ABSTRACT
Lehman Brothers survived the American Civil War, the Great Depression, two World Wars, and the 9/11 terrorist attacks during its 158-year history. Between 1861 and 1865, the Lehmans bought large quantities of cotton, stashing the bales in secret warehouses throughout Alabama. In 1870, the firm moved its headquarters from Montgomery to Manhattan. That same year, they helped organize the New York Cotton Exchange with Mayer Lehman serving on its first board of directors. Lehman Brothers, with more than twenty years of experience buying and selling physical commodities, purchased a seat on the New York Stock Exchange in 1887 and began trading financial securities. Richard “Dick” Severin Fuld Jr. joined Lehman Brothers in 1969 as a 23-year-old bond trader. He spent the next 39 years at the firm, rising to chief executive in 1994. Fuld’s competitiveness earned him the nickname “Gorilla.”.
