Defendant Federal Reserve Document Production Lehman Part I summer 2008 heavy redactions (Lawsuit #3)

eDeborah.P..Bailey@@frb.gov

07/10/2008 04:20 PM

To [email protected], [email protected],

[email protected], cc [email protected],

[email protected],

[email protected] Subject Lehman

I tried to contact a couple of the governors to give you an update on theabove firm. I understand that you are on a meeting with Tim Geitner so Iwill assume that you have been briefed. The information that I haverelates to pressures the firm is expected to have tomorrow. I am hesitateto put this in email considering you are probably already briefed. I willcall Brian Madigan when he is back in his office and he and/or i will briefyou on the information if it was not covered on your current call.

BOG--FOIA 10-267--000001

i C Proc orRita C Proctor / DBOARD// RFRS

07/10/2008 04:23 PM

To

cc Subject Fw: Lehman

e Deborah P Bailey //BOARD/FRS

07/10/2008 04:20 PM

To Rita C Proctor/BOARD/FRS@BOARD, Donald L Kohn/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD,

Frederic Mishkin/BOARD/FRS@BOARDcc [email protected], Brian F Madigan/BOARD/FRS@BOARD, Scott

Alvarez/BOARD/FRS@BOARDSubject Lehman

I tried to contact a couple of the governors to give you an update on the above firm. I understand that you are on a meeting with Tim Geitner so I will assume that you have been briefed. The information that I have relates to pressures the firm is expected to have tomorrow. I am hesitate to put this in email considering you are probably already briefed. I will call Brian Madigan when he is back in his office and he and/or i will brief you on the information if it was not covered on your current call .

(b) (6)

BOG--FOIA 10-267--000002

Scott AlvarezScott AlvarezScott AlvarezScott Alvarez ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS

07/10/2008 04:30 PM

To Deborah P Bailey/BOARD/FRS@BOARD, "Rich

Ashton" <[email protected]> cc

Subject Re: Lehman

Deborah I'm away from the office. Is there something going on? Please keep me and Rich Ashton in the loop Thanks Scott--------------------------Sent from my BlackBerry Wireless Handheld

Deborah P Bailey

----- Original Message -----

From: Deborah P Bailey

Sent: 07/10/2008 04:20 PM EDT

To: Rita Proctor; Donald Kohn; Randall Kroszner; Kevin Warsh; Frederic

Mishkin

Cc: Roger Cole; Brian Madigan; Scott Alvarez

Subject: Lehman


BOG--FOIA 10-267--000003

arezScott Alvarez /BOARBOARD/FRS

07/10/2008 04:37 PM

To Deborah P

Bailey/BOARD/FRS@BOARD cc

Subject Re: Lehman

Deborah If the info is too sensitive, call me at Thanks Scott--------------------------Sent from my BlackBerry Wireless Handheld

Deborah P Bailey


From: Deborah P Bailey

Sent: 07/10/2008 04:20 PM EDT

To: Rita Proctor; Donald Kohn; Randall Kroszner; Kevin Warsh; Frederic

Mishkin

Cc: Roger Cole; Brian Madigan; Scott Alvarez

Subject: Lehman


(b) (6)

BOG--FOIA 10-267--000004

FKieran Fallon /BOARBOARD/FRS

07/10/2008 06:41 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Rich Ashton/BOARD/FRS@BOARD,

Mark

VanDerWeide/BOARD/FRS@BOARD

Subject Lehman

Kevin called me with questions on some contingency planning options for Lehman. I understand you may have more details about the structure, etc. of what is being contemplated. Please give one of us a call when you have an opportunity.

Kieran

BOG--FOIA 10-267--000005


07/10/2008 09:41 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc

Subject Re: Lehman

Office 452-5270Home 703-442-9559Cell

Am at home now.

KieranPatrick M Parkinson/BOARD/FRS

Patrick M Parkinson //BOARD/FSRS

07/10/2008 07:00 PM

To Kieran Fallon/BOARD/FRS@BOARD

cc Rich Ashton/BOARD/FRS@BOARD, Mark

VanDerWeide/BOARD/FRS@BOARDSubject Re: Lehman

What is your number? PatKieran Fallon


From: Kieran Fallon

Sent: 07/10/2008 06:41 PM EDT

To: Patrick Parkinson

Cc: Rich Ashton; Mark VanDerWeide

Subject: Lehman

Kevin called me with questions on some contingency planning options for Lehman. I understand you may have more details about the structure, etc. of what is being contemplated. Please give one of us a call when you have an opportunity.

Kieran

(b) (6)

BOG--FOIA 10-267--000006


07/11/2008 09:37 AM

To Mark VanDerWeide/BOARD/FRS@BOARD,

Rich Ashton/BOARD/FRS@BOARD cc

Subject Fw: Lehman Data for Friday 9:00am

Meeting

----- Forwarded by Kieran Fallon/BOARD/FRS on 07/11/2008 09:36 AM -----

Patrick .M.Park onParkinson@@frbfrb..govgov

07/11/2008 08:05 AM

To "Kieran Fallon" <[email protected]>

cc

Subject Fw: Lehman Data for Friday 9:00am Meeting

I have not been invited to the 9 am meeting but thought you would find thedata interesting. Fyi, from 8 to 11 I will be waiting for service on mycar. Pat


From: Jan Voigts Sent: 07/10/2008 08:47 PM EDT To: Timothy Geithner; Patrick Parkinson; Michael Silva; TerrenceChecki; William Dudley; James Bergin; Thomas Baxter; Lucinda Brickler;Michael Schussler; Chris McCurdy; William Rutledge; Michael Schetzel;Calvin Mitchell; Joyce Hansen; Sandy Krieger; William BRODOWS; TilSchuermann; Arthur Angulo Cc: Marlene Williams; Tanshel Pointer; Annette Giuliano; CarolGrunwald; Helen Wendler Subject: Lehman Data for Friday 9:00am Meeting

Duplicate

BOG--FOIA 10-267--000007

insPatrick M Parkinson /BOARD/F SFRS

07/11/2008 02:44 PM

To David Marshall/CHI/FRS@FRS cc "Pat White" <[email protected]>

Subject Re: Lehman

I'm on leave today but have been following relevant email traffic. There are other such reports but overall LB's funding seems to have held up thus far. Lots of anxiety nonetheless. Pat

David Marshall


From: David Marshall

Sent: 07/11/2008 01:42 PM CDT

To: Patrick Parkinson

Subject: Lehman

Pat --

Kim Taylor of the CME just called me with the following message:

"One of the CME's mid-sized customers is pulling their repo lines to Lehman. Other CME customers are rumored to be following suit"

That's all the information Kim was able to provide at this time. Have you heard similar reports?

If you'd like to discuss this, please give me a call.

-- David_________________________________David MarshallSenior Vice PresidentFinancial Markets GroupFederal Reserve Bank of Chicago(312) 322-5102

BOG--FOIA 10-267--000008


07/11/2008 05:14 PM

To "Pat White" <[email protected]> cc

Subject Fw: Update on Lehman

is one of the very largest tri-party repo investors. PatDavid Marshall


From: David Marshall

Sent: 07/11/2008 03:45 PM CDT

To: Patrick Parkinson; William Dudley; Patricia Mosser; William English

Cc: Pat White; Alejandro LaTorre

Subject: Update on Lehman

Kim Taylor sent me a follow-up e-mail. The repo lines that were pulled from Lehman were from

These are mid sized players, but not dealers. Kim thought that this represented an

improvement to the picture.

-- David

_________________________________David MarshallSenior Vice PresidentFinancial Markets GroupFederal Reserve Bank of Chicago(312) 322-5102

(b) (4)

(b) (4)

BOG--FOIA 10-267--000009


07/11/2008 06:38 PM

To Rich Ashton/BOARD/FRS@BOARD, Mark

VanDerWeide/BOARD/FRS@BOARD

cc Subject Fw: PDCF, Tri-party variant

----- Forwarded by Kieran Fallon/BOARD/FRS on 07/11/2008 06:38 PM -----

Patrick MPatrick M Parkinson //BOARD/F

SRS

07/11/2008 12:51 PM

To [email protected], Kieran Fallon/BOARD/FRS@BOARD

cc

Subject Fw: PDCF, Tri-party variant

FRBNY's latest thinking about how the Fed might provide liquidity to Lehman through PDCF (or an expanded PDCF).

Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/11/2008 12:50 PM -----

Lucinda MLucinda M Brickler / YNY/FRS@F

SRS

07/11/2008 12:19 PM

To Patrick M Parkinson/BOARD/FRS@BOARD

cc


See attached below. It's not really a new plan. it's the recycled plan on how to step into the clearing bank's shoes to provide intraday credit to a dealer in the event the clearing bank is unwilling to do so .

You will likely find the third part interesting--which analyzes the current state of Lehman's triparty collateral.

Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 07/11/2008 12:12 PM -----

iTil Schuermann //NY/FFRS

07/11/2008 09:37 AM

To Chris McCurdy/NY/FRS@FRS

cc Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, [email protected], Michael Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS, Terrence

(b) (5)

BOG--FOIA 10-267--000010

Checki/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS, William

Rutledge/NY/FRS@FRSSubject Re: PDCF, Tri-party variant

The attached now includes the firm-specific impact. Should have been there last night -- computer snafu.

I will bring printed copies now.

Best,

Til

---------------------------------------------------------Til SchuermannResearch, Financial IntermediationFederal Reserve Bank of New York(212) 720-5968http://nyfedeconomists.org/schuermann/

Any comments or statements in this message represent the views of the author only and not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.

Chris McCurdy/NY/FRS

ChrisChrisChrisChris McCurdyMcCurdyMcCurdyMcCurdy ////NYNYNYNY////FRSFRSFRSFRS

07/11/2008 08:42 AM

To Timothy Geithner/NY/FRS

cc Terrence Checki/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Lucinda

M Brickler/NY/FRS, Tanshel Pointer/NY/FRS@FRSSubject PDCF, Tri-party variant

Here is draft memo on an idea for making the PDCF more like tri-party investing. We are working on a section outlining what extensive PDCF financing would mean for Lehman.

