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By Peter Chapman
Published: September 14 2010 20:34 | Last updated: September 14 2010 20:34
Lehman Brothers had two distinct histories: one of a migrant family and its descendants who created an American success story, the other of the contemporary Wall Street types who threw it all away. Behind this sad tale lie what we might call the 10 lessons of Lehman.
1. Always have an exit route. The original brothers Lehman came to the US from Bavaria in the 1840s, peddling household goods on the byways of the south before setting up as cotton brokers in Montgomery, Alabama. As the American civil war approached, they widened their options and began moving north to New York, where they established their bank. In September 2008 the final head of Lehman, Dick Fuld, had no such alternatives as he waited for destruction to close in.
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