Lehman Subtitles

At 00:00:47,339, Character said: I'm on ten acres,
it's all wooded.

2
At 00:00:52,553, Character said: I could stand in this
house and scream

3
At 00:00:54,596, Character said: and nobody would come.

4
At 00:01:03,897, Character said: I went to work in 2003
with Lehman Brothers

5
At 00:01:07,359, Character said: completely a normal person.

6
At 00:01:14,491, Character said: This is where I ended up
having to learn

7
At 00:01:17,869, Character said: to be able to kill somebody
with my bare hands.

8
At 00:01:55,407, Character said: Wall Street was
destined for where it is now...

9
At 00:02:00,412, Character said: with or without Lehman
going out of business.

10
At 00:02:04,958, Character said: That they were on
roller-coaster to nowhere.

11
At 00:02:09,338, Character said: It was a bubble that had
to burst and it did burst,

12
At 00:02:11,715, Character said: and Lehman helped it burst.

13
At 00:02:20,724, Character said: I don't tell people I used
to work for Lehman Brothers.

14
At 00:02:22,893, Character said: I don't tell people
I was labeled

15
At 00:02:25,187, Character said: the Lehman Brothers
whistle-blower.

16
At 00:02:32,152, Character said: I can't prove it but I was
blacklisted from Wall Street.

17
At 00:02:36,990, Character said: So what I did was
I sold my house,

18
At 00:02:39,034, Character said: I bought a motorcycle and I
just travel all the time now.

19
At 00:02:50,420, Character said: Justice, to me, is a whole
host of things all happening,

20
At 00:02:55,050, Character said: and I don't think
they'll ever happen,

21
At 00:02:56,718, Character said: which is why I'm on
the bike around the world.

22
At 00:03:04,267, Character said: Lehman had a reputation on
Wall Street as being cowboys.

23
At 00:03:09,022, Character said: Their business practice
a bit aggressive.

24
At 00:03:14,778, Character said: I quickly learned
the culture is that

25
At 00:03:16,279, Character said: you don't tell people
what you're doing,

26
At 00:03:17,656, Character said: you just make money.

27
At 00:03:31,503, Character said: I joined Lehman in 1994.

28
At 00:03:34,005, Character said: I was vice president.

29
At 00:03:40,137, Character said: You were on your toes,
you were watching your back,

30
At 00:03:43,515, Character said: you had to do the best.

31
At 00:03:47,519, Character said: There was just a certain
vibrancy all the time.

32
At 00:03:54,025, Character said: But I enjoyed that.

33
At 00:03:56,278, Character said: It's difficult to describe
an electric feeling, but, um...

34
At 00:04:01,283, Character said: I had never felt so, uh,

35
At 00:04:05,036, Character said: intense all day as I did
at Lehman Brothers.

36
At 00:04:09,708, Character said: It sounds crazy
but actually was good.

37
At 00:04:12,419, Character said: I guess it's like
a drug.

38
At 00:04:15,714, Character said: Another drug we were on.

39
At 00:04:21,553, Character said: At the top level of the
corporation for Lehman Brothers,

40
At 00:04:25,474, Character said: people really believed
in what they were doing.

41
At 00:04:27,309, Character said: They thought they were
going to hit the home run,

42
At 00:04:30,645, Character said: hit the jackpot, money was
going to come flowing in.

43
At 00:04:33,607, Character said: Below that level,
at middle-management,

44
At 00:04:35,692, Character said: there were a number of people
who were greatly concerned

45
At 00:04:38,570, Character said: and believed that Lehman was
putting itself at enormous risk

46
At 00:04:42,032, Character said: and that it could be a disaster.

47
At 00:04:47,996, Character said: My responsibility is to simply
find the facts, the truth,

48
At 00:04:52,292, Character said: put them into a report
and then let others

49
At 00:04:54,336, Character said: decide the consequences of that.

50
At 00:04:58,548, Character said: So the question was,
what was it they were doing

51
At 00:05:00,884, Character said: and how did they
end up in bankruptcy?

52
At 00:05:02,427, Character said: So we had to assemble
a team with experts.

53
At 00:05:05,555, Character said: But the case was so
sophisticated that those experts

54
At 00:05:08,975, Character said: ended up hiring professors
and other experts

55
At 00:05:12,312, Character said: who then advised them so
they could advise us.

56
At 00:05:17,984, Character said: I had no sense in the beginning

57
At 00:05:20,028, Character said: of just how significant the
issue of Lehman's failure was

58
At 00:05:24,324, Character said: and how incredibly
massive it was.

59
At 00:05:29,496, Character said: Lehman's bankruptcy involved

60
At 00:05:31,790, Character said: almost 700 billion dollars
worth of assets

61
At 00:05:35,377, Character said: and the losses to the
creditors, even today,

62
At 00:05:38,088, Character said: are in the tens of
billions of dollars.

