jan.21,2008.
ShannyBasar,BearStearnsHadOneDayLiquidityLossofMorethan$10BN,Fin.
News,Apr.3,2008.
ShannyBasar,HowtheFinanceWorldFaredintheVanityFair100,Fin.News,Sept.
2,2009.
StephanieBaum,BNYMellonFundsExposedtoLehmanBankruptcy,Financial
News,Sept.24,2008.
BBCNews,PaulsonAdmitsBankMergerThreat,BBCNews,July15,2009.
BBCNews,BBCWorldDramaTheDayThatLehmanDied,BBCNews,Sept.2,
2009.
MarieBeaudette,ExLehmanTraderSuesBarclaysFor$19.6M,WallSt.J.,Feb.19,
2009.
MarieBeaudette,HousePanelMullsBankruptcyCodeChanges,WallSt.J.,Mar.11,
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MarieBeaudette,LehmanHoldsOnToRadioactiveAssets,WallSt.J.,Apr.14,2009.
MarieBeaudette,LehmanPaid$402.9MillioninYeartoBankruptcyLawyers,
Advisers,WallSt.J.,Oct.15,2009.
MarieBeaudette,TheDailyDocket:CreditorsAttackStationLBO,WallSt.J.,Dec.
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16
MarieBeaudette,BankruptcyWeekAhead:LehmanSeeksClaimsResolutionApproval,
WallSt.J.,Jan.8,2010.
MarieBeaudetteandPatrickFitzgerald,BankruptcyWeekAhead:StationCasinos
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RachelBeck,HowToughistheSEC?,Forbes,Aug.8,2009.
BernieBeckerandBenWhite,LehmanManagersPortrayedasIrresponsible,N.Y.
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JoBeckerandGretchenMorgenson,Geithner,asMemberandOverseer,ForgedTies
toFinanceClub,N.Y.Times,Apr.27,2009.
NathanBecker,Kaufman:TreasuryShouldAidMortgageGiants,EconomistofDr.
DoomFameAlsoAdvisesSwiftActiononRegulatoryOverhaul,
MarketWatch,July11,2008.
KatieBenner,ErinCallan:LuckytoGetOut,Money,Sept.26,2008.
RupiniBergstrom,MovingtheMarket:BearStearnstoCut650Jobs,InItsThird
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DennisK.Berman,TheGameBearat$10:DoneDeal?ChallengesAreInevitable
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DennisK.Berman,CrisisonWallStreetTheGame:OntheStreet,Disbeliefand
Resignation,WallSt.J.,Dec.9,2008.
DennisK.Berman,AlexFrangosandJenniferS.Forsyth,BigApartmentREIT
NearsSale;Lehman,TishmanSpeyerCouldPayover$12BillionforArchstone
SmithTrust,WallSt.J.,May29,2007.
DennisK.Berman,HeidiN.MooreandMatthewKarnitschnig,ItisToughto
ValueBear,ButItHadBetterSellFast,WallSt.J.,Mar.15,2008.
BenBernanke,TheRightReformfortheFed,Wash.Post,Nov.29,2009.
JakeBernstein,LehmanMortgageServiceronLifeSupportGetsaPieceofTARP,
ProPublica,May11,2009.
JuliaBerris,LehmansEightHourFireSale,TheLawyer,Sept.29,2008.
SreeVidyaBhaktavatsalam,ReserveFundInvestorsMayGetUpto99CentsaShare,
17
OliverBiggadikeandTakashiUeno,LehmantoSueJapansMarubeni,Claiming
LoanFraud,Bloomberg,Mar.29,2008.
CarolineBinham,LehmanRulingHindersFSAProbesIntoClientAccounts,
Bloomberg,Jan.21,2010.
AndrewBlackman,InvestinginFunds:AMonthlyAnalysisInvestorIQQuiz:
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BrianBlackstone,FedAgreestoEaseSomeRulesforJ.P.Morgan,WallSt.J.,Apr.5,
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JohnBlakeley,CourtBlessesRulesforLehmanSale,TheDeal,Sept.19,2008.
JohnBlakeley,ResolvingLehmans$138BMysteryLoan,TheDeal,Dec.17,2008.
MelissaBlockandHenryPaulson,TreasurySecretaryHenryPaulsonAddresses
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DeborahL.Blumberg,TreasurysNotchSmallGainsTradersAwaitDataonU.S.
PayrollsAsEquitiesRoar,WallSt.J.,May31,2007.
DeborahLynnBlumberg,SomeBondInvestorsLookBeyondVolatilityMoney
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2,2007.
DeborahLynnBlumbergandAnushaShrivastava,SubprimeCrisisisLikelyto
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DavidBogoslaw,IsLehmanLiquidEnough?,Bus.Wk.,Mar.18,2008.
WilliamBoston,RealEstateFinance:TheTowerThatLehmanBoughtParisComplex
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BrennaBraaten,EverlandsMeltdownLeavesMontanasLoneMountainRanchin
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AdamBradbery,MemoriesofLehmanFadeFromaKeyMeasureofRisk,WallSt.J.,
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ChadBray,CrisisonWallStreet:BofASuesBearUnit,ExStaffers,WallSt.J.,Oct.
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18
ChadBray,JudgeSendsCountrywideSuitoverLoanModificationstoN.Y.,WallSt.J.,
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ChadBray,Deutsche,BNPParibasSueBofAOver$1.7BInNotes,WallSt.J.,Nov.
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KarenBrettell,USCourtRejectsDismissalinKeyLehmanCDOCase,Reuters,Aug.
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KarenBrettell,LehmanSuesAIGfor$9MillioninCDSPayments,Reuters,Aug.12,
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KarenBrettell,LehmanWininDCOCaseCouldSparkDowngradesFitch,Reuters,
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KarenBrettell,LehmanDerivativeDisputesMustBeMediatedNYCourt,Reuters,
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KarenBrettel,NYCourtNixesOptiontoCeasePaymentsinSwapDispute,Reuters,
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KarenBrettel,Barclays,GLGPartners,AbuDhabiAmongLehmanClaimants,
Reuters,Sept.23,2009.
KarenBrettell,MetavantetoAppealSwapRulinginLehmanCase,Reuters,Oct.23,
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AmandaBronstad,FormerHeadofGlobalComplianceforLehmanBrothersJoins
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JeffreyBrown,CrisisTurnedFederalReserveIntoFourthBranchofGovernment,
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E.S.Browning,InvestorsLookforFedtoCalmInflationFearsExpectationsHelp
Stocks,BondsRecoverfromRecentTurbulence,WallSt.J.,June28,2007.
E.S.Browning,BearStearnsInvestorsAwaitTallyonLosses,WallSt.J.,July2,2007.
E.S.Browning,WhatCouldToppleBullsWallofWorry?HighRiskInvestments,
WeakDollar,InflationMayTestStockRally,WallSt.J.,July16,2007.
E.S.Browning,DowPlungesonRisingCreditFearRallyEndswithThudasStocks
Fall387.18;HedgeRumorsContinue,WallSt.J.,Aug.10,2007.
19
E.S.Browning,LessonsofPastMayOfferCluestoMarketsFate,WallSt.J.,Aug.20,
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NicolasBrulliard,AsLehmanLiquidates,So,Too,DoExecutives,WallSt.J.,Sept.24,
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SethBrumbyandNicolettaKotsianas,LehmanReceivesClaimsTotalingUSD
820bn;EstateExploresSubCon,Debtwire,Nov.18,2009.
JoeBelBruno,LehmanBros.DeniesitApproachedFederalReserve,AssociatedPress,
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JoeBelBruno,SubprimeLoansKillTwoBearStearnsFunds,USAToday,July18,
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JoeBelBruno,CitadelFilesLehmanClaimtoRecover$470.5Million,WallSt.J.,Aug.
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CassellBryanLow,CrisisonWallStreet:HedgeFundsLeftinBindbyCollapseof
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CassellBryanLow,LehmansLegacy:LehmanEuropeClaimsBegintoComeIn,Wall
