Too Big to Fail Page #3

Dick's put out feelers there before.

We have to keep it quiet, though.

'Cause if anyone hears

that they're trying to sell...

Lehman'll be dead within the hour.

The real estate investments

are killing the firm.

We have to admit publically

we've made some mistakes.

We need to make

a senior management change,

signal to the market that we get it.

- Meaning what?

- Meaning Joe Gregory.

Get the f*** out of here.

You are not gonna tell me

how to run my company.

Joe hasn't had your back on risk,

and everyone knows it.

Erin Callan's gotta go, too.

As far as the Street's concerned, she's a joke.

Joe Gregory has been with me for 30 years.

And you want me to kick him to the curb

because we had a bad quarter?

It's not just a bad quarter.

Stock hit 23.

Twenty-three. Most of our guys are paid

in stock they can't sell for years.

They've lost most of their net worth

over the last six months.

You don't stabilize the price,

your traders are gonna jump ship.

Selfish fucks.

It's not just bankers and traders, Dick.

Clients are pulling their money.

There's gonna be a run on this bank.

Sources tell CNBC that both

Erin Callan and Joseph Gregory

are out at Lehman Brothers.

In a statement,

the company's chairman, Dick Fuld, said

replacing Gregory

with 48-year-old Bart McDade

has been one of the most

difficult decisions he's had to make.

Dick, the Koreans just arrived at Sullivan.

Let's go make this happen.

My take is you'd be better off

staying here for now.

We need you to be our "missing man."

We'll go in and push the

deal as far as we can,

and then we'll bring you in at the end

to top it off.

All right, fine.

Okay. Okay.

We are committed

to our presence in New York.

But we need to know

that the underlying numbers make sense.

We realize how things look.

But our stock is getting hammered

by the shorts.

The value is still there.

We just started. Min's excited,

but we haven't heard the terms.

Where are you?

I just stepped out to take the call.

Get back in there. Don't be rude.

Okay.

We simply take the assets

you don't find appealing,

spin them off into a separate company.

- You don't buy that bank.

- I'm very sorry.

You buy the good bank.

Look, they don't like the real estate.

What do you mean, they don't like it?

Dick, we're making real progress here, okay?

Let me stay on it for now.

Min, how are you?

Great to see you.

I don't want to interrupt.

Dick, great timing.

We seem to be in sync

on the broad strokes of the deal.

Shall we get back to the letter of intent?

Min, I have to tell you,

I think you're making a big mistake here.

There's great value in

the real estate assets.

How about we walk through the portfolio

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