[attachment "Memo--loss of confidence triparty repo borrower.doc" deleted by Til Schuermann/NY/FRS]

BOG--FOIA 10-267--000011

Tim Geithner July 11, 2008

FEDERAL RESERVE BANK

OF NEW YORK

OFFICE MEMORANDUM

DATE July 11, 2008

BOG--FOIA 10-267--000012


TO Tim Geithner SUBJECT Managing a Loss of Confidence in a

FROM Brickler, Brodows, McCurdy, Schuermann Major Tri-party Repo Borrower

BOG--FOIA 10-267--000013


RESTRICTED FR

(b) (5)

BOG--FOIA 10-267--000014

4


Proposed Action

(b) (5)

BOG--FOIA 10-267--000015

5


Impact on Firm

(b) (5)

(b) (5)

BOG--FOIA 10-267--000016

6


Table 1: Lehman US repo collateral, as of July 9, 2008

Collateral Type Exposure (bn)

OMO 173.3

PDCF 39.5

Other 23.6

Treasuries 62.0

Government Agency 28.4

Agency MBS 82.9

Asset Backs - Investment Grade 5.8

Asset Backs - Non-Investment Grade 1.5

Corporates - Investment Grade 10.4

Corporates - Non-Investment Grade 4.2

Money Markets 9.6

Muni 4.1

Other 0.1

Private Labels - Investment Grade 9.7

Private Labels - High Yield 2.0

Wholeloan Commercial 5.7

Wholeloan Residential 0.4

C1 - Investment Grade Convertibles 0.5

C2 - Non-Investment Grade Convertibles 0.8

Equities 8.5

Total $ 236.46

BOG--FOIA 10-267--000017

7


(b) (5)

(b) (5)

BOG--FOIA 10-267--000018


Table 2: Lehman US repo collateral, as of July 9, 2008, including haircut considerations

Collateral Type Exposure

($bn)

Treasuries 62.0

Government Agency 28.4

Agency MBS 82.9

Asset Backs - Investment Grade 5.8

Asset Backs - Non-I-Grade 1.5

Corporates - Investment Grade 10.4

Corporates - Non-Investment Grade 4.2

Money Markets 9.6

Muni 4.1

Other 0.1

Private Labels - Investment Grade 9.7

Private Labels - High Yield 2.0

Wholeloan Commercial 5.7

Wholeloan Residential 0.4

C1 - Investment Grade Convertibles 0.5

C2 - Non-I-Grade Convertibles 0.8

Equities 8.5

Total $ 236.46

cash equivalent

extra collateral

(b) (5)

BOG--FOIA 10-267--000019


(b) (5)

BOG--FOIA 10-267--000020

kLucinda M Brickler //NY/F SFRS

07/12/2008 06:20 PM

To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected],

cc Subject another option we should present re

triparty?

Perhaps another option we could offer Tim on triparty...

This is an idea Chris hatched back in May. Our writeup from that time is attached. Let me know your thoughts...

Lucinda

]

Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132

(b) (5)

BOG--FOIA 10-267--000021

5/23/08 Restricted F.R.

- 1 -

FRBNY Liquidation Facility

(b) (5)

BOG--FOIA 10-267--000022


- 2 -

(b) (5)

BOG--FOIA 10-267--000023


- 3 -

(b) (5)

BOG--FOIA 10-267--000024


- 4 -

(b) (5)

BOG--FOIA 10-267--000025


- 5 -

(b) (5)

BOG--FOIA 10-267--000026

e c onnellMeg McConnell / YNY/FRS

07/12/2008 09:05 PM

To Lucinda M Brickler/NY/FRS@FRS cc Antoine Martin/NY/FRS@FRS, Arthur

Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine

Subject Re: another option we should present re triparty?

Lucinda M Brickler/NY/FRS

Lucinda M Brickler / YNY/FRS

07/12/2008 06:22 PM

To [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, [email protected], [email protected], Arthur Angulo/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS

cc

Subject another option we should present re triparty?

Duplicate

(b) (5)

BOG--FOIA 10-267--000027

a M AndrewJamie McAndrews //NY/F SFRS

07/12/2008 09:44 PM

To Meg McConnell/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS

cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine


Woops;

Antoine makes the following point:

Jamie --------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

Meg McConnell

----- Original Message ----- From: Meg McConnell

Sent: 07/12/2008 09:07 PM EDT

To: Lucinda Brickler

Cc: Antoine Martin; Arthur Angulo; Brian Begalle; Catherine Kung; Chris

McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Michael Schussler; Morten Bech; Patrick Parkinson; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley

Subject: Re: another option we should present re triparty?Duplicate

(b) (5)

BOG--FOIA 10-267--000028

o Som erJoseph Sommer / YNY/FRS

07/13/2008 08:50 AM

To Jamie McAndrews/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS

cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine


I agree with your analysis, but

Your mileage may vary, -----------------Sent from my BlackBerry Handheld.

Jamie McAndrews

----- Original Message ----- From: Jamie McAndrews

Sent: 07/12/2008 09:46 PM EDT

To: Meg McConnell; Lucinda Brickler


McCurdy; HaeRan Kim; Jan Voigts; Joseph Sommer; Lawrence Sweet; Michael Schussler; Morten Bech; Patrick Parkinson; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley

Subject: Re: another option we should present re triparty?

Woops;

Antoine makes the following point:

Duplicate

(b) (5)

(b) (5)

BOG--FOIA 10-267--000029


07/13/2008 09:21 AM

To Lucinda M Brickler/NY/FRS@FRS cc Antoine Martin/NY/FRS@FRS, Arthur

Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine

bcc [email protected] Subject Re: another option we should present

re triparty?

I think this option is much too complex

Pat

Lucinda M Brickler/NY/FRS@FRS

Lucinda M Brickler / YNY/FRS@FSRS

07/12/2008 06:20 PM


cc


Duplicate

(b) (5)

(b) (5)

BOG--FOIA 10-267--000030


07/13/2008 11:21 AM

To William BRODOWS/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD,

cc Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris


I only wish.

-----------------Sent from my BlackBerry Handheld.

William BRODOWS

----- Original Message ----- From: William BRODOWS

Sent: 07/13/2008 11:19 AM EDT

To: Antoine Martin; Patrick Parkinson; Lucinda Brickler

Cc: Arthur Angulo; Brian Begalle; Catherine Kung; Chris McCurdy; HaeRan

Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William Dudley


----------------------------------------Sent from my BlackBerry Handheld.

Antoine Martin

----- Original Message ----- From: Antoine Martin

Sent: 07/13/2008 10:07 AM EDT

To: Patrick Parkinson; Lucinda Brickler

Cc: Arthur Angulo; Brian Begalle; Catherine Kung; Chris McCurdy; HaeRan

Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley


Antoine--------------------------Sent from my BlackBerry Wireless Handheld

Patrick M Parkinson

----- Original Message ----- From: Patrick M Parkinson

Sent: 07/13/2008 09:21 AM EDT

(b) (5)

(b) (5)

(b) (5)

BOG--FOIA 10-267--000031



McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Joseph Sommer; Lawrence Sweet; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley


I think this option is much too complex.

Duplicate

Duplicate

BOG--FOIA 10-267--000032


07/13/2008 12:39 PM


cc Subject Re: another option we should present

re triparty?

-----------------Sent from my BlackBerry Handheld.

Patrick M Parkinson


Sent: 07/13/2008 12:35 PM EDT

To: Joseph Sommer


McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Lawrence Sweet; Lucinda Brickler; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley


PatJoseph Sommer/NY/FRS@FRS

Joseph Sommer/NNY/FRS@RFRS

07/13/2008 11:21 AM

To William BRODOWS/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Lucinda M Brickler/NY/FRS@FRS

cc Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William Dudley/NY/FRS@FRS


I only wish.

Duplicate

(b) (5)

(b) (5)

BOG--FOIA 10-267--000033

a M AndrewJamie McAndrews //NY/F SFRS

07/13/2008 12:49 PM


cc Subject Re: another option we should present

re triparty?

--------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

Patrick M Parkinson


Sent: 07/13/2008 12:35 PM EDT

To: Joseph Sommer


McCurdy; HaeRan Kim; Jamie McAndrews; Jan Voigts; Lawrence Sweet; Lucinda Brickler; Meg McConnell; Michael Schussler; Morten Bech; Sandy Krieger; Terrence Checki; Thomas Baxter; Til Schuermann; William BRODOWS; William Dudley

Subject: Re: another option we should present re triparty?Duplicate

(b) (5)

BOG--FOIA 10-267--000034


07/14/2008 08:38 AM

To Patrick M


Subject Re: Fw: PDCF, Tri-party variant

I'm on my way in. The latest is that LB backed away from most of the measure they were considering. Tim asked us to prepare more detail yesterday on what steps to take if triparty investors take flight to prevent a collapse in confidence across the mechanism. I will forward. I'm not convinced we broke any new ground, but it took the whole day anyway. I will forward our product.

Lucinda--------------------------Sent from my BlackBerry Wireless Handheld

Patrick M Parkinson


Sent: 07/14/2008 08:30 AM EDT


Subject: Re: Fw: PDCF, Tri-party variant

Where are you on this? What's the latest on LB?

PatLucinda M Brickler/NY/FRS@FRS


07/11/2008 12:19 PM


cc


Duplicate

BOG--FOIA 10-267--000035

o a Norah Barger /BOARD/F SFRS

08/08/2008 02:49 PM

To Christopher S

Laursen/BOARD/FRS@BOARD cc Barbara

Bouchard/BOARD/FRS@BOARD Subject Re: Fw: Tri-party repo

Chris,Good.

Norah

Norah BargerBanking Supervision and RegulationFederal Reserve BoardTel. (202) 452-2402Fax. (202) 452-2864Christopher S Laursen/BOARD/FRS

h i h i Christopher SChristopher S LaursenLaursen //BOARDBOARD//FFFRFRS

08/08/2008 02:39 PM

To Norah Barger/BOARD/FRS@BOARD, Barbara

Bouchard/BOARD/FRS@BOARDcc

Subject Fw: Tri-party repo

Just FYI

Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----


08/08/2008 02:36 PM

To Christopher S Laursen/BOARD/FRS@BOARD

cc

Subject Re: Tri-party repo

Yes, Geithner has stayed the deployment.

PatChristopher S Laursen/BOARD/FRS

h i Christopher S Laursen/BOARD/FFRSS


cc [email protected]

(b) (5)

BOG--FOIA 10-267--000036

08/08/2008 02:34 PM Subject Re: Tri-party repo

OK Thanks. I will give Lucinda a call .

Regards,

Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262Patrick M Parkinson/BOARD/FRS

Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS

08/08/2008 01:55 PM




I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at FRBNY.


h i Christopher S Laursen/BOARD/FFRS

08/08/2008 01:49 PM


cc

Subject Tri-party repo

Hi Pat,

(b)(5)&(b)(8)

(b)(5)&(b)(8)

Attachments are duplicates

(b)(5)&(b)(8)

BOG--FOIA 10-267--000037

Thanks Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262

(b)(5)&(b)(8)

BOG--FOIA 10-267--000038

F MBrian F Madigan /BOARD/FRS

08/13/2008 11:42 AM

To James A

Clouse/BOARD/FRS@BOARD cc

Subject Fw: Treasury contingency planning

Jim,

Could we talk about how we might staff this?