63
At 00:05:39,923, Character said: But it wasn't just
the size of the bankruptcy,

64
At 00:05:42,801, Character said: it's that Lehman's
was involved in all aspects

65
At 00:05:46,263, Character said: of the financial world
across the entire globe.

66
At 00:05:49,099, Character said: So when Lehman went
into bankruptcy,

67
At 00:05:51,518, Character said: they took a lot of things with
them and, to some extent,

68
At 00:05:54,563, Character said: they stopped a large part
of the financial economy,

69
At 00:05:57,274, Character said: at least for a short
period of time.

70
At 00:05:58,900, Character said: And we're still living
with the consequences

71
At 00:06:01,278, Character said: of that bankruptcy.

72
At 00:06:18,169, Character said: I started in late '97.

73
At 00:06:21,798, Character said: I had another job as a lawyer
at a Wall Street law firm

74
At 00:06:25,260, Character said: and decided to leave there
and, before I knew it,

75
At 00:06:29,306, Character said: I was a Lehman Brothers lawyer.

76
At 00:06:34,144, Character said: It did have a reputation
as an exciting,

77
At 00:06:36,438, Character said: up-and-coming place to work.

78
At 00:06:38,982, Character said: They were known as
the scrappy newer bank.

79
At 00:06:42,736, Character said: It felt good, I didn't know
anything at that point,

80
At 00:06:45,530, Character said: I thought nothing but the best,
I had the highest hopes.

81
At 00:06:55,040, Character said: The aim of Lehman Brothers
was to make money

82
At 00:06:58,168, Character said: any way that we could.

83
At 00:07:00,670, Character said: You know, any way that could be
done without an undue risk

84
At 00:07:04,633, Character said: of being caught or
penalized, we would do.

85
At 00:07:09,512, Character said: It was not about right or wrong,

86
At 00:07:11,181, Character said: it was about can we or can't we.

87
At 00:07:13,558, Character said: And if we could, we did.

88
At 00:07:26,029, Character said: Lehman began to get into
the mortgage game early on.

89
At 00:07:30,450, Character said: They had wanted to be
on that entire chain,

90
At 00:07:32,869, Character said: to own an interest
on that entire chain.

91
At 00:07:36,957, Character said: We did have one of
the best real estate teams

92
At 00:07:40,168, Character said: and one of the best bond
departments on Wall Street,

93
At 00:07:43,338, Character said: so why not? It was sort of
natural that Lehman

94
At 00:07:45,757, Character said: would take a leadership
role in that area.

95
At 00:07:48,468, Character said: And we did.

96
At 00:08:02,023, Character said: I started working in
the mortgage industry in 1981

97
At 00:08:09,155, Character said: as a receptionist.

98
At 00:08:12,450, Character said: It was very exciting, and I felt
that it was really important

99
At 00:08:16,830, Character said: to know more about
the housing industry

100
At 00:08:19,374, Character said: because I know it's the biggest
purchase in one's lifetime.

101
At 00:08:27,132, Character said: And then, in 1985,

102
At 00:08:30,760, Character said: I became a loan processor.

103
At 00:08:35,140, Character said: A loan processor is the person

104
At 00:08:37,726, Character said: that meets personally
with the borrower

105
At 00:08:42,272, Character said: and gathers their information
about purchasing a home.

106
At 00:08:46,484, Character said: So once they have completed
a loan application,

107
At 00:08:50,196, Character said: I'm the one who gets
the paperwork at that point.

108
At 00:08:53,324, Character said: So it's my responsibility
to make sure

109
At 00:08:56,161, Character said: that they met all
the requirements

110
At 00:08:58,872, Character said: before submitting it
to the underwriter.

111
At 00:09:04,753, Character said: My job was to solicit

112
At 00:09:07,172, Character said: new brokers who
solicit consumers.

113
At 00:09:14,387, Character said: My job was to help people to
fulfill the American Dream.

114
At 00:09:22,270, Character said: To have a home where
a family can be happy.

115
At 00:09:29,277, Character said: Kids can lounge on the couch.

116
At 00:09:32,363, Character said: Being able to have
outrageous birthday parties.

117
At 00:09:37,744, Character said: That's the American
Dream for me.

118
At 00:09:54,010, Character said: So what I liked about
the mortgage industry

119
At 00:09:56,179, Character said: was the freedom that it offered.

120
At 00:09:59,516, Character said: I was able to work
the hours that I needed to

121
At 00:10:01,601, Character said: to be with my children as well.

122
At 00:10:04,562, Character said: That was very,
very important to me.

123
At 00:10:06,022, Character said: And the income was amazing.

124
At 00:10:09,859, Character said: There's no other job
that you can get

125
At 00:10:10,860, Character said: and walk away with

126...