How awesome is this treasure trove of emails, documents, files et. al placed online by the NY Fed?

Some of the emails between Lehman execs are laughable — naive, silly, hubristic, childish.

But my favorite piece simply has to be the Morgan Stanley research report from June 30 2008 “Overweight Rating” on Lehman Brothers — “Bruised, Not Broken, Poised for Profitability“. 60 days later, Lehman Brothers filed what was thent he largest bankruptcy in the United States.  This is (literally) what the category “Really Really Bad Call”  was invented for.

Who was the author of this steaming piece of shit, and where is he today? Why, he is Patrick Pinschmidt, and he is a Senior Policy Advisor at U.S. Treasury Department! (You could not make up stuff this un-fucking-believable even if you tried).

Total awesomeness!  (Hat tip Josh)

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click for full document dump

Category: Bailouts, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

18 Responses to “The Lehman Bankruptcy Docs (Buy LEH!)”

  1. flocktard says:

    Check out the analysis by Diane Hinton of S&P. But not with your mouth full:

    http://www.jenner.com/lehman/docs/STANDARD%20&%20POORS/S&P-Examiner%20000894-000897.pdf

  2. ssc says:

    And this is with Einhorn (Greenlight) running around all over the place making presentation on Lehman’s problems. Not that Einhorn was flawless (he was on the board of New Century), but I do not recall of any rebuttal from LEH of any substance…

  3. rd says:

    I think all of these people deserve another large bonus!

  4. theseeker says:

    That is classic. I guess when you prove beyond any doubt that you’re incompetent, you get a job at the Treasury Department. Keep up the good work Barry!

  5. AHodge says:

    there are some huge losers on the geithner treasury staff
    ex fannie freddie guys running TARP etc
    timmy mostly knows better but finds this convenient apparently

  6. MikeG says:

    Did Geithner hire him?

    Meritocracy is only for the little people, I guess.

  7. Petey Wheatstraw says:

    We are a nation governed by dysfunctionality. Patrick Pinschmidt (oh, lord, help me to not simply tee off on his freekin‘ name), is obviously clueless to the point of criminality, but even knowing that and being able to prove it beyond any doubt isn’t enough to keep him out of government. What kind of position would call for hiring someone who specializes in such ignorant fuckery? Oh, yeah — Senior Policy Advisor, U.S. Treasury.

    We are doomed.

  8. inessence says:

    Fucking wall street/government merry-go-round. Popped a hemorrhoid with this latest one. Jaysus!

  9. Dima says:

    Yep – Patrick Pinschmidt is the poster boy for the average government employee – clueless and stupid as hell but living large on the slaves (excuse me – taxpayer’s) dime.

    Hey Petey – we’re not doomed – it’s easy to make a living when all ya gotta do is be smarter than some idiot like “Patrick Pinschmidt”. Really – my encounters with federal government employees is pretty much like a keystone cops movie – they run all around and only find a problem when they trip over it or it bites them in the ass.

  10. James Cameron says:

    Why, he is Patrick Pinschmidt

    Vice President, U.S. Equity Research
    Morgan Stanley
    Public Company; 10,001+ employees; ms; Financial Services industry
    2007 – 2009 (2 years)
    Senior broker & exchange analyst. Coverage included Goldman Sachs, Merrill Lynch, NYSE Euronext and CME Group.

    Ha, I guess Lehman didn’t make the cut.

  11. patfla says:

    Barnes & Noble popped 51.68% today on news of a an MSFT $300 mln investment into a joint vehicle with the Nook and BKS’s content in mind. A desktop version of the Nook will appear on the Windows 8 desktop.

    As best I see in a street tool, the news was announced at 9:30 and BKS popped from a prior 13.35 to over 25. The first two candlesticks are red and down steeply to 22.31 so I think it’s fair to say that someone knew in advance. BKS finished the day at 20.75 and in after-hours trading it’s down by 3 cents – so not a whole lot. Be interesting to see what happens tmw. Down – but by how much.

    Reading around quickly there may be some decent business logic to the hookup. The wedge may be e-book version of academic books where BKS may compare favorably to AMZN. Obviously MSFT wasn’t going to do this with AMZN.

  12. patfla says:

    My bad. I thought I was putting this under AM reads when it should be under PM reads and I actually put it under Lehman.

  13. poppysmic says:

    So the question is, not DOES he blow, but WHO did he blow.

  14. uzer says:

    “Really Really Bad Call”

    bad call or outright fraudulent call — or part and parcel of the entire fraudulent edifice better known as the “free market”?

  15. Futuredome says:

    fwiw, Lehman is trading derivatives again lol.

  16. lorq says:

    In response to Dima –

    “Yep – Patrick Pinschmidt is the poster boy for the average government employee – clueless and stupid as hell but living large on the slaves (excuse me – taxpayer’s) dime.”

    Of course, when he wrote the document in question, he was an average corporate employee – clueless and stupid as hell and living large on the dupe’s (excuse me – investor’s) dime.