Brian

----- Forwarded by Brian F Madigan/BOARD/FRS on 08/13/2008 11:42 AM -----

ScottScott AlvarezAlvarez //BOARDBOARD// RRFRFRS

08/13/2008 10:38 AM

To Brian F Madigan/BOARD/FRS@BOARD

cc

Subject Treasury contingency planning

Brian,

Treasury wants to set up two contingency planning teams.

Thanks!

Scott

(b) (5)

BOG--FOIA 10-267--000039


08/13/2008 12:30 PM

To Scott Alvarez/BOARD/FRS@BOARD cc James A

Clouse/BOARD/FRS@BOARD Subject Re: Treasury contingency planning

Scott,

This confirms that Bill Nelson will be our point person on these projects . We will involve other MA folks as necessary.

Brian

Scott Alvarez/BOARD/FRS

Scott Alvarez/BOARD/ RFRSS

08/13/2008 10:38 AM


cc


Brian,

Duplicate

BOG--FOIA 10-267--000040

i William BRODOWS /NNY/ RFRS

08/15/2008 06:11 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc [email protected], Theodore

Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRS Subject Re: Fw: Gameplan and Status to Date

Pat--we met with Lehman two days ago and have a draft of notes that have not been agreed upon.

Cheers.

Patrick M Parkinson/BOARD/FRS@BOARD

Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS@ DBOARD

08/15/2008 02:02 PM

To [email protected], Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc

Subject Fw: Gameplan and Status to Date

See below. I worry that without gathering more info we will not come up with a sensible gameplan.

How are you coming with info gathering from Lehman?


StevenSteven ..ShafranShafran@@dodododo..treastreas....govgov

08/11/2008 03:04 PM

To [email protected]

cc

Subject RE: Gameplan and Status to Date

(b) (5)

(b)(5)&(b

)(8)

BOG--FOIA 10-267--000041

steve

-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Friday, August 08, 2008 4:02 PMTo: Shafran, StevenCc: [email protected]; [email protected]; Schaffer, Laurie;[email protected]; Broome, Meredith;[email protected]; [email protected];[email protected]; [email protected]: Re: Gameplan and Status to Date

Pat

Patrick M

Parkinson/BOARD/F

RSTo [email protected]

08/08/2008 09:47cc AM [email protected],

[email protected],

[email protected],

[email protected],

Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRS, William

(b) (5)

(b) (5)

BOG--FOIA 10-267--000042

BRODOWS/NY/FRS@FRS, Patrick M

Parkinson/BOARD/FRS@BOARD,

[email protected]

Subject Gameplan and Status to Date

(Document link: Patrick M

Parkinson)

Here is how I see the gameplan. Comments are welcome.

(b) (5)

BOG--FOIA 10-267--000043

Pat

Patrick M

Parkinson/BOARD/F

RSTo [email protected],

08/08/2008 09:15 [email protected]

AMcc [email protected],

[email protected],

William BRODOWS/NY/FRS@FRS,

[email protected], Theodore


Schuermann/NY/FRS@FRS, Patrick M

Parkinson/BOARD/FRS@BOARD

Subject Conference Call Participants

Are copied on this message.

Pat

BOG--FOIA 10-267--000044


08/19/2008 12:19 PM

To [email protected] cc William BRODOWS/NY/FRS@FRS,


Lubke/NY/FRS@FRS, Til Subject Fw: Gameplan and Status to Date

Steve,

See below

As to timing, Both Bill and I (and many others) are on vacation this week.

Reactions?

Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/19/2008 11:56 AM -----

iWilliam SBRODOWS/ YNY/FRS

@FRS

08/15/2008 06:11 PM


cc [email protected], Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRSSubject Re: Fw: Gameplan and Status to Date

Duplicate

(b) (5)

BOG--FOIA 10-267--000045


08/21/2008 09:06 AM

To Theodore Lubke/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Craig

Leiby/NY/FRS@FRS, HaeRan Subject Re: troubled dealers and otc

derivatives

Theo,

Thanks for helping push this slippery ball down the field . I have attached come comments that seek to clarify some of the issues you raised and place some others on the table

I am going to try to maintain radio silence for what remains of my vacation (until Monday).

Pat

Theodore Lubke/NY/FRS@FRS

hhTheodoreTheodore LubkeLubke//// YYNYNY//F SF SFRSFRS@@ RRFRFRS

08/19/2008 04:37 PM

To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, [email protected], Til Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRScc

Subject troubled dealers and otc derivatives

Attached is the first draft of a document that starts to expand the issues related to Lehman's OTC derivatives book to dealers in general.

I recognize many of you are on vacation (including myself!). For those who are around, please provide

(b) (5)

(b) (5)

BOG--FOIA 10-267--000046

me any comments by noon Friday and I will try turn this around again before the weekend.

Thanks.

Theo

[attachment "OTC Derivatives issues related to failing dealer v1.doc" deleted by Patrick M Parkinson/BOARD/FRS]

Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org

BOG--FOIA 10-267--000047

FIRST DRAFT – HIGHLY CONFIDENTIAL

August 19, 2008

1

(b) (5)

BOG--FOIA 10-267--000048


August 19, 2008

2

(b) (5)

BOG--FOIA 10-267--000049


August 19, 2008

3

(b) (5)

BOG--FOIA 10-267--000050


August 19, 2008

4

(b) (5)

BOG--FOIA 10-267--000051


August 19, 2008

5

(b) (5)

BOG--FOIA 10-267--000052


August 19, 2008

6

(b) (5)

BOG--FOIA 10-267--000053


August 19, 2008

7

(b) (5)

BOG--FOIA 10-267--000054

Arthur AnguloArthur AnguloArthur AnguloArthur Angulo ////NYNYNYNY////FRSFRSFRSFRS

09/04/2008 06:10 PM

To Timothy Geithner/NY/FRS@FRS cc William BRODOWS/NY/FRS@FRS,

Theodore Lubke/NY/FRS@FRS,

Patrick M Subject OTC Derivatives Info Request

As discussed yesterday morning, the attached doc sets out the information we seek to obtain from LEH regarding its OTC derivative positions. We have not yet broached this with the SEC; if you are OK with the list and with informing Fuld that this request will be made, I will speak with the SEC before you contact Fuld.

BOG--FOIA 10-267--000055

September 4, 2008

(b) (8)

BOG--FOIA 10-267--000056

2

(b) (8)

BOG--FOIA 10-267--000057


09/05/2008 01:50 PM

To Theodore Lubke/NY/FRS@FRS cc

Subject Draft Email to Shafran re Contingency

Planning re OTC Derivatives

Theo,

Please review and comment asap on the message below.

Thanks.

Pat

*************************************************

Steve,

We have discussed this matter with President Geithner and are planning to move forward promptly on several fronts.

1. We are going to make the attached request to Lehman Brothers for information regarding their OTC derivatives positions. Tim will call Dick Fuld soon to inform him of the request prior to its delivery .

2.

3.

4.

Please let me know asap if they seems reasonable to you (other than the Sep. 15 deadline for project #4!). Also, I assume that we will want to involve SEC in preparation of the playbook Please let me know if Treasury wants to take the lead in drawing the SEC in or whether you want us to do that.

(b) (5)

(b) (5)

(b) (5)

Attachment is a duplicate

BOG--FOIA 10-267--000058

[email protected]

[email protected]

08/28/2008 04:54 PM


cc

Subject RE: treasury draft

Thanks for the quick response.

I had a brief chat w Paulson yesterday, and the view here (consistent wyours) is that it is

Im here tomorrow. Have a good weekend and lets talk Tuesday when youback. Looking forward to de-brief on the fed staff/ny staff OTCanalysis.

Steve

-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Thursday, August 28, 2008 4:34 PMTo: Shafran, StevenSubject: Re: treasury draft

Steve,

Thanks. No, I will not be in the office tomorrow. I have circulatedthisto a small group of Fed (NY and DC) staff and will discuss with themnextweek.

Pat

(b) (5)

(b) (5)

BOG--FOIA 10-267--000059

Steven.Shafran@do

.treas.gov

To 08/28/2008 04:11 [email protected]

PMcc

Subject treasury draft

Pat: attached is a draft of the working product over here. Lookingforward to comparing notes between this effort and yours. I think theteams were working together and hope we haven't drifted too far apart.Will you be in on Friday?

steve

<<systemicallycriticallegis draft ls.7.29.doc>> (See attached file:systemicallycriticallegis draft ls.7.29.doc)

Document not attached

BOG--FOIA 10-267--000060

Kristin Mayer / YNY/FRS

09/09/2008 08:33 AM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Meg McConnell/NY/FRS@FRS

Subject Materials for 9am Call

Pat,

Attached are some reference materials for the 9am call on contingency planning for nonbanks.

-Kristy Mayer

_________________Kristy MayerChief of Staff's OfficeFederal Reserve Bank of New YorkWork: 212-720-8090Cell: [email protected]

BOG--FOIA 10-267--000061

Entity

LBI

Consolidated

Neuberger Berman Inc.

