Defendant Federal Reserve Document Production Lehman Part I summer 2008 heavy redactions (Lawsuit...
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Transcript of Defendant Federal Reserve Document Production Lehman Part I summer 2008 heavy redactions (Lawsuit...
eDeborah.P..Bailey@@frb.gov
07/10/2008 04:20 PM
To [email protected], [email protected],
[email protected], cc [email protected],
[email protected] Subject Lehman
I tried to contact a couple of the governors to give you an update on theabove firm. I understand that you are on a meeting with Tim Geitner so Iwill assume that you have been briefed. The information that I haverelates to pressures the firm is expected to have tomorrow. I am hesitateto put this in email considering you are probably already briefed. I willcall Brian Madigan when he is back in his office and he and/or i will briefyou on the information if it was not covered on your current call.
BOG--FOIA 10-267--000001
i C Proc orRita C Proctor / DBOARD// RFRS
07/10/2008 04:23 PM
To
cc Subject Fw: Lehman
e Deborah P Bailey //BOARD/FRS
07/10/2008 04:20 PM
To Rita C Proctor/BOARD/FRS@BOARD, Donald L Kohn/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD,
Frederic Mishkin/BOARD/FRS@BOARDcc [email protected], Brian F Madigan/BOARD/FRS@BOARD, Scott
Alvarez/BOARD/FRS@BOARDSubject Lehman
I tried to contact a couple of the governors to give you an update on the above firm. I understand that you are on a meeting with Tim Geitner so I will assume that you have been briefed. The information that I have relates to pressures the firm is expected to have tomorrow. I am hesitate to put this in email considering you are probably already briefed. I will call Brian Madigan when he is back in his office and he and/or i will brief you on the information if it was not covered on your current call .
(b) (6)
BOG--FOIA 10-267--000002
Scott AlvarezScott AlvarezScott AlvarezScott Alvarez ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
07/10/2008 04:30 PM
To Deborah P Bailey/BOARD/FRS@BOARD, "Rich
Ashton" <[email protected]> cc
Subject Re: Lehman
Deborah I'm away from the office. Is there something going on? Please keep me and Rich Ashton in the loop Thanks Scott--------------------------Sent from my BlackBerry Wireless Handheld
Deborah P Bailey
----- Original Message -----
From: Deborah P Bailey
Sent: 07/10/2008 04:20 PM EDT
To: Rita Proctor; Donald Kohn; Randall Kroszner; Kevin Warsh; Frederic
Mishkin
Cc: Roger Cole; Brian Madigan; Scott Alvarez
Subject: Lehman
I tried to contact a couple of the governors to give you an update on the above firm. I understand that you are on a meeting with Tim Geitner so I will assume that you have been briefed. The information that I have relates to pressures the firm is expected to have tomorrow. I am hesitate to put this in email considering you are probably already briefed. I will call Brian Madigan when he is back in his office and he and/or i will brief you on the information if it was not covered on your current call .
BOG--FOIA 10-267--000003
arezScott Alvarez /BOARBOARD/FRS
07/10/2008 04:37 PM
To Deborah P
Bailey/BOARD/FRS@BOARD cc
Subject Re: Lehman
Deborah If the info is too sensitive, call me at Thanks Scott--------------------------Sent from my BlackBerry Wireless Handheld
Deborah P Bailey
----- Original Message -----
From: Deborah P Bailey
Sent: 07/10/2008 04:20 PM EDT
To: Rita Proctor; Donald Kohn; Randall Kroszner; Kevin Warsh; Frederic
Mishkin
Cc: Roger Cole; Brian Madigan; Scott Alvarez
Subject: Lehman
I tried to contact a couple of the governors to give you an update on the above firm. I understand that you are on a meeting with Tim Geitner so I will assume that you have been briefed. The information that I have relates to pressures the firm is expected to have tomorrow. I am hesitate to put this in email considering you are probably already briefed. I will call Brian Madigan when he is back in his office and he and/or i will brief you on the information if it was not covered on your current call .
(b) (6)
BOG--FOIA 10-267--000004
FKieran Fallon /BOARBOARD/FRS
07/10/2008 06:41 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Rich Ashton/BOARD/FRS@BOARD,
Mark
VanDerWeide/BOARD/FRS@BOARD
Subject Lehman
Kevin called me with questions on some contingency planning options for Lehman. I understand you may have more details about the structure, etc. of what is being contemplated. Please give one of us a call when you have an opportunity.
Kieran
BOG--FOIA 10-267--000005
FKieran Fallon /BOARBOARD/FRS
07/10/2008 09:41 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Re: Lehman
Office 452-5270Home 703-442-9559Cell
Am at home now.
KieranPatrick M Parkinson/BOARD/FRS
Patrick M Parkinson //BOARD/FSRS
07/10/2008 07:00 PM
To Kieran Fallon/BOARD/FRS@BOARD
cc Rich Ashton/BOARD/FRS@BOARD, Mark
VanDerWeide/BOARD/FRS@BOARDSubject Re: Lehman
What is your number? PatKieran Fallon
----- Original Message -----
From: Kieran Fallon
Sent: 07/10/2008 06:41 PM EDT
To: Patrick Parkinson
Cc: Rich Ashton; Mark VanDerWeide
Subject: Lehman
Kevin called me with questions on some contingency planning options for Lehman. I understand you may have more details about the structure, etc. of what is being contemplated. Please give one of us a call when you have an opportunity.
Kieran
(b) (6)
BOG--FOIA 10-267--000006
FKieran Fallon /BOARBOARD/FRS
07/11/2008 09:37 AM
To Mark VanDerWeide/BOARD/FRS@BOARD,
Rich Ashton/BOARD/FRS@BOARD cc
Subject Fw: Lehman Data for Friday 9:00am
Meeting
----- Forwarded by Kieran Fallon/BOARD/FRS on 07/11/2008 09:36 AM -----
Patrick .M.Park onParkinson@@frbfrb..govgov
07/11/2008 08:05 AM
To "Kieran Fallon" <[email protected]>
cc
Subject Fw: Lehman Data for Friday 9:00am Meeting
I have not been invited to the 9 am meeting but thought you would find thedata interesting. Fyi, from 8 to 11 I will be waiting for service on mycar. Pat
----- Original Message -----
From: Jan Voigts Sent: 07/10/2008 08:47 PM EDT To: Timothy Geithner; Patrick Parkinson; Michael Silva; TerrenceChecki; William Dudley; James Bergin; Thomas Baxter; Lucinda Brickler;Michael Schussler; Chris McCurdy; William Rutledge; Michael Schetzel;Calvin Mitchell; Joyce Hansen; Sandy Krieger; William BRODOWS; TilSchuermann; Arthur Angulo Cc: Marlene Williams; Tanshel Pointer; Annette Giuliano; CarolGrunwald; Helen Wendler Subject: Lehman Data for Friday 9:00am Meeting
Duplicate
BOG--FOIA 10-267--000007
insPatrick M Parkinson /BOARD/F SFRS
07/11/2008 02:44 PM
To David Marshall/CHI/FRS@FRS cc "Pat White" <[email protected]>
Subject Re: Lehman
I'm on leave today but have been following relevant email traffic. There are other such reports but overall LB's funding seems to have held up thus far. Lots of anxiety nonetheless. Pat
David Marshall
----- Original Message -----
From: David Marshall
Sent: 07/11/2008 01:42 PM CDT
To: Patrick Parkinson
Subject: Lehman
Pat --
Kim Taylor of the CME just called me with the following message:
"One of the CME's mid-sized customers is pulling their repo lines to Lehman. Other CME customers are rumored to be following suit"
That's all the information Kim was able to provide at this time. Have you heard similar reports?
If you'd like to discuss this, please give me a call.
-- David_________________________________David MarshallSenior Vice PresidentFinancial Markets GroupFederal Reserve Bank of Chicago(312) 322-5102
BOG--FOIA 10-267--000008
insPatrick M Parkinson /BOARD/F SFRS
07/11/2008 05:14 PM
To "Pat White" <[email protected]> cc
Subject Fw: Update on Lehman
is one of the very largest tri-party repo investors. PatDavid Marshall
----- Original Message -----
From: David Marshall
Sent: 07/11/2008 03:45 PM CDT
To: Patrick Parkinson; William Dudley; Patricia Mosser; William English
Cc: Pat White; Alejandro LaTorre
Subject: Update on Lehman
Kim Taylor sent me a follow-up e-mail. The repo lines that were pulled from Lehman were from
These are mid sized players, but not dealers. Kim thought that this represented an
improvement to the picture.
-- David
_________________________________David MarshallSenior Vice PresidentFinancial Markets GroupFederal Reserve Bank of Chicago(312) 322-5102
(b) (4)
(b) (4)
BOG--FOIA 10-267--000009
FKieran Fallon /BOARBOARD/FRS
07/11/2008 06:38 PM
To Rich Ashton/BOARD/FRS@BOARD, Mark
VanDerWeide/BOARD/FRS@BOARD
cc Subject Fw: PDCF, Tri-party variant
----- Forwarded by Kieran Fallon/BOARD/FRS on 07/11/2008 06:38 PM -----
Patrick MPatrick M Parkinson //BOARD/F
SRS
07/11/2008 12:51 PM
To [email protected], Kieran Fallon/BOARD/FRS@BOARD
cc
Subject Fw: PDCF, Tri-party variant
FRBNY's latest thinking about how the Fed might provide liquidity to Lehman through PDCF (or an expanded PDCF).
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/11/2008 12:50 PM -----
Lucinda MLucinda M Brickler / YNY/FRS@F
SRS
07/11/2008 12:19 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Fw: PDCF, Tri-party variant
See attached below. It's not really a new plan. it's the recycled plan on how to step into the clearing bank's shoes to provide intraday credit to a dealer in the event the clearing bank is unwilling to do so .
You will likely find the third part interesting--which analyzes the current state of Lehman's triparty collateral.
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/11/2008 12:12 PM -----
iTil Schuermann //NY/FFRS
07/11/2008 09:37 AM
To Chris McCurdy/NY/FRS@FRS
cc Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, [email protected], Michael Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS, Terrence
(b) (5)
BOG--FOIA 10-267--000010
Checki/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS, William
Rutledge/NY/FRS@FRSSubject Re: PDCF, Tri-party variant
The attached now includes the firm-specific impact. Should have been there last night -- computer snafu.
I will bring printed copies now.
Best,
Til
---------------------------------------------------------Til SchuermannResearch, Financial IntermediationFederal Reserve Bank of New York(212) 720-5968http://nyfedeconomists.org/schuermann/
Any comments or statements in this message represent the views of the author only and not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.
Chris McCurdy/NY/FRS
ChrisChrisChrisChris McCurdyMcCurdyMcCurdyMcCurdy ////NYNYNYNY////FRSFRSFRSFRS
07/11/2008 08:42 AM
To Timothy Geithner/NY/FRS
cc Terrence Checki/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Lucinda
M Brickler/NY/FRS, Tanshel Pointer/NY/FRS@FRSSubject PDCF, Tri-party variant
Here is draft memo on an idea for making the PDCF more like tri-party investing. We are working on a section outlining what extensive PDCF financing would mean for Lehman.
[attachment "Memo--loss of confidence triparty repo borrower.doc" deleted by Til Schuermann/NY/FRS]
BOG--FOIA 10-267--000011
Tim Geithner July 11, 2008
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM
DATE July 11, 2008
BOG--FOIA 10-267--000012
Tim Geithner July 11, 2008
TO Tim Geithner SUBJECT Managing a Loss of Confidence in a
FROM Brickler, Brodows, McCurdy, Schuermann Major Tri-party Repo Borrower
BOG--FOIA 10-267--000013
Tim Geithner July 11, 2008
RESTRICTED FR
(b) (5)
BOG--FOIA 10-267--000014
4
Tim Geithner July 11, 2008
Proposed Action
(b) (5)
BOG--FOIA 10-267--000015
5
Tim Geithner July 11, 2008
Impact on Firm
(b) (5)
(b) (5)
BOG--FOIA 10-267--000016
6
Tim Geithner July 11, 2008
Table 1: Lehman US repo collateral, as of July 9, 2008
Collateral Type Exposure (bn)
OMO 173.3
PDCF 39.5
Other 23.6
Treasuries 62.0
Government Agency 28.4
Agency MBS 82.9
Asset Backs - Investment Grade 5.8
Asset Backs - Non-Investment Grade 1.5
Corporates - Investment Grade 10.4
Corporates - Non-Investment Grade 4.2
Money Markets 9.6
Muni 4.1
Other 0.1
Private Labels - Investment Grade 9.7
Private Labels - High Yield 2.0
Wholeloan Commercial 5.7
Wholeloan Residential 0.4
C1 - Investment Grade Convertibles 0.5
C2 - Non-Investment Grade Convertibles 0.8
Equities 8.5
Total $ 236.46
BOG--FOIA 10-267--000017
7
Tim Geithner July 11, 2008
(b) (5)
(b) (5)
BOG--FOIA 10-267--000018
Tim Geithner July 11, 2008
Table 2: Lehman US repo collateral, as of July 9, 2008, including haircut considerations
Collateral Type Exposure
($bn)
Treasuries 62.0
Government Agency 28.4
Agency MBS 82.9
Asset Backs - Investment Grade 5.8
Asset Backs - Non-I-Grade 1.5
Corporates - Investment Grade 10.4
Corporates - Non-Investment Grade 4.2
Money Markets 9.6
Muni 4.1
Other 0.1
Private Labels - Investment Grade 9.7
Private Labels - High Yield 2.0
Wholeloan Commercial 5.7
Wholeloan Residential 0.4
C1 - Investment Grade Convertibles 0.5
C2 - Non-I-Grade Convertibles 0.8
Equities 8.5
Total $ 236.46
cash equivalent
extra collateral
(b) (5)
BOG--FOIA 10-267--000019
Tim Geithner July 11, 2008
(b) (5)
BOG--FOIA 10-267--000020
kLucinda M Brickler //NY/F SFRS
07/12/2008 06:20 PM
To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected],
cc Subject another option we should present re
triparty?
Perhaps another option we could offer Tim on triparty...
This is an idea Chris hatched back in May. Our writeup from that time is attached. Let me know your thoughts...
Lucinda
]
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
(b) (5)
BOG--FOIA 10-267--000021
5/23/08 Restricted F.R.
- 1 -
FRBNY Liquidation Facility
(b) (5)
BOG--FOIA 10-267--000022
5/23/08 Restricted F.R.
- 2 -
(b) (5)
BOG--FOIA 10-267--000023
5/23/08 Restricted F.R.
- 3 -
(b) (5)
BOG--FOIA 10-267--000024
5/23/08 Restricted F.R.
- 4 -
(b) (5)
BOG--FOIA 10-267--000025
5/23/08 Restricted F.R.
- 5 -
(b) (5)
BOG--FOIA 10-267--000026
e c onnellMeg McConnell / YNY/FRS
07/12/2008 09:05 PM
To Lucinda M Brickler/NY/FRS@FRS cc Antoine Martin/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine
Subject Re: another option we should present re triparty?
Lucinda M Brickler/NY/FRS
Lucinda M Brickler / YNY/FRS
07/12/2008 06:22 PM
To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected], [email protected], Arthur Angulo/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS
cc
Subject another option we should present re triparty?
Duplicate
(b) (5)
BOG--FOIA 10-267--000027
a M AndrewJamie McAndrews //NY/F SFRS
07/12/2008 09:44 PM
To Meg McConnell/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS
cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine
Subject Re: another option we should present re triparty?
Woops;
Antoine makes the following point:
Jamie --------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
Meg McConnell
----- Original Message ----- From: Meg McConnell
Sent: 07/12/2008 09:07 PM EDT
To: Lucinda Brickler
Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris
McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Michael Schussler; Morten Bech; Patrick Parkinson; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?Duplicate
(b) (5)
BOG--FOIA 10-267--000028
o Som erJoseph Sommer / YNY/FRS
07/13/2008 08:50 AM
To Jamie McAndrews/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS
cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine
Subject Re: another option we should present re triparty?
I agree with your analysis, but
Your mileage may vary, -----------------Sent from my BlackBerry Handheld.
Jamie McAndrews
----- Original Message ----- From: Jamie McAndrews
Sent: 07/12/2008 09:46 PM EDT
To: Meg McConnell; Lucinda Brickler
Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris
McCurdy; HaeRan Kim; Jan Voigts; Joseph Sommer; Lawrence Sweet; Michael Schussler; Morten Bech; Patrick Parkinson; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?
Woops;
Antoine makes the following point:
Duplicate
(b) (5)
(b) (5)
BOG--FOIA 10-267--000029
insPatrick M Parkinson /BOARD/F SFRS
07/13/2008 09:21 AM
To Lucinda M Brickler/NY/FRS@FRS cc Antoine Martin/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine
bcc [email protected] Subject Re: another option we should present
re triparty?
I think this option is much too complex
Pat
Lucinda M Brickler/NY/FRS@FRS
Lucinda M Brickler / YNY/FRS@FSRS
07/12/2008 06:20 PM
To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected], [email protected], Arthur Angulo/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS
cc
Subject another option we should present re triparty?
Duplicate
(b) (5)
(b) (5)
BOG--FOIA 10-267--000030
o Som erJoseph Sommer / YNY/FRS
07/13/2008 11:21 AM
To William BRODOWS/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD,
cc Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris
Subject Re: another option we should present re triparty?
I only wish.
-----------------Sent from my BlackBerry Handheld.
William BRODOWS
----- Original Message ----- From: William BRODOWS
Sent: 07/13/2008 11:19 AM EDT
To: Antoine Martin; Patrick Parkinson; Lucinda Brickler
Cc: Arthur Angulo; Brian Begalle; Catherine Kung; Chris McCurdy; HaeRan
Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William Dudley
Subject: Re: another option we should present re triparty?
----------------------------------------Sent from my BlackBerry Handheld.
Antoine Martin
----- Original Message ----- From: Antoine Martin
Sent: 07/13/2008 10:07 AM EDT
To: Patrick Parkinson; Lucinda Brickler
Cc: Arthur Angulo; Brian Begalle; Catherine Kung; Chris McCurdy; HaeRan
Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?
Antoine--------------------------Sent from my BlackBerry Wireless Handheld
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 07/13/2008 09:21 AM EDT
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--000031
To: Lucinda Brickler
Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris
McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?
I think this option is much too complex.
Duplicate
Duplicate
BOG--FOIA 10-267--000032
o Som erJoseph Sommer / YNY/FRS
07/13/2008 12:39 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Subject Re: another option we should present
re triparty?
-----------------Sent from my BlackBerry Handheld.
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 07/13/2008 12:35 PM EDT
To: Joseph Sommer
Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris
McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Lawrence Sweet; Lucinda Brickler; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?
PatJoseph Sommer/NY/FRS@FRS
Joseph Sommer/NNY/FRS@RFRS
07/13/2008 11:21 AM
To William BRODOWS/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Lucinda M Brickler/NY/FRS@FRS
cc Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William Dudley/NY/FRS@FRS
Subject Re: another option we should present re triparty?
I only wish.
Duplicate
(b) (5)
(b) (5)
BOG--FOIA 10-267--000033
a M AndrewJamie McAndrews //NY/F SFRS
07/13/2008 12:49 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Subject Re: another option we should present
re triparty?
--------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 07/13/2008 12:35 PM EDT
To: Joseph Sommer
Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris
McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Lawrence Sweet; Lucinda Brickler; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley
Subject: Re: another option we should present re triparty?Duplicate
(b) (5)
BOG--FOIA 10-267--000034
kLucinda M Brickler //NY/F SFRS
07/14/2008 08:38 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Re: Fw: PDCF, Tri-party variant
I'm on my way in. The latest is that LB backed away from most of the measure they were considering. Tim asked us to prepare more detail yesterday on what steps to take if triparty investors take flight to prevent a collapse in confidence across the mechanism. I will forward. I'm not convinced we broke any new ground, but it took the whole day anyway. I will forward our product.
Lucinda--------------------------Sent from my BlackBerry Wireless Handheld
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 07/14/2008 08:30 AM EDT
To: Lucinda Brickler
Subject: Re: Fw: PDCF, Tri-party variant
Where are you on this? What's the latest on LB?
PatLucinda M Brickler/NY/FRS@FRS
Lucinda M Brickler / YNY/FRS@FSRS
07/11/2008 12:19 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Fw: PDCF, Tri-party variant
Duplicate
BOG--FOIA 10-267--000035
o a Norah Barger /BOARD/F SFRS
08/08/2008 02:49 PM
To Christopher S
Laursen/BOARD/FRS@BOARD cc Barbara
Bouchard/BOARD/FRS@BOARD Subject Re: Fw: Tri-party repo
Chris,Good.
Norah
Norah BargerBanking Supervision and RegulationFederal Reserve BoardTel. (202) 452-2402Fax. (202) 452-2864Christopher S Laursen/BOARD/FRS
h i h i Christopher SChristopher S LaursenLaursen //BOARDBOARD//FFFRFRS
08/08/2008 02:39 PM
To Norah Barger/BOARD/FRS@BOARD, Barbara
Bouchard/BOARD/FRS@BOARDcc
Subject Fw: Tri-party repo
Just FYI
Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----
Patrick M Parkinson //BOARD/FSRS
08/08/2008 02:36 PM
To Christopher S Laursen/BOARD/FRS@BOARD
cc
Subject Re: Tri-party repo
Yes, Geithner has stayed the deployment.
PatChristopher S Laursen/BOARD/FRS
h i Christopher S Laursen/BOARD/FFRSS
To Patrick M Parkinson/BOARD/FRS@BOARD
(b) (5)
BOG--FOIA 10-267--000036
08/08/2008 02:34 PM Subject Re: Tri-party repo
OK Thanks. I will give Lucinda a call .
Regards,
Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262Patrick M Parkinson/BOARD/FRS
Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS
08/08/2008 01:55 PM
To Christopher S Laursen/BOARD/FRS@BOARD
Subject Re: Tri-party repo
I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at FRBNY.
PatChristopher S Laursen/BOARD/FRS
h i Christopher S Laursen/BOARD/FFRS
08/08/2008 01:49 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Tri-party repo
Hi Pat,
(b)(5)&(b)(8)
(b)(5)&(b)(8)
Attachments are duplicates
(b)(5)&(b)(8)
BOG--FOIA 10-267--000037
Thanks Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262
(b)(5)&(b)(8)
BOG--FOIA 10-267--000038
F MBrian F Madigan /BOARD/FRS
08/13/2008 11:42 AM
To James A
Clouse/BOARD/FRS@BOARD cc
Subject Fw: Treasury contingency planning
Jim,
Could we talk about how we might staff this?
Brian
----- Forwarded by Brian F Madigan/BOARD/FRS on 08/13/2008 11:42 AM -----
ScottScott AlvarezAlvarez //BOARDBOARD// RRFRFRS
08/13/2008 10:38 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc
Subject Treasury contingency planning
Brian,
Treasury wants to set up two contingency planning teams.
Thanks!
Scott
(b) (5)
BOG--FOIA 10-267--000039
F MBrian F Madigan /BOARD/FRS
08/13/2008 12:30 PM
To Scott Alvarez/BOARD/FRS@BOARD cc James A
Clouse/BOARD/FRS@BOARD Subject Re: Treasury contingency planning
Scott,
This confirms that Bill Nelson will be our point person on these projects . We will involve other MA folks as necessary.
Brian
Scott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRSS
08/13/2008 10:38 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc
Subject Treasury contingency planning
Brian,
Duplicate
BOG--FOIA 10-267--000040
i William BRODOWS /NNY/ RFRS
08/15/2008 06:11 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc [email protected], Theodore
Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS Subject Re: Fw: Gameplan and Status to Date
Pat--we met with Lehman two days ago and have a draft of notes that have not been agreed upon.
Cheers.
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS@ DBOARD
08/15/2008 02:02 PM
To [email protected], Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc
Subject Fw: Gameplan and Status to Date
See below. I worry that without gathering more info we will not come up with a sensible gameplan.
How are you coming with info gathering from Lehman?
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/15/2008 01:56 PM -----
StevenSteven ..ShafranShafran@@dodododo..treastreas....govgov
08/11/2008 03:04 PM
cc
Subject RE: Gameplan and Status to Date
(b) (5)
(b)(5)&(b
)(8)
BOG--FOIA 10-267--000041
steve
-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Friday, August 08, 2008 4:02 PMTo: Shafran, StevenCc: [email protected]; [email protected]; Schaffer, Laurie;[email protected]; Broome, Meredith;[email protected]; [email protected];[email protected]; [email protected]: Re: Gameplan and Status to Date
Pat
Patrick M
Parkinson/BOARD/F
RSTo [email protected]
08/08/2008 09:47cc AM [email protected],
Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William
(b) (5)
(b) (5)
BOG--FOIA 10-267--000042
BRODOWS/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD,
Subject Gameplan and Status to Date
(Document link: Patrick M
Parkinson)
Here is how I see the gameplan. Comments are welcome.
(b) (5)
BOG--FOIA 10-267--000043
Pat
Patrick M
Parkinson/BOARD/F
RSTo [email protected],
08/08/2008 09:15 [email protected]
AMcc [email protected],
William BRODOWS/NY/FRS@FRS,
[email protected], Theodore
Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD
Subject Conference Call Participants
Are copied on this message.
Pat
BOG--FOIA 10-267--000044
insPatrick M Parkinson /BOARD/F SFRS
08/19/2008 12:19 PM
To [email protected] cc William BRODOWS/NY/FRS@FRS,
[email protected], Theodore
Lubke/NY/FRS@FRS, Til Subject Fw: Gameplan and Status to Date
Steve,
See below
As to timing, Both Bill and I (and many others) are on vacation this week.
Reactions?
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/19/2008 11:56 AM -----
iWilliam SBRODOWS/ YNY/FRS
@FRS
08/15/2008 06:11 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc [email protected], Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRSSubject Re: Fw: Gameplan and Status to Date
Duplicate
(b) (5)
BOG--FOIA 10-267--000045
insPatrick M Parkinson /BOARD/F SFRS
08/21/2008 09:06 AM
To Theodore Lubke/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig
Leiby/NY/FRS@FRS, HaeRan Subject Re: troubled dealers and otc
derivatives
Theo,
Thanks for helping push this slippery ball down the field . I have attached come comments that seek to clarify some of the issues you raised and place some others on the table
I am going to try to maintain radio silence for what remains of my vacation (until Monday).
Pat
Theodore Lubke/NY/FRS@FRS
hhTheodoreTheodore LubkeLubke//// YYNYNY//F SF SFRSFRS@@ RRFRFRS
08/19/2008 04:37 PM
To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, [email protected], Til Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRScc
Subject troubled dealers and otc derivatives
Attached is the first draft of a document that starts to expand the issues related to Lehman's OTC derivatives book to dealers in general.
I recognize many of you are on vacation (including myself!). For those who are around, please provide
(b) (5)
(b) (5)
BOG--FOIA 10-267--000046
me any comments by noon Friday and I will try turn this around again before the weekend.
Thanks.
