Part 5/10:
By evening, the atmosphere in Lehman’s offices was one of disbelief and desperation. Key executives, including CEO Dick Fuld, scrambled for solutions as time ran out. A shocked team of lawyers and accountants prepared for the impending bankruptcy filing, which would come just minutes before midnight. The gravity of the moment loomed large—the collapse of Lehman Brothers would send shockwaves through global financial markets.
The final phone call to the White House by a distant cousin of President Bush, imploring intervention, yielded nothing; a symbolic call that underscored the pervasive isolation of Lehman’s plight. As the day turned into night, fear and anxiety gripped both Lehman’s employees and the larger financial community.