Consolidated

Lehman Brothers Holdings PLC

Consolidated Other Holding Company Entities LBHI Consolidated

Description US Broker Dealer Asset Manager UK Broker Dealer

($ in millions) Details: Page 2 Details: Page 3 Details: Page 4 Details: Page 5

ASSETS:

Cash and Cash Equivalents 986 575 2,467 3,536 7,564

Cash & Securities Segr. And on Deposit 9,145 92 6,568 764 16,569

Financial Instr. & Other Inventory Positions Owned

Governments & Agencies 64,115 1 5,499 (25,042) 44,573

Total CP and other Money Market Instruments 3,502 267 131 (458) 3,442

Mortgages & Asset Backed Securities 26,948 - 3,242 54,418 84,608

Real Estate held for sale 4,541 - - 18,023 22,564

Total Corporate Debt & Other 33,588 - 3,968 22,193 59,749

Total Corporate Equities 27,291 205 9,819 18,800 56,115

Derivatives and Other Contractual Agreements 39,016 - 17,617 (1,020) 55,613

Total Securities & Other Financial Instruments Owned 199,001 473 40,276 86,914 326,664

Collateralized Short Term Agreements 223,386 - 139,062 6,232 368,680

Receivables 22,565 107 27,049 2,677 52,398

Other Assets 1,981 2,885 1,613 7,683 14,162

Investment in Cons. Subs 262 (1) 1 (260) 2

Due from Subsidiaries 134,278 26 287,105 (420,409) 1,000

Total Assets 591,604 4,157 504,141 (312,863) 787,039

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 967 1 703 32,853 34,524

Fin Instruments & Other Inventory Positions Sold but not purchased

Governments & Agencies 85,182 - 52,878 (29,300) 108,760

Total CP and other Money Market Instruments 10 - - 12 22

Mortgages & Asset Banked Securities 134 - 671 (252) 553

Total Corporate Debt & Other 4,383 - 5,879 (1,523) 8,739

Total Corporate Equities 7,667 - 27,422 5,945 41,034


Total Sec. & Other Fin. Instuments Sold but not Purchased 128,321 - 100,450 (31,856) 196,915

Collateralized Short-Term Financing 138,961 - 116,666 20,885 276,512

Payables 41,601 1,027 49,856 3,662 96,146

Deposits at Banks - - - 28,830 28,830

Due to Subsidiaries 269,802 234 217,849 (487,886) (1)

Long-Term Debt: -

Senior Notes 261 - 816 111,051 112,128

Subordinated Notes 5,835 - 8,707 (3,346) 11,196

Junior Subordinated Notes - - 1,982 2,980 4,962

Total Long-Term Debt 6,096 - 11,505 110,685 128,286

Total Liabilities 585,748 1,262 497,029 (322,827) 761,212

STOCKHOLDERS EQUITY:

Preferred Stock - - 3,003 (10) 2,993

Common Stock 1 - 1,180 (1,158) 23

Additional Paid in Capital 1,791 2,754 248 1,874 6,667

Retained Earnings 3,042 143 2,674 13,969 19,828

Other Stockholders Equity, Net 22 - 6 (5,790) (5,762)

Total Stockholders Equity 4,856 2,897 7,111 8,885 23,749

Total Liabilities & Stockholder Equity 590,604 4,159 504,140 (313,942) 784,961

Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008

Page 1BOG--FOIA 10-267--000062

US Broker Dealer

Lehman

Brothers, Inc

Lehman

Commercial Paper

Inc. Consolidated

LB Special

Financing Inc.

Consolidated

LBI Group Inc.

Consolidated

Lehman Brothers

Financial Product

Inc.

Lehman Bros.

Derivative

Products, Inc.

Other Subs of

Lehman Brothers

Inc. Eliminations LBI Consolidated

($ in millions)

US Broker

Dealer

Funding Whole

Loans

Derivatives

Counterparty

ASSETS:

Cash and Cash Equivalents 613 74 40 72 3 49 135 - 986

Cash & Securities Segregated. And on Deposit 9,135 - - 10 - - - - 9,145

Financial Instruments. & Other Inventory Positions Owned

Governments & Agencies 40,945 19 25,097 381 - - 2,241 (4,568) 64,115

Total CP and other Money Market Instruments 3,014 - 92 31 307 58 - - 3,502

Mortgages & Asset Backed Securities 16,349 6,932 2,174 1,493 - - - - 26,948

Real Estate held for sale - 4,520 - - - - 21 - 4,541

Total Corporate Debt & Other 9,352 18,433 4,196 1,621 - - - (14) 33,588

Total Corporate Equities 15,218 1,413 7,301 5,696 - - 1,386 (3,723) 27,291

Derivatives and Other Contractual Agreements 5,015 166 34,029 62 272 466 15 (1,009) 39,016

Total Securities & Other Financial Instruments Owned 89,893 31,483 72,889 9,284 579 524 3,663 (9,314) 199,001

Collateralized Short Term Agreements 223,083 307 10 197 - - - (211) 223,386

Receivables 23,043 43 2,973 573 - 1 (164) (3,904) 22,565

Other Assets 340 121 479 861 6 1 180 (7) 1,981

Investment in Cons. Subs 1,785 225 - 20 - - 745 (2,513) 262

Due from Subsidiaries 89,951 32,361 55,060 1,041 - 35 631 (44,801) 134,278

Total Assets 437,843 64,614 131,451 12,058 588 610 5,190 (60,750) 591,604

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 467 310 186 - - - 4 - 967


Governments & Agencies 45,496 - 44,254 - - - - (4,568) 85,182

Total CP and other Money Market Instruments - 8 - - - - 2 - 10

Mortgages & Asset Banked Securities 134 - - - - - - - 134

Total Corporate Debt & Other 3,534 6 857 - - - - (14) 4,383

Total Corporate Equities 7,890 - 3,480 20 - - - (3,723) 7,667

Derivatives and Other Contractual Agreements 4,562 853 25,309 (1) 272 460 136 (646) 30,945

Total Sec. & Other Fin. Instruments Sold but not Purchased 61,616 867 73,900 19 272 460 138 (8,951) 128,321

Collateralized Short-Term Financing 118,014 16,094 2,580 3 - - 2,270 - 138,961

Payables 38,765 (613) 7,423 529 15 4 13 (4,535) 41,601

Deposits at Banks - - - - - - - - -

Due to Subsidiaries 207,290 47,963 46,389 11,374 6 65 1,503 (44,788) 269,802

Long-Term Debt: -

Senior Notes 1 - 21 239 - - - - 261

Subordinated Notes 5,835 - - - - 10 - (10) 5,835

Junior Subordinated Notes - - - - - - - - -

Total Long-Term Debt 5,836 - 21 239 - 10 - (10) 6,096

Total Liabilities 431,988 64,621 130,499 12,164 293 539 3,928 (58,284) 585,748


Preferred Stock - - - - - - - - -

Common Stock - - - 35 - - 5 (39) 1

Additional Paid in Capital 1,791 506 250 4 250 25 53 (1,088) 1,791

Retained Earnings 3,042 (539) 704 (149) 45 46 1,215 (1,322) 3,042

Other Stockholders Equity, Net 22 26 - 2 - - (9) (19) 22

Total Stockholders Equity 4,855 (7) 954 (108) 295 71 1,264 (2,468) 4,856

Total Liabilities & Stockholder Equity 436,843 64,614 131,453 12,056 588 610 5,192 (60,752) 590,604


Page 2BOG--FOIA 10-267--000063

Asset Manager

Neuberger

Berman Inc.

Neuberger

Berman LLC

Consolidated

Other Subs of

Neuberger

Berman Inc. Eliminations

Neuberger

Berman Inc.

Consolidated

($ in millions)

ASSETS:

Cash and Cash Equivalents - 575 - - 575

Cash & Securities Segregated. And on Deposit - 92 - - 92


Governments & Agencies - 1 - - 1

Total CP and other Money Market Instruments - 20 247 - 267

Mortgages & Asset Backed Securities - - - - -

Real Estate held for sale - - - - -

Total Corporate Debt & Other - - - - -

Total Corporate Equities 6 92 107 - 205

Derivatives and Other Contractual Agreements - - - - -

Total Securities & Other Financial Instruments Owned 6 113 354 - 473

Collateralized Short Term Agreements - - - - -

Receivables - 74 33 - 107

Other Assets 2,630 206 49 - 2,885

Investment in Cons. Subs 661 - 9 (671) (1)

Due from Subsidiaries 11 10 24 (19) 26

Total Assets 3,308 1,070 469 (690) 4,157

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings - 1 - - 1


Governments & Agencies - - - - -

Total CP and other Money Market Instruments - - - - -

Mortgages & Asset Banked Securities - - - - -


Total Corporate Equities - - - - -


Total Sec. & Other Fin. Instruments Sold but not Purchased - - - - -

Collateralized Short-Term Financing - - - - -

Payables 285 507 235 - 1,027

Deposits at Banks - - - - -

Due to Subsidiaries 126 45 82 (19) 234

Long-Term Debt:

Senior Notes - - - - -

Subordinated Notes - - - - -

Junior Subordinated Notes - - - - -

Total Long-Term Debt - - - - -

Total Liabilities 411 553 317 (19) 1,262


Preferred Stock - - - - -

Common Stock - - - - -

Additional Paid in Capital 2,755 377 37 (415) 2,754

Retained Earnings 143 142 114 (256) 143

Other Stockholders Equity, Net - - - - -

Total Stockholders Equity 2,898 519 151 (671) 2,897

Total Liabilities & Stockholder Equity 3,309 1,072 468 (690) 4,159


Page 3BOG--FOIA 10-267--000064

UK Broker/Dealer

Lehman

Brothers

Holdings

PLC

LB International

(Europe)

Consolidated

Lehman

Brothers Europe

Ltd.

Other Subs of

Lehman

Brothers

Holdings PLC Eliminations

Lehman

Brothers

Holdings PLC

Consolidated

($ in millions)

Parent

Company

Only

Main

Broker/Dealer

ASSETS:

Cash and Cash Equivalents - 2,320 75 72 - 2,467

Cash & Securities Segregated. And on Deposit - 6,568 - - - 6,568


Governments & Agencies - 5,499 - - - 5,499

Total CP and other Money Market Instruments - 131 - - - 131

Mortgages & Asset Backed Securities 3 3,239 1 3,397 (3,398) 3,242

Real Estate held for sale - - - - - -

Total Corporate Debt & Other - 3,967 - 1 - 3,968

Total Corporate Equities 14 9,805 - - - 9,819

Derivatives and Other Contractual Agreements 74 17,541 2 - - 17,617

Total Securities & Other Financial Instruments Owned 91 40,182 3 3,398 (3,398) 40,276

Collateralized Short Term Agreements - 138,462 600 - - 139,062

Receivables - 26,913 87 53 (4) 27,049

Other Assets 25 66 14 1,508 - 1,613

Investment in Cons. Subs 7,607 - - 14,841 (22,447) 1

Due from Subsidiaries 5,464 286,532 12 16,547 (21,450) 287,105

Total Assets 13,187 501,043 791 36,419 (47,299) 504,141

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings - 703 - - - 703



Total CP and other Money Market Instruments - - - - - -

Mortgages & Asset Banked Securities - 671 - - - 671

Total Corporate Debt & Other - 5,879 - - - 5,879

Total Corporate Equities - 27,422 - - - 27,422

Derivatives and Other Contractual Agreements - 13,600 - - - 13,600

Total Sec. & Other Fin. Instuments Sold but not Purchased - 100,450 - - - 100,450

Collateralized Short-Term Financing - 116,666 - 3,398 (3,398) 116,666

Payables 26 47,278 (10) 2,566 (4) 49,856

Deposits at Banks - - - - - -

Due to Subsidiaries 1,499 217,874 215 4,046 (5,785) 217,849

Long-Term Debt:

Senior Notes - 86 - 730 - 816

Subordinated Notes 2,567 10,875 50 10,881 (15,666) 8,707

Junior Subordinated Notes 1,982 - - - - 1,982

Total Long-Term Debt 4,549 10,961 50 11,611 (15,666) 11,505

Total Liabilities 6,074 493,932 255 21,620 (24,853) 497,029


Preferred Stock 3,003 - - 192 (192) 3,003

Common Stock 1,180 6,273 80 11,695 (18,048) 1,180

Additional Paid in Capital 248 - - 1,202 (1,202) 248

Retained Earnings 2,674 831 456 1,567 (2,854) 2,674

Other Stockholders Equity, Net 6 7 - 144 (151) 6

Total Stockholders Equity 7,111 7,111 536 14,800 (22,447) 7,111

Total Liabilities & Stockholder Equity 13,185 501,043 791 36,420 (47,300) 504,140


Page 4BOG--FOIA 10-267--000065

Other Parent Company Entities

Lehman

Brothers

Holding Inc.