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theHeartBearsBiggestHoldersMayHaveLittleChoiceButtoCutTheir
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20
PennBullock,IsFedChairmanBenBernankeaFollowerofJohnMaynardKeynesor
MiltonFriedman?,Reasononline,Sept.1,2009.
KatherineBurton,SherrsOneWilliamStreetLeadsNewHedgeFundRush,
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AndrewB.Busch,Busch:TheBernankeMendozaLine,CNBC,Aug.21,2009.
TomCahill,LehmanHedgeFundClientsLeftColdasAssetsFrozen(Update3),
Bloomberg,Oct.1,2008.
RickCarew,CreditCrunch:BearSuccumbs:UnravelingofBearCriticDealReveals
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JohnCarney,TheNewYorkersEconomicsDude:LehmanMatters!,Bus.Insider,
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JohnCarney,JoeGregoryWantsLehmanToPayHim$233Million,Bus.Insider,
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JohnCarney,Nope,InvestorsDidntIrrationallyPanicAfterLehmanCollapsed,Bus.
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JohnCassidy,AnatomyofaMeltdown:BenBernankeandtheFinancialCrisis,New
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IreneChapple,HedgeFundBattleOverClientLehmanFundsKicksOff;Weeksof
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EmilyChasanandChelseaEmery,UPDATE2LehmanExpectsReorganization
Planin1stQtr,Reuters,Nov.18,2009.
21
EmilyChasanandJonathanStempel,BarclaysUrgesDismissalofLehman
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DavidW.ChenandBenjaminWeiser,NewYorkSeeksMillionsinTaxForm
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JonathanCheng,InternationalFinance:LehmanAngerRises,WallSt.J.,Oct.9,2008.
JonathanCheng,CrisisonWallStreet:HongKongInvestorsWinLehmanReprieve,
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AmbereenChoudhury,LehmanAdministratorsMeettoDiscussWaystoCurbLegal
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DanaCimilluca,AheadoftheTape,WallSt.J.,June21,2007.
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AndrewClark,ReliefasLehmanBrothersEscapesSubprimeFallout,Guardian
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22
AndrewClark,OspraieManagementClosesMainHedgeFund,Guardian(London),
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AndrewClark,HowCloseareGoldmanSachssConnectionswiththeUSTreasury?,
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HillaryClintonandTimothyGeithner,ANewStrategicandEconomicDialogue
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EileenAJConnelly,BernankeMakesCaseforStrongFedRoleonBanks,Wash.Post,
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23
MichaelCorkery,BBCTakesOnLehmanStory,WallSt.J.,Aug.29,2009.
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SusanneCraig,LehmansStraightShooterFinanceChiefCallanBringsCoolJoltof
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SusanneCraig,LossesPushLehmantoWeighRaisingNewCapital,WallSt.J.,June
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SusanneCraig,LehmanisSeekingOverseasCapitalAsItsStockDeclines,WallStreet
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SusanneCraig,LehmanSettoRaise$5BillionAmidLosses,WallSt.J.,June9,2008.
24
SusanneCraig,LehmanShuffles2KeyJobsinBidtoRestoreConfidenceFinance
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SusanneCraig,LehmanVet:GrapplesWiththeFirmsRepair,WallSt.J.,Sept.4,
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SusanneCraig,KoreanRemarksHitLehman,WallSt.J.,Sept.9,2008.
SusanneCraig,LehmanStrugglestoShoreUpConfidencePlantoShrinkFirmIs
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SusanneCraig,ThainFiresBackatBankofAmerica,WallSt.J.,Apr.27,2009.
SusanneCraigandIantheJeanneDugan,FromLehmansWreckage,NewLives,
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SusanneCraigandDiyaGullapalli,LehmansRoadtoStabilityLooksPockedwith
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SusanneCraig,MichaelHudsonandJamesR.Hagerty,StreetsLosses:Jobs,
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25
SusanneCraig,MatthewKarnitschnig,andMichaelCorkery,LehmanHasPlanfor
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SusanneCraig,MathewKarnitschnigandMichaelCorkery,LehmanPlotsBad
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SusanneCraig,PeterLattman,andDiyaGullapalli,LehmanCourtsBidsforPieceof
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SusanneCraig,PeterLattmanandDiyaGullapalli,Deals&DealMakers:Lehman
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SusanneCraig,JeffreyMcCracken,JonHilsenrathandDeborahSolomon,AIG,
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SusanneCraigandCarrickMollenkamp,LehmanAltersLeadershipAheadof
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SusanneCraigandRandallSmith,U.S.toAskAnalystsifLehmanMisled,WallSt.
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26
BarbaraCrane,MichaelDriscoll,BrianHershbergandKennethG.Pringle,
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JulieCreswellandVikasBajaj,SomeLendersDislikePlantoSaveBearStearnsFund,
JulieCreswellandVikasBajaj,$3.2BillionMovebyBearStearnstoRescueFund,
AlexCrippen,WarrenBuffetts$3BillionGoldmanAnniversary,CNBC,Sept.23,
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PatriciaCrisafulli,ALeadertoBankOn:TheHouseofDimon,WallSt.J.,Apr.10,
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L.GordonCrovitz,InformationAge:DontSellHedgeFundsShort,WallSt.J.,Oct.
20,2008.
DarcyCrowe,TheFinancialCrisis:GlobalFalloutVenezuelaFacesLossonLehman,
KevinCrowley,LehmansEuropeAdministratorMayClaim$100Billion,Bloomberg,
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KevinCrowleyandTomCahill,HSBCSeekstoFillLehmanVoidasHedgeFund
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27
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RobCurran,LargeStockFocus:Fannie,FreddieLeadDropAmongLeadersYahoo
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RobCurran,LargeStockFocus:FannieMae,Citigroup,LehmanandAIGFallWal
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RobCurran,TradersBelieveMorePainIsAheadforFinancialStocks,WallSt.J.,Aug.
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RobCurran,LargeStockFocus,WallSt.J.,Aug.26,2008.
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MeganDaviesandJohnWallace,LehmaninDealtoSellVentureCapitalUnit,
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28
PaulDavies,KateKellyandDavidEnrich,ProsecutorsBeginaProbeOfBearFunds
FalloutContinuesFromMortgageVehiclesThatLost$1.6Billion,WallSt.J.,
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MarkDeCambre,KoreaintheFuldLehmanRevampsPlan,N.Y.Post,Sept.3,2008.
