A Quote by Bob Diamond
In our equities business, 49 of the 50 most important Lehman clients are back doing business with us. The flows are 75 to 80 per cent of what they were prior to the bankruptcy. The issues which damaged Lehman were around commercial mortgages and illiquid private equity assets.
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I often say to entrepreneurs, 'If Lehman Brothers were Lehman Brothers & Sisters, it wouldn't have gone into bankruptcy.'
When I left my job at Lehman Brothers to start a company, my best friend's mother said, 'How could you leave a sure thing like Lehman to do a silly carpool startup?' That was three months before Lehman went bankrupt.
In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.
I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
Our royalty statement has been minimal and menial. Really. We don't collect more than a per cent of a per cent of a per cent of a per cent of a per cent of a per cent of a per cent. We get maybe the seventh of 1 percent.
Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country.
The blowback against a bailout of Lehman would have been fierce. It is often forgotten, but the prevailing wisdom the day after Lehman fell was that its collapse was a good thing.
Everyone loves a love story. All of us want to be loved. I think 80 per cent of us spend our life chasing it, and only 20 per cent are lucky enough to finally find it.
More than 80 per cent of the British casualties of the Great War were English. More than 80 per cent of the taxation is paid by the English taxpayers. We are entitled to mention these facts, and to draw authority and courage from them.
If you walk along the street you will encounter a number of scientific problems. Of these, about 80 per cent are insoluble, while 19½ per cent are trivial. There is then perhaps half a per cent where skill, persistence, courage, creativity and originality can make a difference. It is always the task of the academic to swim in that half a per cent, asking the questions through which some progress can be made.
My family was in two businesses - they were in the textile business, and they were in the candy business. The conversations around the dinner table were all about the factory floor and how many machines were running and what was happening in the business. I grew up very engaged in manufacturing and as part of a family business.
The only way to learn writing is by writing. Talent, as charming as it sounds, amounts to no more than 12 per cent of the process. Work is 80 per cent. The remaining 8 per cent is 'luck' or 'zeitgeist' - in short, things that are not in our hands.
A Fed loan to Lehman Brothers would not have prevented a bankruptcy.
If Lehman Brothers had been a bit more Lehman Sisters ... we would not have had the degree of tragedy that we had as a result of what happened.
Most of my painting is done sitting in a chair with a book. I'd say it's 80 per cent sitting and reading, 10 per cent eating and ten per cent painting.
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