LB Commercial

Corporation

ALI Inc.

Consolidated

Lehman

Brothers Bank

Consolidated

LB

Commercial

Bank

LB OTC

Derivatives Inc.

Lehman Brothers

Treasury Co. B.V.

Lehman Brothers

(Luxembourg) SA

Lehman Brothers

Bankhaus AG LB Finance SA

Lehman

Brothers

Japan Inc.

PCO

Other

Subsidiaries Eliminations

Other Parent

Company

Entities

($ in millions)

Parent

Company

Only

F/X Trades,

Derivatives, FX

Swaps

Licensed in CA;

Legacy Mortgage

Originator

Delaware OTS

Bank

Utah ILC;

FDIC

regulated

Broker/Dealer;

Share buy-back

trades

Issuer of Euro

Debt; Structured

Notes

Stock Borrow

Entity German Bank

Global Book

for Equity

Derivatives

Japan B/D; all

JGB activity;

not self

clearing

MBS, RE held

for sale, corp

debt, corp equity

- liquid and

private

ASSETS:

Cash and Cash Equivalents 879 10 70 1,667 130 7 31 - 202 2 106 432 - 3,536

Cash & Securities Segregated. And on Deposit - - - 4 - - - - 74 - 331 355 - 764


Governments & Agencies 186 - 3 1,456 8 - - - 2 - 6,889 2,090 (35,676) (25,042)

Total CP and other Money Market Instruments 770 - - - - - - - 1 159 13 52 (1,453) (458)

Mortgages & Asset Backed Securities 17,271 - 3,326 7,958 945 - - - 3,453 - - 26,820 (5,355) 54,418

Real Estate held for sale 5,233 - 7,902 - - - - - 225 - - 4,663 - 18,023

Total Corporate Debt & Other 1,005 229 747 477 3,744 958 - 5,777 2,845 1,417 8,405 (3,411) 22,193

Total Corporate Equities 558 - 2,524 - 1 705 - - 15,066 8 7,855 (7,917) 18,800

Derivatives and Other Contractual Agreements 6,923 1,862 136 256 217 542 - 202 8,648 424 112 (20,342) (1,020)

Total Securities & Other Financial Instruments Owned 31,946 2,091 14,638 10,147 4,915 2,205 - - 9,660 26,718 8,751 49,997 (74,154) 86,914

Collateralized Short Term Agreements 90 - 1 40 - - - 913 2,090 - 3,070 28 - 6,232

Receivables 717 16 107 737 9 1,081 35 4 6 - 589 1,839 (2,463) 2,677

Other Assets 6,130 - 141 445 7 - - - - 1 469 1,394 (904) 7,683

Investment in Cons. Subs 25,381 - - - - - - - - - (4) 42,588 (68,225) (260)

Due from Subsidiaries 162,189 1,478 9,445 1,114 1,459 2,005 35,754 72,743 14,185 18,398 24,409 125,302 (888,890) (420,409)

Total Assets 227,332 3,595 24,402 14,154 6,520 5,298 35,820 73,660 26,217 45,119 37,721 221,935 (1,034,636) (312,863)

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 23,236 - - 286 1,516 1,227 4,669 - 243 7 - 3,134 (1,465) 32,853


Governments & Agencies - - - - - - - - - 31 6,042 303 (35,676) (29,300)

Total CP and other Money Market Instruments - 21 1 12 - 5 - - - - - (27) - 12

Mortgages & Asset Banked Securities - 1 - 41 - - - - - - - (1) (293) (252)

Total Corporate Debt & Other - - - - - - - - - 76 28 186 (1,813) (1,523)

Total Corporate Equities - 1 - - - 1,445 - - - 10,011 - 2,405 (7,917) 5,945

Derivatives and Other Contractual Agreements 858 1,675 260 10 263 1,208 2,161 - 112 6,585 513 (691) (19,692) (6,738)

Total Sec. & Other Fin. Instruments Sold but not Purchased 858 1,698 261 63 263 2,658 2,161 - 112 16,703 6,583 2,175 (65,391) (31,856)

Collateralized Short-Term Financing 7,674 - 4,057 35 - - - 73 267 - 4,427 9,387 (5,035) 20,885

Payables 2,502 111 161 550 116 356 - - 416 614 841 4,309 (6,314) 3,662

Deposits at Banks - - - 10,746 3,675 - - - 14,448 - - - (39) 28,830

Due to Subsidiaries 76,892 1,612 19,802 264 - 619 16 73,576 4,462 27,340 24,239 119,042 (835,750) (487,886)

Long-Term Debt:

Senior Notes 77,173 - - 36 - - 27,385 4,046 - - 6,859 (4,448) 111,051

Subordinated Notes 11,188 - - 300 - 250 - 1,156 - 753 31,222 (48,215) (3,346)

Junior Subordinated Notes 2,980 - - - - - - - - - - 2,980

Total Long-Term Debt 91,341 - - 336 - 250 27,385 - 5,202 - 753 38,081 (52,663) 110,685

Total Liabilities 202,503 3,421 24,281 12,280 5,570 5,110 34,231 73,649 25,150 44,664 36,843 176,128 (966,657) (322,827)


Preferred Stock 2,993 - - - - - - - - 2,664 (5,667) (10)

Common Stock 61 - - - - - 3 4 375 11,949 (13,550) (1,158)

Additional Paid in Capital 7,389 11 57 599 817 100 - 5 479 18,811 (26,394) 1,874

Retained Earnings 19,880 164 36 1,276 133 87 1,585 444 (62) 11,317 (20,891) 13,969

Other Stockholders Equity, Net (5,492) - 28 - - - - 2 86 1,064 (1,478) (5,790)

Total Stockholders Equity 24,831 175 121 1,875 950 187 1,588 - - 455 878 45,805 (67,980) 8,885

Total Liabilities & Stockholder Equity 227,334 3,596 24,402 14,155 6,520 5,297 35,819 73,649 25,150 45,119 37,721 221,933 (1,034,637) (313,942)


Page 5

BOG--FOIA 10-267--000066

Lehman Global Repo Maturity Schedule

As of September 5, 2008

$ in billions

Region Collateral Type Counterparty Group

OVERNIGH

T

due on 9/8/08

TOTAL

OUTSTANDING

1 Asia Asia Total - -

2 Europe Government 6.6 9.3

3 Non-Government Fixed Income* 7.9 32.6

4 Equity 1.3 14.0

5 Europe Total 15.8 55.9

* Includes 17.7B ECB eligible, of which 11B is already pledged

U.S. PDCF ELIGIBLE

OMO Eligible

6 U.S. Treasuries** 34.1 35.1

7 Government Agency 27.8 28.3

8 Agency MBS** 47.7 64.8

9 Subtotal OMO Eligible 109.6 128.2

** Includes 1B of US Treasuries and 16.8B Agency MBS pledged to TSLF

NON-OMO Eligible

10 Asset Backs - Investment Grade*** 1.0 2.9

11 Convertibles - Investment Grade 0.4 0.4

12 Corporates - Investment Grade 7.7 8.9

13 Money Markets 7.7 8.4

14 Muni 2.7 3.2

15 Private Labels - Investment Grade*** 2.9 7.2

16 Subtotal Non-OMO Eligible 22.4 31.0

*** Includes 0.6B of ABS IG and 2.9B Private Label IG pledged to TSLF

17 Subtotal PDCF Eligible (lines 9+16) 132.0 159.2

NON-PDCF ELIGIBLE

18 Major Index Equities

19 Non-Major Equities: Index and <$5**** 5.1 8.8

20 Fixed Income Non-Investment Grade 7.1 14.7

21 Subtotal Non-PDCF Eligible 12.2 23.5

22 U.S. Total (lines 17+21) 144.2 182.7

23 Global GLOBAL TOTAL (lines 1+5+22) 160.0 238.6

**** Total Equities is shown: no breakdown provided for Major Index Equities and Non-Major Equities

CONFIDENTIAL TREATMENT REQUESTED

BOG--FOIA 10-267--000067


09/09/2008 11:28 AM

To Kevin

Warsh/BOARD/FRS@BOARD cc [email protected],

[email protected] Subject Lehman Brothers

I have spent the morning on two conference calls, the First with Tim and Fed staff and the second with Tim, Cox, Ken Wilson, and others.

LB is scheduled to announce its earnings on Sep. 18. They will announce a $3.9 bil loss. They need to raise capital and have had discussions with numerous parties but none have come to fruition. While they have $40 bil in unencumbered assets and their funding has been stable, there is concern that could melt away quickly once it becomes apparent that it has been unable to raise capital.

We had been discussing public policy options (none of them good) in the event that they can't raise capital. While we were talking LB's stock price was plummeting, perhaps because of news that the Koreans will not be coming to the rescue.

Tim and Cox had been scheduled to call Fuld at 4 pm. They have moved that up to 11:30 am.