Theo
[attachment "OTC Derivatives issues related to failing dealer v1.doc" deleted by Patrick M Parkinson/BOARD/FRS]
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
BOG--FOIA 10-267--000047
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
1
(b) (5)
BOG--FOIA 10-267--000048
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
2
(b) (5)
BOG--FOIA 10-267--000049
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
3
(b) (5)
BOG--FOIA 10-267--000050
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
4
(b) (5)
BOG--FOIA 10-267--000051
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
5
(b) (5)
BOG--FOIA 10-267--000052
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
6
(b) (5)
BOG--FOIA 10-267--000053
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
7
(b) (5)
BOG--FOIA 10-267--000054
Arthur AnguloArthur AnguloArthur AnguloArthur Angulo ////NYNYNYNY////FRSFRSFRSFRS
09/04/2008 06:10 PM
To Timothy Geithner/NY/FRS@FRS cc William BRODOWS/NY/FRS@FRS,
Theodore Lubke/NY/FRS@FRS,
Patrick M Subject OTC Derivatives Info Request
As discussed yesterday morning, the attached doc sets out the information we seek to obtain from LEH regarding its OTC derivative positions. We have not yet broached this with the SEC; if you are OK with the list and with informing Fuld that this request will be made, I will speak with the SEC before you contact Fuld.
BOG--FOIA 10-267--000055
September 4, 2008
(b) (8)
BOG--FOIA 10-267--000056
2
(b) (8)
BOG--FOIA 10-267--000057
insPatrick M Parkinson /BOARD/F SFRS
09/05/2008 01:50 PM
To Theodore Lubke/NY/FRS@FRS cc
Subject Draft Email to Shafran re Contingency
Planning re OTC Derivatives
Theo,
Please review and comment asap on the message below.
Thanks.
Pat
*************************************************
Steve,
We have discussed this matter with President Geithner and are planning to move forward promptly on several fronts.
1. We are going to make the attached request to Lehman Brothers for information regarding their OTC derivatives positions. Tim will call Dick Fuld soon to inform him of the request prior to its delivery .
2.
3.
4.
Please let me know asap if they seems reasonable to you (other than the Sep. 15 deadline for project #4!). Also, I assume that we will want to involve SEC in preparation of the playbook Please let me know if Treasury wants to take the lead in drawing the SEC in or whether you want us to do that.
(b) (5)
(b) (5)
(b) (5)
Attachment is a duplicate
BOG--FOIA 10-267--000058
08/28/2008 04:54 PM
cc
Subject RE: treasury draft
Thanks for the quick response.
I had a brief chat w Paulson yesterday, and the view here (consistent wyours) is that it is
Im here tomorrow. Have a good weekend and lets talk Tuesday when youback. Looking forward to de-brief on the fed staff/ny staff OTCanalysis.
Steve
-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Thursday, August 28, 2008 4:34 PMTo: Shafran, StevenSubject: Re: treasury draft
Steve,
Thanks. No, I will not be in the office tomorrow. I have circulatedthisto a small group of Fed (NY and DC) staff and will discuss with themnextweek.
Pat
(b) (5)
(b) (5)
BOG--FOIA 10-267--000059
Steven.Shafran@do
.treas.gov
To 08/28/2008 04:11 [email protected]
PMcc
Subject treasury draft
Pat: attached is a draft of the working product over here. Lookingforward to comparing notes between this effort and yours. I think theteams were working together and hope we haven't drifted too far apart.Will you be in on Friday?
steve
<<systemicallycriticallegis draft ls.7.29.doc>> (See attached file:systemicallycriticallegis draft ls.7.29.doc)
Document not attached
BOG--FOIA 10-267--000060
Kristin Mayer / YNY/FRS
09/09/2008 08:33 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Meg McConnell/NY/FRS@FRS
Subject Materials for 9am Call
Pat,
Attached are some reference materials for the 9am call on contingency planning for nonbanks.
-Kristy Mayer
_________________Kristy MayerChief of Staff's OfficeFederal Reserve Bank of New YorkWork: 212-720-8090Cell: [email protected]
BOG--FOIA 10-267--000061
Entity
LBI
Consolidated
Neuberger Berman Inc.
Consolidated
Lehman Brothers Holdings PLC
Consolidated Other Holding Company Entities LBHI Consolidated
Description US Broker Dealer Asset Manager UK Broker Dealer
($ in millions) Details: Page 2 Details: Page 3 Details: Page 4 Details: Page 5
ASSETS:
Cash and Cash Equivalents 986 575 2,467 3,536 7,564
Cash & Securities Segr. And on Deposit 9,145 92 6,568 764 16,569
Financial Instr. & Other Inventory Positions Owned
Governments & Agencies 64,115 1 5,499 (25,042) 44,573
Total CP and other Money Market Instruments 3,502 267 131 (458) 3,442
Mortgages & Asset Backed Securities 26,948 - 3,242 54,418 84,608
Real Estate held for sale 4,541 - - 18,023 22,564
Total Corporate Debt & Other 33,588 - 3,968 22,193 59,749
Total Corporate Equities 27,291 205 9,819 18,800 56,115
Derivatives and Other Contractual Agreements 39,016 - 17,617 (1,020) 55,613
Total Securities & Other Financial Instruments Owned 199,001 473 40,276 86,914 326,664
Collateralized Short Term Agreements 223,386 - 139,062 6,232 368,680
Receivables 22,565 107 27,049 2,677 52,398
Other Assets 1,981 2,885 1,613 7,683 14,162
Investment in Cons. Subs 262 (1) 1 (260) 2
Due from Subsidiaries 134,278 26 287,105 (420,409) 1,000
Total Assets 591,604 4,157 504,141 (312,863) 787,039
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 967 1 703 32,853 34,524
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies 85,182 - 52,878 (29,300) 108,760
Total CP and other Money Market Instruments 10 - - 12 22
Mortgages & Asset Banked Securities 134 - 671 (252) 553
Total Corporate Debt & Other 4,383 - 5,879 (1,523) 8,739
Total Corporate Equities 7,667 - 27,422 5,945 41,034
Derivatives and Other Contractual Agreements 30,945 - 13,600 (6,738) 37,807
Total Sec. & Other Fin. Instuments Sold but not Purchased 128,321 - 100,450 (31,856) 196,915
Collateralized Short-Term Financing 138,961 - 116,666 20,885 276,512
Payables 41,601 1,027 49,856 3,662 96,146
Deposits at Banks - - - 28,830 28,830
Due to Subsidiaries 269,802 234 217,849 (487,886) (1)
Long-Term Debt: -
Senior Notes 261 - 816 111,051 112,128
Subordinated Notes 5,835 - 8,707 (3,346) 11,196
Junior Subordinated Notes - - 1,982 2,980 4,962
Total Long-Term Debt 6,096 - 11,505 110,685 128,286
Total Liabilities 585,748 1,262 497,029 (322,827) 761,212
STOCKHOLDERS EQUITY:
Preferred Stock - - 3,003 (10) 2,993
Common Stock 1 - 1,180 (1,158) 23
Additional Paid in Capital 1,791 2,754 248 1,874 6,667
Retained Earnings 3,042 143 2,674 13,969 19,828
Other Stockholders Equity, Net 22 - 6 (5,790) (5,762)
Total Stockholders Equity 4,856 2,897 7,111 8,885 23,749
Total Liabilities & Stockholder Equity 590,604 4,159 504,140 (313,942) 784,961
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 1BOG--FOIA 10-267--000062
US Broker Dealer
Lehman
Brothers, Inc
Lehman
Commercial Paper
Inc. Consolidated
LB Special
Financing Inc.
Consolidated
LBI Group Inc.
Consolidated
Lehman Brothers
Financial Product
Inc.
Lehman Bros.
Derivative
Products, Inc.
Other Subs of
Lehman Brothers
Inc. Eliminations LBI Consolidated
($ in millions)
US Broker
Dealer
Funding Whole
Loans
Derivatives
Counterparty
ASSETS:
Cash and Cash Equivalents 613 74 40 72 3 49 135 - 986
Cash & Securities Segregated. And on Deposit 9,135 - - 10 - - - - 9,145
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies 40,945 19 25,097 381 - - 2,241 (4,568) 64,115
Total CP and other Money Market Instruments 3,014 - 92 31 307 58 - - 3,502
Mortgages & Asset Backed Securities 16,349 6,932 2,174 1,493 - - - - 26,948
Real Estate held for sale - 4,520 - - - - 21 - 4,541
Total Corporate Debt & Other 9,352 18,433 4,196 1,621 - - - (14) 33,588
Total Corporate Equities 15,218 1,413 7,301 5,696 - - 1,386 (3,723) 27,291
Derivatives and Other Contractual Agreements 5,015 166 34,029 62 272 466 15 (1,009) 39,016
Total Securities & Other Financial Instruments Owned 89,893 31,483 72,889 9,284 579 524 3,663 (9,314) 199,001
Collateralized Short Term Agreements 223,083 307 10 197 - - - (211) 223,386
Receivables 23,043 43 2,973 573 - 1 (164) (3,904) 22,565
Other Assets 340 121 479 861 6 1 180 (7) 1,981
Investment in Cons. Subs 1,785 225 - 20 - - 745 (2,513) 262
Due from Subsidiaries 89,951 32,361 55,060 1,041 - 35 631 (44,801) 134,278
Total Assets 437,843 64,614 131,451 12,058 588 610 5,190 (60,750) 591,604
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 467 310 186 - - - 4 - 967
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies 45,496 - 44,254 - - - - (4,568) 85,182
Total CP and other Money Market Instruments - 8 - - - - 2 - 10
Mortgages & Asset Banked Securities 134 - - - - - - - 134
Total Corporate Debt & Other 3,534 6 857 - - - - (14) 4,383
Total Corporate Equities 7,890 - 3,480 20 - - - (3,723) 7,667
Derivatives and Other Contractual Agreements 4,562 853 25,309 (1) 272 460 136 (646) 30,945
Total Sec. & Other Fin. Instruments Sold but not Purchased 61,616 867 73,900 19 272 460 138 (8,951) 128,321
Collateralized Short-Term Financing 118,014 16,094 2,580 3 - - 2,270 - 138,961
Payables 38,765 (613) 7,423 529 15 4 13 (4,535) 41,601
Deposits at Banks - - - - - - - - -
Due to Subsidiaries 207,290 47,963 46,389 11,374 6 65 1,503 (44,788) 269,802
Long-Term Debt: -
Senior Notes 1 - 21 239 - - - - 261
Subordinated Notes 5,835 - - - - 10 - (10) 5,835
Junior Subordinated Notes - - - - - - - - -
Total Long-Term Debt 5,836 - 21 239 - 10 - (10) 6,096
Total Liabilities 431,988 64,621 130,499 12,164 293 539 3,928 (58,284) 585,748
STOCKHOLDERS EQUITY:
Preferred Stock - - - - - - - - -
Common Stock - - - 35 - - 5 (39) 1
Additional Paid in Capital 1,791 506 250 4 250 25 53 (1,088) 1,791
Retained Earnings 3,042 (539) 704 (149) 45 46 1,215 (1,322) 3,042
Other Stockholders Equity, Net 22 26 - 2 - - (9) (19) 22
Total Stockholders Equity 4,855 (7) 954 (108) 295 71 1,264 (2,468) 4,856
Total Liabilities & Stockholder Equity 436,843 64,614 131,453 12,056 588 610 5,192 (60,752) 590,604
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 2BOG--FOIA 10-267--000063
Asset Manager
Neuberger
Berman Inc.
Neuberger
Berman LLC
Consolidated
Other Subs of
Neuberger
Berman Inc. Eliminations
Neuberger
Berman Inc.
Consolidated
($ in millions)
ASSETS:
Cash and Cash Equivalents - 575 - - 575
Cash & Securities Segregated. And on Deposit - 92 - - 92
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies - 1 - - 1
Total CP and other Money Market Instruments - 20 247 - 267
Mortgages & Asset Backed Securities - - - - -
Real Estate held for sale - - - - -
Total Corporate Debt & Other - - - - -
Total Corporate Equities 6 92 107 - 205
Derivatives and Other Contractual Agreements - - - - -
Total Securities & Other Financial Instruments Owned 6 113 354 - 473
Collateralized Short Term Agreements - - - - -
Receivables - 74 33 - 107
Other Assets 2,630 206 49 - 2,885
Investment in Cons. Subs 661 - 9 (671) (1)
Due from Subsidiaries 11 10 24 (19) 26
Total Assets 3,308 1,070 469 (690) 4,157
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings - 1 - - 1
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - - - - -
Total CP and other Money Market Instruments - - - - -
Mortgages & Asset Banked Securities - - - - -
Total Corporate Debt & Other - - - - -
Total Corporate Equities - - - - -
Derivatives and Other Contractual Agreements - - - - -
Total Sec. & Other Fin. Instruments Sold but not Purchased - - - - -
Collateralized Short-Term Financing - - - - -
Payables 285 507 235 - 1,027
Deposits at Banks - - - - -
Due to Subsidiaries 126 45 82 (19) 234
Long-Term Debt:
Senior Notes - - - - -
Subordinated Notes - - - - -
Junior Subordinated Notes - - - - -
Total Long-Term Debt - - - - -
Total Liabilities 411 553 317 (19) 1,262
STOCKHOLDERS EQUITY:
Preferred Stock - - - - -
Common Stock - - - - -
Additional Paid in Capital 2,755 377 37 (415) 2,754
Retained Earnings 143 142 114 (256) 143
Other Stockholders Equity, Net - - - - -
Total Stockholders Equity 2,898 519 151 (671) 2,897
Total Liabilities & Stockholder Equity 3,309 1,072 468 (690) 4,159
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 3BOG--FOIA 10-267--000064
UK Broker/Dealer
Lehman
Brothers
Holdings
PLC
LB International
(Europe)
Consolidated
Lehman
Brothers Europe
Ltd.
Other Subs of
Lehman
Brothers
Holdings PLC Eliminations
Lehman
Brothers
Holdings PLC
Consolidated
($ in millions)
Parent
Company
Only
Main
Broker/Dealer
ASSETS:
Cash and Cash Equivalents - 2,320 75 72 - 2,467
Cash & Securities Segregated. And on Deposit - 6,568 - - - 6,568
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies - 5,499 - - - 5,499
Total CP and other Money Market Instruments - 131 - - - 131
Mortgages & Asset Backed Securities 3 3,239 1 3,397 (3,398) 3,242
Real Estate held for sale - - - - - -
Total Corporate Debt & Other - 3,967 - 1 - 3,968
Total Corporate Equities 14 9,805 - - - 9,819
Derivatives and Other Contractual Agreements 74 17,541 2 - - 17,617
Total Securities & Other Financial Instruments Owned 91 40,182 3 3,398 (3,398) 40,276
Collateralized Short Term Agreements - 138,462 600 - - 139,062
Receivables - 26,913 87 53 (4) 27,049
Other Assets 25 66 14 1,508 - 1,613
Investment in Cons. Subs 7,607 - - 14,841 (22,447) 1
Due from Subsidiaries 5,464 286,532 12 16,547 (21,450) 287,105
Total Assets 13,187 501,043 791 36,419 (47,299) 504,141
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings - 703 - - - 703
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - 52,878 - - - 52,878
Total CP and other Money Market Instruments - - - - - -
Mortgages & Asset Banked Securities - 671 - - - 671
Total Corporate Debt & Other - 5,879 - - - 5,879
Total Corporate Equities - 27,422 - - - 27,422
Derivatives and Other Contractual Agreements - 13,600 - - - 13,600
Total Sec. & Other Fin. Instuments Sold but not Purchased - 100,450 - - - 100,450
Collateralized Short-Term Financing - 116,666 - 3,398 (3,398) 116,666
Payables 26 47,278 (10) 2,566 (4) 49,856
Deposits at Banks - - - - - -
Due to Subsidiaries 1,499 217,874 215 4,046 (5,785) 217,849
Long-Term Debt:
Senior Notes - 86 - 730 - 816
Subordinated Notes 2,567 10,875 50 10,881 (15,666) 8,707
Junior Subordinated Notes 1,982 - - - - 1,982
Total Long-Term Debt 4,549 10,961 50 11,611 (15,666) 11,505
Total Liabilities 6,074 493,932 255 21,620 (24,853) 497,029
STOCKHOLDERS EQUITY:
Preferred Stock 3,003 - - 192 (192) 3,003
Common Stock 1,180 6,273 80 11,695 (18,048) 1,180
Additional Paid in Capital 248 - - 1,202 (1,202) 248
Retained Earnings 2,674 831 456 1,567 (2,854) 2,674
Other Stockholders Equity, Net 6 7 - 144 (151) 6
Total Stockholders Equity 7,111 7,111 536 14,800 (22,447) 7,111
Total Liabilities & Stockholder Equity 13,185 501,043 791 36,420 (47,300) 504,140
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 4BOG--FOIA 10-267--000065
Other Parent Company Entities
Lehman
Brothers
Holding Inc.
LB Commercial
Corporation
ALI Inc.
Consolidated
Lehman
Brothers Bank
Consolidated
LB
Commercial
Bank
LB OTC
Derivatives Inc.
Lehman Brothers
Treasury Co. B.V.
Lehman Brothers
(Luxembourg) SA
Lehman Brothers
Bankhaus AG LB Finance SA
Lehman
Brothers
Japan Inc.
PCO
Other
Subsidiaries Eliminations
Other Parent
Company
Entities
($ in millions)
Parent
Company
Only
F/X Trades,
Derivatives, FX
Swaps
Licensed in CA;
Legacy Mortgage
Originator
Delaware OTS
Bank
Utah ILC;
FDIC
regulated
Broker/Dealer;
Share buy-back
trades
Issuer of Euro
Debt; Structured
Notes
Stock Borrow
Entity German Bank
Global Book
for Equity
Derivatives
Japan B/D; all
JGB activity;
not self
clearing
MBS, RE held
for sale, corp
debt, corp equity
- liquid and
private
ASSETS:
Cash and Cash Equivalents 879 10 70 1,667 130 7 31 - 202 2 106 432 - 3,536
Cash & Securities Segregated. And on Deposit - - - 4 - - - - 74 - 331 355 - 764
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies 186 - 3 1,456 8 - - - 2 - 6,889 2,090 (35,676) (25,042)
Total CP and other Money Market Instruments 770 - - - - - - - 1 159 13 52 (1,453) (458)
Mortgages & Asset Backed Securities 17,271 - 3,326 7,958 945 - - - 3,453 - - 26,820 (5,355) 54,418
Real Estate held for sale 5,233 - 7,902 - - - - - 225 - - 4,663 - 18,023
Total Corporate Debt & Other 1,005 229 747 477 3,744 958 - 5,777 2,845 1,417 8,405 (3,411) 22,193
Total Corporate Equities 558 - 2,524 - 1 705 - - 15,066 8 7,855 (7,917) 18,800
Derivatives and Other Contractual Agreements 6,923 1,862 136 256 217 542 - 202 8,648 424 112 (20,342) (1,020)
Total Securities & Other Financial Instruments Owned 31,946 2,091 14,638 10,147 4,915 2,205 - - 9,660 26,718 8,751 49,997 (74,154) 86,914
Collateralized Short Term Agreements 90 - 1 40 - - - 913 2,090 - 3,070 28 - 6,232
Receivables 717 16 107 737 9 1,081 35 4 6 - 589 1,839 (2,463) 2,677
Other Assets 6,130 - 141 445 7 - - - - 1 469 1,394 (904) 7,683
Investment in Cons. Subs 25,381 - - - - - - - - - (4) 42,588 (68,225) (260)
Due from Subsidiaries 162,189 1,478 9,445 1,114 1,459 2,005 35,754 72,743 14,185 18,398 24,409 125,302 (888,890) (420,409)
Total Assets 227,332 3,595 24,402 14,154 6,520 5,298 35,820 73,660 26,217 45,119 37,721 221,935 (1,034,636) (312,863)
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 23,236 - - 286 1,516 1,227 4,669 - 243 7 - 3,134 (1,465) 32,853
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - - - - - - - - - 31 6,042 303 (35,676) (29,300)
Total CP and other Money Market Instruments - 21 1 12 - 5 - - - - - (27) - 12
Mortgages & Asset Banked Securities - 1 - 41 - - - - - - - (1) (293) (252)
Total Corporate Debt & Other - - - - - - - - - 76 28 186 (1,813) (1,523)
Total Corporate Equities - 1 - - - 1,445 - - - 10,011 - 2,405 (7,917) 5,945
Derivatives and Other Contractual Agreements 858 1,675 260 10 263 1,208 2,161 - 112 6,585 513 (691) (19,692) (6,738)
Total Sec. & Other Fin. Instruments Sold but not Purchased 858 1,698 261 63 263 2,658 2,161 - 112 16,703 6,583 2,175 (65,391) (31,856)
Collateralized Short-Term Financing 7,674 - 4,057 35 - - - 73 267 - 4,427 9,387 (5,035) 20,885
Payables 2,502 111 161 550 116 356 - - 416 614 841 4,309 (6,314) 3,662
Deposits at Banks - - - 10,746 3,675 - - - 14,448 - - - (39) 28,830
Due to Subsidiaries 76,892 1,612 19,802 264 - 619 16 73,576 4,462 27,340 24,239 119,042 (835,750) (487,886)
Long-Term Debt:
Senior Notes 77,173 - - 36 - - 27,385 4,046 - - 6,859 (4,448) 111,051
Subordinated Notes 11,188 - - 300 - 250 - 1,156 - 753 31,222 (48,215) (3,346)
Junior Subordinated Notes 2,980 - - - - - - - - - - 2,980
Total Long-Term Debt 91,341 - - 336 - 250 27,385 - 5,202 - 753 38,081 (52,663) 110,685
Total Liabilities 202,503 3,421 24,281 12,280 5,570 5,110 34,231 73,649 25,150 44,664 36,843 176,128 (966,657) (322,827)
STOCKHOLDERS EQUITY:
Preferred Stock 2,993 - - - - - - - - 2,664 (5,667) (10)
Common Stock 61 - - - - - 3 4 375 11,949 (13,550) (1,158)
Additional Paid in Capital 7,389 11 57 599 817 100 - 5 479 18,811 (26,394) 1,874
Retained Earnings 19,880 164 36 1,276 133 87 1,585 444 (62) 11,317 (20,891) 13,969
Other Stockholders Equity, Net (5,492) - 28 - - - - 2 86 1,064 (1,478) (5,790)
Total Stockholders Equity 24,831 175 121 1,875 950 187 1,588 - - 455 878 45,805 (67,980) 8,885
Total Liabilities & Stockholder Equity 227,334 3,596 24,402 14,155 6,520 5,297 35,819 73,649 25,150 45,119 37,721 221,933 (1,034,637) (313,942)
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 5
BOG--FOIA 10-267--000066
Lehman Global Repo Maturity Schedule
As of September 5, 2008
$ in billions
Region Collateral Type Counterparty Group
OVERNIGH
T
due on 9/8/08
TOTAL
OUTSTANDING
1 Asia Asia Total - -
2 Europe Government 6.6 9.3
3 Non-Government Fixed Income* 7.9 32.6
4 Equity 1.3 14.0
5 Europe Total 15.8 55.9
* Includes 17.7B ECB eligible, of which 11B is already pledged
U.S. PDCF ELIGIBLE
OMO Eligible
6 U.S. Treasuries** 34.1 35.1
7 Government Agency 27.8 28.3
8 Agency MBS** 47.7 64.8
9 Subtotal OMO Eligible 109.6 128.2
** Includes 1B of US Treasuries and 16.8B Agency MBS pledged to TSLF
NON-OMO Eligible
10 Asset Backs - Investment Grade*** 1.0 2.9
11 Convertibles - Investment Grade 0.4 0.4
12 Corporates - Investment Grade 7.7 8.9
13 Money Markets 7.7 8.4
14 Muni 2.7 3.2
15 Private Labels - Investment Grade*** 2.9 7.2
16 Subtotal Non-OMO Eligible 22.4 31.0
*** Includes 0.6B of ABS IG and 2.9B Private Label IG pledged to TSLF
17 Subtotal PDCF Eligible (lines 9+16) 132.0 159.2
NON-PDCF ELIGIBLE
18 Major Index Equities
19 Non-Major Equities: Index and <$5**** 5.1 8.8
20 Fixed Income Non-Investment Grade 7.1 14.7
21 Subtotal Non-PDCF Eligible 12.2 23.5
22 U.S. Total (lines 17+21) 144.2 182.7
23 Global GLOBAL TOTAL (lines 1+5+22) 160.0 238.6
**** Total Equities is shown: no breakdown provided for Major Index Equities and Non-Major Equities
CONFIDENTIAL TREATMENT REQUESTED
BOG--FOIA 10-267--000067
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 11:28 AM
To Kevin
Warsh/BOARD/FRS@BOARD cc [email protected],
[email protected] Subject Lehman Brothers
I have spent the morning on two conference calls, the First with Tim and Fed staff and the second with Tim, Cox, Ken Wilson, and others.
LB is scheduled to announce its earnings on Sep. 18. They will announce a $3.9 bil loss. They need to raise capital and have had discussions with numerous parties but none have come to fruition. While they have $40 bil in unencumbered assets and their funding has been stable, there is concern that could melt away quickly once it becomes apparent that it has been unable to raise capital.
We had been discussing public policy options (none of them good) in the event that they can't raise capital. While we were talking LB's stock price was plummeting, perhaps because of news that the Koreans will not be coming to the rescue.
Tim and Cox had been scheduled to call Fuld at 4 pm. They have moved that up to 11:30 am.
Pat
(b) (6)
(b) (5)
BOG--FOIA 10-267--000068
Patrick .M.Park [email protected]
09/09/2008 11:33 AM
To [email protected], [email protected],
Subject Fw: LB triparty repo followup
FYI.----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 11:33 AM-----
Lucinda MBrickler/NY/FRS@FRS To
Arthur Angulo/NY/FRS@FRS, Brian09/09/2008 11:21 Peters/NY/FRS@FRS, ChrisAM McCurdy/NY/FRS@FRS, Clinton
Lively/NY/FRS@FRS, CraigLeiby/NY/FRS@FRS, DebbyPerelmuter/NY/FRS@FRS, DianneDobbeck/NY/FRS@FRS, HaeRanKim/NY/FRS@NY, James PBergin/NY/FRS@FRS, JamieMcAndrews/NY/FRS@FRS, JanVoigts/NY/FRS@FRS, JonathanPolk/NY/FRS@FRS, Lucinda MBrickler/NY/FRS@FRS, MegMcConnell/NY/FRS@FRS, MichaelHolscher/NY/FRS@FRS, MichaelSchetzel/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD, SandyKrieger/NY/FRS@FRS, SarahDahlgren/NY/FRS@FRS, StevenFriedman/NY/FRS@FRS, TerrenceChecki/NY/FRS@NY, TheodoreLubke/NY/FRS@FRS, ThomasBaxter/NY/FRS@FRS, TilSchuermann/NY/FRS@FRS, WendyNg/NY/FRS@FRS, WilliamBRODOWS/NY/FRS@FRS, TimothyGeithner/NY/FRS@FRS
ccRania Jamal, BrianBegalle/NY/FRS@FRS
SubjectLB triparty repo followup
Some follow up to questions on triparty activity from this morning'smeeting.