MarkDeCambre,MixedSignalsatLehmanUnitSaleHeldUpbyTalkthatParentis
forSale,Too,N.Y.Post,Sept.4,2008.
MarkDeCambre,FedsRunRescuePaulsonsTeamWantsSinkingLehmanSoldby
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VincentDelGiudice,FedWasLaxinSupervisionofBanks,KaufmanSays,
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MaurnaDesmond,NeubergerGoesCheaply,Forbes,Sept.29,2008.
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FrancisX.DieboldandDavidA.Skeel,Jr.,GeithnerisOverreachingonRegulatory
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FrancisDinkelspiel,RescuedbyLehmanBrothers,L.A.Times,Sept.18,2008.
LucaDiLeoandJeffBater,FedPullsBackBackstops,WallSt.J.,Nov.18,2009.
ChrisDolmetsch,SubprimeCollapsetoGlobalFinancialMeltdown:Timeline
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KristinaDoss,CrisisonWallStreet:AKinderBankruptcyLawisSoughtasFilings
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29
AndrewDowellandDanFitzpatrick,BankofAmericaSettlesMerrillSuitfor$150
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KevinDrawbaugh,FinancialCrisisPanelMightCallPaulson:Chairman,Reuters,
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IantheJeanneDugan,CrisisonWallStreet:AtLehman,25,000PeopleWorryAbout
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PeterA.McKayandAnnDavis,RisingCrude,CreditWorriesSwampMarketAn
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DavidMildenberg,WachoviaMaySellMutualFunds,Broker,AnalystsSay
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MarkMitchell,SECOIGInvestigatingSECComplicityinNakedShortSelling,Deep
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RichMiller,GeithnerCallsforVerySubstantialChangeinWallStreetPay,
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CarrickMollenkamp,CrisisonWallStreet:CreditorsSeektoProbeLehmansMoney
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LizMoyer,WallStreetsWildWeekend,Forbes,Sept.14,2008.
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DavidReilly,LiamDenningandPeterEavis,HeardontheStreet/Financial
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DavidReillyandPeterEavis,HeardontheStreet/FinancialAnalysisand
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DavidReillyandGregoryZuckerman,PricingTacticsOfHedgeFundsPutto
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KarenRichardson,LiamPlevenandAmirEfrati,JuryConvictsFiveofFraudIn
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KennethRogoff,TheConfidenceGame,ProjectSyndicate,Aug.12,2009.
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MatthewRose,TheDevilsDictionaryFinancialEditionTheWallStreetCrisisof
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AliceRoss,3700InvestorstoPursueLehmanClaims,Fin.Times,Oct.16,2009.
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HenrySanderson,BillBuoysEnergySharesIncludingPacificEthanol,WallSt.J.,
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LindaSandler,LehmanPaysItsBankruptcyAdvisers$262.6Million(Update2),
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LindaSandler,BarclaysSaysLehmanBrokerageSaleGaveitNoSecretGain,
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LindaSandler,GoldmanSachsBuys$57MillioninClaimsonLehman(Update3),
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LindaSandlerandChristopherScinta,LehmantoPayBarclays$6MillionforIts
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LindaSandlerandChristopherScinta,LehmanCreditorsSeektoSquelchExaminer
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LindaSandlerandChristopherScinta,LehmanExaminerValukasSeeksMoreTime
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LauraSantini,CrisisonWallStreet:AsianFundsBraceforLehmanFallout,WallSt.
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David Yong and Yusuke Miyazawa, Samurai Bond Rally Sets Record as Morgan
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HedgeFundOperations:HearingBeforetheH.Comm.onBanking&Fin.Servs.,105th
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LongtermEconomicandBudgetChallenges:HearingBeforetheS.BudgetComm.,
110thCong.(Jan.18,2007).
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FiscalChallengesandtheEconomyintheLongTerm:HearingBeforetheH.Comm.on
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MortgageMarketTurmoil:CausesandConsequences:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,110thCong.(Mar.22,2007).
TheEconomicOutlook:HearingBeforetheJ.Econ.Comm.,110thCong.(Mar.28,
2007).
ModernizationofFederalHousingAdministrationPrograms:HearingBeforetheS.
Comm.onBanking,Hous.&UrbanAffairs,110thCong.(July18,2007).
MonetaryPolicyandtheStateoftheEconomy:HearingBeforetheH.Comm.onFin.
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TheStateoftheSecuritiesMarkets:HearingBeforetheS.Comm.onBanking,Hous.&
UrbanAffairs,110thCong.(July31,2007).
LegislativeandRegulatoryOptionsforMinimizingandMitigatingMortgage
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TheEconomicOutlook:HearingBeforetheJ.Econ.Comm.,110thCong.(Nov.8,
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WhatShouldtheFederalGovernmentDotoAvoidaRecession:HearingBeforetheJ.
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MonetaryPolicyandtheStateoftheEconomy:HearingBeforetheH.Comm.on
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RecentDevelopmentsinU.S.FinancialMarketsandRegulatoryResponsestoThem:
(July15,2008).
SemiannualMonetaryPolicyReporttotheCongress:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,110thCong.(July15,2008).
SystemicRiskandtheFinancialMarkets:HearingBeforetheH.Comm.onFin.Servs.,
AuctionRateSecuritiesMarket:AReviewofProblemsandPotentialResolutions:
HearingBeforetheH.Comm.onFin.Servs.,110thCong.(Sept.18,2008).
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Entities,InvestmentBanksandOtherFinancialInstitutions:HearingBeforethe
S.Comm.onBanking,Hous.&UrbanAffairs,110thCong.,(Sept.23,2008).
TheEconomicOutlook:HearingBeforetheJ.Econ.Comm.,110thCong.(Sept.24,
2008).
TheFutureofFinancialServices:ExploringSolutionsfortheMarketCrisis:Hearing
BeforetheH.Comm.onFin.Servs.,110thCong.(Sept.24,2008).
CausesandEffectsoftheLehmanBrothersBankruptcy:HearingBeforetheH.Comm.on
Oversight&GovtReform,110thCong.(Oct.6,2008).
96
EconomicRecovery:OptionsandChallenges:HearingBeforetheH.Comm.onthe
Budget,110thCong.(Oct.20,2008).
TheCreditRatingAgenciesandtheFinancialCrisis:HearingBeforetheH.Comm.on
TheFinancialCrisisandtheRoleofFederalRegulators:HearingBeforetheH.Comm.on
TurmoilintheU.S.CreditMarkets:ExaminingRecentRegulatoryResponses:Hearing
BeforetheS.Comm.onBanking,Hous.&UrbanAffairs,110thCong.(Oct.23,
2008).
OversightofImplementationoftheEmergencyEconomicStabilizationActof2008and
