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Table Of Contents

III. EXAMINER’S!CONCLUSIONS!
1. Business!and!Risk!Management!
(a) Lehman’s!Changed!Business!Strategy!
(c) Application!of!Risk!Controls!to!Changed!Business! Strategy!
(i) Stress!Testing!Exclusions!
(ii) Risk!Appetite!Limit!Increase!For!Fiscal!2007!
(iii) Decision!Not!To!Enforce!Single!Transaction!Limit!
(d) The!Board’s!Approval!of!Lehman’s!Growth!Strategy!
(a) Lehman’s!Residential!Mortgage!Business!
(ii) The!March!20,!2007!Board!Meeting!
(b) The!Explosion!in!Lehman’s!Leveraged!Loan!Business!
(c) Internal!Opposition!to!Growth!of!Leveraged!Loans! Business!
(e) Nagioff’s!Replacement!of!Gelband!as!Head!of!FID!
(a) Nagioff!and!Kirk!Try!to!Limit!Lehman’s!High!Yield! Business!
(c) Lehman!Delays!the!Archstone!Closing!
(i) Risk!Appetite!Disclosures!
(ii) Leveraged!Loan!Disclosures!!
(iii) Leverage!Ratios!and!Balance!Sheet!Disclosures!
(iv) Liquidity!and!Capital!Disclosures!
(a) Fiscal!2008!Risk!Appetite!Limit!Increase!
(b) January!2008!Meeting!of!Board!of!Directors!!
(c) Executive!Turnover!
(d) Commercial!Real!Estate!Sell"Off:!!Too!Little,!Too!Late!
(e) Lehman’s!Compensation!Practices!
(iii) Concentrated!Investments!in!Leveraged!Loans!
(iv) Firm"Wide!Risk!Appetite!Excesses!
(v) Firm"Wide!Balance!Sheet!Limits!
(vii) Summary:!!Officers’!Duty!of!Care!
(b) Lehman’s!Directors!Did!Not!Violate!Their!Duty!of!Loyalty!!
(c) Lehman’s!Directors!Did!Not!Violate!Their!Duty!to!Monitor!
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Published by: pdrtor on Oct 10, 2011
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