Total non-PDCF eligible collateral financed by primary dealers is about
BOG--FOIA 10-267--000069
$200 billion. Lehman's portion of this is just over $20 billion. BrianBegalle's staff prepared the summary of non-PDCF eligible collateralwith charts attached below.
Eleven firms provide 80% of Lehman's triparty repo financing. Thecomplete list is attached in the spreadsheet below.
(See attached file: Lehman Triparty Summary.doc)(See attached file: LBInvestors.xls)(See attached file: Non-PDCF summary 08-15-2008.doc)
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York
212.720.6132 or 646.720.6132 - Lehman Triparty Summary.doc - LB Investors.xls -
Non-PDCF summary 08-15-2008.doc
(b) (4)
(b) (4)
BOG--FOIA 10-267--000070
LEHMAN BROTHERS TRIPARTY REPO INVESTORS (09/03/08)
Investor Name Amount % of Total Cum %
$26,153,326,750 17.47% 17.47%
$12,380,040,570 8.27% 25.74%
$12,193,407,000 8.14% 33.88%
$11,226,133,245 7.50% 41.38%
$10,600,348,750 7.08% 48.46%
$6,912,000,000 4.62% 53.08%
$6,647,200,000 4.44% 57.52%
$5,391,011,750 3.60% 61.12%
$4,665,800,000 3.12% 64.23%
$4,097,305,200 2.74% 66.97%
$3,999,064,615 2.67% 69.64%
$3,765,000,000 2.51% 72.16%
$3,575,100,000 2.39% 74.55%
$3,512,287,912 2.35% 76.89%
$3,500,000,000 2.34% 79.23%
$2,953,809,000 1.97% 81.20%
$2,809,138,139 1.88% 83.08%
$2,063,035,000 1.38% 84.46%
$1,776,000,000 1.19% 85.64%
$1,652,961,190 1.10% 86.75%
$1,518,712,525 1.01% 87.76%
$1,308,104,034 0.87% 88.63%
$1,296,000,000 0.87% 89.50%
$1,269,383,000 0.85% 90.35%
$1,239,200,000 0.83% 91.18%
$1,000,000,000 0.67% 91.84%
$900,000,000 0.60% 92.45%
$850,000,000 0.57% 93.01%
$809,125,000 0.54% 93.55%
$750,000,000 0.50% 94.05%
$750,000,000 0.50% 94.56%
$718,000,000 0.48% 95.03%
$650,795,000 0.43% 95.47%
$630,992,421 0.42% 95.89%
$565,700,000 0.38% 96.27%
$550,000,000 0.37% 96.64%
$500,000,000 0.33% 96.97%
$390,000,000 0.26% 97.23%
$371,895,966 0.25% 97.48%
$369,288,750 0.25% 97.73%
$355,460,000 0.24% 97.96%
$261,950,000 0.17% 98.14%
$250,000,000 0.17% 98.31%
$246,467,500 0.16% 98.47%
$244,525,832 0.16% 98.63%
$205,933,000 0.14% 98.77%
$180,507,355 0.12% 98.89%
$175,000,000 0.12% 99.01%
$150,000,000 0.10% 99.11%
$150,000,000 0.10% 99.21%
$148,725,286 0.10% 99.31%
(b) (4)
BOG--FOIA 10-267--000071
$125,082,710 0.08% 99.39%
$125,000,000 0.08% 99.47%
$114,627,500 0.08% 99.55%
$111,009,765 0.07% 99.63%
$100,859,227 0.07% 99.69%
$100,000,000 0.07% 99.76%
$84,000,000 0.06% 99.82%
$66,489,000 0.04% 99.86%
$52,000,000 0.03% 99.90%
$40,000,000 0.03% 99.92%
$39,000,000 0.03% 99.95%
$29,020,000 0.02% 99.97%
$25,000,000 0.02% 99.98%
$16,332,145 0.01% 99.99%
$4,169,999 0.00% 100.00%
$3,206,280 0.00% 100.00%
$435,398 0.00% 100.00%
TOTAL $149,714,966,814 100.00%
(b) (4)
BOG--FOIA 10-267--000072
Lehman Triparty Summary for week of 9/2-9/5
Lehman’s total triparty book ranged from $149 – 151 billion during the week of 9/2. The majority of collateral was Treasury and Agency Debt (approximately $100 billion each day). Approximately $20 billion of collateral financed each day is NOT PDCF-eligible. This collateral is noninvestment grade and had the following breakdown on 9/5: $9.0 billion in Equities $4.4 billion in Corporate Bonds $3.8 billion in CP $1.6 billion in ABS $1.5 billion in Municipal Bonds $300,000 in Private Label CMO The following table shows the breakdown of the entire book on 9/5:
Asset Class Market Value Investment Grade
Agency MBS $ 37,635,274,288.68 Investment Grade
US Treasuries and Strips $ 37,150,876,381.27 Investment Grade
Agency Debenture $ 24,115,937,583.22 Investment Grade
Corporate Bonds $ 9,605,027,603.20 Investment Grade
Equity $ 8,972,375,258.96 Non-Investment Grade
Private Label CMO $ 5,813,030,575.22 Investment Grade
Commercial Paper $ 4,984,088,772.37 Investment Grade
Corporate Bonds $ 4,383,194,254.41 Non-Investment Grade
Commercial Paper $ 3,797,977,443.34 Non-Investment Grade
Asset Backed Securities $ 3,313,509,111.42 Investment Grade
Agency Remic $ 2,245,488,150.01 Investment Grade
Ginnie Mae MBS Pools $ 2,092,985,107.76 Investment Grade
Municipal Bonds $ 1,787,313,109.47 Investment Grade
Asset Backed Securities $ 1,608,021,237.69 Non-Investment Grade
Municipal Bonds $ 1,451,264,391.98 Non-Investment Grade
Ginnie Mae REMICs $ 589,785,121.61 Investment Grade
DTC-Other $ 548,992,978.64 Investment Grade
BOG--FOIA 10-267--000073
Private Label CMO $ 322,386,919.57 Non-Investment Grade
DTC-Other $ 167,029,227.35 Non-Investment Grade
Equity $ 146,394,627.18 Investment Grade
Other $ 14,235,460.81 N/A
The following charts show the breakdown of the book for the week of 9/2.
BOG--FOIA 10-267--000074
Lehman Agency and Treasury Triparty Repo
0.00
5,000,000,000.00
10,000,000,000.00
15,000,000,000.00
20,000,000,000.00
25,000,000,000.00
30,000,000,000.00
35,000,000,000.00
40,000,000,000.00
45,000,000,000.00
Agency Debenture
Agency MBS
Treasuries
BOG--FOIA 10-267--000075
0.00
2,000,000,000.00
4,000,000,000.00
6,000,000,000.00
8,000,000,000.00
10,000,000,000.00
12,000,000,000.00
Agency Remic
ABS - Investment Grade
ABS - Noninvestment Grade
CP - Investment Grade
CP - Noninvestment Grade
Corporate Bonds - Investment Grade
Corporate Bonds - Noninvestment Grade
Equity - Investment Grade"
Equity - Noninvestment Grade
Muni Bonds - Investment Grade
Muni Bonds - Noninvestment Grade
Private Label CMO - Investment Grade
Private Label CMO - Noninvestment Grade
BOG--FOIA 10-267--000076
Page 1 of 6
The following analysis is based on tri-party data from the clearing banks for August 6th, 2008. On that day the total tri-party business was $2.43 trillion, In determining what assets would not be eligible for the PDCF, we looked at non-investment grade DTC collateral (including corporate bonds, commercial paper, asset-backed securities, and private label CMOs) as well as all equities and whole loans. Overall, there is approximately $200 billion in collateral currently financed by the primary dealers in tri-party that is not PDCF eligible.1 This $200 billion is comprised of $95 billion in equities, $79 billion in non-investment grade, non-equity DTC collateral and $26 billion in whole loans ($19.7 billion of which are financed by Bank of America). The non-equity DTC collateral is primarily made up of corporate bonds ($45.7 billion or 58% of the total), followed by $16.5 billion of commercial paper (21%), $7.4 billion of ABS (9%) and $3.7 billion of private label CMOs (5%). There are eight primary dealers with more than $10 billion in non-PDCF eligible assets financed via tri-party:
Lehman - $20.4 billion
The exhibits which follow lay out more detailed information across security types and dealers for the non-PDCF eligible assets currently financed via tri-party by the primary dealers.2
Exhibit I provides a summary breakdown of the non-PDCF eligible assets by security type. Exhibit II provides a detailed breakdown of the non-PDCF eligible assets by security type and dealer.
1
2
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
BOG--FOIA 10-267--000077
Page 2 of 6
Exhibits III provides a total as well as a breakdown of non-PDCF eligible assets by security type for the primary dealers, as well as (b) (4)
BOG--FOIA 10-267--000078
Page 3 of 6
Exhibit I – Non-PDCF-eligible Collateral by Security Type Summary (primary dealers only)
Security Type Non-PDCF Eligible
Equity $95,097,435,622Corporate Bonds $45,660,971,003
Whole Loan $26,320,259,672Commercial Paper $16,516,126,287Asset Backed Securities $7,403,284,335Private Label CMO $3,712,303,457
Other $2,762,104,054Municipal Bonds $2,624,611,653Money Market Instruments $224,608,485
Total $200,321,704,569
Whole Loan,
13.1%
Corporate Bonds,
22.8%
Equity, 47 5%
Other, 1.4%
ABS, 4%
Private Label
CMO, 1.9%
Commercial
Paper, 8.2%
Municipal Bonds,
1.3% Money Market
Instruments,
0.1%
Exhibit II – Non-PDCF-eligible Collateral by Security Type Detail (primary dealers only)
Equity
$95.097 billion
Lehman
Brothers, 9.5%
Corporate Bonds
$45.661 billion
Lehman
Brothers, 9.6%
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
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(b) (4)
(b) (4)(b) (4)
BOG--FOIA 10-267--000079
Page 4 of 6
Whole Loan
$26.320 billion
Commercial Paper
$16.516 billion
Lehman
Brothers,
22.9%
Asset Backed Securities
$7.403 billion
Lehman
Brothers,
16.1%
Private Label CMO
$3.712 billion
Lehman
Brothers,
13 0%
(b) (4) (b) (4)
(b) (4)
(b) (4) (b) (4)
(b) (4) (b) (4)
(b) (4)
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(b) (4)
(b) (4)
BOG--FOIA 10-267--000080
Page 5 of 6
Municipal Bonds
$2.625 billion
Lehman
Brothers,
52.0%
Other
$2.762 billion
Lehman
Brothers, 5.4%
Security Type “Other” includes: � Medium Term Note � Convertible Preferred � Preferred Stock � Government Trust Bonds � Certificate of Deposit
(b) (4)
(b) (4)
(b) (4) (b) (4)
(b) (4)
(b) (4)
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(b) (4)
BOG--FOIA 10-267--000081
Page 6 of 6
Exhibit III – Non-PDCF-eligible Collateral by Dealer
Dealer Non-PDCF Eligible Equity Corporate Bonds Whole LoanCommercial
PaperABS
Private Label
CMOOther
Municipal
Bonds
Lehman Brothers $20,412,140,917 $9,078,341,009 $4,373,913,213 $3,775,967,810 $1,188,809,682 $480,872,000 $148,455,334 $1,365,781,868
Total $228,872,791,648 $116,679,854,599 $52,426,821,530 $26,320,259,672 $16,516,126,287 $7,447,516,006 $3,779,986,102 $2,844,595,217 $2,633,023,751 *Note .
(b) (4)
(b) (4)
(b) (4)
BOG--FOIA 10-267--000082
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 01:36 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD,
Margaret cc
Subject Fw: Materials for 9am Call
As background for 3 pm call, first of two emails re LB.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:35 PM -----
Kristin aMayer/NNY/FRS@FFRS
09/09/2008 08:33 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Meg McConnell/NY/FRS@FRS
Subject Materials for 9am Call
Duplicate
BOG--FOIA 10-267--000083
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
07/14/2008 10:08 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: LB Repos
Pat:
Can you include me on any Lehman info you get? I spent chunks of this past weekend dealing with Lehman and am currently reviewing proposals by Lehman to transform themselves into something more like a commercial banking org by dumping massive assets into their bank /ILC (and possibly becoming an FHC). Call if you want to discuss the current status of Lehman's regulatory discussions with Fed.
Mark----- Forwarded by Mark VanDerWeide/BOARD/FRS on 07/14/2008 10:04 AM -----
Kieran aFallon //BOARD/FRS
07/14/2008 09:45 AM
To Mark VanDerWeide/BOARD/FRS@BOARD
cc
Subject Fw: LB Repos
----- Forwarded by Kieran Fallon/BOARD/FRS on 07/14/2008 09:44 AM -----
Patrick MPatrick M Parkinson //BOARD/FSRS
07/14/2008 09:31 AM
To [email protected], Kieran Fallon/BOARD/FRS@BOARD
cc
Subject LB Repos
Note what a large share are overnight.
Pat
BOG--FOIA 10-267--000084
Region Collateral Type Counterparty Group
OPEN AND
OVERNIGHT
due on 7/14/2008
(approx)
TOTAL
OUTSTANDING
Asia Asia Total - 1.5
Europe Government 9.4 11.4
Non-Government 9.6 48.9
Europe Total 19.0 60.3
U.S. PDCF ELIGIBLE
OMO Eligible
U.S. Treasuries 43.3 52.3
Government Agency 28.5 30.2
Agency MBS 69.4 80.4
Subtotal OMO Eligible 141.2 162.9
NON-OMO Eligible
Asset Backs - Investment Grade 2.3 5.8
Investment Grade Convertibles 0.2 0.5
Corporates - Investment Grade 9.5 10.4
Money Markets 9.9 10.4
Muni 4.1 4.1
Private Labels - Investment Grade 3.9 9.7
Subtotal Non-OMO Eligible 29.9 40.8
Subtotal PDCF Eligible (lines 7+14) 171.1 203.7
NON-PDCF ELIGIBLE
Major Index Equities 2.1 2.7
Non-Major Equities: Index and <$5 2.5 5.9
Non-Investment Grade 5.3 7.1
Subtotal Non-PDCF Eligible 9.9 15.7
U.S. Total 181.0 219.4
Global GLOBAL TOTAL 200.0 281.2
Global Repo Maturity Schedule
(schedule as of July 11, 2008)
$ billions
CONFIDENTIAL TREATMENT REQUESTED
BOG--FOIA 10-267--000085
h i M CChris McCurdy / YNY/FRS
07/14/2008 12:10 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Lucinda M Brickler/NY/FRS@FRS Subject Re: another option we should present
re triparty?
Still, I think we ought to give it another try.
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS@ DBOARD
07/14/2008 11:52 AM
To Chris McCurdy/NY/FRS@FRS
cc Lucinda M Brickler/NY/FRS@FRS
Subject Re: another option we should present re triparty?
You are correct that
PatChris McCurdy/NY/FRS@FRS
h iChris c urdMcCurdy/NY// RFRS@@RFRS
07/14/2008 11:13 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Lucinda M Brickler/NY/FRS
Subject Re: another option we should present re triparty?
I wanted to ask about the potential for an intra-day broker-dealer bankruptcy filing and also ask about Chairman Cox's point about the SEC's authority in "resolving" a CSE.
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--000086
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick M Parkinson //BOARD/FSRS@ DBOARD
07/13/2008 12:37 PM
To Joseph Sommer/NY/FRS@FRS
cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS
Subject Re: another option we should present re triparty?
Duplicate
(b) (5)
BOG--FOIA 10-267--000087
Duplicate
(b) (5)
BOG--FOIA 10-267--000088
Pat
Lucinda M Brickler/NY/FRS@FRS
Lucinda M Brickler / YNY/FRS@FSSRSRS
07/12/2008 06:20 PM
To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected], [email protected], Arthur Angulo/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS
cc
Subject another option we should present re triparty?
(b) (5)
Duplicate
BOG--FOIA 10-267--000089
o KohnDonald L Kohn / DBOARD// RFRS
07/14/2008 05:54 PM
To Kevin Warsh/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject calls
Tim would like to keep that call short and reassemble to talk about contingenices for LEH.
Not Responsive
BOG--FOIA 10-267--000090
insPatrick M Parkinson /BOARD/F SFRS
07/14/2008 06:02 PM
To Donald L
Kohn/BOARD/FRS@BOARD cc
Subject Re: calls
Knew nothing about it. PatDonald L Kohn
----- Original Message -----
From: Donald L Kohn
Sent: 07/14/2008 05:54 PM EDT
To: Kevin Warsh; Patrick Parkinson
Subject: calls
Duplicate
BOG--FOIA 10-267--000091
i William Dudley //NY/F SFRS
07/15/2008 08:15 AM
To [email protected], [email protected], Kevin
Warsh/BOARD/FRS@BOARD, cc Michael Schetzel/NY/FRS@FRS
Subject Lehman Good Bank/Bad Bank idea
discussed last night
Just to put some words to what I was proposing last night.
(b) (5)
(b) (5)
BOG--FOIA 10-267--000092
Best,
Bill
(b) (5)
BOG--FOIA 10-267--000093
i GeiTimothy Geithner / YNY/FRS
07/15/2008 08:20 AM
To William Dudley/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Donald L
Kohn/BOARD/FRS@BOARD, Kevin cc Michael Schetzel/NY/FRS@FRS
Subject Re: Lehman Good Bank/Bad Bank
idea discussed last night
Pls add something on
And
From: William Dudley
Sent: 07/15/2008 08:17 AM EDT
To: Chris McCurdy; Donald Kohn; Kevin Warsh; Lucinda Brickler; Meg McConnell; Terrence Checki; Timothy
Geithner; Patrick Parkinson
Cc: Michael Schetzel
Subject: Lehman Good Bank/Bad Bank idea discussed last night
Duplicate
(b) (5)
(b) (5)
BOG--FOIA 10-267--000094
arezScott Alvarez /BOARBOARD/FRS
07/15/2008 09:46 AM
To Kieran Fallon/BOARD/FRS@BOARD cc
Subject Re: Lehman Good Bank/Bad Bank idea discussed last night
GoodThanksScott--------------------------Sent from my BlackBerry Wireless Handheld
Kieran Fallon ----- Original Message -----
From: Kieran Fallon
Sent: 07/15/2008 09:39 AM EDT
To: Scott Alvarez; Rich Ashton; Mark VanDerWeide
Subject: Fw: Lehman Good Bank/Bad Bank idea discussed last night
See scenario that New York is shopping for dealing with Lehman.
.
Kieran ----- Forwarded by Kieran Fallon/BOARD/FRS on 07/15/2008 09:34 AM -----
Patrick M Parkinson //BOARD/F
SSRSRS
07/15/2008 09:29 AM
To Kieran Fallon/BOARD/FRS@BOARD
cc
Subject Fw: Lehman Good Bank/Bad Bank idea discussed last night
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/15/2008 09:28 AM -----
iWilliam uDudley/NY// RFRS@@FSRS
07/15/2008 08:15 AM
To [email protected], [email protected], Kevin Warsh/BOARD/FRS@BOARD, [email protected], Meg McConnell/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, [email protected], Patrick M Parkinson/BOARD/FRS@BOARD
cc Michael Schetzel/NY/FRS@FRS
Subject Lehman Good Bank/Bad Bank idea discussed last night
Duplicate
(b) (5)
BOG--FOIA 10-267--000095
arezScott Alvarez /BOARBOARD/FRS
07/15/2008 09:52 AM
To Kieran Fallon/BOARD/FRS@BOARD cc
Subject Re: More on FRBNY's Super-SIV
Proposal
YesScott--------------------------Sent from my BlackBerry Wireless HandheldKieran Fallon
----- Original Message -----
From: Kieran Fallon
Sent: 07/15/2008 09:51 AM EDT
To: Scott Alvarez
Cc: Mark VanDerWeide; Rich Ashton
Subject: Re: More on FRBNY's Super-SIV Proposal
Do you agree?
KieranScott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRS
07/15/2008 09:45 AM
To Kieran Fallon/BOARD/FRS@BOARD
cc
Subject Re: More on FRBNY's Super-SIV Proposal
K What would be our role inbthis-- Scott--------------------------Sent from my BlackBerry Wireless HandheldKieran Fallon
----- Original Message -----
From: Kieran Fallon
Sent: 07/15/2008 09:24 AM EDT
(b) (5)
(b) (5)
BOG--FOIA 10-267--000096
To: Scott Alvarez; Rich Ashton; Mark VanDerWeide
Subject: More on FRBNY's Super-SIV Proposal
Just got this from Pat Parkinson. I'm concerned that this idea may be gaining traction with some in New York or here. I'll touch base with Pat and see what I can find out.
Kieran----- Forwarded by Kieran Fallon/BOARD/FRS on 07/15/2008 09:22 AM -----
Patrick M ParkinsonParkinson ////BOARDBOARD//FFSRS
07/15/2008 07:19 AM
To Kieran Fallon/BOARD/FRS@BOARD
cc
Subject Fw: Re-circulating, as per TFG
FYI.----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/15/2008 07:19 AM -----
e reTerrence hChecki //NY/F SFRS@FSSRSRS
07/14/2008 08:14 PM
To Timothy Geithner/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Alejandro LaTorre/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS,
Kevin Warsh/BOARD/FRS@BOARDcc
Subject Re-circulating, as per TFG
[attachment "Asset Management Trust Outline.2.doc" deleted by Scott Alvarez/BOARD/FRS] [attachment "Asset Trust Structure Diagram.doc" deleted by Scott Alvarez/BOARD/FRS] [attachment "Asset Management Trust Outline.doc" deleted by Scott Alvarez/BOARD/FRS]
BOG--FOIA 10-267--000097
kLucinda M Brickler //NY/F SFRS
07/18/2008 01:06 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: Tri-party Collateral
The latest data I have on Lehman's repos is from Monday
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/18/2008 01:03 PM -----
Lucinda MLucinda M BricklerBrickler // YYNYNY//FRSFRS
07/15/2008 05:14 PM
To Timothy Geithner/NY/FRS
cc Tanshel Pointer/NY/FRS@FRS, Marlene Williams/NY/FRS@FRS,
Rania Jamal, William BRODOWS/NY/FRS@FRSSubject Fw: Tri-party Collateral
Tim
Attached below is the break down of triparty collateral that the data we are receiving from the clearing banks permits. These numbersrepresent the value of collateral that was pledged in triparty at each of the clearing banks yesterday. It includes both overnight and term triparty repo.
Let us know if we can provide this in any other form that would be helpful.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/15/2008 04:59 PM -----
a a Rania CRania C aaJamalJamal//NNNYNY//FRSFRS
07/15/2008 04:54 PM
To Lucinda M Brickler/NY/FRS@FRS
cc
(b) (5)
(b) (5)
BOG--FOIA 10-267--000098
Subject Tri-party Collateral
Lucinda,
Attached please find the data you requested regarding BNYM's and JPMC's dealer collateral breakdown.
Rania
Rania JamalPayments Policy FunctionFederal Reserve Bank of New York(212) 720-5778
BOG--FOIA 10-267--000099
BNYM
COLLATERAL DEALER
PDCF ELIGIBLE
OMO Eligible
Treasury
Treasury Strip
Agency Debenture
Agency MBS
GNMA
Non-OMO Eligible
Corporates
CMO Private Label
Agency Remic
Money Market
Asset-Backed
Agency Strip
Municipality Debt
GNMA Remic
NON-PDCF Eligible
Equities
International
Unknown
Bank Loan
Bank Loan Group
Cash
Whole Loan
TOTAL
(Data from July 14, 2008)
(b) (4)
BOG--FOIA 10-267--000100
(b) (4)
BOG--FOIA 10-267--000101
JPMC
COLLATERAL DEALER
Lehman
PDCF ELIGIBLE 188,406,908,030
OMO Eligible 137,344,387,427
Treasuries and Strips 51,609,378,004
Agency Securities 31,755,868,669
Freddie & Fannie MBS 52,579,840,635
Ginnie Mae MBS Pools 1,399,300,119
Non-OMO Eligible 51,062,520,602
Corporate Bonds 15,307,496,934
CMO Private Label 6,970,085,748
Freddie & Fannie Remics 5,320,864,267
Commercial Paper 9,890,597,619
Asset-Backed 8,541,045,255
Municipal Bonds 4,034,852,618
Ginnie Mae Remics 997,578,162
Money Market
NON-PDCF Eligible 12,758,271,515
Equities & Equity Derivatives 8,696,818,221
Whole Loan
Other (1) 1,730,489,276
Other (2) 1,178,964,019
Cash 1,152,000,000
TOTAL 201,165,179,545
(Data from July 14, 2008)
(b) (4)
BOG--FOIA 10-267--000102
Lucinda M BricklerLucinda M BricklerLucinda M BricklerLucinda M Brickler ////NYNYNYNY////FRSFRSFRSFRS
07/18/2008 01:17 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: Tri-party asset breakdown by
Dealer
Here are the numbers from yesterday...notably smaller than Monday.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/18/2008 01:16 PM -----
BrianBrianBrianBrian BegalleBegalleBegalleBegalle ////NYNYNYNY////FRSFRSFRSFRS
07/18/2008 01:17 PM
To Lucinda M Brickler/NY/FRS@FRS
cc Gary Guzman/NY/FRS@FRS, Robert Rinaldi/NY/FRS@FRS
Subject Fw: Tri-party asset breakdown by Dealer
Hey Lucinda
Here's the file. These files are sent to our shared mailbox.
Rania and Karen both have access. Should others too? I just worry that you won't get what you need because, for instance, Gary and Bob are out today.
Let me know.
b
Brian BegalleFederal Reserve Bank of New YorkPhone: (212) 720-6056
----- Forwarded by Brian Begalle/NY/FRS on 07/18/2008 01:10 PM -----
Lucinda MLucinda MLucinda MLucinda M BricklerBricklerBricklerBrickler ////NYNYNYNY////FRSFRSFRSFRS
07/18/2008 01:12 PM
To Robert Rinaldi/NY/FRS@FRS
cc Brian Begalle/NY/FRS@FRS, Gary Guzman/NY/FRS@FRS
Subject Fw: Tri-party asset breakdown by Dealer
Hi Bob
Have you received JPMC's file from yesterday? If so, can you forward it?
BOG--FOIA 10-267--000103
Thanks!