Pat

(b) (6)

(b) (5)

BOG--FOIA 10-267--000068

Patrick .M.Park [email protected]

09/09/2008 11:33 AM

To [email protected], [email protected],

[email protected] cc

Subject Fw: LB triparty repo followup

FYI.----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 11:33 AM-----

Lucinda MBrickler/NY/FRS@FRS To

Arthur Angulo/NY/FRS@FRS, Brian09/09/2008 11:21 Peters/NY/FRS@FRS, ChrisAM McCurdy/NY/FRS@FRS, Clinton

Lively/NY/FRS@FRS, CraigLeiby/NY/FRS@FRS, DebbyPerelmuter/NY/FRS@FRS, DianneDobbeck/NY/FRS@FRS, HaeRanKim/NY/FRS@NY, James PBergin/NY/FRS@FRS, JamieMcAndrews/NY/FRS@FRS, JanVoigts/NY/FRS@FRS, JonathanPolk/NY/FRS@FRS, Lucinda MBrickler/NY/FRS@FRS, MegMcConnell/NY/FRS@FRS, MichaelHolscher/NY/FRS@FRS, MichaelSchetzel/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD, SandyKrieger/NY/FRS@FRS, SarahDahlgren/NY/FRS@FRS, StevenFriedman/NY/FRS@FRS, TerrenceChecki/NY/FRS@NY, TheodoreLubke/NY/FRS@FRS, ThomasBaxter/NY/FRS@FRS, TilSchuermann/NY/FRS@FRS, WendyNg/NY/FRS@FRS, WilliamBRODOWS/NY/FRS@FRS, TimothyGeithner/NY/FRS@FRS

ccRania Jamal, BrianBegalle/NY/FRS@FRS

SubjectLB triparty repo followup

Some follow up to questions on triparty activity from this morning'smeeting.

Total non-PDCF eligible collateral financed by primary dealers is about

BOG--FOIA 10-267--000069

$200 billion. Lehman's portion of this is just over $20 billion. BrianBegalle's staff prepared the summary of non-PDCF eligible collateralwith charts attached below.

Eleven firms provide 80% of Lehman's triparty repo financing. Thecomplete list is attached in the spreadsheet below.

(See attached file: Lehman Triparty Summary.doc)(See attached file: LBInvestors.xls)(See attached file: Non-PDCF summary 08-15-2008.doc)

Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York

212.720.6132 or 646.720.6132 - Lehman Triparty Summary.doc - LB Investors.xls -

Non-PDCF summary 08-15-2008.doc

(b) (4)

(b) (4)

BOG--FOIA 10-267--000070

LEHMAN BROTHERS TRIPARTY REPO INVESTORS (09/03/08)

Investor Name Amount % of Total Cum %

$26,153,326,750 17.47% 17.47%

$12,380,040,570 8.27% 25.74%

$12,193,407,000 8.14% 33.88%

$11,226,133,245 7.50% 41.38%

$10,600,348,750 7.08% 48.46%

$6,912,000,000 4.62% 53.08%

$6,647,200,000 4.44% 57.52%

$5,391,011,750 3.60% 61.12%

$4,665,800,000 3.12% 64.23%

$4,097,305,200 2.74% 66.97%

$3,999,064,615 2.67% 69.64%

$3,765,000,000 2.51% 72.16%

$3,575,100,000 2.39% 74.55%

$3,512,287,912 2.35% 76.89%

$3,500,000,000 2.34% 79.23%

$2,953,809,000 1.97% 81.20%

$2,809,138,139 1.88% 83.08%

$2,063,035,000 1.38% 84.46%

$1,776,000,000 1.19% 85.64%

$1,652,961,190 1.10% 86.75%

$1,518,712,525 1.01% 87.76%

$1,308,104,034 0.87% 88.63%

$1,296,000,000 0.87% 89.50%

$1,269,383,000 0.85% 90.35%

$1,239,200,000 0.83% 91.18%

$1,000,000,000 0.67% 91.84%

$900,000,000 0.60% 92.45%

$850,000,000 0.57% 93.01%

$809,125,000 0.54% 93.55%

$750,000,000 0.50% 94.05%

$750,000,000 0.50% 94.56%

$718,000,000 0.48% 95.03%

$650,795,000 0.43% 95.47%

$630,992,421 0.42% 95.89%

$565,700,000 0.38% 96.27%

$550,000,000 0.37% 96.64%

$500,000,000 0.33% 96.97%

$390,000,000 0.26% 97.23%

$371,895,966 0.25% 97.48%

$369,288,750 0.25% 97.73%

$355,460,000 0.24% 97.96%

$261,950,000 0.17% 98.14%

$250,000,000 0.17% 98.31%

$246,467,500 0.16% 98.47%

$244,525,832 0.16% 98.63%

$205,933,000 0.14% 98.77%

$180,507,355 0.12% 98.89%

$175,000,000 0.12% 99.01%

$150,000,000 0.10% 99.11%

$150,000,000 0.10% 99.21%

$148,725,286 0.10% 99.31%

(b) (4)

BOG--FOIA 10-267--000071

$125,082,710 0.08% 99.39%

$125,000,000 0.08% 99.47%

$114,627,500 0.08% 99.55%

$111,009,765 0.07% 99.63%

$100,859,227 0.07% 99.69%

$100,000,000 0.07% 99.76%

$84,000,000 0.06% 99.82%

$66,489,000 0.04% 99.86%

$52,000,000 0.03% 99.90%

$40,000,000 0.03% 99.92%

$39,000,000 0.03% 99.95%

$29,020,000 0.02% 99.97%

$25,000,000 0.02% 99.98%

$16,332,145 0.01% 99.99%

$4,169,999 0.00% 100.00%

$3,206,280 0.00% 100.00%

$435,398 0.00% 100.00%

TOTAL $149,714,966,814 100.00%

(b) (4)

BOG--FOIA 10-267--000072

Lehman Triparty Summary for week of 9/2-9/5

Lehman’s total triparty book ranged from $149 – 151 billion during the week of 9/2. The majority of collateral was Treasury and Agency Debt (approximately $100 billion each day). Approximately $20 billion of collateral financed each day is NOT PDCF-eligible. This collateral is noninvestment grade and had the following breakdown on 9/5: $9.0 billion in Equities $4.4 billion in Corporate Bonds $3.8 billion in CP $1.6 billion in ABS $1.5 billion in Municipal Bonds $300,000 in Private Label CMO The following table shows the breakdown of the entire book on 9/5:

Asset Class Market Value Investment Grade

Agency MBS $ 37,635,274,288.68 Investment Grade

US Treasuries and Strips $ 37,150,876,381.27 Investment Grade

Agency Debenture $ 24,115,937,583.22 Investment Grade

Corporate Bonds $ 9,605,027,603.20 Investment Grade

Equity $ 8,972,375,258.96 Non-Investment Grade

Private Label CMO $ 5,813,030,575.22 Investment Grade

Commercial Paper $ 4,984,088,772.37 Investment Grade

Corporate Bonds $ 4,383,194,254.41 Non-Investment Grade

Commercial Paper $ 3,797,977,443.34 Non-Investment Grade

Asset Backed Securities $ 3,313,509,111.42 Investment Grade

Agency Remic $ 2,245,488,150.01 Investment Grade

Ginnie Mae MBS Pools $ 2,092,985,107.76 Investment Grade

Municipal Bonds $ 1,787,313,109.47 Investment Grade

Asset Backed Securities $ 1,608,021,237.69 Non-Investment Grade

Municipal Bonds $ 1,451,264,391.98 Non-Investment Grade

Ginnie Mae REMICs $ 589,785,121.61 Investment Grade

DTC-Other $ 548,992,978.64 Investment Grade

BOG--FOIA 10-267--000073

Private Label CMO $ 322,386,919.57 Non-Investment Grade

DTC-Other $ 167,029,227.35 Non-Investment Grade

Equity $ 146,394,627.18 Investment Grade

Other $ 14,235,460.81 N/A

The following charts show the breakdown of the book for the week of 9/2.

BOG--FOIA 10-267--000074

Lehman Agency and Treasury Triparty Repo

0.00

5,000,000,000.00

10,000,000,000.00

15,000,000,000.00

20,000,000,000.00

25,000,000,000.00

30,000,000,000.00

35,000,000,000.00

40,000,000,000.00

45,000,000,000.00

Agency Debenture

Agency MBS

Treasuries

BOG--FOIA 10-267--000075

0.00

2,000,000,000.00

4,000,000,000.00

6,000,000,000.00

8,000,000,000.00

10,000,000,000.00

12,000,000,000.00

Agency Remic

ABS - Investment Grade

ABS - Noninvestment Grade

CP - Investment Grade

CP - Noninvestment Grade

Corporate Bonds - Investment Grade

Corporate Bonds - Noninvestment Grade

Equity - Investment Grade"

Equity - Noninvestment Grade

Muni Bonds - Investment Grade

Muni Bonds - Noninvestment Grade

Private Label CMO - Investment Grade

Private Label CMO - Noninvestment Grade

BOG--FOIA 10-267--000076

Page 1 of 6

The following analysis is based on tri-party data from the clearing banks for August 6th, 2008. On that day the total tri-party business was $2.43 trillion, In determining what assets would not be eligible for the PDCF, we looked at non-investment grade DTC collateral (including corporate bonds, commercial paper, asset-backed securities, and private label CMOs) as well as all equities and whole loans. Overall, there is approximately $200 billion in collateral currently financed by the primary dealers in tri-party that is not PDCF eligible.1 This $200 billion is comprised of $95 billion in equities, $79 billion in non-investment grade, non-equity DTC collateral and $26 billion in whole loans ($19.7 billion of which are financed by Bank of America). The non-equity DTC collateral is primarily made up of corporate bonds ($45.7 billion or 58% of the total), followed by $16.5 billion of commercial paper (21%), $7.4 billion of ABS (9%) and $3.7 billion of private label CMOs (5%). There are eight primary dealers with more than $10 billion in non-PDCF eligible assets financed via tri-party:

Lehman - $20.4 billion

The exhibits which follow lay out more detailed information across security types and dealers for the non-PDCF eligible assets currently financed via tri-party by the primary dealers.2

Exhibit I provides a summary breakdown of the non-PDCF eligible assets by security type. Exhibit II provides a detailed breakdown of the non-PDCF eligible assets by security type and dealer.

