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Burning Down His House

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End of the Line
Over its century and a half, Lehman has had many near-death experiences.

CA. 1850: The Lehman Brothers
Alabama dry-goods dealers turned Manhattan cotton-brokers.

1906–1925: Philip Lehman
Took the firm from commodities to new issues.

1925–1969: Bobbie Lehman
Shepherded the firm through the Depression by focusing on venture capital. Presided over Lehman’s golden age.

1969–1973: Frederick L. Ehrman
Would be an interim leader.

1973–1983: Pete G. Peterson
The Bell & Howell CEO was brought in to save the firm. He built it into Wall Street’s fourth-largest investment bank.

1983–84: Lewis Glucksman
Increasingly, traders drove the company’s profits, pushing Peterson to appoint Lew Glucksman co-CEO. Glucksman pushed out Peterson, after which the company floundered and was taken over by American Express.

1984–1990: Peter A. Cohen
Cohen presided over the firm within American Express. When American Express spun it off, Fuld took over.

1994–2008: Richard Fuld


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