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/18/2008 01:09 PM -----
WilliamWilliamWilliamWilliam BRODOWSBRODOWSBRODOWSBRODOWS////NYNYNYNY////FRSFRSFRSFRS
07/15/2008 02:33 PM
To Lucinda M Brickler/NY/FRS@FRS, Rania C Jamal/NY/FRS@FRS
cc
Subject Fw: Tri-party asset breakdown by Dealer
----- Forwarded by William BRODOWS/NY/FRS on 07/15/2008 02:30 PM -----
RobertRobertRobertRobert RinaldiRinaldiRinaldiRinaldi ////NYNYNYNY////FRSFRSFRSFRS
07/15/2008 02:12 PM
To William BRODOWS/NY/FRS@FRS
cc
Subject Tri-party asset breakdown by Dealer
Bill here are the files,
Robert RinaldiBank SupervisionFederal Reserve Bank of New York212 720-2095
BOG--FOIA 10-267--000104
17-Jul-2008
(Tri-party, SLD, BANK)Security Class
Collateral Value
Including Accrued
Interest
Collateral Value After
Margin ReductionEffective Margin %
1. Lehman Brothers
1-FRB Securities US Treasuries and Strips 42,519,278,667.28 41,852,040,299.70 101.59
US Government Agency Securities 30,350,694,427.93 29,952,917,972.40 101.33
Ginnie Mae REMICs 775,010,957.18 771,667,408.98 100.43
Ginnie Mae MBS Pools 1,042,904,013.73 1,022,363,106.38 102.01
Freddie Mac & Fannie Mae REMICs 4,810,827,864.34 4,772,464,878.70 100.80
Freddie Mac & Fannie Mae MBS 51,755,333,892.49 50,602,980,009.97 102.28
131,254,049,822.95 128,974,433,676.13 74.58%
2-DTC Fixed Income Securities Private Label CMO 7,096,417,492.79 6,707,548,084.16 105.80
Municipal Bonds 3,644,105,972.24 3,448,730,615.65 105.67
Corporate Bonds 15,186,839,592.35 14,514,152,083.58 104.63
Commercial Paper 8,098,303,866.82 7,684,212,295.96 105.39
Asset Back Securities 6,747,150,656.36 6,058,211,958.33 111.37
Other 1,849,757,013.90 1,825,939,107.18 101.30
42,622,574,594.46 40,238,794,144.86 24.22%
3-DTC Equities Equities & Equity Derivatives 8,683,734,073.11 8,190,740,090.29 106.02
4-Other 1,069,296,649.40 1,068,741,814.82 100.05
5-Cash Cash as collateral 1,041,000,000.00 1,041,000,000.00 100.00
TOTAL Uniwnd 184,670,655,139.92 179,513,709,726.10TOTAL Intraday (Beg. Day) 175,986,921,066.81 171,322,969,635.81
(b)(4) & (b)(8)
BOG--FOIA 10-267--000105
(b)(4) & (b)(8)
BOG--FOIA 10-267--000106
(b)(4) & (b)(8)
BOG--FOIA 10-267--000107
(b)(4) & (b)(8)
BOG--FOIA 10-267--000108
(b)(4) & (b)(8)
BOG--FOIA 10-267--000109
(b)(4) & (b)(8)
BOG--FOIA 10-267--000110
14-Jul-2008
(Tri-party, SLD, BANK)Security Class
Collateral Value
Including Accrued
Interest
Collateral Value After
Margin ReductionEffective Margin %
1.LEHMAN BROTHERS
1-FRB Securities Freddie Mac & Fannie Mae MBS 52,579,840,635.30 51,455,812,836.65 102.18%
US Treasuries and Strips 51,609,378,004.42 50,740,536,304.54 101.71%
US Government Agency Securities 31,755,868,668.60 31,229,890,336.52 101.68%
Freddie Mac & Fannie Mae REMICs 5,320,864,266.66 5,245,827,655.51 101.43%
Ginnie Mae MBS Pools 1,399,300,119.11 1,378,745,888.61 101.49%
Ginnie Mae REMICs 997,578,161.79 994,235,098.28 100.34%
143,662,829,855.88 141,045,048,120.11 71.42%
2-DTC Fixed Income Securities Corporate Bonds 15,307,496,933.96 14,641,079,502.97 104.55%
Commercial Paper 9,890,597,619.18 9,474,577,256.22 104.39%
Asset Back Securities 8,541,045,254.55 7,715,005,460.41 110.71%
Private Label CMO 6,970,085,748.22 6,658,356,168.24 104.68%
Municipal Bonds 4,034,852,617.75 3,813,363,243.74 105.81%
Other 1,730,489,275.73 1,708,555,183.04 101.28%
46,474,567,449.39 44,010,936,814.62 23.10%
3-DTC Equities Equities & Equity Derivatives 8,696,818,221.17 8,201,691,068.03 106.04%
8,696,818,221.17 8,201,691,068.03 4.32%
4-Other 1,178,964,018.51 1,178,435,312.34 100.04%
1,178,964,018.51 1,178,435,312.34 0.59%
5-Cash 5-Cash as collateral 1,152,000,000.00 1,152,000,000.00 100.00%1,152,000,000.00 1,152,000,000.00 0.57%
TOTAL Unwind 201,165,179,544.95 195,588,111,315.10
TOTAL Intraday (Beg. Day) 201,165,179,544.95 195,588,111,315.10
(b)(4) & (b)(8)
BOG--FOIA 10-267--000111
(b)(4) & (b)(8)
BOG--FOIA 10-267--000112
(b)(4) & (b)(8)
BOG--FOIA 10-267--000113
(b)(4) & (b)(8)
BOG--FOIA 10-267--000114
(b)(4) & (b)(8)
BOG--FOIA 10-267--000115
(b)(4) & (b)(8)
BOG--FOIA 10-267--000116
(b)(4) & (b)(8)
BOG--FOIA 10-267--000117
(b)(4) & (b)(8)
BOG--FOIA 10-267--000118
(b)(4) & (b)(8)
BOG--FOIA 10-267--000119
(b)(4) & (b)(8)
BOG--FOIA 10-267--000120
(b)(4) & (b)(8)
BOG--FOIA 10-267--000121
(b)(4) & (b)(8)
BOG--FOIA 10-267--000122
(b)(4) & (b)(8)
BOG--FOIA 10-267--000123
(b)(4) & (b)(8)
BOG--FOIA 10-267--000124
insPatrick M Parkinson /BOARD/F SFRS
07/20/2008 12:42 PM
To
[email protected], Kevin cc
Subject Our Options in the Event of a Run on LB
The short answer is the one that Tim gave to the FOMC on Wednesday: There are no good options.
Here is my version of the long answer.
Pat
(b) (6)
(b) (5)
BOG--FOIA 10-267--000125
o KohnDonald L Kohn / DBOARD// RFRS
07/20/2008 01:39 PM
To [email protected] cc [email protected],
[email protected], Subject Re: Our Options in the Event of a Run
on LB
PatrickPatrick ..MM..Park onPark onParkinsonParkinson@@frbfrb..govgov
07/20/2008 12:42 PM
To [email protected], [email protected], [email protected],
Subject Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--000126
07/20/2008 01:46 PM
To [email protected] cc
[email protected], Subject Re: Our Options in the Event of a Run
on LB
Bill or Debby Perelmuter would be able to speak more authoritatively
To07/20/2008 01:39 [email protected] cc
[email protected],[email protected]
SubjectRe: Our Options in the Event of aRun on LB
(b) (6)
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--000127
07/20/2008 01:52 PM
To Donald L Kohn/BOARD/FRS@BOARD, Patrick
M Parkinson/BOARD/FRS@BOARD cc Brian F
Madigan/BOARD/FRS@BOARD,
Kevin Warsh/BOARD/FRS@BOARD, Subject Re: Our Options in the Event of a Run
on LB
--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Donald.L.KohnSent: 07/20/2008 01:39 PM ASTTo: Patrick ParkinsonCc: Brian Madigan; Kevin Warsh; Scott AlvarezSubject: Re: Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
(b) (5)
Duplicate
BOG--FOIA 10-267--000128
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 01:37 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD, Margaret
cc Subject Fw: LB triparty repo followup
Additional background for 3 pm call.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:36 PM -----
Lucinda M Brickler / YNY/FRS@FSRS
09/09/2008 11:21 AM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS
cc Rania Jamal, Brian Begalle/NY/FRS@FRS
Subject LB triparty repo followup
Duplicate
BOG--FOIA 10-267--000129
William BRODOWSWilliam BRODOWSWilliam BRODOWSWilliam BRODOWS ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 02:02 PM
To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Subject Re: Quick comparison
Attached find the derivatives summary (first two tabs) and a Lehman vs. Bear comparison (third tab) for this afternoon's call.
Meg McConnell/NY/FRS
MegMegMegMeg McConnellMcConnellMcConnellMcConnell ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 12:39 PM
To William BRODOWS/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison
1. Lucinda and McCurdy are doing a "that was then, this is now" analysis for the triparty repo piece.2. Markets (I think?) is going to do some state of the world comparison. 3. We have Bill B. giving us Leh's version of the difference between them and BSC.
(Not sure whether we want to also do something that focuses narrowly on OTC derivatives, or whether that will be covered in what Brodows sends?).
These would need to be ready by around 2:45 or so at the latest. Thanks!Meg--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773
William BRODOWS
----- Original Message ----- From: William BRODOWS
Sent: 09/09/2008 12:22 PM EDT
To: Lucinda Brickler
Cc: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig
Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Kristin Mayer; Meg McConnell; Michael Holscher; Michael Schetzel; Michael Silva; Patrick Parkinson; Sandy Krieger;
BOG--FOIA 10-267--000130
Sarah Dahlgren; Steven Friedman; Terrence Checki; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng
Subject: Re: Quick comparison
I have Lehman's own analysis of differences between their position and position of Bear which I will forward.
Lucinda M Brickler/NY/FRS
Lucinda MLucinda MLucinda MLucinda M BricklerBricklerBricklerBrickler ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 11:28 AM
To Meg McConnell/NY/FRS@FRS
cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William
BRODOWS/NY/FRS@FRSSubject Re: Quick comparison
Meg
Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
Meg McConnell/NY/FRS
MegMegMegMeg McConnellMcConnellMcConnellMcConnell ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 11:07 AM
To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc Kristin Mayer/NY/FRS@FRS, Michael Silva/NY/FRS@FRS
Subject Quick comparison
BOG--FOIA 10-267--000131
As he mentioned in the meeting this morning, Tim would like someone to put together a quick "what's different? what's the same?" list about LEH vs BSC, as well as about mid-March (then) vs. early Sept (now). He would like this for a call he's having with Chairman Bernanke at 3:00. Any takers for this? Please let me know.Thanks,Meg
--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773
Meg McConnell
----- Original Message ----- From: Meg McConnell
Sent: 09/08/2008 06:44 PM EDT
To: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig
Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim/NY/FRS@NY; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Lucinda Brickler; Meg McConnell; Michael Holscher; Michael Schetzel; Patrick Parkinson; Sandy Krieger; Sarah Dahlgren; Steven Friedman; Terrence Checki/NY/FRS@NY; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng; William BRODOWS
Cc: Kristin Mayer; Michael Silva
Subject: Meeting tomorrow at 9:00
The purpose of tomorrow's meeting is to continue the discussion of near-term options for dealing with a failing nonbank. Sorry for the late notice on this meeting.Meg
BOG--FOIA 10-267--000132
1 of 3
(b) (4)
BOG--FOIA 10-267--000133
BOG--FOIA 10-267--000134
"Gameplan"
9/2/08
Bear Lehman Lehman
Q108 Q108 Q308
Net Balance Sheet 254 397 315
Net Leverage 22.6x 15.4x 10.7x
Liquidity Pool 17 34 41
STD (excluding current portion) 16 16
Current Portion LTD 10 19
Total Short-term Debt 26 35
Short-term Debt/Liquidity Pool 1.5x 1.0x
Unencumbered Assets 14 161
Free Credit Balances 43 13 1
Presentation to FRBNY
on 5/28/08Key Liquidity Metrics
LEHMAN'S VIEW OF LEHMAN VS. BEAR
BOG--FOIA 10-267--000135
09/09/2008 02:11 PM
To <[email protected]> cc
Subject RE: S&P puts LEH on neg watch
S&P just put LEHMAN ratings on Neg Watch for downgrade due to slide in share price, just hit tapes a few mins ago, stocks struggling still. AIG is down a lot today on similar concerns with writedowns and capital needs.
_____________________________________________
From: Mccabe, Susan L
Sent: Tuesday, September 09, 2008 11:20 AM
To: Gustavo suarez at FRB Gov ([email protected])
Subject: Financials getting crushed again-
Scary times are here again. Lehman drop is clearly leading the way down for all others, along with poor 3Qtr earnings expectations.
(b) (4)
(b) (4)
BOG--FOIA 10-267--000136
kLucinda M Brickler //NY/F SFRS
09/09/2008 02:40 PM
To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Subject Re: Quick comparison
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132Meg McConnell/NY/FRS
eMeg c onMcConnell /NNY/ RFRS
09/09/2008 12:39 PM
To William BRODOWS/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison
Duplicate
BOG--FOIA 10-267--000137
What do we know about conditions in the triparty repo market in September 2008 that we either did not know or that has changed since the situation in March 2008?
(b) (5)
BOG--FOIA 10-267--000138
(b) (5)
BOG--FOIA 10-267--000139
(b) (5)
BOG--FOIA 10-267--000140
e ehmJeff Stehm // DBOARD//FRS
09/09/2008 02:48 PM
To Melissa A Vanlandingham/BOARD/FRS@BOARD
cc Subject Fw: Lehman
Please develop a table of the clearing systems that Lehman is a participant in (legal name). Cover the usual suspects (CLS, DTC, NSCC, FICC-GSD, FICC-MBSD, CME, and OCC). Lets have it ready by tomorrow.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/09/2008 02:46 PM -----
i Jill K eCetina/BOARD/FRS
09/09/2008 01:26 PM
To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
Subject Lehman
is having a rough day. Their share price is down $4 to $10 -- after talks failed with a Korean bank looking at buying a stake in their asset management arm. One year CDS on Lehman closed yesterday at 666 bps -- today the mid of the bid and ask is about 900 bps.
In short, the week could get even more interesting. :)
BOG--FOIA 10-267--000141
Jill Cetina, CFASr. Financial AnalystPayment Systems RiskReserve Bank Operations and Payment SystemsFederal Reserve Board202-452-2764
BOG--FOIA 10-267--000142
a sJan Voigts //NY/F SFRS
09/09/2008 02:55 PM
To Timothy Geithner/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS,
William Rutledge/NY/FRS@FRS, cc Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS,
"Art Angulo" Subject Global Repo data and PDCF Eligible
Report as of Sept. 5
a m a m This is a summary of LehmanThis is a summary of Lehman '' t a i b o t a i b os total Triparty books total Triparty book ,, i cl g d l u co ri cl g d l u co rincluding liquid and less liquid collateralincluding liquid and less liquid collateral ..
t b T y f a r SThis is the Global Triparty Book for Lehman for Sept 5
___________________________
Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)917-292-3461 (Bberry)
BOG--FOIA 10-267--000143
CONFIDENTIAL TREATMENT REQUESTED
SECURED FUNDING
O/N and
Open 2 - 14 Days > 14 Days TOTAL
LIQUID
Treasuries 34.1 1.0 0.0 35.1
G10 Governments 6.7 1.5 1.1 9.2
Agencies 27.8 0.3 0.4 28.4
Agency MBS 43.6 3.6 7.1 54.2
Agency CMOs 4.2 0.0 6.4 10.6
SUBTOTAL LIQUID 116.2 6.3 15.0 137.6
LESS LIQUID
Asset Backed Securities
PDCF Eligible 0.5 0.2 0.7 1.3
ECB or Other CB Eligible 1.5 0.0 11.0 12.6
Non-Eligible 2.2 1.7 1.2 5.1 18.9
Bank Loans
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0 0.0
CMO Private Label
PDCF Eligible 1.1 0.1 3.5 4.7
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 2.2 1.5 0.6 4.3 9.0
Commercial Paper
PDCF Eligible 7.6 0.0 0.7 8.3
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.1 0.0 0.0 0.1 8.4
Corporates
PDCF Eligible 6.5 0.1 0.8 7.4
ECB or Other CB Eligible 1.0 1.3 1.9 4.2
Non-Eligible 5.8 1.9 2.9 10.6 22.2
Equity
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 8.0 5.7 13.0 26.7 26.7
International
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.5 0.1 0.2 0.7
Non-Eligible 2.4 1.8 2.6 6.7 7.5
Money Market
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0 0.0
Municipals
PDCF Eligible 1.0 0.0 0.2 1.2
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 1.7 0.0 0.3 2.0 3.2
Whole Loan
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.1 0.0 0.5 0.6 0.6
Other
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0 0.0
SUBTOTAL LESS LIQUID 42.3 14.2 40.0 96.5
SECURED FUNDING
Liquid Collateral 116.2 6.3 15.0 137.6
PDCF Eligible 16.7 0.4 5.8 22.9
ECB or Other CB Eligible 3.0 1.3 13.1 17.5
Non-Eligible 22.5 12.5 21.0 56.0
TOTAL SECURED FUNDING 158.5 20.5 55.0 234.0
UNSECURED FUNDING
O/N and
Open 2 - 14 Days
> 14 Days - 1
Year TOTAL
CP, Other STD and Current Portion of LTD 1.9 2.6 23.5 28.1
MEMO: TSLF Eligible
O/N and
Open 2 - 14 Days
> 14 Days - 1
Year TOTAL
Agency CMOs 4.2 0.0 6.4 10.6
AAA Asset Backed 0.0 0.0 0.6 0.6
AAA Private Labels 0.5 0.0 3.3 3.8 15.0
SECURED FUNDING
($ in billions)INSTITUTION: Lehman Brothers AS OF: 9/05/08
** The break-out between LBI and LBIE is approximately equivalent to the regional break-out on the daily Executive Summary report; LBI @ 54.5% and LBIE @ 44.0% of the total
BOG--FOIA 10-267--000144
CONFIDENTIAL TREATMENT REQUESTED
($ in billions)
SECURED FUNDING FIRM INVENTORY MATCHED BOOK REVERSE REPO GRAND TOTAL
LIQUID
Treasuries 18.2 209.4 42.1 269.7
G10 Governments 23.5 79.2 14.7 117.4
Agencies 18.5 33.2 6.0 57.7
Agency MBS 7.6 71.9 0.0 79.5
Agency CMOs 3.8 7.0 0.0 10.8
SUBTOTAL LIQUID 71.6 400.7 62.8 535.2
LESS LIQUID
Asset Backed Securities
PDCF Eligible 0.9 0.8 0.0 1.7
ECB or Other CB Eligible 10.5 2.2 0.0 12.7
Non-Eligible 4.5 2.4 0.0 6.9
Bank Loans
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0
CMO Private Label
PDCF Eligible 1.7 3.1 0.0 4.8
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 3.5 0.9 0.0 4.4
Commercial Paper
PDCF Eligible 8.7 0.0 0.0 8.7
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.1 0.0 0.0 0.1
Corporates
PDCF Eligible 1.9 10.9 1.3 14.1
ECB or Other CB Eligible 1.5 7.3 1.3 10.2
Non-Eligible 5.7 15.3 1.0 22.1
Equity
PDCF Eligible 0.0 0.1 0.0 0.2
ECB or Other CB Eligible 0.0 0.1 0.0 0.1
Non-Eligible 21.0 65.5 18.9 105.4
International
PDCF Eligible 0.2 0.9 0.0 1.1
ECB or Other CB Eligible 0.2 0.9 0.5 1.7
Non-Eligible 6.3 13.4 1.4 21.1
Money Market
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0
Municipals
PDCF Eligible 1.2 0.0 0.0 1.2
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 1.9 0.1 0.0 2.0
Whole Loan
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.7 0.2 0.0 0.9
Other
PDCF Eligible 0.0 0.0 0.0 0.0
ECB or Other CB Eligible 0.0 0.0 0.0 0.0
Non-Eligible 0.0 0.0 0.0 0.0
SUBTOTAL LESS LIQUID 70.4 124.3 24.6 219.2 Footnotes:
SECURED FUNDING R/R to cover shorts extracted
Liquid Collateral 71.6 400.7 62.8 535.2 Margin debits integrated
PDCF Eligible 14.6 15.9 1.4 31.8 Box Collateral extracted
ECB or Other CB Eligible 12.2 10.6 1.9 24.7 Excludes impact of GSCC & FIN41 Netting
Non-Eligible 43.6 97.8 21.3 162.7
TOTAL SECURED FUNDING 142.0 525.0 87.4 754.4
INSTITUTION: Lehman Brothers AS OF: 9/05/08
SECURED FUNDING
(Note: please include all equity finance on "Equity" line below or provide separate sheet
with details)
** The break-out between LBI and LBIE is approximately equivalent to the regional break-out on the daily Executive Summary report; LBI @ 54.5% and LBIE @ 44.0% of the total
BOG--FOIA 10-267--000145
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
EQUITIES 0.0 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.1 0.1
0.1 0.1 0.1
GOVERNMENT AGENCY 0.2 0.2 0.2
SOVEREIGNS 0.8 0.8 0.8
SOVEREIGNS 0.0 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.4 0.4
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EMG 0.0 0.0
0.4 0.4
GOVERNMENT AGENCY 0.0 0.0
MBS 0.6 0.6
SOVEREIGNS 2.3 2.3
2.9 2.9
EQUITIES 0.6 0.6 0.6
ASSET BACKS - INVESTMENT GRADE 2.5 0.4 0.0 2.9
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0
ASSET BACKS - NON-INVESTMENT GRADE 0.2 0.2
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.3 0.0 0.0 0.4
CORPORATES - NON-INVESTMENT GRADE 0.0 0.4 0.0 0.2 0.1 0.7
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
EMG 1.8 0.3 0.4 0.2 2.6
EQUITIES 0.5 1.4 2.0
OTHER 0.0 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 1.0 1.0
SOVEREIGNS 0.1 0.3 0.1 0.5
5.4 1.4 1.3 0.5 0.2 1.8 10.5
CORPORATES - INVESTMENT GRADE 2.0 2.0
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
EQUITIES 0.1 0.4 0.5
MBS 0.0 0.0
SOVEREIGNS 0.1 0.1
2.3 0.4 2.7
ASSET BACKS - INVESTMENT GRADE 0.2 0.4 0.6
ASSET BACKS - NON-INVESTMENT GRADE 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.0 0.0
GOVERNMENT AGENCY 0.0 0.0
GOVERNMENT AGENCY 7.9 7.9
MBS 16.7 16.7
MONEY MARKETS 3.0 3.0
PRIVATE LABELS - HIGH YIELD 0.1 1.0 1.0
PRIVATE LABELS - INVESTMENT GRADE 0.3 0.2 0.5
SOVEREIGNS 1.4 1.4
SOVEREIGNS 3.0 3.0
32.6 1.6 34.2
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.0
EMG 0.0 0.0 0.1
GOVERNMENT AGENCY 0.0 0.0
SOVEREIGNS 0.0 0.0
0.1 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.2 0.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EMG 0.1 0.1
EQUITIES 0.1 0.1
0.4 0.4
SOVEREIGNS 0.0 0.0 0.0
ASSET BACKS - INVESTMENT GRADE 0.0 0.3 0.3
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.0 0.9 0.9
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
Confidential Treatment Requested 1
(b) (4)
BOG--FOIA 10-267--000146
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
EMG 0.3 0.3
GOVERNMENT AGENCY 0.1 0.1
GOVERNMENT AGENCY 0.0 0.0
MBS 0.2 0.2
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.1 0.1
SOVEREIGNS 2.1 0.5 2.5
2.4 2.1 4.6
GOVERNMENT AGENCY 0.1 0.1 0.1
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
SOVEREIGNS 0.1 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.3 0.3