ofGovernmentLendingandInsuranceFacilities;ImpactonEconomyandCredit
Availability:HearingBeforetheH.Comm.onFin.Servs.,110thCong.
(Nov.18,2008).
TheRoleofFannieMaeandFreddieMacintheFinancialCrisis:HearingBeforetheH.
Comm.onOversight&GovtReform,110thCong.(Dec.9,2008).
ClarkCounty,NV:GroundZerooftheHousingandFinancialCrises:HearingBefore
theCong.OversightPanel,110thCong.(Dec.16,2008).
RegulatoryReform:HearingBeforetheCong.OversightPanel,111thCong.(Jan.14,
2009).
HearingtoConsidertheNominationofTimothyF.GeithnertobeSecretaryofthe
Treasury:HearingBeforetheS.Comm.onFin.,111thCong.(Jan.21,2009).
PromotingBankLiquidityandLendingThroughDepositInsurance,Hopefor
Homeowners,andOtherEnhancements:HearingBeforetheH.Comm.onFin.
Servs.,111thCong.(Feb.3,2009).
OversightoftheFinancialRescueProgram:ANewPlanfortheTARP:HearingBefore
theS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Feb.10,2009).
AnExaminationoftheExtraordinaryEffortsbytheFederalReserveBanktoProvide
LiquidityintheCurrentFinancialCrisis:HearingBeforetheH.Comm.onFin.
PoliciestoAddresstheCrisesinFinancialandHousingMarkets:HearingBeforetheS.
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97
TheSemiannualMonetaryPolicyReporttoCongress:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(Feb.24,2009).
MonetaryPolicyandtheStateoftheEconomy:HearingBeforetheH.Comm.onFin.
CopingwiththeForeclosureCrisisinPrinceGeorgesCounty,Maryland:Hearing
BeforetheCong.OversightPanel,111thCong.(Feb.27,2009).
ConsumerProtectionsinFinancialServices:PastProblems,FutureSolutions:Hearing
BeforetheS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Mar.3,
2009).
EconomicandBudgetChallengesfortheShortandLongTerm:HearingBeforetheS.
Comm.ontheBudget,111thCong.(Mar.3,2009).
ThePresidentsFiscalYear2010Budget:HearingBeforetheH.Comm.ontheBudget,
111thCong.(Mar.3,2009).
ThePresidentsFiscalYear2010BudgetOverview:HearingBeforetheH.Ways&
MeansComm.,111thCong.(Mar.3,2009).
ThePresidentsFiscalYear2010BudgetProposal:PartOne:HearingBeforetheS.
Comm.onFin.,111thCong.(Mar.4,2009).
PerspectivesonSystemicRisk:HearingBeforetheH.Comm.onFin.Servs.,111th
Cong.(Mar.5,2009).
TheTreasuryDepartmentFiscalYear2010Budget:HearingBeforetheH.Comm.onthe
Budget,111thCong.(Mar.5,2009).
EnhancingInvestorProtectionandtheRegulationofSecuritiesMarkets:HearingBefore
theS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Mar.10,2009).
ThePresidentsFY2010BudgetProposal:HearingBeforetheS.Comm.ontheBudget,
111thCong.(Mar.10,2009).
MortgageLendingReform:AComprehensiveReviewoftheAmericanMortgageSystem:
HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Mar.11,2009).
MarktoMarketAccounting:PracticesandImplications:HearingBeforetheH.Comm.
onFin.Servs.,111thCong.(Mar.12,2009).
ThePresidentsFY2010BudgetandRevenueProposals:HearingBeforetheS.Comm.on
theBudget,111thCong.(Mar.12,2009).
98
PerspectivesonRegulationofSystemicRiskintheFinancialServicesIndustry:Hearing
BeforetheH.Comm.onFin.Servs.,111thCong.(Mar.17,2009).
AmericanInternationalGroupsImpactontheGlobalEconomy:Before,During,and
AfterFederalIntervention:HearingBeforetheH.Comm.onFin.Servs.,111th
Cong.(Mar.18,2009).
LessonsLearnedinRiskManagementOversightatFederalFinancialRegulators:
(Mar.18,2009).
LearningfromthePastLessonsfromtheBankingCrisesofthe20thCentury:Hearing
BeforetheCong.OversightPanel,111thCong.(Mar.19,2009).
ModernizingBankSupervisionandRegulationVideoCourtesyofCSPAN:Hearing
BeforetheS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Mar.19,
2009).
ModernizingBankSupervisionandRegulation,PartII:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(Mar.24,2009).
OversightoftheFederalGovernmentsInterventionatAmericanInternationalGroup:
HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Mar.24,2009).
ExploringtheBalancebetweenIncreasedCreditAvailabilityandPrudentLending
Standards:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Mar.25,
2009).
AddressingtheNeedforComprehensiveRegulatoryReform:HearingBeforetheH.
Comm.onFin.Servs.,111thCong.(Mar.26,2009).
EnhancingInvestorProtectionandtheRegulationoftheSecuritiesMarketsPartII:
(Mar.26,2009).
TARPOversight:ASixMonthUpdate:HearingBeforetheS.Comm.onFin.,111th
Cong.(Mar.31,2009).
HearingwithTreasurySecretaryTimothyGeithner:HearingBeforetheCong.Oversight
Panel,111thCong.(Apr.21,2009).
SmallBusinessLendinginMilwaukee:HearingBeforetheCong.OversightPanel,111th
Cong.(Apr.29,2009).
99
TheEffectoftheLehmanBrothersBankruptcyonStateandLocalGovernments:Hearing
BeforetheH.Comm.onFin.Servs.,111thCong.(May5,2009).
RegulatingandResolvingInstitutionsConsideredTooBigtoFail:HearingBeforethe
S.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(May6,2009).
PerspectivesonHedgeFundRegistration:HearingBeforetheH.Comm.onFin.Servs.,
111thCong.(May7,2009).
ApproachestoImprovingCreditRatingAgencyRegulation:HearingBeforetheH.
Comm.onFin.Servs.,111thCong.(May19,2009).
CapitalLoss,CorruptionandtheRoleofWesternFinancialInstitutions:HearingBefore
theH.Comm.onFin.Servs.,111thCong.(May19,2009).
OversightoftheTroubledAssetsReliefProgram:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(May20,2009).
HearingwithTreasurySecretaryTimothyGeithner:HearingBeforetheSubcomm.on
Fin.Servs.andGen.GovtoftheH.Comm.onAppropriations,111thCong.
(May21,2009).
CorporateandCommercialRealEstateLending:HearingBeforetheCong.Oversight
Panel,111thCong.(May28,2009).
ThePresentConditionandFutureStatusofFannieMaeandFreddieMac:Hearing
BeforetheH.Comm.onFin.Servs.,111thCong.(June3,2009).
HearingwithTreasurySecretaryTimothyGeithner:HearingBeforetheSubcomm.on
Fin.Servs.andGen.GovtoftheS.Comm.onAppropriations,111thCong.
(June9,2009).
TheEffectiveRegulationoftheOvertheCounterDerivativesMarkets:HearingBefore
theH.Comm.onFin.Servs.,111thCong.(June9,2009.
BankofAmericaandMerrillLynch:HowDidaPrivateDealTurnintoaFederal
Bailout?:HearingBeforetheH.Comm.onOversightandGovtReform,111th
Cong.(June11,2009).
CompensationStructureandSystemicRisk:HearingBeforetheH.Comm.onFin.
Servs.,111thCong.(June11,2009).
TheAdministrationsPlanfortheRestructuringoftheAmericanFinancialRegulatory
System:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(June18,
2009).
100
TheAdministrationsProposaltoModernizetheFinancialRegulatorySystem:Hearing
BeforetheS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(June18,
2009).
OvertheCounterDerivatives:ModernizingOversighttoIncreaseTransparencyand
ReduceRisks:HearingBeforetheS.Comm.onBanking,Hous.&UrbanAffairs,
111thCong.(June22,2009).
BankofAmericanandMerrillLynch:HowDidaPrivateDealTurnIntoaFederal
Bailout?PartII:HearingBeforetheH.Comm.onOversightandGovtReform,
111thCong.(June25,2009).
FarmCredit:HearingBeforetheCong.OversightPanel,111thCong.(July7,2009).
RegulatoryRestructuring:BalancingtheIndependenceoftheFederalReservein