1

2

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

BOG--FOIA 10-267--000077

Page 2 of 6

Exhibits III provides a total as well as a breakdown of non-PDCF eligible assets by security type for the primary dealers, as well as (b) (4)

BOG--FOIA 10-267--000078

Page 3 of 6

Exhibit I – Non-PDCF-eligible Collateral by Security Type Summary (primary dealers only)

Security Type Non-PDCF Eligible

Equity $95,097,435,622Corporate Bonds $45,660,971,003

Whole Loan $26,320,259,672Commercial Paper $16,516,126,287Asset Backed Securities $7,403,284,335Private Label CMO $3,712,303,457

Other $2,762,104,054Municipal Bonds $2,624,611,653Money Market Instruments $224,608,485

Total $200,321,704,569

Whole Loan,

13.1%

Corporate Bonds,

22.8%

Equity, 47 5%

Other, 1.4%

ABS, 4%

Private Label

CMO, 1.9%

Commercial

Paper, 8.2%

Municipal Bonds,

1.3% Money Market

Instruments,

0.1%

Exhibit II – Non-PDCF-eligible Collateral by Security Type Detail (primary dealers only)

Equity

$95.097 billion

Lehman

Brothers, 9.5%

Corporate Bonds

$45.661 billion

Lehman

Brothers, 9.6%

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)(b) (4)

BOG--FOIA 10-267--000079

Page 4 of 6

Whole Loan

$26.320 billion

Commercial Paper

$16.516 billion

Lehman

Brothers,

22.9%

Asset Backed Securities

$7.403 billion

Lehman

Brothers,

16.1%

Private Label CMO

$3.712 billion

Lehman

Brothers,

13 0%

(b) (4) (b) (4)

(b) (4)

(b) (4) (b) (4)

(b) (4) (b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

BOG--FOIA 10-267--000080

Page 5 of 6

Municipal Bonds

$2.625 billion

Lehman

Brothers,

52.0%

Other

$2.762 billion

Lehman

Brothers, 5.4%

Security Type “Other” includes: � Medium Term Note � Convertible Preferred � Preferred Stock � Government Trust Bonds � Certificate of Deposit

(b) (4)

(b) (4)

(b) (4) (b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

(b) (4)

BOG--FOIA 10-267--000081

Page 6 of 6

Exhibit III – Non-PDCF-eligible Collateral by Dealer

Dealer Non-PDCF Eligible Equity Corporate Bonds Whole LoanCommercial

PaperABS

Private Label

CMOOther

Municipal

Bonds

Lehman Brothers $20,412,140,917 $9,078,341,009 $4,373,913,213 $3,775,967,810 $1,188,809,682 $480,872,000 $148,455,334 $1,365,781,868

Total $228,872,791,648 $116,679,854,599 $52,426,821,530 $26,320,259,672 $16,516,126,287 $7,447,516,006 $3,779,986,102 $2,844,595,217 $2,633,023,751 *Note .

(b) (4)

(b) (4)

(b) (4)

BOG--FOIA 10-267--000082


09/09/2008 01:36 PM

To [email protected], Kevin Warsh/BOARD/FRS@BOARD,

Margaret cc

Subject Fw: Materials for 9am Call

As background for 3 pm call, first of two emails re LB.


Kristin aMayer/NNY/FRS@FFRS

09/09/2008 08:33 AM


cc Meg McConnell/NY/FRS@FRS


Duplicate

BOG--FOIA 10-267--000083

a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS

07/14/2008 10:08 AM

To Patrick M


Subject Fw: LB Repos

Pat:

Can you include me on any Lehman info you get? I spent chunks of this past weekend dealing with Lehman and am currently reviewing proposals by Lehman to transform themselves into something more like a commercial banking org by dumping massive assets into their bank /ILC (and possibly becoming an FHC). Call if you want to discuss the current status of Lehman's regulatory discussions with Fed.

Mark----- Forwarded by Mark VanDerWeide/BOARD/FRS on 07/14/2008 10:04 AM -----

Kieran aFallon //BOARD/FRS

07/14/2008 09:45 AM

To Mark VanDerWeide/BOARD/FRS@BOARD

cc

Subject Fw: LB Repos

----- Forwarded by Kieran Fallon/BOARD/FRS on 07/14/2008 09:44 AM -----

Patrick MPatrick M Parkinson //BOARD/FSRS

07/14/2008 09:31 AM

To [email protected], Kieran Fallon/BOARD/FRS@BOARD

cc

Subject LB Repos

Note what a large share are overnight.

Pat

BOG--FOIA 10-267--000084


OPEN AND

OVERNIGHT

due on 7/14/2008

(approx)

TOTAL

OUTSTANDING

Asia Asia Total - 1.5

Europe Government 9.4 11.4

Non-Government 9.6 48.9

Europe Total 19.0 60.3

U.S. PDCF ELIGIBLE

OMO Eligible

U.S. Treasuries 43.3 52.3

Government Agency 28.5 30.2

Agency MBS 69.4 80.4

Subtotal OMO Eligible 141.2 162.9

NON-OMO Eligible

Asset Backs - Investment Grade 2.3 5.8

Investment Grade Convertibles 0.2 0.5

Corporates - Investment Grade 9.5 10.4

Money Markets 9.9 10.4

Muni 4.1 4.1

Private Labels - Investment Grade 3.9 9.7

Subtotal Non-OMO Eligible 29.9 40.8

Subtotal PDCF Eligible (lines 7+14) 171.1 203.7

NON-PDCF ELIGIBLE

Major Index Equities 2.1 2.7

Non-Major Equities: Index and <$5 2.5 5.9

Non-Investment Grade 5.3 7.1

Subtotal Non-PDCF Eligible 9.9 15.7

U.S. Total 181.0 219.4

Global GLOBAL TOTAL 200.0 281.2

Global Repo Maturity Schedule

(schedule as of July 11, 2008)

$ billions


BOG--FOIA 10-267--000085

h i M CChris McCurdy / YNY/FRS

07/14/2008 12:10 PM


cc Lucinda M Brickler/NY/FRS@FRS Subject Re: another option we should present

re triparty?

Still, I think we ought to give it another try.



07/14/2008 11:52 AM

To Chris McCurdy/NY/FRS@FRS

cc Lucinda M Brickler/NY/FRS@FRS


You are correct that

PatChris McCurdy/NY/FRS@FRS

h iChris c urdMcCurdy/NY// RFRS@@RFRS

07/14/2008 11:13 AM


cc Lucinda M Brickler/NY/FRS


I wanted to ask about the potential for an intra-day broker-dealer bankruptcy filing and also ask about Chairman Cox's point about the SEC's authority in "resolving" a CSE.

(b) (5)

(b) (5)

(b) (5)

BOG--FOIA 10-267--000086


Patrick M Parkinson //BOARD/FSRS@ DBOARD

07/13/2008 12:37 PM

To Joseph Sommer/NY/FRS@FRS

cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS


Duplicate

(b) (5)

BOG--FOIA 10-267--000087

Duplicate

(b) (5)

BOG--FOIA 10-267--000088

Pat

Lucinda M Brickler/NY/FRS@FRS

Lucinda M Brickler / YNY/FRS@FSSRSRS

07/12/2008 06:20 PM


cc


(b) (5)

Duplicate

BOG--FOIA 10-267--000089

o KohnDonald L Kohn / DBOARD// RFRS

07/14/2008 05:54 PM

To Kevin Warsh/BOARD/FRS@BOARD, Patrick M


Subject calls

Tim would like to keep that call short and reassemble to talk about contingenices for LEH.

Not Responsive

BOG--FOIA 10-267--000090


07/14/2008 06:02 PM

To Donald L

Kohn/BOARD/FRS@BOARD cc

Subject Re: calls

Knew nothing about it. PatDonald L Kohn


From: Donald L Kohn

Sent: 07/14/2008 05:54 PM EDT

To: Kevin Warsh; Patrick Parkinson

Subject: calls

Duplicate

BOG--FOIA 10-267--000091

i William Dudley //NY/F SFRS

07/15/2008 08:15 AM

To [email protected], [email protected], Kevin

Warsh/BOARD/FRS@BOARD, cc Michael Schetzel/NY/FRS@FRS

Subject Lehman Good Bank/Bad Bank idea

discussed last night

Just to put some words to what I was proposing last night.

(b) (5)

(b) (5)

BOG--FOIA 10-267--000092

Best,

Bill

(b) (5)

BOG--FOIA 10-267--000093

i GeiTimothy Geithner / YNY/FRS

07/15/2008 08:20 AM

To William Dudley/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Donald L

Kohn/BOARD/FRS@BOARD, Kevin cc Michael Schetzel/NY/FRS@FRS

Subject Re: Lehman Good Bank/Bad Bank

idea discussed last night

Pls add something on

And

From: William Dudley

Sent: 07/15/2008 08:17 AM EDT

To: Chris McCurdy; Donald Kohn; Kevin Warsh; Lucinda Brickler; Meg McConnell; Terrence Checki; Timothy

Geithner; Patrick Parkinson

Cc: Michael Schetzel

Subject: Lehman Good Bank/Bad Bank idea discussed last night

Duplicate

(b) (5)

(b) (5)

BOG--FOIA 10-267--000094


07/15/2008 09:46 AM

To Kieran Fallon/BOARD/FRS@BOARD cc

Subject Re: Lehman Good Bank/Bad Bank idea discussed last night

GoodThanksScott--------------------------Sent from my BlackBerry Wireless Handheld

Kieran Fallon ----- Original Message -----

From: Kieran Fallon

Sent: 07/15/2008 09:39 AM EDT

To: Scott Alvarez; Rich Ashton; Mark VanDerWeide

Subject: Fw: Lehman Good Bank/Bad Bank idea discussed last night

See scenario that New York is shopping for dealing with Lehman.

.

Kieran ----- Forwarded by Kieran Fallon/BOARD/FRS on 07/15/2008 09:34 AM -----

Patrick M Parkinson //BOARD/F

SSRSRS

07/15/2008 09:29 AM


cc

Subject Fw: Lehman Good Bank/Bad Bank idea discussed last night

----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/15/2008 09:28 AM -----

iWilliam uDudley/NY// RFRS@@FSRS

07/15/2008 08:15 AM

To [email protected], [email protected], Kevin Warsh/BOARD/FRS@BOARD, [email protected], Meg McConnell/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, [email protected], Patrick M Parkinson/BOARD/FRS@BOARD

cc Michael Schetzel/NY/FRS@FRS

Subject Lehman Good Bank/Bad Bank idea discussed last night

Duplicate

(b) (5)

BOG--FOIA 10-267--000095


07/15/2008 09:52 AM

To Kieran Fallon/BOARD/FRS@BOARD cc

Subject Re: More on FRBNY's Super-SIV

Proposal

YesScott--------------------------Sent from my BlackBerry Wireless HandheldKieran Fallon


From: Kieran Fallon

Sent: 07/15/2008 09:51 AM EDT

To: Scott Alvarez

Cc: Mark VanDerWeide; Rich Ashton

Subject: Re: More on FRBNY's Super-SIV Proposal

Do you agree?

KieranScott Alvarez/BOARD/FRS

Scott Alvarez/BOARD/ RFRS

07/15/2008 09:45 AM


cc

Subject Re: More on FRBNY's Super-SIV Proposal

K What would be our role inbthis-- Scott--------------------------Sent from my BlackBerry Wireless HandheldKieran Fallon


From: Kieran Fallon

Sent: 07/15/2008 09:24 AM EDT

(b) (5)

(b) (5)

BOG--FOIA 10-267--000096

To: Scott Alvarez; Rich Ashton; Mark VanDerWeide

Subject: More on FRBNY's Super-SIV Proposal

Just got this from Pat Parkinson. I'm concerned that this idea may be gaining traction with some in New York or here. I'll touch base with Pat and see what I can find out.