GOVERNMENT AGENCY 0.3 0.3
MONEY MARKETS 0.1 0.1
SOVEREIGNS 0.0 0.0
0.7 0.7
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
GOVERNMENT AGENCY 0.0 0.0
SOVEREIGNS 1.1 0.3 1.4
1.1 0.3 1.4
MBS 0.0 0.0
WHOLELOAN COMMERCIAL 0.8 0.8
WHOLELOAN RESIDENTIAL 0.3 0.3
0.8 0.0 0.3 1.1
SOVEREIGNS 1.4 1.4 1.4
ASSET BACKS - INVESTMENT GRADE 0.0 0.0 0.0
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.2 0.0 0.2
CORPORATES - NON-INVESTMENT GRADE 0.2 0.0 0.2
EMG 0.4 0.0 0.5
EQUITIES 0.6 0.3 1.4 0.1 2.4
OTHER 0.0 0.0 0.0
SOVEREIGNS 0.0 0.0 0.0
0.6 0.3 2.2 0.2 3.4
MBS 0.7 0.7
SOVEREIGNS 0.0 0.0
0.7 0.7
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0
CORPORATES - INVESTMENT GRADE 1.0 1.0
CORPORATES - NON-INVESTMENT GRADE 0.2 0.2
EMG 0.5 0.5
GOVERNMENT AGENCY 0.0 0.0
SOVEREIGNS 0.4 0.4
2.1 2.1
GOVERNMENT AGENCY 0.4 0.4 0.4
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.1 0.0 0.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EMG 0.0 0.0
EMG 0.2 0.1 0.2 0.4
EQUITIES 0.3 0.3
EQUITIES 0.5 0.5
EQUITIES 0.4 0.5 0.5 1.4
GOVERNMENT AGENCY 0.2 0.2
MONEY MARKETS 1.3 1.3
MUNI 0.9 0.9
SOVEREIGNS 0.0 0.0 0.0
SOVEREIGNS 0.0 0.0
3.1 1.1 1.2 5.4
GOVERNMENT AGENCY 1.7 1.7
SOVEREIGNS 2.1 2.1
3.8 3.8
Confidential Treatment Requested 2
(b) (4)
BOG--FOIA 10-267--000147
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
ASSET BACKS - INVESTMENT GRADE 0.2 0.2
ASSET BACKS - NON-INVESTMENT GRADE 0.6 0.6
CORPORATES - INVESTMENT GRADE 0.6 0.6
MBS 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.2 0.2
PRIVATE LABELS - INVESTMENT GRADE 0.0 0.0
1.0 0.6 1.7
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.3 0.3
EMG 0.1 0.1
EQUITIES 0.4 0.4
0.9 0.9
ASSET BACKS - INVESTMENT GRADE 11.0 11.0 11.0
SOVEREIGNS 0.5 0.5 0.5
CORPORATES - INVESTMENT GRADE 0.0 0.0
EMG 0.0 0.0
EQUITIES 0.2 0.2
SOVEREIGNS 0.0 0.0
0.2 0.2
ASSET BACKS - INVESTMENT GRADE 0.6 0.6
MBS 16.8 16.8
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 2.9 2.9
SOVEREIGNS 1.0 1.0
1.0 20.3 21.3
ASSET BACKS - INVESTMENT GRADE 0.1 0.1
ASSET BACKS - NON-INVESTMENT GRADE 0.4 0.4
CORPORATES - INVESTMENT GRADE 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
MBS 1.0 1.0
MONEY MARKETS 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.0 0.0
SOVEREIGNS 0.6 0.6
2.2 2.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.2 0.2
EQUITIES 0.1 0.1
WHOLELOAN COMMERCIAL 0.5 2.8 3.2
0.5 3.0 3.5
GOVERNMENT AGENCY 3.5 3.5
MBS 0.0 0.0
3.5 3.5
ASSET BACKS - INVESTMENT GRADE 0.0 0.6 0.6
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.3 0.3
C1 - INVESTMENT GRADE CONVERTIBLES 0.4 0.4
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.3 0.3
CORPORATES - INVESTMENT GRADE 2.3 0.0 2.3
CORPORATES - NON-INVESTMENT GRADE 1.1 0.0 1.1
EQUITIES 1.0 1.0
GOVERNMENT AGENCY 0.2 0.2
MBS 2.0 0.0 2.0
MUNI 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.0 0.2 0.2
PRIVATE LABELS - INVESTMENT GRADE 0.6 0.2 0.8
SOVEREIGNS 4.9 4.9
12.4 1.5 13.9
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.0 0.0 0.0
SOVEREIGNS 0.0 0.0 0.0
MBS 0.3 0.3
SOVEREIGNS 0.0 0.0
0.3 0.0 0.3
Confidential Treatment Requested 3
(b) (4)
BOG--FOIA 10-267--000148
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.1 0.1
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EMG 0.1 0.1
EQUITIES 0.5 0.5
GOVERNMENT AGENCY 0.0 0.0
MONEY MARKETS 0.6 0.6
MUNI 0.5 0.5
SOVEREIGNS 0.0 0.0
1.4 0.5 1.9
GOVERNMENT AGENCY 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.2 0.2
GOVERNMENT AGENCY 0.0 0.0
0.2 0.2
SOVEREIGNS 0.6 0.6 0.6
ASSET BACKS - NON-INVESTMENT GRADE 0.1 0.1
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
EQUITIES 0.0 0.0
MBS 0.4 0.4
MONEY MARKETS 0.0 0.0
SOVEREIGNS 2.5 2.5
WHOLELOAN RESIDENTIAL 0.1 0.1
3.1 3.1
GOVERNMENT AGENCY 0.0 0.0
MBS 0.0 0.0
0.0 0.0
SOVEREIGNS 0.1 0.1 0.1
GOVERNMENT AGENCY 0.0 0.0
SOVEREIGNS 0.1 0.1
0.1 0.1
MBS 0.0 0.0 0.0
EMG 0.1 0.1 0.2
EQUITIES 0.3 0.6 0.3 0.7 2.0
SOVEREIGNS 0.4 0.4
0.8 0.6 0.3 0.8 2.6
EQUITIES 0.3 0.3 0.3
MBS 2.9 2.9
SOVEREIGNS 0.5 0.5
3.4 3.4
GOVERNMENT AGENCY 0.1 0.1 0.1
MBS 0.3 0.3 0.3
ASSET BACKS - INVESTMENT GRADE 0.2 0.2
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.5 0.5
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EQUITIES 0.2 0.2
EQUITIES 0.1 0.1
GOVERNMENT AGENCY 9.7 9.7
MBS 8.0 8.0
SOVEREIGNS 1.0 1.0
SOVEREIGNS 7.6 7.6
27.4 27.4
ASSET BACKS - INVESTMENT GRADE 0.0 0.0 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.1 0.0 0.2
CORPORATES - INVESTMENT GRADE 0.1 0.3 0.0 0.4
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.1 0.1
EMG 0.0 0.2 0.0 0.2
EQUITIES 0.1 0.2 0.3
MONEY MARKETS 0.0 0.0
SOVEREIGNS 0.0 0.0
0.1 0.8 0.3 1.2
Confidential Treatment Requested 4
(b) (4)
BOG--FOIA 10-267--000149
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.1 0.1
EQUITIES 0.5 0.5
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.0 0.0
0.5 0.2 0.7
OTHER 0.1 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.1 0.2 0.3
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
EMG 0.2 0.1 0.0 0.0 0.3
GOVERNMENT AGENCY 0.0 0.0
SOVEREIGNS 0.1 0.0 0.0 0.1
0.3 0.1 0.1 0.2 0.7
MBS 0.1 0.1 0.1
GOVERNMENT AGENCY 0.5 0.5
SOVEREIGNS 0.3 0.3
0.7 0.7
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.0
MBS 0.1 0.1 0.1
CORPORATES - INVESTMENT GRADE 0.5 0.5 0.5
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.0
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
EQUITIES 0.3 0.3
MBS 0.8 0.8
PRIVATE LABELS - HIGH YIELD 0.0 0.0
PRIVATE LABELS - INVESTMENT GRADE 0.3 0.3
1.2 0.3 1.4
MBS 1.5 1.5 1.5
MBS 0.4 0.4
SOVEREIGNS 1.2 1.2
1.6 1.6
MBS 0.1 0.1 0.1
SOVEREIGNS 0.6 0.3 0.9 0.9
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.1 0.1 0.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
EMG 0.0 0.0 0.0
EQUITIES 0.2 0.2 0.4
0.3 0.3 0.6
GOVERNMENT AGENCY 0.1 0.1 0.1
EMG 0.0 0.0 0.1 0.0 0.2
EQUITIES 0.1 0.1 0.2 0.4 0.8
0.2 0.2 0.2 0.4 1.0
GOVERNMENT AGENCY 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.5 0.5
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
EQUITIES 1.3 1.3
GOVERNMENT AGENCY 0.6 0.6
MBS 6.2 6.2
MONEY MARKETS 1.0 1.0
PRIVATE LABELS - HIGH YIELD 0.0 0.0
SOVEREIGNS 1.5 1.5
11.2 11.2
GOVERNMENT AGENCY 0.2 0.2
MBS 0.1 0.1
MONEY MARKETS 1.8 1.8
2.0 2.0
GOVERNMENT AGENCY 0.0 0.0 0.0
EQUITIES 0.7 0.7 0.7
Confidential Treatment Requested 5
(b) (4)
BOG--FOIA 10-267--000150
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0
SOVEREIGNS 0.0 0.0
0.0 0.0
GOVERNMENT AGENCY 0.8 0.8
SOVEREIGNS 0.2 0.2
1.0 1.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.1 0.1
EMG 0.0 0.0
EQUITIES 0.1 0.1
0.2 0.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.1 0.1 0.1
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 1.2 0.2 1.3
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0 0.1
EMG 0.0 0.4 0.4 0.8
EQUITIES 0.2 1.8 1.3 3.2
SOVEREIGNS 0.1 0.1
0.2 3.5 1.9 5.6
WHOLELOAN RESIDENTIAL 0.0 0.0 0.0
WHOLELOAN RESIDENTIAL 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.1 0.1
CORPORATES - NON-INVESTMENT GRADE 0.1 0.1
EMG 0.0 0.5 0.5
0.0 0.6 0.6
SOVEREIGNS 0.2 0.2 0.2
ASSET BACKS - INVESTMENT GRADE 0.0 0.0 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.1 0.1 0.0 0.2
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0 0.0
EMG 0.0 0.0 0.0 0.0
EQUITIES 0.1 0.1 0.1 0.4
0.2 0.2 0.1 0.6
SOVEREIGNS 0.0 0.0 0.0
MBS 1.0 1.0
SOVEREIGNS 0.3 0.3
1.3 1.3
EQUITIES 0.1 0.1
MBS 0.0 0.0
0.1 0.1
SOVEREIGNS 0.0 0.0 0.0
EQUITIES 0.5 0.5 0.5
MBS 0.0 0.0 0.0
EQUITIES 0.2 0.2 0.2
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
ASSET BACKS - INVESTMENT GRADE 0.5 0.0 0.5
ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0
C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.9 0.1 0.3 0.2 0.1 1.6
CORPORATES - INVESTMENT GRADE 1.5 0.2 1.8
CORPORATES - NON-INVESTMENT GRADE 0.3 0.3
CORPORATES - NON-INVESTMENT GRADE 2.1 0.0 2.1
EMG 0.4 0.1 0.1 0.0 0.0 0.7
EQUITIES 0.5 2.3 2.8
GOVERNMENT AGENCY 0.0 0.0
GOVERNMENT AGENCY 0.6 0.3 0.9
MBS 3.9 0.3 4.2
MONEY MARKETS 0.0 0.0 0.0
MONEY MARKETS 0.7 0.7
Confidential Treatment Requested 6
(b) (4)
BOG--FOIA 10-267--000151
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total
MUNI 1.3 0.5 1.8
OTHER 0.0 0.0
PRIVATE LABELS - HIGH YIELD 0.3 0.3
PRIVATE LABELS - INVESTMENT GRADE 1.5 0.0 1.5
SOVEREIGNS 0.1 0.0 0.1
SOVEREIGNS 0.2 0.0 0.2
WHOLELOAN COMMERCIAL 0.8 0.8
WHOLELOAN RESIDENTIAL 0.2 0.2
14.2 0.2 0.4 0.2 1.9 3.5 20.4
ASSET BACKS - INVESTMENT GRADE 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.4 0.4
GOVERNMENT AGENCY 0.0 0.0
0.4 0.4
WHOLELOAN COMMERCIAL 1.3 1.3
WHOLELOAN RESIDENTIAL 0.1 0.1
1.4 1.4
MBS 0.4 0.4 0.4
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
EQUITIES 0.2 0.2 0.2
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
SOVEREIGNS 0.2 0.2 0.2
SOVEREIGNS 1.2 1.2 1.2
CORPORATES - INVESTMENT GRADE 0.1 0.1 0.1
GOVERNMENT AGENCY 0.9 0.9
SOVEREIGNS 0.6 0.6
1.4 1.4
CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.2 0.2 0.2
MBS 0.1 0.1
SOVEREIGNS 0.1 0.1
0.2 0.2
MBS 0.0 0.0
SOVEREIGNS 1.3 1.3
1.3 1.3
EQUITIES 0.0 0.0 0.0
CORPORATES - INVESTMENT GRADE 0.0 0.0 0.1
EMG 0.0 0.0 0.0
EQUITIES 0.2 0.1 0.3
0.2 0.1 0.4
Confidential Treatment Requested 7
(b) (4)
BOG--FOIA 10-267--000152
Global Repo Maturity Schedule
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Grand Total
32.6 1.6 34.2
27.4 27.4
1.0 20.3 21.3
14.2 0.2 0.4 0.2 1.9 3.5 20.4
12.4 1.5 13.9
11.2 11.2
11.0 11.0
5.4 1.4 1.3 0.5 0.2 1.8 10.5
0.2 3.5 1.9 5.6
3.1 1.1 1.2 5.4
2.4 2.1 4.6
3.8 3.8
0.5 3.0 3.5
3.5 3.5
3.4 3.4
0.6 0.3 2.2 0.2 3.4
3.1 3.1
2.9 2.9
2.3 0.4 2.7
0.8 0.6 0.3 0.8 2.6
2.2 2.2
2.1 2.1
2.0 2.0
1.4 0.5 1.9
1.0 0.6 1.7
1.6 1.6
1.5 1.5
1.4 1.4
1.1 0.3 1.4
1.2 0.3 1.4
1.4 1.4
1.4 1.4
1.3 1.3
1.3 1.3
1.2 1.2
0.1 0.8 0.3 1.2
0.8 0.0 0.3 1.1
1.0 1.0
0.2 0.2 0.2 0.4 1.0
0.9 0.9
0.6 0.3 0.9
0.8 0.8
0.7 0.7
0.7 0.7
0.5 0.2 0.7
0.3 0.1 0.1 0.2 0.7
0.7 0.7
0.7 0.7
0.0 0.6 0.6
0.6 0.6
0.3 0.3 0.6
0.2 0.2 0.1 0.6
0.6 0.6
0.5 0.5
0.5 0.5
0.5 0.5
Confidential Treatment Requested 8
(b) (4)
BOG--FOIA 10-267--000153
0.4 0.4
0.4 0.4
0.4 0.4
0.4 0.4
0.2 0.1 0.4
0.4 0.4
0.3 0.3
0.3 0.0 0.3
0.3 0.3
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.2 0.2
0.1 0.1
0.1 0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.1 0.1
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
Grand Total 160.4 1.2 6.2 5.1 3.1 53.8 10.6 240.3
Confidential Treatment Requested 9
(b) (4)
BOG--FOIA 10-267--000154
07/20/2008 01:52 PM
To Donald L Kohn/BOARD/FRS@BOARD, Patrick
M Parkinson/BOARD/FRS@BOARD cc Brian F
Madigan/BOARD/FRS@BOARD,
Kevin Warsh/BOARD/FRS@BOARD, Subject Re: Our Options in the Event of a Run
on LB
--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Donald.L.KohnSent: 07/20/2008 01:39 PM ASTTo: Patrick ParkinsonCc: Brian Madigan; Kevin Warsh; Scott AlvarezSubject: Re: Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
(b) (5)
Duplicate
BOG--FOIA 10-267--000155
07/21/2008 08:47 AM
To [email protected] cc [email protected],
[email protected], Subject Re: Our Options in the Event of a Run
on LB
07/20/2008 01:46 PM
[email protected], [email protected] Re: Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--000156
F MBrian F Madigan /BOARD/FRS
07/21/2008 08:51 AM
To Scott Alvarez/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: Our Options in the Event of a Run
on LB
Scott and Pat,
I don't know that we did look at this
Brian
----- Forwarded by Brian F Madigan/BOARD/FRS on 07/21/2008 08:49 AM -----
07/21/2008 08:47 AM
cc [email protected], [email protected],
[email protected], [email protected] Re: Our Options in the Event of a Run on LB
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--000157
insPatrick M Parkinson /BOARD/F SFRS
07/21/2008 08:53 AM
To Brian F
Madigan/BOARD/FRS@BOARD cc Scott Alvarez/BOARD/FRS@BOARD
Subject Re: Fw: Our Options in the Event of a
Run on LB
Never have looked at it.
PatBrian F Madigan/BOARD/FRS
FBrian F aMadigan/BOARD/FFSRS
07/21/2008 08:51 AM
To Scott Alvarez/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARDcc
Subject Fw: Our Options in the Event of a Run on LB
Duplicate
(b) (5)
BOG--FOIA 10-267--000158
arezScott Alvarez /BOARBOARD/FRS
07/21/2008 08:54 AM
To
cc [email protected], [email protected],
[email protected], Subject Re: Our Options in the Event of a Run
on LB
That would be a 13(3) loan, I'll talk with Brian and Pat about this.
Scott
07/21/2008 08:47 AM
cc [email protected], [email protected],
[email protected], [email protected] Re: Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--000159
insPatrick M Parkinson /BOARD/F SFRS
07/21/2008 09:01 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc Scott Alvarez/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a
Run on LB
In the case of LB, only $8.7 billion of the $200 billion in tri-party collateral is
Pat
PatBrian F Madigan/BOARD/FRS
FBrian F aMadigan/BOARD/FFSRS
07/21/2008 08:51 AM
To Scott Alvarez/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Fw: Our Options in the Event of a Run on LB
Scott and Pat,
Brian
----- Forwarded by Brian F Madigan/BOARD/FRS on 07/21/2008 08:49 AM -----
07/21/2008 08:47 AM
cc [email protected], [email protected], [email protected], [email protected]
Subject Re: Our Options in the Event of a Run on LB
07/20/2008 01:46 PM
cc [email protected], [email protected], [email protected]
Subject Re: Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--000160
Bill or Debby Perelmuter would be able to speak more authoritatively to howfirm their commitment is.
Donald.L.Kohn@frb .gov To 07/20/2008 01:39 [email protected] PM cc [email protected], , [email protected], [email protected] Subject Re: Our Options in the Event of a Run on LB
there's that capacity issue again.
Patrick.M.Parkins [email protected] To 07/20/2008 12:42 , PM [email protected], [email protected], [email protected], [email protected] cc
Subject Our Options in the Event of a Run on LB
(b) (6)
(b) (6)
(b) (5)
(b) (5)
BOG--FOIA 10-267--000161
The short answer is the one that Tim gave to the FOMC on Wednesday: Thereare no good options.
Here is my version of the long answer.
Pat
(b) (5)
BOG--FOIA 10-267--000162
arezScott Alvarez /BOARBOARD/FRS
07/21/2008 09:16 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Brian F Madigan/BOARD/FRS@Board
Subject Re: Fw: Our Options in the Event of a
Run on LB
Not sure we do have legal authority. Scott
Patrick M Parkinson/BOARD/FRS
Patrick M ParkinsonParkinson ////BOARDBOARD//FFSSRSRS
07/21/2008 08:53 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc Scott Alvarez/BOARD/FRS@BOARD
Subject Re: Fw: Our Options in the Event of a Run on LB
PatBrian F Madigan/BOARD/FRS
FBrian F aMadigan/BOARD/FFSRS
07/21/2008 08:51 AM
To Scott Alvarez/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARDcc
Subject Fw: Our Options in the Event of a Run on LB
(b) (5)
(b) (5)
Duplicate
BOG--FOIA 10-267--000163
insPatrick M Parkinson /BOARD/F SFRS
07/21/2008 09:20 AM
To Scott Alvarez/BOARD/FRS@BOARD cc Brian F
Madigan/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a
Run on LB
PatScott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRSS
07/21/2008 09:16 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Brian F Madigan/BOARD/FRS@Board
Subject Re: Fw: Our Options in the Event of a Run on LB
(b) (5)
Duplicate
BOG--FOIA 10-267--000164
arezScott Alvarez /BOARBOARD/FRS
07/21/2008 09:43 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Brian F Madigan/BOARD/FRS@Board
Subject Re: Fw: Our Options in the Event of a
Run on LB
Thanks!
ScottPatrick M Parkinson/BOARD/FRS
Patrick M Parkinson //BOARD/FSSRSRS
07/21/2008 09:20 AM
To Scott Alvarez/BOARD/FRS@BOARD
cc Brian F Madigan/BOARD/FRS@BOARD
Subject Re: Fw: Our Options in the Event of a Run on LB
(b) (5)
Duplicate
BOG--FOIA 10-267--000165
insPatrick M Parkinson /BOARD/F SFRS
07/21/2008 09:45 AM
To Scott Alvarez/BOARD/FRS@BOARD cc Brian F
Madigan/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a
Run on LB
PatScott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRS
07/21/2008 09:43 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Brian F Madigan/BOARD/FRS@Board
Subject Re: Fw: Our Options in the Event of a Run on LB
(b) (5)
Duplicate
BOG--FOIA 10-267--000166
insPatrick M Parkinson /BOARD/F SFRS
07/21/2008 04:09 PM
To Scott Alvarez/BOARD/FRS@BOARD cc Brian F
Madigan/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a
Run on LB
Have you gotten back to the Chairmn on this?
PatScott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRSS
07/21/2008 09:43 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Brian F Madigan/BOARD/FRS@Board
Subject Re: Fw: Our Options in the Event of a Run on LB
(b) (5)
Duplicate
BOG--FOIA 10-267--000167
kLucinda M Brickler //NY/F SFRS
07/25/2008 03:48 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: Lehman Update
I don't think there's anything here you need to look at immediately. I'm just forwarding it so you have it when you return. I hope you're having a nice vacation.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/25/2008 03:46 PM -----
a sJan Voigts //NY/F SFRS
07/25/2008 03:41 PM
To Timothy Geithner/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, NY Project 13/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Kevin Messina/NY/FRS@FRS, Amy White/NY/FRS@FRS, Kirsten Harlow/NY/FRS@FRS, John Leiby/NY/FRS, Dennis Herbst/NY/FRS@FRS, Daniel Sullivan/NY/FRS@FRS, Jeffrey Kowalak/NY/FRS@FRS, Angela MIKNIUS/NY/FRS@FRS, Alexander J Psomas/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Adam J Weisz/NY/FRS@FRS, Jonathan Stewart/NY/FRS@FRS, NY Project 13/NY/FRS@FRS,
Anne Golden/NY/FRS@FRScc Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS
Subject Lehman Update
Data for July 24rd
and update for July 25 - (Go to the Appendix to see recent days’
narratives).
Liquidity Pool: The pool increased by $700 mil. $39.8B largely through $1.1B of inter-company funding (waiting explanation). Commercial Paper: Outstanding balances declined by $500 mil. (roughly the same amount of increase yesterday), and CP outstanding is $3.9B. The recent swing has been due to the same group of recent names who provide additional liquidity to Lehman when available based on their own funding variance. Overnight CP financing is available to Lehman in Europe, but the Treasurer prefers not to pay the FX premium for overnight funding in the absence of term funds.
Repo: Less liquid repos declined again to $100.2B from $101.6B. The table on page 4 shows the steady decline in less liquid repo financing from the high water mark of $117.8B in mid-March to the current $100.2B level, attributable to asset sales, delivering and modest
(b) (4)
BOG--FOIA 10-267--000168
withdrawls of some funding customers.
CDS: Spreads rose to the 355-360 level today from 338 to 328 yesterday.
15:15 New York Currency: USD
Price
17.0
30
Change
-1.490
%
Change-8.
045
BidN.A. AskN.A. Open18.770
Volu
me2
5,11
8,31
7
High18
.990
Low16.87
0
52-Week
High68.44(07/25
/07)
52-Week
Low12.02(07/15/08)
1-Yr Return-74.040
___________________________
Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)917-292-3461 (Bberry)
BOG--FOIA 10-267--000169
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
1
Data for July 24rd and update for July 25 - (Go to the Appendix to see recent days’ narratives). Liquidity Pool: The pool increased by $700 mil. $39.8B largely through $1.1B of inter-company funding (waiting explanation). Commercial Paper: Outstanding balances declined by $500 mil. (roughly the same amount of increase yesterday), and CP outstanding is $3.9B. The recent swing has been due to the same group of recent names (LBBW, Blackrock etc.) who provide additional liquidity to Lehman when available based on their own funding variance. Overnight CP financing is available to Lehman in Europe, but the Treasurer prefers not to pay the FX premium for overnight funding in the absence of term funds. Repo: Less liquid repos declined again to $100.2B from $101.6B. The table on page 4 shows the steady decline in less liquid repo financing from the high water mark of $117.8B in mid-March to the current $100.2B level, attributable to asset sales, delivering and modest withdrawls of some funding customers. CDS: Spreads rose to the 355-360 level today as spreads weakened considerably in response to WAMU declined from 338 to 328 yesterday, the fourth successive declining day for CDS spreads.