MonetaryPolicywithSystemicRiskRegulation:HearingBeforetheH.Comm.
onFin.Servs.,111thCong.(July9,2009).
H.R.3068,TARPforMainStreetActof2009:HearingBeforetheH.Comm.onFin.
AReviewoftheAdministrationsProposaltoRegulatetheOvertheCounter
DerivativesMarket:HearingBeforetheH.Comm.onFin.Servs.,111thCong.
(July10,2009).
SECOversight:CurrentStateandAgenda:HearingBeforetheH.Comm.onFin.Servs.,
CreatingaConsumerFinancialProtectionAgency:ACornerstoneofAmericasNew
EconomicFoundation:HearingBeforetheS.Comm.onBanking,Hous.&Urban
Affairs,111thCong.(July14,2009).
RegulatingHedgeFundsandOtherPrivateInvestmentPools:HearingBeforetheS.
Comm.onBanking,Hous.&UrbanAffairs,111thCong.(July15,2009).
BankofAmericaandMerrillLynch:HowdidaPrivateDealTurnIntoaFederal
Bailout?PartIII:HearingBeforetheH.Comm.onOversightandGovtReform,
RegulatoryRestructuring:SafeguardingConsumerProtectionandtheRoleofthe
FederalReserve:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(July
16,2009).
101
FollowingtheMoney:ReportoftheSpecialInspectorGeneralfortheTroubledAsset
ReliefProgram(SIGTARP):HearingBeforetheH.Comm.onOversightand
GovtReform,111thCong.(July21,2009).
HumphreyHawkinsHearingonMonetaryPolicy:HearingBeforetheH.Comm.onFin.
SystemicRisk:AreSomeInstitutionsTooBigtoFailandIfSo,WhatShouldWeDo
AboutIt?:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(July21,
2009).
RegulatoryPerspectivesontheObamaAdministrationsFinancialRegulatoryReform
Proposals:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(July22,
2009).
TARPOversight:WarrantRepurchasesandProtectingTaxpayers:HearingBeforethe
H.Comm.onFin.Servs.,111thCong.(July22,2009).
EstablishingaFrameworkforSystemicRiskRegulation:HearingBeforetheS.Comm.
onBanking,Hous.&UrbanAffairs,111thCong.(July23,2009).
RegulatoryPerspectivesontheObamaAdministrationsFinancialRegulatoryReform
ProposalsPartTwo:HearingBeforetheH.Comm.onFin.Servs.,111thCong.
(July24,2009).
AutoIndustry:HearingBeforetheCong.OversightPanel,111thCong.(July27,2009).
ProtectingShareholdersandEnhancingPublicConfidencebyImprovingCorporate
Governance:HearingBeforetheS.Comm.onBanking,Hous.&UrbanAffairs,
StrengtheningandStreamliningPrudentialBankSupervision:HearingBeforetheS.
Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Aug.24,2009).
ExaminingProposalstoEnhancetheRegulationofCreditRatingAgencies:Hearing
BeforetheS.Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Aug.5,
2009).
ProposalstoEnhancetheCommunityReinvestmentAct:HearingBeforetheH.Comm.
onFin.Servs.,111thCong.(Sept.16,2009).
UtilizingTechnologytoImproveTARPandFinancialOversight:HearingBeforetheH.
Comm.onFin.Servs.,111thCong.(Sept.17,2009).
102
TheAdministrationsProposalsforFinancialRegulatoryReform:HearingBeforetheH.
FederalRegulatorPerspectivesonFinancialRegulatoryReformProposals:Hearing
BeforetheH.Comm.onFin.Servs.,111thCong.(Sept.23,2009).
EmergencyEconomicStabilizationAct:OneYearLater:HearingBeforetheS.Comm.
onBanking,Hous.&UrbanAffairs,111thCong.(Sept.24,2009).
ExpertsPerspectivesonSystemicRiskandResolutionIssues:HearingBeforetheH.
RecentInnovationsinSecuritization:HearingBeforetheH.Comm.onFin.Servs.,
111thCong.(Sept.24,2009).
MortgageForeclosures:HearingBeforetheCong.OversightPanel,111thCong.(Sept.
24,2009).
H.R.1207,theFederalReserveTransparencyActof2009:HearingBeforetheH.Comm.
onFin.Servs.,111thCong.(Sept.25,2009).
StrengtheningandStreamliningPrudentialBankSupervision(ContinuationoftheAug.
4,2009Hearing):HearingBeforetheS.Comm.onBanking,Hous.&Urban
Affairs,111thCong.(Sept.29,2009).
CreditRatingAgenciesandtheNextFinancialCrisis:HearingBeforetheH.Comm.on
OversightandGovtReform,111thCong.(Sept.30,2009).
PerspectivesontheConsumerFinancialProtectionAgency:HearingBeforetheH.
ReformingCreditRatingAgencies:HearingBeforetheH.Comm.onFin.Servs.,111th
Cong.(Sept.30,2009).
FederalReservePerspectivesonFinancialRegulatoryReformProposals:HearingBefore
theH.Comm.onFin.Servs.,111thCong.(Oct.1,2009).
CapitalMarketsRegulatoryReform:StrengtheningInvestorProtection,Enhancing
OversightofPrivatePoolsofCapital,andCreatingaNationalInsuranceOffice:
HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Oct.6,2009).
ReformoftheOvertheCounterDerivativeMarket:LimitingRiskandEnsuring
Fairness:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Oct.7,
2009).
103
SecuritizationofAssets:ProblemsandSolutions:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(Oct.7,2009).
FutureoftheMortgageMarketandtheHousingEnterprises:HearingBeforetheS.
Comm.onBanking,Hous.&UrbanAffairs,111thCong.(Oct.8,2009).
TheFutureoftheFederalHousingAdministrationsCapitalReserves:Assumptions,
PredictionsandImplicationsforHomebuyers:HearingBeforetheH.Comm.on
Fin.Servs.,111thCong.(Oct.8,2009).
ExaminingtheStateoftheBankingIndustry:HearingBeforetheS.Comm.onBanking,
Hous.&UrbanAffairs,111thCong.(Oct.14,2009).
TheStateoftheNationsHousingMarket:HearingBeforetheS.Comm.onBanking,
Hous.&UrbanAffairs,111thCong.(Oct.20,2009).
ExecutiveCompensation:HowMuchisTooMuch?:HearingBeforetheH.Comm.on
OversightandGovtReform,111thCong.(Oct.28,2009).
DarkPools,FlashOrders,HighFrequencyTrading,andOtherMarketStructureIssues:
(Oct.28,2009).
SystemicRegulation,PrudentialMatters,ResolutionAuthorityandSecuritization:
HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Oct.29,2009).
BankofAmericaandMerrillLynch:HowDidaPrivateDealTurnIntoaFederal
Bailout?PartIV:HearingBeforetheH.Comm.onOversightandGovtReform,
111thCong.(Nov.17,2009).
TrackingtheMoney:HowRecoveryActRecipientsAccountforTheirUseofStimulus
Dollars:HearingBeforetheH.Comm.onOversightandGovtReform,111th
Cong.(Nov.19,2009).
ImprovingResponsibleLendingtoSmallBusinesses:HearingBeforetheH.Comm.on
Fin.Servs.,111thCong.(Nov.30,2009).
TheNominationoftheHonorableBenBernanke:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(Dec.3,2009).
ThePrivateSectorandGovernmentResponsetotheMortgageForeclosureCrisis:
HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Dec.8,2009).
AdditionalReformstotheSecuritiesInvestorProtectionAct:HearingBeforetheH.
Comm.onFin.Servs.,111thCong.(Dec.9,2009).
104
WeatheringtheStorm:CreatingJobsintheRecession:HearingBeforetheS.Comm.on
Banking,Hous.&UrbanAffairs,111thCong.(Dec.9,2009).
TheConditionofFinancialInstitutions:ExaminingtheFailureandSeizureofan
AmericanBank:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Jan.
21,2010).
CompensationintheFinancialIndustry:HearingBeforetheH.Comm.onFin.Servs.,
111thCong.(Jan.22,2010).
TheImpactoftheForeclosureCrisisonPublicandAffordableHousingintheTwin
Cities:HearingBeforetheH.Comm.onFin.Servs.,111thCong.(Jan.23,
2010).
TheStateofGlobalMicrofinance:HowPublicandPrivateFundsCanEffectively
PromoteFinancialInclusionforAll:HearingBeforetheH.Comm.onFin.Servs.,
111thCong.(Jan.27,2010).
