{"id":84977,"date":"2021-09-20T08:41:58","date_gmt":"2021-09-20T12:41:58","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=84977"},"modified":"2021-09-20T08:41:58","modified_gmt":"2021-09-20T12:41:58","slug":"former-lehman-trader-on-chinas-lehman-moment","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=84977","title":{"rendered":"Former Lehman Trader On “China’s Lehman Moment”"},"content":{"rendered":"

By Larry McDonald, former trader at Lehman Brothers, author of “A Colossal Failure of Common Sense<\/a>” and publisher of the Bear Traps Report<\/em><\/p>\n

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My name is Larry McDonald, that is the UK cover above. In the years before the failure of Lehman Brothers, I ran a successful distressed credit business at what was the 4th largest investment bank in the U.S. \u2013 becoming one of the most consistently profitable traders in the fixed income division. In late 2008, early 2009 \u2013 with Patrick Robinson, we penned \u201cA Colossal Failure of Common Sense<\/strong>\u201d \u2013 the Lehman Brothers inside story. At least once a month, I tell my wife while wearing a hopeful smile \u2014\u201cif we sell a million books \u2014 we\u00b4ll break even on our Lehman stock.\u201d<\/strong>\u00a0On September 15, 2008 \u2013 it all came crashing down in the largest bankruptcy in U.S. history. Known as, \u201cthe week that changed the world,\u201d a very painful experience indeed. I was down on the mat looking up at the referee as he delivered the count. It was one of those fateful moments most of us face. Staring into the abyss, drenched in blood-curdling uncertainty, there are times in life when we must get up. Even when it looks like all is lost in a valley of no hope.\u00a0 Ultimately, the lucky ones learn there are valuable lessons in re-invention. The last 13 years have been a breath of fresh air.<\/p>\n

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