15:15 New York Currency: USD
Price17.030 Change-1.490 % Change-8.045 BidN.A. AskN.A. Open18.770
Volume25,118,317 High18.990 Low16.870 52-Week High68.44(07/25/07) 52-Week Low12.02(07/15/08) 1-Yr Return-74.040
BOG--FOIA 10-267--000170
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
2
JULY 24 SUMMARY DETAILS FOR JULY 23
7/23/08 Changes in Liquidity Pool
Asset Composition ($B)
Funding Composition ($B)
Position Change in Cash Sources
16.2 (1.4) NY 1.7 CP Issuance
3.1 0.1 London 0.2 Bank Loan Drawn
1.1 Inter-company
Position Change in Inventory 0.3 Other 5.2 - LBHI 6.1 1.0 LBI (NY)
9.1 1.0 LBIE (LDN) Uses
- - LBAH (ASIA) 2.2 CP Maturities
0.1 Long Term Debt
0.3 Derivatives
$39.8B $0.7B Net Change $0.7B Net Funding
Lehman Credit Spreads
Day / Week 5-Year CDS (open) 5-Year
(vs 3 Mo LIBOR)
3/14 650
3/17 – 3/21 273 – 450
3/24 – 3/28 210 – 300 313 – 328
3/31 – 4/4 183 – 300 245 – 283
4/7 – 4/11 158 – 222 234 – 269
4/14 – 4/18 167– 222 214 – 269
4/21 – 4/25 169 – 190 215 – 232
4/28 – 5/2 135 – 160 219 – 232
5/5 – 5/9 135 – 171 219 – 233
5/12 – 5/16 154 –164 225 – 232
5/19 – 5/23 153 – 215 229 – 251
5/27 – 5/30 226 – 247 273 – 278
5/30 (2 Q End) 226 274 6/2 – 6/6 233 – 262 253 – 275 6/9 – 6/13 237 – 280 246 – 273 6/16 – 6/20 225 – 260 248 – 266 6/23 – 6/27 258 – 285 264 – 279 6/30 – 7/3 276 – 280 274 – 279 7/7 – 7/11 283 – 360 276 – 317
7/11 360 317 7/14 381 315 7/15 391 335 7/16 385 333 7/17 376 340 7/18 378 339 7/21 357 331 7/22 338 332 7/23 328 331 7/24 349 338
BOG--FOIA 10-267--000171
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
3
Dates Total Cash Boxed
inventory
Liquidity Pool: Cash & Equivalents
Available to LBHI
LBI 15c3 Lockup
LBIE PB Cust. Free Credit
$2.0B US Committed Bank line (drawn)
$2.5B LDN Committed Bank line (drawn)
3/14 – 3/18 9.0–20.6 6.5–19.9 27.1–30.2
4/1 – 4/4 10.9–20.5 11.8–19.9 27.5–32.2 2.3 6.3 – 6.4 2.0
4/7 – 4/11 16.2–18.7 12.5–15.8 31.2–32.7 2.3 6.5 – 7.1
4/14 – 4/18 18.0–21.5 9.3 –12.4 30.2–33.9 2.3 5.7 – 7.3 2.0
4/21 – 4/25 18.4–20.4 8.9–11.8 30.2–33.3 4.2 5.9 – 6.2 2.0
4/28 – 5/2 7.7–20.9 10.9–26.3 31.8–35.6 5.5 – 6.0 6.0 – 7.1
5/5 – 5/9 17.6 – 22.0 17.2 – 19.1 34.8 – 39.2 5.5 3.7 - 6.0
5/12 – 5/16 21.3 – 27.0 10.5 – 18.4 37.5 –39.7 3.1 3.7– 3.9
5/19 – 5/23 26.1 – 30.0 9.3 – 12.6 36.4 – 40.2 3.0 3.8 – 4.3
5/27 – 5/30 1.2 – 30.8 10.9 – 43.4 41.7 – 44.6 3.3 4.0 – 4.3
5/30 (2Q End) 1.2 43.4 44.6 3.3 4.0
6/2 – 6/6 26.6 – 31.3 10.2 – 15.9 42.4 – 43.3 3.8 3.7 – 3.9
6/9 – 6/13 31.2 – 36.6 8.5 – 12.0 40.6 – 48.4 2.8 3.9 – 4.3
6/16 – 6/20 23.0 – 30.1 12.5 – 18.5 41.5 – 43.1 5.6 3.1 – 3.6
6/23 – 6/27 30.2 – 33.8 7.7 – 11.7 41.0 – 42.2 2.5 3.6
6/30 – 7/3 2.6 – 31.9 8.2 – 38.4 39.3 – 41.0 5.0 3.0 – 3.1
7/7 – 7/11 27.1 – 33.3 7.0 – 13.1 38.4 – 40.3 5.0 1.6 – 2.8
7/14 – 7/18 22.8 - 27.1 12.7 – 15.4 38.2 - 40.2 3.9 - 5.0 1.4 - 1.6
7/18 24.7 15.4 40.1 3.9 1.5
7/21 23.7 16.4 40.1 4.8 1.3
7/22 20.0 18.0 38.0 4.8 1.3
7/23 20.6 18.5 39.1 3.7 1.1
7/24 19.3 20.5 39.8 3.7 1.1
BOG--FOIA 10-267--000172
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
4
Secured Funding ($ Billions) Secured Funding Breakdown
Secured Funding Asia Europe U.S. Total Change
% Next Day
% < 1 week
% > 1 week
3/17 – 3/20 2.9 45.6 – 47.7 65.5 – 67.8 115.3 – 117.4 N/A N/A N/A 3/24 – 3/28 1.6 47.1 – 41.6 69.2 – 63.8 117.9 – 107.0 37 – 43 15 – 18 41 – 47 3/31 – 4/4 1.4 41.5 – 48.0 63.2 – 61.6 105.0 – 111.7 38 – 54 8 – 13 38 – 48 4/7 – 4/11 1.4 – 1.5 46.6 – 48.0 61.8 – 62.3 109.9 – 111.7 37 – 44 11 – 17 44 – 49
4/14 – 4/18 1.5 – 1.6 47.4 – 50.5 60.3 – 61.8 110.1 – 112.5 39 – 44 9 – 12 44 – 51
4/21 – 4/25 1.6 – 1.7 50.5 – 51.6 60.2 – 61.7 112.5 – 114.7 40 – 43 11 – 18 42 – 47
4/28 – 5/2 1.7 49.3 – 51.3 59.0 – 60.2 110.8 – 113.2 42 – 48 10 – 17 40 – 45
5/5 – 5/9 1.7 49.6 – 50.6 59.9 – 61.6 112.2 – 113.1 45 - 47 9 -11 43 - 44
5/12 – 5/16 1.7 48.8 – 49.2 59.5 – 61.2 110.4 – 112.0 42 – 48 7 – 9 46 – 51
5/19 – 5/23 1.7 49.1 – 51.4 56.8 – 60.8 109.8 – 111.7 40 – 43 6 – 9 49 – 51
5/27 – 5/30 1.7 48.3 – 50.0 54.1 – 57.1 107.0 – 108.8 39 – 42 11 – 13 46 – 50
5/30 (2Q END) 1.7 49.5 54.1 105.3 42 12 46
6/2 – 6/6 1.7 50.5 – 51.3 54.6 – 56.8 107.4 – 109.2 37 – 40 11 – 14 49 – 51
6/9 – 6/13 1.7 – 1.8 49.9 – 51.2 54.9 – 55.4 106.8 – 108.0 39 – 43 9 – 13 47 – 51
6/16 – 6/20 1.7 49.9 – 50.7 56.4 – 59.9 108.0– 112.1 37 – 44 7 – 12 49 – 50
6/23 – 6/27 1.7 49.7 – 50.3 58.7 – 59.7 109.7 – 111.0 42 – 43 8 – 10 47 – 49
6/30 – 7/3 1.7 48.7 – 49.8 57.4 – 59.1 107.8 – 110.3 42 – 45 9 – 10 46 – 47
7/7 – 7/11 1.4 – 1.7 48.5 – 49.5 57.4 – 58.6 107.4 – 109.6 4 2 – 45 7 – 11 46 – 50
7/14 – 7/18 1.4 – 1.5 47.8 - 49.5 54.6 - 58.6 103.8 - 109.6 39 - 42 7 - 11 50 - 51
7/18 1.5 48.4 54.8 104.7 39 10 51
7/21 1.5 48.6 54.4 104.5 (0.2) 41 11 48
7/22 1.5 47.6 53.5 102.6 (1.9) 40 10 49
7/23 1.5 47.1 53.1 101.6 (1.0) 38 11 51
7/24 1.5 46.8 51.9 100.2 (1.4) 43 6 51
BOG--FOIA 10-267--000173
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
5
Commercial
Paper Europe U.S. Total Change % Overnight Maturing
% Within Two Weeks
3/17 – 3/20 2.4 - 2.6 5.2 – 5.8 7.7 – 9.4 - - 3/24 – 3/28 2.3 – 2.6 6.7 – 8.6 9.2 – 11.1 45 – 53 3/31 – 4/4 2.4 – 2.6 6.4 – 8.0 8.8 – 10.6 49 – 52 4/7 – 4/11 2.3 – 3.4 7.1 – 7.6 9.6 – 11.0 46 – 55 4/14 – 4/18 3.0 – 3.4 6.6 – 7.8 9.8 - 11.0 47 - 57 4/21 – 4/25 3.0 – 3.3 6.4 – 7.7 9.5 – 11.0 47 – 52 61 – 70 4/28 – 5/2 2.9 – 3.3 6.2 – 7.5 9.5– 10.7 27 – 50 56 – 61 5/5 – 5/9 3.0 – 3.7 7.0 – 7.9 10.0 – 11.3 41.2 – 50.2 52.2 – 64.1 5/12 – 5/16 2.9 – 3.8 7.7 – 8.3 10.9 – 11.1 35.7 – 40.4 53.9 – 60.3 5/19 – 5/23 3.2 – 3.9 6.9 – 7.5 10.7 – 11.4 33.4 – 41.6 50.7 – 63.2 5/26 – 5/30 1.5 – 3.9 6.4 – 7.1 8.0 – 10.8 16 - 38 55.7 – 64.6 6/2 – 6/6 2.1 – 3.6 6.0– 6.5 8.2 – 10.0 15.4 – 41.1 57.1 –65.4 6/9 – 6/13 1.2 – 2.1 5.0 – 6.0 6.1 – 7.9 20.8 – 42.2 56.7– 77.8 6/16 – 6/20 1.0 – 1.3 4.6 – 55 5.6 – 6.7 17.9 – 30.9 n/a 6/23 – 6/27 0.9 – 1.0 4.8 – 5.3 5.8 – 6.2 36.3 – 43.9 62.0 – 66.6 6/30 – 7/3 0.8 – 1.0 3.8 – 4.0 4.6 – 4.9 43.2 – 48.1 n/a 7/7 – 7/11 0.8 – 0.9 3.6 – 3.9 4.5 – 4.8 46.7 – 52.2 n/a 7/14 – 7/18 0.8 3.1 - 3.7 4.0 - 4.5 41.6 - 52.2 58.1 - 3.5
7/18 0.8 3.1 4.0 41.6 60.2 7/21 0.8 3.2 4.0 0.0 47.5 63.2 7/22 0.9 3.1 4.0 0.0 47.5 63.2 7/23 0.9 3.5 4.4 0.4 49.2 66.7 7/24 0.8 3.1 3.9 (0.5) 51.2 63.9
BOG--FOIA 10-267--000174
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
6
ST Debt Maturities:
Next Day < 1 wk 1wk – 1 mth
> 1 mth Total Change
3/19 – 3/20 1.7 – 3.2 1.0 – 4.4 2.4 – 3.7 24.0 – 24.1 32.1 – 32.4
3/24 – 3/28 4.4 – 7.2 1.3 – 3.8 3.0 – 3.4 23.2 – 25.9 33.9 – 38.2
3/31 – 4/4 4.7 – 5.5 1.0 – 1.6 3.2 – 3.8 25.9 – 26.9 35.1 – 37.2
4/7 – 4/11 4.9 – 5.9 2.5 – 2.7 2.2 – 2.5 26.8 – 26.9 36.6 –37.8
4/14 – 4/18 4.1 – 7.7 0.5 – 1.8 2.7 – 3.5 26.1 – 26.7 36.1 – 37.9
4/21 – 4/25 4.6 – 5.8 1.6 – 2.3 2.9 – 3.5 26.0 – 26.4 36.1 – 37.1
4/28 – 5/2 2.8 – 5.7 1.1 – 2.7 5.8 – 6.6 23.6 – 24.2 35.6 – 37.0
5/5 – 5/9 4.2 – 5.9 0.8 – 2.7 5.3 – 7.2 23.3 – 23.9 35.6 – 37.5
5/12 – 5/16 4.2 – 5.2 1.0 – 2.3 7.2– 7.7 22.7 – 22.9 36.1 – 37.2
5/19 – 5/23 3.8 – 4.9 0.9 – 3.7 5.5– 8.4 22.7 – 24.4 35.8 – 37.7
5/26 – 5/30 1.3 – 6.4 1.9 – 3.4 4.9 – 6.1 24.1 – 24.3 32.4 – 37.9
6/2 – 6/6 3.4 – 4.3 1,3 – 2.6 2.7 – 4.8 24.0– 25.0 33.5 – 35.5
6/9 – 6/13 2.6 – 3.5 1.6 – 3.1 2.3 – 2.8 23.8 – 24.6 30.8 – 33.0
6/16 – 6/20 1.1 – 2.4 1.3 – 2.3 1.6 – 3.0 23.9 – 24.5 29.8 – 30.2
6/23 – 6/27 2.4 – 3.1 0.6 – 2.7 1.4 – 2.7 23.5 – 23.8 29.5 – 30.5
6/30 – 7/3 2.0 – 2.4 0.5 – 0.9 1.9 – 2.8 23.4 – 23.6 28.4 – 29.1
7/7 – 7/11 2.2 – 2.5 1.4 – 2.1 1.7 – 2.2 22.9 – 23.4 29.0 – 29.3
7/14 – 7/18 1.8 – 3.5 0.3 – 0.6 2.6 – 3.4 22.7 – 22.8 27.8 – 29.2
7/18 1.8 0.6 3.4 22.8 28.6
7/21 2.0 0.4 3.4 22.7 28.6 0.0
7/22 2.1 0.4 4.0 22.3 28.8 0.2
7/23 2.2 1.6 3.0 22.3 29.1 0.3
7/24 2.3 1.6 2.6 22.3 28.8 (0.3)
BOG--FOIA 10-267--000175
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
7
CURRENT RATINGS
Ratings Summary
Rating Agency LBHI LBI Comments
Moody’s
• Short-term P-1 P-1 • July 2008 LT Ratings Downgraded. (Outlook remains Negative)
• June 2008 Placement on Negative Watch • June 2008 Outlook change to Negative • March 2008 Outlook change to Stable • September 2007 Credit commentary opinion with
no rating.
• Long-tern (senior) A2 A1
• Long-term (subordinated) A3 A2
Standard & Poor’s
• Short-term A-1 A-1 • June 2008 LT Ratings Downgraded, (Outlook remains Negative)
• April 2008 Commentary on Credit Summary • March 2008 Outlook change to Negative
• Long-tern (senior) A A+
• Long-term (subordinated) A- A
Fitch Ratings
• Short-term F1 F1 • June 2008 LT & ST Ratings Downgraded, (Outlook remains Negative)
• April 2008 Outlook change to Negative • March 2008 Commentary
• Long-tern (senior) A+ A+
• Long-term (subordinated) A A
Dominion Bond Rating Service
• Short-term R-1 (Middle) R-1 (Middle) • June 2008 Outlook change to Negative • March 2008 Ratings Affirmed • December 2007 Ratings Upgraded
• Long-tern (senior) AA (Low) AA
• Long-term (subordinated) A (High) AA (Low)
BOG--FOIA 10-267--000176
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
8
APPENDIX Update for July 23rd with Compliance Manager.
Update Discussion with Treasurer on the Week in Review and Data for July 22nd
(b) (8)
(b) (8)
BOG--FOIA 10-267--000177
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
9
Update Discussion with Compliance Manager on Tuesday, July 22nd and Data for July 21st
********************************************************************************************************************* Update Discussion with Holding Company Compliance on Monday, July 21st and Data for July 18th
(b) (8)
(b) (8)
(b) (8)
BOG--FOIA 10-267--000178
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
10
********************************************************************************************************************* Update Discussion with Holding Company Compliance on Friday, July 18 th and Data for July 17th (Go to the Appendix to see recent days’ narratives).
(b) (8)
(b) (8)
BOG--FOIA 10-267--000179
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
11
*********************************************************************************************************************
Update Discussion with Holding Company Compliance on Thursday, July 17 and Data for July 16th
(b) (8)
(b) (8)
BOG--FOIA 10-267--000180
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
12
*********************************************************************************************************************
Update Discussion with Treasurer for Wednesday, July 16 and Data for July 15th
(b) (8)
(b) (8)
BOG--FOIA 10-267--000181
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
13
********************************************************************************************************************* Update Discussion with Holding Company Compliance for Tuesday, July 15 and Data for July 14th (Go to the Appendix to see recent days’ narratives).
*********************************************************************************************************************
Update Discussion with Treasurer for Monday, July 14 and Data for July 11th
(b) (8)
(b) (8)
BOG--FOIA 10-267--000182
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
14
(b) (8)
BOG--FOIA 10-267--000183
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
15
(b) (8)
BOG--FOIA 10-267--000184
e BaileyDeborah P Bailey / DBOARD// RFRS
07/30/2008 12:01 PM
To Coryann
Stefansson/BOARD/FRS@BOARD cc Coryann
Stefansson/BOARD/FRS@BOARD,
JNellie Liang/BOARD/FRS@Board Subject Re: Fw: <Additional Information>
Tri-Party Discussion w/ The LFIT
Today, July 29, 2008
cory, I looked at this briefly.
Coryann Stefannson/BOARD/FRS
o yCoryann Stefannson /BOARD/
RRFRSFRS Sent by: Coryann Stefansson/BOARD/FRS
07/29/2008 08:46 PM
To JNellie Liang/BOARD/FRS@BOARD, Deborah P
Bailey/BOARD/FRS@BOARDcc
Subject Fw: <Additional Information> Tri-Party Discussion w/ The LFIT
Today, July 29, 2008
this is what i was referring to in our meeting with VC Kohn
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
----- Forwarded by Coryann Stefansson/BOARD/FRS on 07/29/2008 08:45 PM -----
uJulie oDolan/ YNY/FRS@ RFR
SS
07/29/2008 03:23 PM
To Adrienne Haden/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Dianne Dobbeck/NY/FRS@FRS, James Embersit/BOARD/FRS@BOARD, James Hodgetts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Kimberly A DeTrask/BOS/FRS@FRS, Michael Johnson/SF/FRS@FRS, Nina Nichols/BOARD/FRS@BOARD, Preston Thompson/BOS/FRS@FRS, Raymond A Bacon/BSR/CHI/FRS@FRS, Richard Cahill/NY/FRS@FRS, Robin L Lumsdaine/BOARD/FRS@BOARD, Ronald Stroz/NY/FRS@FRS, Sabeth I Siddique/BOARD/FRS@BOARD, Sarah Dahlgren/NY/FRS@FRS, Stacy L Coleman/RICH/FRS@FRS, Stacy
O'Bryant/RICH/FRS@FRS
(b)(5)&(b)(8)
BOG--FOIA 10-267--000185
cc Aaron Pagdon/NY/FRS@FRS, Alexis Ainsworth/NY/FRS@FRS, Barbara Vieira/NY/FRS@FRS, Celia Marrazzo/NY/FRS@FRS, Kim Jensik/BOARD/FRS@BOARD, NY Banksup LCBOAdmin/NY/FRS@FRS, Rebecca Semrau/NY/FRS@FRS,
Terasa Ng/SF/FRS@FRS, Theresa Casella/BOS/FRS@FRSSubject <Additional Information> Tri-Party Discussion w/ The LFIT Today,
July 29, 2008
On behalf of Mr. Art Angulo: Additional docs attached - re tri-party repo.
Julie DolanExecutive AssistantBank SupervisionFederal Reserve Bank of New York(212) 720-5857----- Forwarded by Julie Dolan/NY/FRS on 07/29/2008 03:19 PM -----
Calendar Entry
MeetingNotify me
Mark Private Pencil In
Subject Time Change: Tri-Party Discussion w/ The LFIT
When
Tue 07/29/2008 02:30 PM
Tue 07/29/2008 03:00 PM
30 mins
Specify a different time zone
Invited The following invitees have been invited
ChairJulie Dolan/NY/FRS
Where
Location
20th Floor - Large Northeast Conf. Room
Reserved
No rooms or resources have been reserved
BOG--FOIA 10-267--000186
Invitees
Required (to)
Adrienne Haden/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Dianne Dobbeck/NY/FRS@FRS, James Embersit/BOARD/FRS@BOARD, James Hodgetts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Kimberly A DeTrask/BOS/FRS@FRS, Michael Johnson/SF/FRS@FRS, Nina Nichols/BOARD/FRS@BOARD, Preston Thompson/BOS/FRS@FRS, Raymond A Bacon/BSR/CHI/FRS@FRS, Richard Cahill/NY/FRS@FRS, Robin L Lumsdaine/BOARD/FRS@BOARD, Ronald Stroz/NY/FRS@FRS, Sabeth I Siddique/BOARD/FRS@BOARD, Sarah Dahlgren/NY/FRS@FRS, Stacy L Coleman/RICH/FRS@FRS, Stacy O'Bryant/RICH/FRS@FRS
Optional (cc)
Aaron Pagdon/NY/FRS@FRS, Alexis Ainsworth/NY/FRS@FRS, Barbara Vieira/NY/FRS@FRS, Celia Marrazzo/NY/FRS@FRS, Kim Jensik/BOARD/FRS@BOARD, NY Banksup LCBOAdmin/NY/FRS@FRS, Rebecca Semrau/NY/FRS@FRS, Terasa Ng/SF/FRS@FRS, Theresa Casella/BOS/FRS@FRS
Categorize
Description
As per Sarah Dahlgren:
A Tri-Party Discussion meeting w/ the LFIT has been scheduled for:
Date: Tuesday, July 29, 2008Time: 2:30pmLocation: 20th Floor - Large Northeast Conf. Room.
co f D iTeleconference Details a Dial In :: 877-589-6971
ti a t Participant Code : 180333
Host code: 290394
BOG--FOIA 10-267--000187
Restricted F.R. DRAFT November 3, 2010
1 of 3
Near-term Strategy to Enhance the Stability of the
Triparty Repo Market
(b)(5)&(b)(8)
BOG--FOIA 10-267--000188
Restricted F.R. DRAFT November 3, 2010
2 of 3
(b)(5)&(b)(8)
BOG--FOIA 10-267--000189
Restricted F.R. DRAFT November 3, 2010
3 of 3
(b)(5)&(b)(8)
BOG--FOIA 10-267--000190
Internal F.R. D R A F T
1 11/3/2010
Talking Points
Near-term Measures to Enhance the Stability of the Triparty Repo Market
Triparty Repo Borrowers (and their regulators)
(b)(5)&(b)(8)
BOG--FOIA 10-267--000191
Internal F.R. D R A F T
2 11/3/2010
(b)(5)&(b)(8)
BOG--FOIA 10-267--000192
Internal F.R. D R A F T
3 11/3/2010
(b)(5)&(b)(8)
BOG--FOIA 10-267--000193
kLucinda M Brickler //NY/F SFRS
08/01/2008 10:34 AM
To Timothy Geithner/NY/FRS@FRS cc [email protected], Patrick M
Parkinson/BOARD/FRS@BOARD, [email protected], Arthur
Subject Clearing bank margins update
Tim
In preparation for the discussion you would like to have regarding clearing bank margins , we have prepared the following summary of the current situation and planned activities. In summary,
M I r d y aM I r d y aBNYM Intraday MarginsBNYM Intraday Margins
M n M nJPMC Intraday MarginsJPMC Intraday Margins
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
(b) (4)
(b) (4)
(b) (4)
BOG--FOIA 10-267--000194
BNYM
Standard1
Intraday Margin
JPMC
Target –Phase 12
Intraday Margin
Treasuries
• Bills
• Bonds (mat. >1 yr)
• Bond (mat. <1 yr)
• Note (mat. > 3yr)
• Note (mat. 1-3 yrs)
• Note (mat. < 3 yr)
• Strips (mat. > 1 yr)
• Strips (mat. < 1 yr)
Agency
• MBS
• Debt
• Remics
GNMA
• MBS Pools
• Remics
DTC Fixed Income
-Investment Grade
(b) (4)
(b) (4)
BOG--FOIA 10-267--000195
• Corp Bonds
• P.L. CMO
• ABS
• Munis
• CP
• Other
-Non-Investment Grade
• Corp Bonds
• CP
• ABS
• Munis
• P.L. CMO
• MMI
• Other
DTC Equities
-Investment Grade
-Non-Investment Grade
Whole Loans
TOTAL
(b) (4)
BOG--FOIA 10-267--000196
i William BRODOWS /NNY/ RFRS
08/04/2008 05:45 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Arthur Angulo/NY/FRS@FRS,
Theodore Lubke/NY/FRS@FRS, Jan
Voigts/NY/FRS@FRS, Til Subject Resolution of derivatives dealer
Pat--we have done some initial thinking here on the information needed by a prospective buyer or manager of a failed dealer's derivatives portfolio. We also made some preliminary inquiries of Lehman on their derivatives books and Lehman provided us with some good basic information which I have attached. I have another document which I will fax to you tomorrow which shows trade counts by product and legal entity.
We are going back to Lehman on Wednesday to request further cuts of their information. We thought it would be useful to do some brainstorming with you on the information we would request. Are you available Tuesday morning at either 9:30 or 10am for a 30 minute discussion. If not, is there any time on Tuesday that works for you. Tks.
BOG--FOIA 10-267--000197
1 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000198
2 of 8
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BOG--FOIA 10-267--000199
3 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000200
4 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000201
5 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000202
6 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000203
7 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000204
8 of 8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000205
h i LaursChristopher S Laursen /BOARD/FRS
08/08/2008 02:34 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc [email protected]
Subject Re: Tri-party repo
OK Thanks. I will give Lucinda a call
Good luck with your semi-vacation. Hope it doesn't end up a pseudo-vacation.
Regards,
Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262Patrick M Parkinson/BOARD/FRS
Patrick MPatrick M Parkinson //BOARD/FSRS
08/08/2008 01:55 PM
To Christopher S Laursen/BOARD/FRS@BOARD
Subject Re: Tri-party repo
I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at FRBNY
PatChristopher S Laursen/BOARD/FRS
h i Christopher S Laursen/BOARD/FFRS
08/08/2008 01:49 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Tri-party repo
Hi Pat,
I recently received some documents through the LFI committee that indicates
(b)(5)&(b)(8)
(b)(5)&(b)(8)
(b)(5)&(b)(8)
BOG--FOIA 10-267--000206
Thanks Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262
(b)(5)&(b)(8)
BOG--FOIA 10-267--000207
Restricted F.R. DRAFT November 3, 2010
1 of 3
Near-term Strategy to Enhance the Stability of the
Triparty Repo Market
(b)(5)&(b)(8)
BOG--FOIA 10-267--000208
Restricted F.R. DRAFT November 3, 2010
2 of 3
(b)(5)&(b)(8)
BOG--FOIA 10-267--000209
Restricted F.R. DRAFT November 3, 2010
3 of 3
(b)(5)&(b)(8)
BOG--FOIA 10-267--000210
Internal F.R. D R A F T
1 11/3/2010
Talking Points
Near-term Measures to Enhance the Stability of the Triparty Repo Market
Triparty Repo Borrowers (and their regulators)
(b)(5)&(b)(8)
BOG--FOIA 10-267--000211
Internal F.R. D R A F T
2 11/3/2010
(b)(5)&(b)(8)
BOG--FOIA 10-267--000212
Internal F.R. D R A F T
3 11/3/2010
(b)(5)&(b)(8)
BOG--FOIA 10-267--000213
o a Norah Barger /BOARD/F SFRS
08/08/2008 02:49 PM
To Christopher S
Laursen/BOARD/FRS@BOARD cc Barbara
Bouchard/BOARD/FRS@BOARD Subject Re: Fw: Tri-party repo
Chris,Good.
Norah
Norah BargerBanking Supervision and RegulationFederal Reserve BoardTel. (202) 452-2402Fax. (202) 452-2864Christopher S Laursen/BOARD/FRS
h i h i Christopher SChristopher S LaursenLaursen //BOARDBOARD//FFFRFRS
08/08/2008 02:39 PM
To Norah Barger/BOARD/FRS@BOARD, Barbara
Bouchard/BOARD/FRS@BOARDcc
Subject Fw: Tri-party repo
Just FYI
Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----
Patrick M Parkinson //BOARD/FSRS
08/08/2008 02:36 PM
To Christopher S Laursen/BOARD/FRS@BOARD
cc
Subject Re: Tri-party repo
Yes, Geithner has stayed the deployment.
PatChristopher S Laursen/BOARD/FRS
h i Christopher S Laursen/BOARD/FFRSS
To Patrick M Parkinson/BOARD/FRS@BOARD
(b) (5)
BOG--FOIA 10-267--000214
08/08/2008 02:34 PM Subject Re: Tri-party repo
Duplicate
BOG--FOIA 10-267--000215
F MBrian F Madigan /BOARD/FRS
08/13/2008 11:42 AM
To James A
Clouse/BOARD/FRS@BOARD cc
Subject Fw: Treasury contingency planning
Jim,
Could we talk about how we might staff this?
Brian
----- Forwarded by Brian F Madigan/BOARD/FRS on 08/13/2008 11:42 AM -----
ScottScott AlvarezAlvarez //BOARDBOARD// RRFRFRS
08/13/2008 10:38 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc
Subject Treasury contingency planning
Brian,
Treasury wants to set up two contingency planning teams.
Thanks!
Scott
(b) (5)
BOG--FOIA 10-267--000216
F MBrian F Madigan /BOARD/FRS
08/13/2008 12:30 PM
To Scott Alvarez/BOARD/FRS@BOARD cc James A
Clouse/BOARD/FRS@BOARD Subject Re: Treasury contingency planning
Scott,
This confirms that Bill Nelson will be our point person on these projects . We will involve other MA folks as necessary.
Brian
Scott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRSS
08/13/2008 10:38 AM
To Brian F Madigan/BOARD/FRS@BOARD
cc
Subject Treasury contingency planning
Duplicate
BOG--FOIA 10-267--000217
i William BRODOWS /NNY/ RFRS
08/15/2008 06:11 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc [email protected], Theodore
Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS Subject Re: Fw: Gameplan and Status to Date
Pat--we met with Lehman two days ago and have a draft of notes that have not been agreed upon. In any event, I don't think we really got much new information that will push the agenda forward.
Sorry I can't be more helpful than this. Going on vacation next week, but will check for your emails. Cheers.
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS@ DBOARD
08/15/2008 02:02 PM
To [email protected], Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc
Subject Fw: Gameplan and Status to Date
See below.
How are you coming with info gathering from Lehman?
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/15/2008 01:56 PM -----
StevenSteven ..ShafranShafran@@dodododo..treastreas....govgov
08/11/2008 03:04 PM
cc
Subject RE: Gameplan and Status to Date
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--000218
steve
-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Friday, August 08, 2008 4:02 PMTo: Shafran, StevenCc: [email protected]; [email protected]; Schaffer, Laurie;[email protected]; Broome, Meredith;[email protected]; [email protected];[email protected]; [email protected]: Re: Gameplan and Status to Date
Pat
Patrick M
Parkinson/BOARD/F
RSTo [email protected]
08/08/2008 09:47cc AM [email protected],
Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William
(b) (5)
(b) (5)
BOG--FOIA 10-267--000219
BRODOWS/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD,
Subject Gameplan and Status to Date
(Document link: Patrick M
Parkinson)
Here is how I see the gameplan. Comments are welcome.