105
6.
Speeches
PaulS.Atkins,Commr,SEC,CommentsonProposedRulesRegarding
OversightofCreditRatingAgenciesasNationallyRecognizedStatistical
RatingAgencies(Jan.31,2007).
PaulS.Atkins,Commr,SEC,SpeechatConferenceCosponsoredbythe
AmericanEnterpriseInstituteandtheBrookingsInstitution:IsExcessive
RegulationandLitigationErodingU.S.FinancialCompetitiveness?(Apr.
20,2007).
PaulS.Atkins,Commr,SEC,CommentsonFinalRulesRegardingOversightof
CreditRatingAgenciesasNationallyRecognizedStatisticalRating
Agencies(May23,2007).
PaulS.Atkins,Commr,SEC,RemarksatthePresidentsAdvisoryCouncilon
FinancialLiteracySubcommitteeMeetingontheFutureofResponsible
SubprimeLending,Washington,D.C.(May28,2008)availableattheU.S.
SecuritiesandExchangeCommissionwebsite
http://www.sec.gov/news/speech/2008/spch052808psa.htm(lastvisited
Jan.28,2010).
BenBernanke,Chairman,FederalReserve,SpeechattheWashingtonEconomic
Club,Washington,DC:TheComingDemographicTransition:WillWe
TreatFutureGenerationsFairly?(Oct.4,2006).
BenBernanke,Chairman,FederalReserve,SpeechattheFederalReserveBankof
Chicagos43rdAnnualConferenceonBankStructureandCompetition:
TheSubprimeMortgageMarket(May17,2007).
BenBernanke,Chairman,FederalReserve,SpeechviaSatelliteatthe2007
InternationalMonetaryConference,CapeTown,SouthAfrica:The
HousingMarketandSubprimeLending(June5,2007).
Atlanta:TheFinancialAcceleratorandtheCreditChannel(June15,2007).
KansasCitysEconomicSymposium:Housing,HousingFinance,and
MonetaryPolicy(Aug.31,2007).
BenBernanke,Chairman,FederalReserve,SpeechattheEconomicClubofNew
York:TheRecentFinancialTurmoilanditsEconomicandPolicy
Consequences(Oct.15,2007).
106
BenBernanke,Chairman,FederalReserve,SpeechattheNationalAssociationfor
BusinessEconomics50thAnnualMeeting,Washington,D.C.:Current
EconomicandFinancialConditions(Oct.7,2008).
BenBernanke,Chairman,FederalReserve,RemarksatthePresidentsWorking
GroupMarketStabilityInitiativeAnnouncement(Oct,14,2008).
BenBernanke,Chairman,FederalReserve,SpeechattheEconomicClubofNew
York:StabilizingtheFinancialMarketsandtheEconomy(Oct.15,2008).
BenBernanke,Chairman,FederalReserve,SpeechtotheUCBerkeley/UCLA
SymposiumonTheMortgageMeltdown,theEconomy,andPublicPolicy:
TheFutureofMortgageFinanceintheUnitedStates(Oct.31,2008).
BenBernanke,Chairman,FederalReserve,SpeechtotheFifthEuropeanCentral
BankCentralBankingConferenceonTheEuroatTenLessonsand
Challenges:PolicyCoordinationAmongCentralBanks(Nov.14,2008).
BenBernanke,Chairman,FederalReserve,SpeechattheGreaterAustin
ChamberofCommerce:FederalReservePoliciesintheFinancialCrisis
(Dec.1,2008).
BenBernanke,Chairman,FederalReserve,SpeechattheFederalReserveSystem
ConferenceonHousingandMortgageMarkets,Washington,D.C.:
Housing,Mortgage,MarketsandForeclosures(Dec.4,2008).
BenBernanke,Chairman,FederalReserve,SpeechattheStampLecture,London
SchoolofEconomics:TheCrisisandthePolicyResponse(Jan.13,2009).
BenBernanke,Chairman,FederalReserve,SpeechattheNationalPressClub
Luncheon:FederalReservePoliciestoEaseCreditandTheirImplications
fortheFedsBalanceSheet(Feb.18,2009).
BenBernanke,Chairman,FederalReserve,SpeechattheCouncilonForeign
Relations:FinancialReformtoAddressSystemicRisk(Mar.10,2009).
BenBernanke,Chairman,FederalReserve,SpeechattheIndependent
CommunityBankersofAmericasNationalConventionandTechworld:
TheFinancialCrisisandCommunityBanking(Mar.20,2009).
BenBernanke,Chairman,FederalReserve,SpeechatMorehouseCollege:Four
QuestionsabouttheFinancialCrisis(Apr.14,2009).
107
BenBernanke,Chairman,FederalReserve,SpeechattheFederalReserve
SystemsSixthBiennialCommunityAffairsResearchConference:
FinancialInnovationandConsumerProtection(Apr.17,2009).
ChicagoConferenceonBankStructureandCompetition:Lessonsofthe
FinancialCrisisforBankingSupervision(May7,2009).
Atlanta2009FinancialMarketsConference:TheSupervisoryCapital
AssessmentProgram(May11,2009).
BenBernanke,Chairman,FederalReserve,CommencementAddressatthe2009
CommencementoftheBostonCollegeSchoolofLaw(May22,2009).
BenBernanke,Chairman,FederalReserve,SpeechattheGlobalFinancial
LiteracySummit:CommunityDevelopmentFinancialInstitutions:
ChallengesandOpportunities(June17,2009).
KansasCitysAnnualEconomicSymposium:ReflectionsonaYearof
Crisis(Aug.21,2009).
BenBernanke,Chairman,FederalReserve,SpeechattheEconomicClubof
Washington,D.C.:FrequentlyAskedQuestions(Dec.7,2009).
KathleenL.Casey,Commr,SEC,RemarksatTheSECSpeaksin2009:In
SearchofTransparency,Accountability,andCompetition:TheRegulation
ofCreditRatingAgencies(Feb.6,2009).
ChristopherCox,Chairman,SEC,Speechatthe34thAnnualSecurities
RegulationInstitute:ReThinkingRegulationintheEraofGlobal
SecuritiesMarkets(Jan.24,2007).
ChristopherCox,Chairman,SEC,SpeechattheSecurityTraders12thAnnual
WashingtonConference(May7,2008).
ChristopherCox,Chairman,SEC,StatementatOpenMeetingonRulesforCredit
RatingAgencies(June11,2008).
ChristopherCox,Chairman,SEC,StatementonProposaltoIncreaseInvestor
ProtectionbyReducingRelianceonCreditRatings(June25,2008).
ChristopherCox,Chairman,SEC,StatementatNewsConferenceAnnouncing
ReleaseofExaminationReportonCreditRatingAgencies(July8,2008).
108
ChristopherCox,Chairman,SEC,ProtectingSeniorInvestorsinTodaysMarkets
(Sept.22,2008).
ChristopherCox,Chairman,SEC,OpeningRemarksatSECRoundtableon
ModernizingtheSecuritiesandExchangeCommissionsDisclosure
System(Oct.8,2008).
ChristopherCox,Chairman,SEC,OpeningRemarksattheSECRoundtableon
MarktoMarketAccounting(Oct.29,2008).
ChristopherCox,Chairman,SEC,SpeechattheSECInternationalEnforcement
Institute:TheImportanceofInternationalEnforcementCooperationin
TodaysMarkets(Nov.7,2008).
ChristopherCox,Chairman,SEC,SpeechatthePLI40thAnnualSecurities
RegulationInstitute:BuildingonStrengthsinDesigningtheNew
Structure(Nov.12,2008).
ChristopherCox,Chairman,SEC,MessagefromtheChairmaninSECs2008
PerformanceandAccountabilityReport(Nov.14,2008).
ChristopherCox,Chairman,SEC,SpeechattheFEI2008CurrentFinancial
ReportingIssuesConference:TheFutureofInternationalStandardsand
CooperationinLightoftheCreditCrisis(Nov.18,2008).
ChristopherCox,Chairman,SEC,StatementatOpenMeetingonCreditRating
AgencyReforms(Dec.3,2008).
ChristopherCox,Chairman,SEC,AddressatJointMeetingoftheExchequer
ClubandWomeninHousingandFinance(Dec.4,2008).
ChristopherCox,Chairman,SEC,RemarksattheAICPANationalConferenceon
CurrentSECandPCAOBDevelopments(Dec.8,2008).
DavidEinhorn,GreenlightCapital,SpeechatGrantsSpringInvestment
Conference:PrivateProfitsandSocializedRisk(Apr.8,2008).
DavidEinhorn,GreenlightCapital,SpeechatIraW.SohnInvestmentResearch
ConferenceonAccountingIngenuity:AccountingIngenuity(May21,
2008).
TimothyGeithner,President,FederalReserveBankofN.Y.,Remarksatthe
EconomicClub,NewYork:ReducingSystemicRiskInADynamic
FinancialSystem(June9,2008).
109
TimothyGeithner,U.S.SecyoftheTreasury,RemarksIntroducingtheFinancial
