September 11 will always be a dark day in New York and particularly on Wall Street. Seven years ago Lehman Brothers’ offices were destroyed by the attacks on the World Trade Center, and one staff member lost his life.
This year Lehman’s bankers had other worries on this grim day of remembrance. The 158-year-old investment bank was teetering on the edge of collapse, brought down in large part, so insiders argue, by rumour and speculation that have driven Lehman’s share price into the gutter.
As Lehman’s combative boss Richard Fuld fought to keep his firm going last week, employees were engaged in a cyberwar scotching internet rumours that they had already gone bust. On Wikipedia, the online encyclopedia anyone can edit, one false clairvoyant wrote that the company had gone into liquidation on Friday after pleading with regulators for a delay.
Another mischievous Lehman-watcher posted an online ad on Craigslist, the classifieds website: “Free! Bulge Bracket Investment Bank (Midtown West). Run your own 158-year-old bulge bracket investment bank located in Midtown Manhattan with satellite offices in major global financial centers. All serious enquiries will be considered regardless of source of funding, nationality or antitrust considerations.â€
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