(b) (5)
BOG--FOIA 10-267--000220
Pat
Patrick M
Parkinson/BOARD/F
RSTo [email protected],
08/08/2008 09:15 [email protected]
AMcc [email protected],
William BRODOWS/NY/FRS@FRS,
[email protected], Theodore
Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD
Subject Conference Call Participants
Are copied on this message.
Pat
BOG--FOIA 10-267--000221
insPatrick M Parkinson /BOARD/F SFRS
08/19/2008 12:19 PM
To [email protected] cc William BRODOWS/NY/FRS@FRS,
[email protected], Theodore
Lubke/NY/FRS@FRS, Til Subject Fw: Gameplan and Status to Date
Steve,
See below. We keep coming up against the same quandary that we have discussed previously
As to timing, Both Bill and I (and many others) are on vacation this week.
Reactions?
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/19/2008 11:56 AM -----
iWilliam SBRODOWS/ YNY/FRS
@FRS
08/15/2008 06:11 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc [email protected], Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRSSubject Re: Fw: Gameplan and Status to Date
Duplicate
(b) (5)
BOG--FOIA 10-267--000222
insPatrick M Parkinson /BOARD/F SFRS
08/21/2008 09:06 AM
To Theodore Lubke/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig
Leiby/NY/FRS@FRS, HaeRan Subject Re: troubled dealers and otc
derivatives
Theo,
Thanks for helping push this slippery ball down the field .
I am going to try to maintain radio silence for what remains of my vacation (until Monday).
Pat
Theodore Lubke/NY/FRS@FRS
hhTheodoreTheodore LubkeLubke//// YYNYNY//F SF SFRSFRS@@ RRFRFRS
08/19/2008 04:37 PM
To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, [email protected], Til Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRScc
Subject troubled dealers and otc derivatives
Attached is the first draft of a document that starts to expand the issues related to Lehman's OTC derivatives book to dealers in general.
I recognize many of you are on vacation (including myself!). For those who are around, please provide
(b) (5)
(b) (5)
BOG--FOIA 10-267--000223
me any comments by noon Friday and I will try turn this around again before the weekend.
Thanks.
Theo
[attachment "OTC Derivatives issues related to failing dealer v1.doc" deleted by Patrick M Parkinson/BOARD/FRS]
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
BOG--FOIA 10-267--000224
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
1
This note discusses OTC derivatives issues to be considered regarding the failure of a major OTC derivatives dealer (“troubled
dealer”).
(b) (5)
BOG--FOIA 10-267--000225
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
2
(b) (5)
BOG--FOIA 10-267--000226
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
3
(b) (5)
BOG--FOIA 10-267--000227
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
4
(b) (5)
BOG--FOIA 10-267--000228
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
5
(b) (5)
BOG--FOIA 10-267--000229
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
6
(b) (5)
BOG--FOIA 10-267--000230
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
7
(b) (5)
BOG--FOIA 10-267--000231
Arthur AnguloArthur AnguloArthur AnguloArthur Angulo ////NYNYNYNY////FRSFRSFRSFRS
09/04/2008 06:10 PM
To Timothy Geithner/NY/FRS@FRS cc William BRODOWS/NY/FRS@FRS,
Theodore Lubke/NY/FRS@FRS,
Patrick M Subject OTC Derivatives Info Request
As discussed yesterday morning, the attached doc sets out the information we seek to obtain from LEH regarding its OTC derivative positions. We have not yet broached this with the SEC; if you are OK with the list and with informing Fuld that this request will be made, I will speak with the SEC before you contact Fuld.
BOG--FOIA 10-267--000232
(b)(5)&(b)(8)
BOG--FOIA 10-267--000233
2
(b)(5)&(b)(8)
BOG--FOIA 10-267--000234
insPatrick M Parkinson /BOARD/F SFRS
09/05/2008 01:50 PM
To Theodore Lubke/NY/FRS@FRS cc
Subject Draft Email to Shafran re Contingency
Planning re OTC Derivatives
Theo,
Please review and comment asap on the message below.
Thanks.
Pat
*************************************************
Steve,
We have discussed this matter with President Geithner and are planning to move forward promptly on several fronts.
1. We are going to make the attached request to Lehman Brothers for information regarding their OTC derivatives positions. Tim will call Dick Fuld soon to inform him of the request prior to its delivery .
2.
3.
4
Please let me know asap if they seems reasonable to you (other than the Sep. 15 deadline for project #4!). Also, I assume that we will want to involve SEC in preparation of the playbook Please let me know if Treasury wants to take the lead in drawing the SEC in or whether you want us to do that.
(b) (8)
(b) (8)
(b) (8)
Attachment is a duplicate
BOG--FOIA 10-267--000235
08/28/2008 04:54 PM
cc
Subject RE: treasury draft
Thanks for the quick response.
I had a brief chat w Paulson yesterday, and the view here (consistent wyours) is that
Im here tomorrow. Have a good weekend and lets talk Tuesday when youback. Looking forward to de-brief on the fed staff/ny staff OTCanalysis.
Steve
-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Thursday, August 28, 2008 4:34 PMTo: Shafran, StevenSubject: Re: treasury draft
Steve,
Thanks. No, I will not be in the office tomorrow. I have circulatedthisto a small group of Fed (NY and DC) staff and will discuss with themnextweek.
Fed staff had a long discussion of the OTC derivatives issues today.NewYork staff will seek some guidance from Geithner tomorrow.
Pat
(b) (8)
(b) (8)
BOG--FOIA 10-267--000236
Steven.Shafran@do
.treas.gov
To 08/28/2008 04:11 [email protected]
PMcc
Subject treasury draft
Pat: attached is a draft of the working product over here. Lookingforward to comparing notes between this effort and yours. I think theteams were working together and hope we haven't drifted too far apart.Will you be in on Friday?
steve
<<systemicallycriticallegis draft ls.7.29.doc>> (See attached file:systemicallycriticallegis draft ls.7.29.doc)
Document not attached
BOG--FOIA 10-267--000237
Kristin Mayer / YNY/FRS
09/09/2008 08:33 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Meg McConnell/NY/FRS@FRS
Subject Materials for 9am Call
Pat,
Attached are some reference materials for the 9am call on contingency planning for nonbanks.
-Kristy Mayer
_________________Kristy MayerChief of Staff's OfficeFederal Reserve Bank of New YorkWork: 212-720-8090Cell: [email protected]
BOG--FOIA 10-267--000238
Entity
LBI
Consolidated
Neuberger Berman Inc.
Consolidated
Lehman Brothers Holdings PLC
Consolidated Other Holding Company Entities LBHI Consolidated
Description US Broker Dealer Asset Manager UK Broker Dealer
($ in millions) Details: Page 2 Details: Page 3 Details: Page 4 Details: Page 5
ASSETS:
Cash and Cash Equivalents 986 575 2,467 3,536 7,564
Cash & Securities Segr. And on Deposit 9,145 92 6,568 764 16,569
Financial Instr. & Other Inventory Positions Owned
Governments & Agencies 64,115 1 5,499 (25,042) 44,573
Total CP and other Money Market Instruments 3,502 267 131 (458) 3,442
Mortgages & Asset Backed Securities 26,948 - 3,242 54,418 84,608
Real Estate held for sale 4,541 - - 18,023 22,564
Total Corporate Debt & Other 33,588 - 3,968 22,193 59,749
Total Corporate Equities 27,291 205 9,819 18,800 56,115
Derivatives and Other Contractual Agreements 39,016 - 17,617 (1,020) 55,613
Total Securities & Other Financial Instruments Owned 199,001 473 40,276 86,914 326,664
Collateralized Short Term Agreements 223,386 - 139,062 6,232 368,680
Receivables 22,565 107 27,049 2,677 52,398
Other Assets 1,981 2,885 1,613 7,683 14,162
Investment in Cons. Subs 262 (1) 1 (260) 2
Due from Subsidiaries 134,278 26 287,105 (420,409) 1,000
Total Assets 591,604 4,157 504,141 (312,863) 787,039
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 967 1 703 32,853 34,524
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies 85,182 - 52,878 (29,300) 108,760
Total CP and other Money Market Instruments 10 - - 12 22
Mortgages & Asset Banked Securities 134 - 671 (252) 553
Total Corporate Debt & Other 4,383 - 5,879 (1,523) 8,739
Total Corporate Equities 7,667 - 27,422 5,945 41,034
Derivatives and Other Contractual Agreements 30,945 - 13,600 (6,738) 37,807
Total Sec. & Other Fin. Instuments Sold but not Purchased 128,321 - 100,450 (31,856) 196,915
Collateralized Short-Term Financing 138,961 - 116,666 20,885 276,512
Payables 41,601 1,027 49,856 3,662 96,146
Deposits at Banks - - - 28,830 28,830
Due to Subsidiaries 269,802 234 217,849 (487,886) (1)
Long-Term Debt: -
Senior Notes 261 - 816 111,051 112,128
Subordinated Notes 5,835 - 8,707 (3,346) 11,196
Junior Subordinated Notes - - 1,982 2,980 4,962
Total Long-Term Debt 6,096 - 11,505 110,685 128,286
Total Liabilities 585,748 1,262 497,029 (322,827) 761,212
STOCKHOLDERS EQUITY:
Preferred Stock - - 3,003 (10) 2,993
Common Stock 1 - 1,180 (1,158) 23
Additional Paid in Capital 1,791 2,754 248 1,874 6,667
Retained Earnings 3,042 143 2,674 13,969 19,828
Other Stockholders Equity, Net 22 - 6 (5,790) (5,762)
Total Stockholders Equity 4,856 2,897 7,111 8,885 23,749
Total Liabilities & Stockholder Equity 590,604 4,159 504,140 (313,942) 784,961
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 1BOG--FOIA 10-267--000239
US Broker Dealer
Lehman
Brothers, Inc
Lehman
Commercial Paper
Inc. Consolidated
LB Special
Financing Inc.
Consolidated
LBI Group Inc.
Consolidated
Lehman Brothers
Financial Product
Inc.
Lehman Bros.
Derivative
Products, Inc.
Other Subs of
Lehman Brothers
Inc. Eliminations LBI Consolidated
($ in millions)
US Broker
Dealer
Funding Whole
Loans
Derivatives
Counterparty
ASSETS:
Cash and Cash Equivalents 613 74 40 72 3 49 135 - 986
Cash & Securities Segregated. And on Deposit 9,135 - - 10 - - - - 9,145
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies 40,945 19 25,097 381 - - 2,241 (4,568) 64,115
Total CP and other Money Market Instruments 3,014 - 92 31 307 58 - - 3,502
Mortgages & Asset Backed Securities 16,349 6,932 2,174 1,493 - - - - 26,948
Real Estate held for sale - 4,520 - - - - 21 - 4,541
Total Corporate Debt & Other 9,352 18,433 4,196 1,621 - - - (14) 33,588
Total Corporate Equities 15,218 1,413 7,301 5,696 - - 1,386 (3,723) 27,291
Derivatives and Other Contractual Agreements 5,015 166 34,029 62 272 466 15 (1,009) 39,016
Total Securities & Other Financial Instruments Owned 89,893 31,483 72,889 9,284 579 524 3,663 (9,314) 199,001
Collateralized Short Term Agreements 223,083 307 10 197 - - - (211) 223,386
Receivables 23,043 43 2,973 573 - 1 (164) (3,904) 22,565
Other Assets 340 121 479 861 6 1 180 (7) 1,981
Investment in Cons. Subs 1,785 225 - 20 - - 745 (2,513) 262
Due from Subsidiaries 89,951 32,361 55,060 1,041 - 35 631 (44,801) 134,278
Total Assets 437,843 64,614 131,451 12,058 588 610 5,190 (60,750) 591,604
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 467 310 186 - - - 4 - 967
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies 45,496 - 44,254 - - - - (4,568) 85,182
Total CP and other Money Market Instruments - 8 - - - - 2 - 10
Mortgages & Asset Banked Securities 134 - - - - - - - 134
Total Corporate Debt & Other 3,534 6 857 - - - - (14) 4,383
Total Corporate Equities 7,890 - 3,480 20 - - - (3,723) 7,667
Derivatives and Other Contractual Agreements 4,562 853 25,309 (1) 272 460 136 (646) 30,945
Total Sec. & Other Fin. Instruments Sold but not Purchased 61,616 867 73,900 19 272 460 138 (8,951) 128,321
Collateralized Short-Term Financing 118,014 16,094 2,580 3 - - 2,270 - 138,961
Payables 38,765 (613) 7,423 529 15 4 13 (4,535) 41,601
Deposits at Banks - - - - - - - - -
Due to Subsidiaries 207,290 47,963 46,389 11,374 6 65 1,503 (44,788) 269,802
Long-Term Debt: -
Senior Notes 1 - 21 239 - - - - 261
Subordinated Notes 5,835 - - - - 10 - (10) 5,835
Junior Subordinated Notes - - - - - - - - -
Total Long-Term Debt 5,836 - 21 239 - 10 - (10) 6,096
Total Liabilities 431,988 64,621 130,499 12,164 293 539 3,928 (58,284) 585,748
STOCKHOLDERS EQUITY:
Preferred Stock - - - - - - - - -
Common Stock - - - 35 - - 5 (39) 1
Additional Paid in Capital 1,791 506 250 4 250 25 53 (1,088) 1,791
Retained Earnings 3,042 (539) 704 (149) 45 46 1,215 (1,322) 3,042
Other Stockholders Equity, Net 22 26 - 2 - - (9) (19) 22
Total Stockholders Equity 4,855 (7) 954 (108) 295 71 1,264 (2,468) 4,856
Total Liabilities & Stockholder Equity 436,843 64,614 131,453 12,056 588 610 5,192 (60,752) 590,604
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 2BOG--FOIA 10-267--000240
Asset Manager
Neuberger
Berman Inc.
Neuberger
Berman LLC
Consolidated
Other Subs of
Neuberger
Berman Inc. Eliminations
Neuberger
Berman Inc.
Consolidated
($ in millions)
ASSETS:
Cash and Cash Equivalents - 575 - - 575
Cash & Securities Segregated. And on Deposit - 92 - - 92
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies - 1 - - 1
Total CP and other Money Market Instruments - 20 247 - 267
Mortgages & Asset Backed Securities - - - - -
Real Estate held for sale - - - - -
Total Corporate Debt & Other - - - - -
Total Corporate Equities 6 92 107 - 205
Derivatives and Other Contractual Agreements - - - - -
Total Securities & Other Financial Instruments Owned 6 113 354 - 473
Collateralized Short Term Agreements - - - - -
Receivables - 74 33 - 107
Other Assets 2,630 206 49 - 2,885
Investment in Cons. Subs 661 - 9 (671) (1)
Due from Subsidiaries 11 10 24 (19) 26
Total Assets 3,308 1,070 469 (690) 4,157
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings - 1 - - 1
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - - - - -
Total CP and other Money Market Instruments - - - - -
Mortgages & Asset Banked Securities - - - - -
Total Corporate Debt & Other - - - - -
Total Corporate Equities - - - - -
Derivatives and Other Contractual Agreements - - - - -
Total Sec. & Other Fin. Instruments Sold but not Purchased - - - - -
Collateralized Short-Term Financing - - - - -
Payables 285 507 235 - 1,027
Deposits at Banks - - - - -
Due to Subsidiaries 126 45 82 (19) 234
Long-Term Debt:
Senior Notes - - - - -
Subordinated Notes - - - - -
Junior Subordinated Notes - - - - -
Total Long-Term Debt - - - - -
Total Liabilities 411 553 317 (19) 1,262
STOCKHOLDERS EQUITY:
Preferred Stock - - - - -
Common Stock - - - - -
Additional Paid in Capital 2,755 377 37 (415) 2,754
Retained Earnings 143 142 114 (256) 143
Other Stockholders Equity, Net - - - - -
Total Stockholders Equity 2,898 519 151 (671) 2,897
Total Liabilities & Stockholder Equity 3,309 1,072 468 (690) 4,159
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 3BOG--FOIA 10-267--000241
UK Broker/Dealer
Lehman
Brothers
Holdings
PLC
LB International
(Europe)
Consolidated
Lehman
Brothers Europe
Ltd.
Other Subs of
Lehman
Brothers
Holdings PLC Eliminations
Lehman
Brothers
Holdings PLC
Consolidated
($ in millions)
Parent
Company
Only
Main
Broker/Dealer
ASSETS:
Cash and Cash Equivalents - 2,320 75 72 - 2,467
Cash & Securities Segregated. And on Deposit - 6,568 - - - 6,568
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies - 5,499 - - - 5,499
Total CP and other Money Market Instruments - 131 - - - 131
Mortgages & Asset Backed Securities 3 3,239 1 3,397 (3,398) 3,242
Real Estate held for sale - - - - - -
Total Corporate Debt & Other - 3,967 - 1 - 3,968
Total Corporate Equities 14 9,805 - - - 9,819
Derivatives and Other Contractual Agreements 74 17,541 2 - - 17,617
Total Securities & Other Financial Instruments Owned 91 40,182 3 3,398 (3,398) 40,276
Collateralized Short Term Agreements - 138,462 600 - - 139,062
Receivables - 26,913 87 53 (4) 27,049
Other Assets 25 66 14 1,508 - 1,613
Investment in Cons. Subs 7,607 - - 14,841 (22,447) 1
Due from Subsidiaries 5,464 286,532 12 16,547 (21,450) 287,105
Total Assets 13,187 501,043 791 36,419 (47,299) 504,141
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings - 703 - - - 703
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - 52,878 - - - 52,878
Total CP and other Money Market Instruments - - - - - -
Mortgages & Asset Banked Securities - 671 - - - 671
Total Corporate Debt & Other - 5,879 - - - 5,879
Total Corporate Equities - 27,422 - - - 27,422
Derivatives and Other Contractual Agreements - 13,600 - - - 13,600
Total Sec. & Other Fin. Instuments Sold but not Purchased - 100,450 - - - 100,450
Collateralized Short-Term Financing - 116,666 - 3,398 (3,398) 116,666
Payables 26 47,278 (10) 2,566 (4) 49,856
Deposits at Banks - - - - - -
Due to Subsidiaries 1,499 217,874 215 4,046 (5,785) 217,849
Long-Term Debt:
Senior Notes - 86 - 730 - 816
Subordinated Notes 2,567 10,875 50 10,881 (15,666) 8,707
Junior Subordinated Notes 1,982 - - - - 1,982
Total Long-Term Debt 4,549 10,961 50 11,611 (15,666) 11,505
Total Liabilities 6,074 493,932 255 21,620 (24,853) 497,029
STOCKHOLDERS EQUITY:
Preferred Stock 3,003 - - 192 (192) 3,003
Common Stock 1,180 6,273 80 11,695 (18,048) 1,180
Additional Paid in Capital 248 - - 1,202 (1,202) 248
Retained Earnings 2,674 831 456 1,567 (2,854) 2,674
Other Stockholders Equity, Net 6 7 - 144 (151) 6
Total Stockholders Equity 7,111 7,111 536 14,800 (22,447) 7,111
Total Liabilities & Stockholder Equity 13,185 501,043 791 36,420 (47,300) 504,140
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 4BOG--FOIA 10-267--000242
Other Parent Company Entities
Lehman
Brothers
Holding Inc.
LB Commercial
Corporation
ALI Inc.
Consolidated
Lehman
Brothers Bank
Consolidated
LB
Commercial
Bank
LB OTC
Derivatives Inc.
Lehman Brothers
Treasury Co. B.V.
Lehman Brothers
(Luxembourg) SA
Lehman Brothers
Bankhaus AG LB Finance SA
Lehman
Brothers
Japan Inc.
PCO
Other
Subsidiaries Eliminations
Other Parent
Company
Entities
($ in millions)
Parent
Company
Only
F/X Trades,
Derivatives, FX
Swaps
Licensed in CA;
Legacy Mortgage
Originator
Delaware OTS
Bank
Utah ILC;
FDIC
regulated
Broker/Dealer;
Share buy-back
trades
Issuer of Euro
Debt; Structured
Notes
Stock Borrow
Entity German Bank
Global Book
for Equity
Derivatives
Japan B/D; all
JGB activity;
not self
clearing
MBS, RE held
for sale, corp
debt, corp equity
- liquid and
private
ASSETS:
Cash and Cash Equivalents 879 10 70 1,667 130 7 31 - 202 2 106 432 - 3,536
Cash & Securities Segregated. And on Deposit - - - 4 - - - - 74 - 331 355 - 764
Financial Instruments. & Other Inventory Positions Owned
Governments & Agencies 186 - 3 1,456 8 - - - 2 - 6,889 2,090 (35,676) (25,042)
Total CP and other Money Market Instruments 770 - - - - - - - 1 159 13 52 (1,453) (458)
Mortgages & Asset Backed Securities 17,271 - 3,326 7,958 945 - - - 3,453 - - 26,820 (5,355) 54,418
Real Estate held for sale 5,233 - 7,902 - - - - - 225 - - 4,663 - 18,023
Total Corporate Debt & Other 1,005 229 747 477 3,744 958 - 5,777 2,845 1,417 8,405 (3,411) 22,193
Total Corporate Equities 558 - 2,524 - 1 705 - - 15,066 8 7,855 (7,917) 18,800
Derivatives and Other Contractual Agreements 6,923 1,862 136 256 217 542 - 202 8,648 424 112 (20,342) (1,020)
Total Securities & Other Financial Instruments Owned 31,946 2,091 14,638 10,147 4,915 2,205 - - 9,660 26,718 8,751 49,997 (74,154) 86,914
Collateralized Short Term Agreements 90 - 1 40 - - - 913 2,090 - 3,070 28 - 6,232
Receivables 717 16 107 737 9 1,081 35 4 6 - 589 1,839 (2,463) 2,677
Other Assets 6,130 - 141 445 7 - - - - 1 469 1,394 (904) 7,683
Investment in Cons. Subs 25,381 - - - - - - - - - (4) 42,588 (68,225) (260)
Due from Subsidiaries 162,189 1,478 9,445 1,114 1,459 2,005 35,754 72,743 14,185 18,398 24,409 125,302 (888,890) (420,409)
Total Assets 227,332 3,595 24,402 14,154 6,520 5,298 35,820 73,660 26,217 45,119 37,721 221,935 (1,034,636) (312,863)
LIABILITIES:
Short Term Borrowings & Current Portion of Long Term Borrowings 23,236 - - 286 1,516 1,227 4,669 - 243 7 - 3,134 (1,465) 32,853
Fin Instruments & Other Inventory Positions Sold but not purchased
Governments & Agencies - - - - - - - - - 31 6,042 303 (35,676) (29,300)
Total CP and other Money Market Instruments - 21 1 12 - 5 - - - - - (27) - 12
Mortgages & Asset Banked Securities - 1 - 41 - - - - - - - (1) (293) (252)
Total Corporate Debt & Other - - - - - - - - - 76 28 186 (1,813) (1,523)
Total Corporate Equities - 1 - - - 1,445 - - - 10,011 - 2,405 (7,917) 5,945
Derivatives and Other Contractual Agreements 858 1,675 260 10 263 1,208 2,161 - 112 6,585 513 (691) (19,692) (6,738)
Total Sec. & Other Fin. Instruments Sold but not Purchased 858 1,698 261 63 263 2,658 2,161 - 112 16,703 6,583 2,175 (65,391) (31,856)
Collateralized Short-Term Financing 7,674 - 4,057 35 - - - 73 267 - 4,427 9,387 (5,035) 20,885
Payables 2,502 111 161 550 116 356 - - 416 614 841 4,309 (6,314) 3,662
Deposits at Banks - - - 10,746 3,675 - - - 14,448 - - - (39) 28,830
Due to Subsidiaries 76,892 1,612 19,802 264 - 619 16 73,576 4,462 27,340 24,239 119,042 (835,750) (487,886)
Long-Term Debt:
Senior Notes 77,173 - - 36 - - 27,385 4,046 - - 6,859 (4,448) 111,051
Subordinated Notes 11,188 - - 300 - 250 - 1,156 - 753 31,222 (48,215) (3,346)
Junior Subordinated Notes 2,980 - - - - - - - - - - 2,980
Total Long-Term Debt 91,341 - - 336 - 250 27,385 - 5,202 - 753 38,081 (52,663) 110,685
Total Liabilities 202,503 3,421 24,281 12,280 5,570 5,110 34,231 73,649 25,150 44,664 36,843 176,128 (966,657) (322,827)
STOCKHOLDERS EQUITY:
Preferred Stock 2,993 - - - - - - - - 2,664 (5,667) (10)
Common Stock 61 - - - - - 3 4 375 11,949 (13,550) (1,158)
Additional Paid in Capital 7,389 11 57 599 817 100 - 5 479 18,811 (26,394) 1,874
Retained Earnings 19,880 164 36 1,276 133 87 1,585 444 (62) 11,317 (20,891) 13,969
Other Stockholders Equity, Net (5,492) - 28 - - - - 2 86 1,064 (1,478) (5,790)
Total Stockholders Equity 24,831 175 121 1,875 950 187 1,588 - - 455 878 45,805 (67,980) 8,885
Total Liabilities & Stockholder Equity 227,334 3,596 24,402 14,155 6,520 5,297 35,819 73,649 25,150 45,119 37,721 221,933 (1,034,637) (313,942)
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
Page 5
BOG--FOIA 10-267--000243
Lehman Global Repo Maturity Schedule
As of September 5, 2008
$ in billions
Region Collateral Type Counterparty Group
OVERNIGH
T
due on 9/8/08
TOTAL
OUTSTANDING
1 Asia Asia Total - -
2 Europe Government 6.6 9.3
3 Non-Government Fixed Income* 7.9 32.6
4 Equity 1.3 14.0
5 Europe Total 15.8 55.9
* Includes 17.7B ECB eligible, of which 11B is already pledged
U.S. PDCF ELIGIBLE
OMO Eligible
6 U.S. Treasuries** 34.1 35.1
7 Government Agency 27.8 28.3
8 Agency MBS** 47.7 64.8
9 Subtotal OMO Eligible 109.6 128.2
** Includes 1B of US Treasuries and 16.8B Agency MBS pledged to TSLF
NON-OMO Eligible
10 Asset Backs - Investment Grade*** 1.0 2.9
11 Convertibles - Investment Grade 0.4 0.4
12 Corporates - Investment Grade 7.7 8.9
13 Money Markets 7.7 8.4
14 Muni 2.7 3.2
15 Private Labels - Investment Grade*** 2.9 7.2
16 Subtotal Non-OMO Eligible 22.4 31.0
*** Includes 0.6B of ABS IG and 2.9B Private Label IG pledged to TSLF
17 Subtotal PDCF Eligible (lines 9+16) 132.0 159.2
NON-PDCF ELIGIBLE
18 Major Index Equities
19 Non-Major Equities: Index and <$5**** 5.1 8.8
20 Fixed Income Non-Investment Grade 7.1 14.7
21 Subtotal Non-PDCF Eligible 12.2 23.5
22 U.S. Total (lines 17+21) 144.2 182.7
23 Global GLOBAL TOTAL (lines 1+5+22) 160.0 238.6
**** Total Equities is shown: no breakdown provided for Major Index Equities and Non-Major Equities
CONFIDENTIAL TREATMENT REQUESTED
BOG--FOIA 10-267--000244
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 11:28 AM
To Kevin
Warsh/BOARD/FRS@BOARD cc [email protected],
[email protected] Subject Lehman Brothers
I have spent the morning on two conference calls, the First with Tim and Fed staff and the second with Tim, Cox, Ken Wilson, and others.