StabilityPlan(Feb.10,2009).
TimothyGeithner,U.S.SecyoftheTreasury,StatementonTreasurys
CommitmentatFannieMaeandFreddieMac(Feb.18,2009).
TimothyGeithner,U.S.SecyoftheTreasury,StatementattheG20Finance
MinistersandCentralBankGovernorsMeeting(Mar.14,2009).
TimothyGeithner,U.S.SecyoftheTreasury,PressBriefingbySecretaryofthe
TreasuryTimothyGeithner,Washington,D.C.(Mar.23,2009).
TimothyGeithner,U.S.SecyoftheTreasury,StatementattheInterAmerican
DevelopmentBanksAnnualMeetingoftheBoardsofGovernors(Mar.
29,2009).
TimothyGeithner,U.S.SecyoftheTreasury,RemarksatTheEconomicClubof
Washington(Apr.22,2009).
TimothyGeithner,U.S.SecyoftheTreasury,StatementattheG7Finance
MinistersandCentralBankGovernorsMeeting(Apr.24,2009).
TimothyGeithner,U.S.SecyoftheTreasury,StatementattheInternational
MonetaryandFinancialCommittee(IMFC)Meeting(Apr.25,2009).
TimothyGeithner,U.S.SecyoftheTreasury,RemarksattheIndependent
CommunityBankersofAmericaAnnualWashingtonPolicySummit(May
13,2009).
TimothyGeithner,U.S.SecyoftheTreasury,SpeechatPekingUniversity,
Beijing,China:TheUnitedStatesandChina,CooperatingforRecovery
andGrowth(May31,2009).
MorrisGoldstein,DennisWeatherstoneSeniorFellow,PetersonInst.forIntl
Econ.,SpeechattheNationalEconomistsClub:ATenPlankProgramfor
FinancialRegulatoryReform(Dec.18,2008).
HerveHannoun,DeputyGen.ManageroftheBankforIntlSettlements,Speech
atthe43rdSEACENGovernorsConference:FinancialDeepening
WithoutFinancialExcesses(Mar.21,2008).
RandallS.Kroszner,Governor,FederalReserve,SpeechattheConsumer
BankersAssociation2007FairLendingConference:TheChallengesFacing
SubprimeMortgageBorrowers(Nov.5,2007).
110
TroyA.Paredes,Commr,SEC,StatementatOpenMeetingonNationally
RecognizedStatisticalRatingOrganizations(Dec.3,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksontheCompetitivenessof
U.S.CapitalMarketsattheEconomicClubofNewYork(Nov.20,2006).
HenryPaulson,U.S.SecyoftheTreasury,OpeningRemarksatTreasurys
CapitalMarketsCompetitiveConferenceatGeorgetownUniversity(Mar.
13,2007).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonCurrentHousingand
MortgageMarketDevelopmentsatGeorgetownUniversityLawCenter
(Oct.16,2007).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonActionsTakenand
ActionsNeededinU.S.MortgageMarketsattheOfficeofThrift
SupervisionNationalHousingForum(Dec.3,2007).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonCurrentFinancialand
HousingMarketsattheU.S.ChamberofCommerce(Mar.26,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonBlueprintforRegulatory
Reform(Mar.31,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonEconomyandMarketsat
WomeninHousingandFinance(June19,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksontheU.S.,theWorld
EconomyandMarketsattheChathamHouse,London,U.K.(July2,2008).
HenryPaulson,U.S.SecyoftheTreasury,StatementonTreasuryandFederal
HousingFinanceAgencyActiontoProtectFinancialMarketsand
Taxpayers(Sept.7,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksattheRonaldReagan
PresidentialLibrary(Nov.20,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksonConsumerABSLending
Facility(Nov.25,2008).
HenryPaulson,U.S.SecyoftheTreasury,RemarksontheU.S.Economyand
FinancialSystem(Dec.1,2008).
MarySchapiro,Chairman,SEC,StatementattheSECRoundtableonCredit
RatingAgencies(Apr.15,2009).
111
GeneSchnabel,SeniorResearchAnalystoftheDepartmentalResearch
AssistanceUnitoftheMonetaryandEcon.DeptoftheBankforIntl
Settlements,SpeechattheInternationalSeminaronTimeliness,
Methodology,andComparabilityofRapidEstimatesofEconomicTrends:
StatisticsUsedbytheBISinMonitoringandResearchoftheEconomic
andFinancialCrises(May2729,2009).
ElisseB.Walter,Commr,SEC,SpeechonRegulatingBrokerDealersand
InvestmentAdvisers:DemarcationorHarmonization?(May5,2009).
112
7.
TelevisionBroadcasts
60Minutes(CBStelevisionbroadcastMar.15,2009)(interviewbyScottPelleyof
BenBernanke,Chairman,FederalReserve).
CBSEveningNews(CBStelevisionbroadcastApr.1,2009)(interviewbyKatie
CouricofTimothyGeithner,U.S.SecyoftheTreasury).
CBSEveningNews(CBStelevisionbroadcastSept.14,2009)(interviewbyKatie
CouricofTimothyGeithner,U.S.SecyoftheTreasury).
CharlieRose(PBStelevisionbroadcastMar.10,2009)(interviewbyCharlieRose
ofTimothyGeithner,U.S.SecyoftheTreasury).
CharlieRose(PBStelevisionbroadcastMay6,2009)(interviewbyCharlieRoseof
TimothyGeithner,U.S.SecyoftheTreasury).
CNNNewsroom(CNNtelevisionbroadcastSept.5,2009)(interviewbyRichard
QuestofTimothyGeithner,U.S.SecyoftheTreasury).
Frontline:InsidetheMeltdown(PBStelevisionbroadcastFeb.17,2009).
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N.Y.CurrentIssuesinEcon.andFin.,Vol.14,No.1(Jan./Feb.2008).
TobiasAdrianandHyunSongShin,FederalReserveBankofNewYork,Staff
Rep.No.346FinancialIntermediaries,FinancialStability,andMonetary
Policy(Sept.2008).
TobiasAdrianandHyunSongShin,FederalReserveBankofNewYork,Staff
Rep.No.382,TheShadowBankingSystem:ImplicationsforFinancial
Regulation(July1,2009).
AdamJ.AshcraftandTilSchuerman,FederalReserveBankofNewYork,Staff
Rep.No.318,UnderstandingtheSecuritizationofMortgageCredit(Mar.
2008).
CalculatedRisk:AssessingNonTraditionalMortgageProducts:HearingBefore
theS.Comm.onBanking,Housing,andUrbanAffairSubcomm.on
Housing,TransportationandEconomicPolicy109thCong.(Sept.20,2006)
(statementofOriceM.Williams,U.S.Gen.AccountingOffice).
RogerT.Cole,FederalReserve,SR091,ApplicationoftheMarketRiskRulein
BankHoldingCompaniesandStateMemberBanks(Jan.14,2009).
CurrentTrendsinForeclosuresandWhatMoreCanBeDonetoPreventThem:
HearingBeforetheJointEconomicComm.,111thCong.(2009)(statement
ofWilliamB.Shear,U.S.GovernmentAccountabilityOffice).
PeterJ.Elmer,Conduits:TheirStructureandRisk,F.D.I.C.BankingReview,Vol.
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FederalReserve,ReporttotheFederalReserveBoardbytheWorkingGroupon
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FederalReserve,94thAnnualReportoftheBoardofGovernorsoftheFederal
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FederalReserveBankofNewYork,FinancialTurmoilTimeline,June2007Aug.
2009,availableathttp://www.newyorkfed.org/research/
global_economy/Crisis_Timeline.pdf(lastvisitedJan.31,2010).
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FinancialServicesAuthority,Pub.Ref.No.001646,FinancialRiskOutlook2009
(2009).
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FinancialServicesAuthority,Pub.Ref.No.003346,FSAAnnualReport2008/2009
(May,28,2009).
FinancialStabilityOversightBoard,QuarterlyReporttoCongressPursuantto
Section104(g)oftheEmergencyEconomicStabilizationActof2008(June
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MichaelFleming,etal.,FederalReserveBankofNewYork,TheTermSecurities
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120

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UNITEDSTATESBANKRUPTCYCOURT

Glossary, Acronyms & Abbreviations

Witness Interview List

Document Collection & Review

Risk Management Organization and Controls

Risk Appetite and VaR Usage Versus Limits Chart

Calculation of Certain Increases in Risk Appetite Limits

Survival Strategies Supplement

Narrative of September 4 Through 15, 2008

Valuation - Residential Whole Loans

Summary of Lehman Collateral at JPMorgan

Lehmans Dealings with Bank of America

Knowledge of Senior Lehman Executives Regarding The

LBHI Solvency Analysis

Preferences Against LBHI and Other Lehman Entities

Analysis of APB, Journal Entry, Cash Disbursement, and

Foreign Exchange Transactions

Intercompany Transactions Occurring Within Thirty Days Before

CUSIPs with Blank Legal Entity Identifiers

CUSIPs Not Associated with an LBHI Affiliate

CUSIPs Associated Solely with an LBHI Affiliate

CUSIPs Associated with Both LBI and LBHI Affiliates

CUSIPs Associated with Subordinated Entities

CUSIPs Associated with LBHI Affiliates Not Delivered to LBI in a

September 19, 2008 GFS Dataset

Summary Balance Sheets of LBHI Affiliates

Tangible Asset Balance Sheet Variations

Documents were received from third parties in a variety of different formats,

*LBCC* w/20 *transfer*

((risk* or expos*) and ( caution or concern or increase

((risk* or expos*) and ( caution or concern or increase

((risk* or expos*) w/20 (warehous* or securit*))

(fixed w/5 income) or (FID) w/10 (risk* or expos*)

3/2008 3/2008 3/2008 3/2008 12/2006-

antoncic w/20 (exec* w/5 *comm*)

(ernst* or EY or E&Y or E and Y) w/15 *valu*

(loan* or equit*) w/15 (financ* or *invest*)

(aur* or *BNC*) w/20 (dilig* or risk or expos*)

(aur* or *BNC*) w/20 mort*

((*risk* or *expos*) w/20 (BNC or Aurora or warehous*

((*risk* or expos*) w/5 synd*)

(mark* or mark*to*market or MTM* or *valu*) w/10

antoncic* w/20 *arch*

((risk* or expos*) w/10 LBO*)

leverage* w/2 buy* w/2 out

12/2006 12/2006 12/2006 -

12/2006 12/2006 12/2006 -

12/2007 12/2007 12/2007 -

12/2006 12/2006 12/2006 -

*liquid* w/20 (*warehous* or securit*)

12/2007 12/2007 12/2007 12/2007 -

12/2007 12/2007 12/2007 12/2007 -

Nomura w/20 (*sell* or *sale* or *contract* or *agree*

12/2006 12/2006 -3/2008 12/2006 12/2006 -

((risk* or expos*) and ( caution or concern or increase

((risk* or expos*) and ( caution or concern or increase

((risk* or expos*) w/20 (warehous* or securit*))

(fixed w/5 income) or (FID) w/10 (risk* or expos*)

(ernst* or EY or E&Y or E and Y) w/15 *valu*

(loan* or equit*) w/15 (financ* or *invest*)

3/2008 3/2008 3/2008 3/2008 -

concern or increase or toxic or outsized or significant

(aur* or *BNC*) w/20 (dilig* or risk or expos*)

LBCC w/20 transfer

((risk* or expos) w/20 (warehous or securit*))

antoncic w/20 (exec* w/5 comm)

(ernst* or EY or E&Y or E and Y) w/15 valu

(loan* or equit) w/15 (financ or invest)

(aur* or BNC) w/20 (dilig* or risk or expos*)

(aur* or BNC) w/20 mort*

((risk or expos) w/20 (BNC or Aurora or warehous*

((risk or expos) w/5 synd)

(mark* or marktomarket or MTM* or valu) w/10

antoncic* w/20 arch

((risk* or expos) w/10 LBO)

liquid w/20 (warehous or securit*)

Nomura w/20 (sell or sale or contract or agree

((risk* or expos) w/20 (warehous or securit*))

(ernst* or EY or E&Y or E and Y) w/15 valu

(loan* or equit) w/15 (financ or invest)

(aur* or BNC) w/20 (dilig* or risk or expos*)

(aur* or BNC) w/20 mort*

((mortgage or mbs or risk or expos* or subprime)

(risk or expos* or mark* or marktomarket or MTM*

((risk* or expos) w/10 LBO)

KDB or Korea* or Korea Development Bank

blackstone or black w/5 stone

(aur* or BNC) w/20 mort*

Aurora w/50 dashboard

((S&P* or Moody* or Fitch) w/7 Lehman) w/15 (critic 12/2006or downgrade)

SpinCo or spin-off or spinoff or (spin w/ 5 co)

blackstone or black w/5 stone

(loan* or equit) w/15 (financ or invest)

(aur* or BNC) w/20 mort*

((S&P* or Moody* or Fitch) w/7 Lehman) w/15 (critic 12/2006or downgrade)

((risk or expos) w/5 synd)

(mark* or marktomarket or MTM* or valu) w/10

antoncic* w/20 arch

((risk* or expos) w/10 LBO)

audit* w/20 (capital or liquid)

SpinCo or spin-off or spinoff or (spin w/ 5 co)

blackstone or black w/5 stone

(loan* or equit) w/15 (financ or invest)

(aur* or BNC) w/20 mort*

Aurora w/50 dashboard

((S&P* or Moody* or Fitch) w/7 Lehman) w/15 (critic 12/2006or downgrade)

antoncic* w/20 arch

((risk* or expos) w/10 LBO)