LB is scheduled to announce its earnings on Sep. 18. They will announce a $3.9 bil loss. They need to raise capital and have had discussions with numerous parties but none have come to fruition. While they have $40 bil in unencumbered assets and their funding has been stable, there is concern that could melt away quickly once it becomes apparent that it has been unable to raise capital.
We had been discussing public policy options (none of them good) in the event that they can't raise capital. While we were talking LB's stock price was plummeting, perhaps because of news that the Koreans will not be coming to the rescue.
Tim and Cox had been scheduled to call Fuld at 4 pm. They have moved that up to 11:30 am. They will essentially tell him that if he doesn't raise capital chapter 11 is the alternative, except for US b/d, which SEC thinks can be liquidated in an orderly manner.
Pat
(b) (6)
BOG--FOIA 10-267--000245
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 01:36 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD,
Margaret cc
Subject Fw: Materials for 9am Call
As background for 3 pm call, first of two emails re LB.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:35 PM -----
Kristin aMayer/NNY/FRS@FFRS
09/09/2008 08:33 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Meg McConnell/NY/FRS@FRS
Subject Materials for 9am Call
Pat,
Attached are some reference materials for the 9am call on contingency planning for nonbanks.
-Kristy Mayer
_________________Kristy MayerChief of Staff's OfficeFederal Reserve Bank of New YorkWork: 212-720-8090Cell: [email protected]
Attachments are duplicates
BOG--FOIA 10-267--000246
insPatrick M Parkinson /BOARD/F SFRS
09/09/2008 01:37 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD, Margaret
cc Subject Fw: LB triparty repo followup
Additional background for 3 pm call.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:36 PM -----
Lucinda M Brickler / YNY/FRS@FSRS
09/09/2008 11:21 AM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS
cc Rania Jamal, Brian Begalle/NY/FRS@FRS
Subject LB triparty repo followup
Some follow up to questions on triparty activity from this morning's meeting.
Total non-PDCF eligible collateral financed by primary dealers is about $200 billion. Lehman's �
portion of this is just over $20 billion. Brian Begalle's staff prepared the summary of non-PDCF eligible collateral with charts attached below.
�
Eleven firms provide 80% of Lehman's triparty repo financing. The complete list is attached in the �
spreadsheet below.
$34.9 billion$16.6 $16.5 $12.2$10.6$ 6.9$ 6.6$ 3.8$ 3.6$ 3.5$ 3.5
(b) (4)
(b) (4)
BOG--FOIA 10-267--000247
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
Attachments are duplicates
BOG--FOIA 10-267--000248
William BRODOWSWilliam BRODOWSWilliam BRODOWSWilliam BRODOWS ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 02:02 PM
To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Subject Re: Quick comparison
Attached find the derivatives summary (first two tabs) and a Lehman vs. Bear comparison (third tab) for this afternoon's call.
Meg McConnell/NY/FRS
MegMegMegMeg McConnellMcConnellMcConnellMcConnell ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 12:39 PM
To William BRODOWS/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison
1. Lucinda and McCurdy are doing a "that was then, this is now" analysis for the triparty repo piece.2. Markets (I think?) is going to do some state of the world comparison. 3. We have Bill B. giving us Leh's version of the difference between them and BSC.
(Not sure whether we want to also do something that focuses narrowly on OTC derivatives, or whether that will be covered in what Brodows sends?).
These would need to be ready by around 2:45 or so at the latest. Thanks!Meg--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773
William BRODOWS
----- Original Message ----- From: William BRODOWS
Sent: 09/09/2008 12:22 PM EDT
To: Lucinda Brickler
Cc: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig
Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Kristin Mayer; Meg McConnell; Michael Holscher; Michael Schetzel; Michael Silva; Patrick Parkinson; Sandy Krieger;
BOG--FOIA 10-267--000249
Sarah Dahlgren; Steven Friedman; Terrence Checki; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng
Subject: Re: Quick comparison
I have Lehman's own analysis of differences between their position and position of Bear which I will forward.
Lucinda M Brickler/NY/FRS
Lucinda MLucinda MLucinda MLucinda M BricklerBricklerBricklerBrickler ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 11:28 AM
To Meg McConnell/NY/FRS@FRS
cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William
BRODOWS/NY/FRS@FRSSubject Re: Quick comparison
Meg
Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
Meg McConnell/NY/FRS
MegMegMegMeg McConnellMcConnellMcConnellMcConnell ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 11:07 AM
To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc Kristin Mayer/NY/FRS@FRS, Michael Silva/NY/FRS@FRS
Subject Quick comparison
BOG--FOIA 10-267--000250
As he mentioned in the meeting this morning, Tim would like someone to put together a quick "what's different? what's the same?" list about LEH vs BSC, as well as about mid-March (then) vs. early Sept (now). He would like this for a call he's having with Chairman Bernanke at 3:00. Any takers for this? Please let me know.Thanks,Meg
--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773
Meg McConnell
----- Original Message ----- From: Meg McConnell
Sent: 09/08/2008 06:44 PM EDT
To: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig
Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim/NY/FRS@NY; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Lucinda Brickler; Meg McConnell; Michael Holscher; Michael Schetzel; Patrick Parkinson; Sandy Krieger; Sarah Dahlgren; Steven Friedman; Terrence Checki/NY/FRS@NY; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng; William BRODOWS
Cc: Kristin Mayer; Michael Silva
Subject: Meeting tomorrow at 9:00
The purpose of tomorrow's meeting is to continue the discussion of near-term options for dealing with a failing nonbank. Sorry for the late notice on this meeting.Meg
BOG--FOIA 10-267--000251
1 of 3
(b)(4) & (b)(8)
BOG--FOIA 10-267--000252
(b) (8)
BOG--FOIA 10-267--000253
(b) (8)
BOG--FOIA 10-267--000254
kLucinda M Brickler //NY/F SFRS
09/09/2008 02:40 PM
To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton Subject Re: Quick comparison
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132Meg McConnell/NY/FRS
eMeg c onMcConnell /NNY/ RFRS
09/09/2008 12:39 PM
To William BRODOWS/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison
Duplicate
BOG--FOIA 10-267--000255
Confidential Treatment Requested 10
(b) (8)
BOG--FOIA 10-267--000256
e VanlandiMelissa A Vanlandingham / DBOARD// RFRS
09/09/2008 03:08 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Fw: Lehman
Will do.
Melissa VanlandinghamFinancial Services AnalystBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-530-6285
Jeff Stehm/BOARD/FRS
eJeff Stehm/BOARBOARD/F SFRS
09/09/2008 02:48 PM
To Melissa A Vanlandingham/BOARD/FRS@BOARD
cc
Subject Fw: Lehman
Please develop a table of the clearing systems that Lehman is a participant in (legal name). Cover the usual suspects (CLS, DTC, NSCC, FICC-GSD, FICC-MBSD, CME, and OCC). Lets have it ready by tomorrow.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/09/2008 02:46 PM -----
Jill K eCetina/BOARD/FRS
09/09/2008 01:26 PM
To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
Subject Lehman
is having a rough day. Their share price is down $4 to $10 -- after talks failed with a Korean bank looking at buying a stake in their asset management arm. One year CDS on Lehman closed yesterday at 666 bps -- today the mid of the bid and ask is about 900 bps.
In short, the week could get even more interesting. :)
(b) (5)
BOG--FOIA 10-267--000257
Jill Cetina, CFASr. Financial AnalystPayment Systems RiskReserve Bank Operations and Payment SystemsFederal Reserve Board202-452-2764
BOG--FOIA 10-267--000258
kLucinda M Brickler //NY/F SFRS
09/09/2008 03:39 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton cc Brian Begalle/NY/FRS@FRS, Rania
Jamal Subject lehman triparty book, Monday Sept 8
Brian Begalle sent me the breakdown of LB's triparty collateral as of yesterday--the numbers do not change much from day to day. This view shows the effective margins for each class of collateral .
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
BOG--FOIA 10-267--000259
Collateral Value Including Accrued Interest Collateral Value After Margin Reduction Effective Margin %
11.LEHMAN BROTHERS
US Treasuries and Strips $43,025,761,906.42 $42,312,718,789.52 101.69%
Freddie Mac & Fannie Mae MBS $39,763,984,680.34 $39,081,105,972.85 101.75%
US Government Agency Securities $16,945,786,056.35 $16,678,849,440.60 101.60%
Freddie Mac & Fannie Mae REMICs $2,261,940,549.75 $2,254,770,709.71 100.32%
Ginnie Mae MBS Pools $1,376,385,190.67 $1,358,981,745.11 101.28%
Ginnie Mae REMICs $367,112,770.32 $367,050,939.01 100.02%
2-DTC Fixed Income Securities
Investment Grade
Corporate Bonds $9,624,611,286.50 $9,116,931,301.35 105.57%
Private Label CMO $5,775,041,659.13 $5,497,727,340.14 105.04%
Other $390,026,631.18 $382,506,288.30 101.97%
Commercial Paper $4,985,391,053.87 $4,701,363,686.84 106.04%
Asset Back Securities $3,269,975,054.42 $2,936,610,121.34 111.35%
Municipal Bonds $1,804,555,149.24 $1,733,121,263.25 104.12%
$25,849,600,834.34 $24,368,260,001.22
Non-Investment Grade
Other $147,286,188.76 $146,129,118.42 100.79%
Corporate Bonds $4,261,111,122.67 $4,042,754,893.90 105.40%
Commercial Paper $3,638,691,412.08 $3,560,971,962.64 102.18%
Municipal Bonds $1,594,909,510.01 $1,534,503,512.87 103.94%
Asset Back Securities $1,522,770,273.87 $1,234,979,818.26 123.30%
Private Label CMO $420,819,093.19 $355,639,506.47 118.33%
$11,585,587,600.58 $10,874,978,812.56
$37,435,188,434.92 $35,243,238,813.78
3-DTC Equities
Investment Grade
Equities & Equity Derivatives $179,150,650.73 $170,618,603.37 105.00%
Non-Investment Grade $179,150,650.73 $170,618,603.37
Equities & Equity Derivatives $8,972,922,374.50 $8,463,545,271.94 106.02%
$8,972,922,374.50 $8,463,545,271.94
$9,152,073,025.23 $8,634,163,875.31
4-Other $14,193,926.01 $13,915,613.40 102.00%
$14,193,926.01 $13,915,613.40
TOTAL Unwind: $150,342,426,540.01 $145,944,795,899.29
BOG--FOIA 10-267--000260
i obbecDianne Dobbeck /NY/FRS
09/09/2008 03:51 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
cc Steven Mirsky/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS
Subject LFI's Counterparty Credit Risk Exposure to Lehman
Attached is the most recent update on the LFIs' counterparty credit risk exposure to Lehman. Thanks to Brandon for pulling this together.
----- Forwarded by Kyle Grieser/NY/FRS on 09/09/2008 03:45 PM -----
Brandon aaHallHall//NYNY////FRSFRS
08/20/2008 03:32 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Richard Cahill/NY/FRS@FRS
cc Steven Mirsky/NY/FRS@FRS, William Hallacy/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS
Subject CCR Exposures to Lehman - 8/20/08 Update
Regarding counterparty credit exposures to Lehman Brothers, as evidenced by LFIs' most updated top financial counterparty exposure lists, please see the table below (and attached).
____________________________________Brandon J. HallCounterparty Credit Risk & Monitoring
(b)(4) & (b)(8)
BOG--FOIA 10-267--000261
Federal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
BOG--FOIA 10-267--000262
Trend of Counterparty Credit Risk Exposures to Lehman Brothers (March 2008 – Most Recent Data)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000263
arezScott Alvarez /BOARBOARD/FRS
09/09/2008 04:12 PM
To [email protected] cc
Subject Re: Fw: Materials for 9am Call
Pat,Do we have better numbers? These are from February.Thanks!Scott
Patrick .M.Park [email protected]
09/09/2008 01:36 PM
To [email protected], [email protected], [email protected], [email protected],
Subject Fw: Materials for 9am Call
As background for 3 pm call, first of two emails re LB.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:35 PM----- Kristin Mayer/NY/FRS@FRS To 09/09/2008 08:33 Patrick M Parkinson/BOARD/FRS@BOARD AM cc Meg McConnell/NY/FRS@FRS Subject Materials for 9am Call
Duplicate
BOG--FOIA 10-267--000264
Patrick .M.Park [email protected]
09/09/2008 04:14 PM
[email protected] cc [email protected]
Subject Fw: Materials for 9am Call
See below.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 04:14 PM-----
To09/09/2008 04:12 [email protected] cc
SubjectRe: Fw: Materials for 9am Call
Pat,Do we have better numbers? These are from February.Thanks!Scott
Duplicate
BOG--FOIA 10-267--000265
i C Proc orRita C Proctor / DBOARD// RFRS
09/09/2008 04:26 PM
To Donald L Kohn/BOARD/FRS@BOARD, Kevin
Warsh/BOARD/FRS@BOARD, cc Rivane V
Bowden/BOARD/FRS@BOARD,
Margaret Subject This evening's conference call will
take place at 5 p.m. instead of 6 p.m.
Tuesday, e tSeptember 9, 22008
05:00 PM - 06:00 PM Conference Call [re: Lehman Brothers]Location: Chairman's OfficePrincipals: Secy. Paulson, Secy. Cox, Chairman Bernanke, Vice Chairman Kohn(?) Governor Warsh & President GeithnerBoard Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle SmithFRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge
nf en r n m onConference bridge information :
Toll Free Dial In Number: ( 6866) 209-- 436438Participant Code: 6623345Int'l Access/Caller Paid Dial In Number: (865) 297-1127
BOG--FOIA 10-267--000266
09/09/2008 04:32 PM
To [email protected] cc [email protected],
[email protected] Subject Re: Fw: Materials for 9am Call
We will send July 30 momentarily. Have hard copy--need to scan. Tks.
Patrick M Parkinson/BOARD/FRS@BOARD
09/09/2008 04:17 PM
To [email protected], William
BRODOWS/NY/FRS@FRS
Subject Fw: Materials for 9am Call
See below.
Pat
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 04:14 PM -----
09/09/2008 04:12 PM
cc
Subject Re: Fw: Materials for 9am Call
Duplicate
BOG--FOIA 10-267--000267
William BRODOWSWilliam BRODOWSWilliam BRODOWSWilliam BRODOWS ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 05:03 PM
To Patrick M Parkinson/BOARD/FRS@BOARD,
Scott Alvarez/BOARD/FRS@BOARD cc Arthur Angulo/NY/FRS@FRS
Subject Lehman May 30 consolidating balance
sheet
As requested...----- Forwarded by William BRODOWS/NY/FRS on 09/09/2008 05:00 PM -----
KarenKarenKarenKaren ScottScottScottScott ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 05:03 PM
To William BRODOWS/NY/FRS@FRS
cc
Subject <Scanned Document> As requested
BOG--FOIA 10-267--000268
BOG--FOIA 10-267--000269
BOG--FOIA 10-267--000270
BOG--FOIA 10-267--000271
BOG--FOIA 10-267--000272
BOG--FOIA 10-267--000273
BOG--FOIA 10-267--000274
BOG--FOIA 10-267--000275
BOG--FOIA 10-267--000276
BOG--FOIA 10-267--000277
BOG--FOIA 10-267--000278
BOG--FOIA 10-267--000279
BOG--FOIA 10-267--000280
BOG--FOIA 10-267--000281
BOG--FOIA 10-267--000282
BOG--FOIA 10-267--000283
BOG--FOIA 10-267--000284
BOG--FOIA 10-267--000285
BOG--FOIA 10-267--000286
BOG--FOIA 10-267--000287
e VanlandiMelissa A Vanlandingham / DBOARD// RFRS
09/09/2008 05:24 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Fw: Lehman
Hi Jeff,
Attached please find an excel spreadsheet that lists major financial groups, their memberships, and other major activities. I now have added OCC and CME members.
This spreadsheet is saved on the g-drive in the business continuity folder.
There is a filter embedded in the first column of the spreadsheet (titled "Group"). If you click on the filter arrow, you can then select a specific family (for example, Lehman Brothers). This will allow you to hide the information from the other family groups, making the sheet easier to read.
Let me know if you would like to see any additional information added to the spreadsheet.
Melissa VanlandinghamFinancial Services AnalystBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-530-6285Jeff Stehm/BOARD/FRS
eJeff Stehm/BOARBOARD/F SFRS
09/09/2008 02:48 PM
To Melissa A Vanlandingham/BOARD/FRS@BOARD
cc
Subject Fw: Lehman
Please develop a table of the clearing systems that Lehman is a participant in (legal name). Cover the usual suspects (CLS, DTC, NSCC, FICC-GSD, FICC-MBSD, CME, and OCC). Lets have it ready by tomorrow.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/09/2008 02:46 PM -----
Jill K eCetina/BOARD/FRS
(b)(4) & (b)(8)
BOG--FOIA 10-267--000288
09/09/2008 01:26 PM
To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
Subject Lehman
is having a rough day. Their share price is down $4 to $10 -- after talks failed with a Korean bank looking at buying a stake in their asset management arm. One year CDS on Lehman closed yesterday at 666 bps -- today the mid of the bid and ask is about 900 bps.
In short, the week could get even more interesting. :)
Jill Cetina, CFASr. Financial AnalystPayment Systems RiskReserve Bank Operations and Payment SystemsFederal Reserve Board202-452-2764
BOG--FOIA 10-267--000289
Source: Board of Governors FR Restricted 1 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000290
Source: Board of Governors FR Restricted 2 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000291
Source: Board of Governors FR Restricted 3 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000292
Source: Board of Governors FR Restricted 4 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000293
Source: Board of Governors FR Restricted 5 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000294
Source: Board of Governors FR Restricted 6 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000295
Source: Board of Governors FR Restricted 7 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000296
Source: Board of Governors FR Restricted 8 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000297
Source: Board of Governors FR Restricted 9 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000298
Source: Board of Governors FR Restricted 10 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000299
Source: Board of Governors FR Restricted 11 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000300
Source: Board of Governors FR Restricted 12 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000301
Source: Board of Governors FR Restricted 13 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000302
Source: Board of Governors FR Restricted 14 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000303
Source: Board of Governors FR Restricted 15 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000304
Source: Board of Governors FR Restricted 16 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000305
Source: Board of Governors FR Restricted 17 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000306
Source: Board of Governors FR Restricted 18 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000307
Source: Board of Governors FR Restricted 19 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000308
Source: Board of Governors FR Restricted 20 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000309
Source: Board of Governors FR Restricted 21 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000310
Source: Board of Governors FR Restricted 22 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000311
Source: Board of Governors FR Restricted 23 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000312
Source: Board of Governors FR Restricted 24 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000313
Source: Board of Governors FR Restricted 25 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000314
Source: Board of Governors FR Restricted 26 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000315
Source: Board of Governors FR Restricted 27 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000316
Source: Board of Governors FR Restricted 28 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000317
Source: Board of Governors FR Restricted 29 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000318
Source: Board of Governors FR Restricted 30 of 12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000319
h eTheodore Lubke /NY/FRS
09/09/2008 07:51 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
cc Subject Lehman's and worldwide
involvement in exchanges and clearing houses
1. The following table shows Lehman's preliminary settlement values in each currency at for Wednesday, Sept. 10 and the banks that are its nostros.
For those on blackberry, Lehman's largest negative positions ("pay-ins") are USD 3.3 bn and USD-equivalent 860 mm in GBP. Their largest positive positions ("pay-outs") are USD-equivalent 2.6 bn of CAD and USD-equivalent 1.0 bn of JPY. i is LB's nostro in 7 of the currencies. Across all currencies, Lehman is up USD-equivalent 42 mm.
Lehman or Sept. 10
CurrencyNet Position
(USD Equivalent)
Nostro (Bank that
makes/receives pmts on behalf
of Lehman)
AUD 90,617,190
CAD 2,590,327,174
CHF -83,847,328
DKK 40,741,155
EUR -103,889,111
GBP -859,673,057
HKD 138,732,730
ILS -21,068,126
JPY 990,324,606
KRW 0
MXN -105,343,918
NOK 612,264,601
NZD
-12,129,330
SEK
58,986,397
SGD 152,894,898
USD -3,364,845,631
ZAR
-82,371,279
Total 41,720,969
2. Attached below is information we collected in March about LB's involvement in payment, clearance and settlement systems worldwide. The table (pasted from the first attachment) reports their 10 largest participations, based on average activity in March. One difference from Bear is that LB is a direct participant in more equities exchanges outside the US.
(b)(4) & (b)(8)
(b)
(b)(4) &
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000320
Lehman Brothers
Main Exchanges/Clearinghouses/CSDs by Avg Dai E=Equities D=Derivatives P=Physicals O=Options
C=Commodities FI=Fixed Income F=Futures
----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----
Benecia oCousin/NY// RFRS
09/09/2008 06:08 PM
To Theodore Lubke/NY/FRS@FRS
cc Elizabeth Tafone/NY/FRS@FRS
Subject Updated B/D spreadsheet, including Avg Daily Value > $1B
Hi Theo,
Here is the updated analysis on Lehman, showing those exchanges where the average value in excess of $1 Billion daily.
If you have any comments or questions, please let us know.
Thanks!Liz and Benecia
(b)(4) & (b)(8)
BOG--FOIA 10-267--000321
**************Benecia M. Cousin Federal Reserve Bank of New YorkBank Supervision GroupEmail: [email protected]: (212) 720-5586
----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----
ElizabethElizabethElizabethElizabeth TafoneTafoneTafoneTafone ////NYNYNYNY////FRSFRSFRSFRS
09/09/2008 04:42 PM
To Theodore Lubke/NY/FRS@FRS
cc
Subject As requested; IB data
Theo,
As requested, please note the following attached files:
Thanks,Liz
Elizabeth TafoneFederal Reserve Bank of New YorkPhone: (212) [email protected]
BOG--FOIA 10-267--000322
RESTRICTED FR
BROKER/DEALER HORIZONTAL REVIEW
Horizontal_Exchange_Memberships_5-8_final.xls Page 1 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000323
RESTRICTED FR
BROKER/DEALER HORIZONTAL REVIEW
Key:
Horizontal_Exchange_Memberships_5-8_final.xls Page 2 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000324
RESTRICTED FR
BROKER/DEALER HORIZONTAL REVIEW
Horizontal_Exchange_Memberships_5-8_final.xls Page 3 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000325
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BROKER/DEALER HORIZONTAL REVIEW
Key:
Horizontal_Exchange_Memberships_5-8_final.xls Page 4 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000326
RESTRICTED FR
Horizontal_Exchange_Memberships_5-8_final.xls Page 5 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000327
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Horizontal_Exchange_Memberships_5-8_final.xls Page 6 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000328
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Horizontal_Exchange_Memberships_5-8_final.xls Page 7 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000329
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Horizontal_Exchange_Memberships_5-8_final.xls Page 8 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000330
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Horizontal_Exchange_Memberships_5-8_final.xls Page 9 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000331
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Horizontal_Exchange_Memberships_5-8_final.xls Page 10 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000332
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Horizontal_Exchange_Memberships_5-8_final.xls Page 11 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000333
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Horizontal_Exchange_Memberships_5-8_final.xls Page 12 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000334
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Horizontal_Exchange_Memberships_5-8_final.xls Page 13 of 13
Created by S. Losi x2242
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000335
Restricted FR
MainExchCLS_Lehman_9_9_sorted_val.xls
(*) = No relationship.
Blank Cell = To be completed. Page 1 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)
Last Upd by B. Cousin x5586
September 9, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000336
Restricted FR
MainExchCLS_Lehman_9_9_sorted_val.xls
(*) = No relationship.
Blank Cell = To be completed. Page 2 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)
Last Upd by B. Cousin x5586
September 9, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000337
Restricted FR
MainExchCLS_Lehman_9_9_sorted_val.xls
Sheet includes CLS currencies.
(*) = No relationship.
Blank Cell = To be completed. Page 3 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Researched by B. Cousin x5586, S. Losi x2242
Last Upd by B. Cousin x5586
Sept 9, 2008 4:10pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000338
Restricted FR
MainExchCLS_Lehman_9_9_sorted_val.xls
Sheet includes CLS currencies.
(*) = No relationship.
Blank Cell = To be completed. Page 4 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Researched by B. Cousin x5586, S. Losi x2242
Last Upd by B. Cousin x5586
Sept 9, 2008 4:10pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000339
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MainExchCLS_Lehman_9_9_sorted_val.xls
Spreadsheet contains non-CLS currencies.
(*) = No relationship.
Blank Cell = To be completed. Page 5 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000340
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MainExchCLS_Lehman_9_9_sorted_val.xls
Notes page for spreadsheet. Page 6 of 6
Created by
E. Shi x6473 / K. Chau x6868.
Last Upd by B. Cousin x5586, S. Losi x2242
May 8, 2008 6:00pm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000341
Kevin WarshKevin WarshKevin WarshKevin Warsh ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/09/2008 09:55 PM
To Rita C Proctor/BOARD/FRS@BOARD
cc Michelle A
Smith/BOARD/FRS@BOARD Subject Re: Conference Call -- Wednesday,
9/10/08 @ 8:30 a.m.
I am on 8am flt from ny to minneapolis fed so will have to miss call . Thx----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld
Rita C Proctor
----- Original Message ----- From: Rita C Proctor
Sent: 09/09/2008 07:37 PM EDT
To: Rita Proctor
Cc: Brian Madigan; Cecelia Bradshaw; Donald Kohn; Julie Edwards; Kevin
Warsh; Margaret Owens; Marie Spicer; Michelle Smith; Patrick Parkinson; Rivane Bowden; Scott Alvarez; Valerie Delaney; Yvette McKnight-Johnson
Subject: Conference Call -- Wednesday, 9/10/08 @ 8:30 a.m.
WednesdayWednesdayWednesdayWednesday ,,,, SeptemberSeptemberSeptemberSeptember 10101010,,,, 2008200820082008
08:30 AM - 09:30 AM Conference Call [re: Lehman Brothers]Location: Chairman's OfficePrincipals: Secy. Cox, Chairman Bernanke, Vice Chairman Kohn, Governor Warsh & President GeithnerBoard Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle SmithFRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge
Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Participant Code: 623345623345623345623345Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Rita************Rita C. ProctorAssistant to the Chairman The Honorable Ben S. BernankeFederal Reserve BoardEccles Board Building20th and C Street, N.W.Washington, DC 20551
BOG--FOIA 10-267--000342
Phone: 202-452-3201Fax: [email protected]
BOG--FOIA 10-267--000343