Kieran----- Forwarded by Kieran Fallon/BOARD/FRS on 07/15/2008 09:22 AM -----

Patrick M ParkinsonParkinson ////BOARDBOARD//FFSRS

07/15/2008 07:19 AM


cc

Subject Fw: Re-circulating, as per TFG

FYI.----- Forwarded by Patrick M Parkinson/BOARD/FRS on 07/15/2008 07:19 AM -----

e reTerrence hChecki //NY/F SFRS@FSSRSRS

07/14/2008 08:14 PM

To Timothy Geithner/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Alejandro LaTorre/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS,

Kevin Warsh/BOARD/FRS@BOARDcc

Subject Re-circulating, as per TFG

[attachment "Asset Management Trust Outline.2.doc" deleted by Scott Alvarez/BOARD/FRS] [attachment "Asset Trust Structure Diagram.doc" deleted by Scott Alvarez/BOARD/FRS] [attachment "Asset Management Trust Outline.doc" deleted by Scott Alvarez/BOARD/FRS]

BOG--FOIA 10-267--000097


07/18/2008 01:06 PM

To Patrick M


Subject Fw: Tri-party Collateral

The latest data I have on Lehman's repos is from Monday

Lucinda


Lucinda MLucinda M BricklerBrickler // YYNYNY//FRSFRS

07/15/2008 05:14 PM

To Timothy Geithner/NY/FRS

cc Tanshel Pointer/NY/FRS@FRS, Marlene Williams/NY/FRS@FRS,

Rania Jamal, William BRODOWS/NY/FRS@FRSSubject Fw: Tri-party Collateral

Tim

Attached below is the break down of triparty collateral that the data we are receiving from the clearing banks permits. These numbersrepresent the value of collateral that was pledged in triparty at each of the clearing banks yesterday. It includes both overnight and term triparty repo.

Let us know if we can provide this in any other form that would be helpful.

Lucinda


a a Rania CRania C aaJamalJamal//NNNYNY//FRSFRS

07/15/2008 04:54 PM

To Lucinda M Brickler/NY/FRS@FRS

cc

(b) (5)

(b) (5)

BOG--FOIA 10-267--000098

Subject Tri-party Collateral

Lucinda,

Attached please find the data you requested regarding BNYM's and JPMC's dealer collateral breakdown.

Rania

Rania JamalPayments Policy FunctionFederal Reserve Bank of New York(212) 720-5778

BOG--FOIA 10-267--000099

BNYM

COLLATERAL DEALER

PDCF ELIGIBLE

OMO Eligible

Treasury

Treasury Strip

Agency Debenture

Agency MBS

GNMA

Non-OMO Eligible

Corporates

CMO Private Label

Agency Remic

Money Market

Asset-Backed

Agency Strip

Municipality Debt

GNMA Remic

NON-PDCF Eligible

Equities

International

Unknown

Bank Loan

Bank Loan Group

Cash

Whole Loan

TOTAL

(Data from July 14, 2008)

(b) (4)

BOG--FOIA 10-267--000100

(b) (4)

BOG--FOIA 10-267--000101

JPMC

COLLATERAL DEALER

Lehman

PDCF ELIGIBLE 188,406,908,030

OMO Eligible 137,344,387,427

Treasuries and Strips 51,609,378,004

Agency Securities 31,755,868,669

Freddie & Fannie MBS 52,579,840,635

Ginnie Mae MBS Pools 1,399,300,119

Non-OMO Eligible 51,062,520,602

Corporate Bonds 15,307,496,934

CMO Private Label 6,970,085,748

Freddie & Fannie Remics 5,320,864,267

Commercial Paper 9,890,597,619

Asset-Backed 8,541,045,255

Municipal Bonds 4,034,852,618

Ginnie Mae Remics 997,578,162

Money Market

NON-PDCF Eligible 12,758,271,515

Equities & Equity Derivatives 8,696,818,221

Whole Loan

Other (1) 1,730,489,276

Other (2) 1,178,964,019

Cash 1,152,000,000

TOTAL 201,165,179,545

(Data from July 14, 2008)

(b) (4)

BOG--FOIA 10-267--000102

Lucinda M BricklerLucinda M BricklerLucinda M BricklerLucinda M Brickler ////NYNYNYNY////FRSFRSFRSFRS

07/18/2008 01:17 PM

To Patrick M


Subject Fw: Tri-party asset breakdown by

Dealer

Here are the numbers from yesterday...notably smaller than Monday.

Lucinda


BrianBrianBrianBrian BegalleBegalleBegalleBegalle ////NYNYNYNY////FRSFRSFRSFRS

07/18/2008 01:17 PM

To Lucinda M Brickler/NY/FRS@FRS

cc Gary Guzman/NY/FRS@FRS, Robert Rinaldi/NY/FRS@FRS

Subject Fw: Tri-party asset breakdown by Dealer

Hey Lucinda

Here's the file. These files are sent to our shared mailbox.

Rania and Karen both have access. Should others too? I just worry that you won't get what you need because, for instance, Gary and Bob are out today.

Let me know.

b

Brian BegalleFederal Reserve Bank of New YorkPhone: (212) 720-6056

----- Forwarded by Brian Begalle/NY/FRS on 07/18/2008 01:10 PM -----

Lucinda MLucinda MLucinda MLucinda M BricklerBricklerBricklerBrickler ////NYNYNYNY////FRSFRSFRSFRS

07/18/2008 01:12 PM

To Robert Rinaldi/NY/FRS@FRS

cc Brian Begalle/NY/FRS@FRS, Gary Guzman/NY/FRS@FRS


Hi Bob

Have you received JPMC's file from yesterday? If so, can you forward it?

BOG--FOIA 10-267--000103

Thanks!

Lucinda


WilliamWilliamWilliamWilliam BRODOWSBRODOWSBRODOWSBRODOWS////NYNYNYNY////FRSFRSFRSFRS

07/15/2008 02:33 PM

To Lucinda M Brickler/NY/FRS@FRS, Rania C Jamal/NY/FRS@FRS

cc


----- Forwarded by William BRODOWS/NY/FRS on 07/15/2008 02:30 PM -----

RobertRobertRobertRobert RinaldiRinaldiRinaldiRinaldi ////NYNYNYNY////FRSFRSFRSFRS

07/15/2008 02:12 PM

To William BRODOWS/NY/FRS@FRS

cc

Subject Tri-party asset breakdown by Dealer

Bill here are the files,

Robert RinaldiBank SupervisionFederal Reserve Bank of New York212 720-2095

BOG--FOIA 10-267--000104

17-Jul-2008

(Tri-party, SLD, BANK)Security Class

Collateral Value

Including Accrued

Interest

Collateral Value After

Margin ReductionEffective Margin %

1. Lehman Brothers

1-FRB Securities US Treasuries and Strips 42,519,278,667.28 41,852,040,299.70 101.59

US Government Agency Securities 30,350,694,427.93 29,952,917,972.40 101.33

Ginnie Mae REMICs 775,010,957.18 771,667,408.98 100.43

Ginnie Mae MBS Pools 1,042,904,013.73 1,022,363,106.38 102.01

Freddie Mac & Fannie Mae REMICs 4,810,827,864.34 4,772,464,878.70 100.80

Freddie Mac & Fannie Mae MBS 51,755,333,892.49 50,602,980,009.97 102.28

131,254,049,822.95 128,974,433,676.13 74.58%

2-DTC Fixed Income Securities Private Label CMO 7,096,417,492.79 6,707,548,084.16 105.80

Municipal Bonds 3,644,105,972.24 3,448,730,615.65 105.67

Corporate Bonds 15,186,839,592.35 14,514,152,083.58 104.63

Commercial Paper 8,098,303,866.82 7,684,212,295.96 105.39

Asset Back Securities 6,747,150,656.36 6,058,211,958.33 111.37

Other 1,849,757,013.90 1,825,939,107.18 101.30

42,622,574,594.46 40,238,794,144.86 24.22%

3-DTC Equities Equities & Equity Derivatives 8,683,734,073.11 8,190,740,090.29 106.02

4-Other 1,069,296,649.40 1,068,741,814.82 100.05

5-Cash Cash as collateral 1,041,000,000.00 1,041,000,000.00 100.00

TOTAL Uniwnd 184,670,655,139.92 179,513,709,726.10TOTAL Intraday (Beg. Day) 175,986,921,066.81 171,322,969,635.81

(b)(4) & (b)(8)

BOG--FOIA 10-267--000105

(b)(4) & (b)(8)

BOG--FOIA 10-267--000106

(b)(4) & (b)(8)

BOG--FOIA 10-267--000107

(b)(4) & (b)(8)

BOG--FOIA 10-267--000108

(b)(4) & (b)(8)

BOG--FOIA 10-267--000109

(b)(4) & (b)(8)

BOG--FOIA 10-267--000110

14-Jul-2008

(Tri-party, SLD, BANK)Security Class

Collateral Value

Including Accrued

Interest

Collateral Value After

Margin ReductionEffective Margin %

1.LEHMAN BROTHERS

1-FRB Securities Freddie Mac & Fannie Mae MBS 52,579,840,635.30 51,455,812,836.65 102.18%

US Treasuries and Strips 51,609,378,004.42 50,740,536,304.54 101.71%

US Government Agency Securities 31,755,868,668.60 31,229,890,336.52 101.68%

Freddie Mac & Fannie Mae REMICs 5,320,864,266.66 5,245,827,655.51 101.43%

Ginnie Mae MBS Pools 1,399,300,119.11 1,378,745,888.61 101.49%

Ginnie Mae REMICs 997,578,161.79 994,235,098.28 100.34%

143,662,829,855.88 141,045,048,120.11 71.42%

2-DTC Fixed Income Securities Corporate Bonds 15,307,496,933.96 14,641,079,502.97 104.55%

Commercial Paper 9,890,597,619.18 9,474,577,256.22 104.39%

Asset Back Securities 8,541,045,254.55 7,715,005,460.41 110.71%

Private Label CMO 6,970,085,748.22 6,658,356,168.24 104.68%

Municipal Bonds 4,034,852,617.75 3,813,363,243.74 105.81%

Other 1,730,489,275.73 1,708,555,183.04 101.28%

46,474,567,449.39 44,010,936,814.62 23.10%

3-DTC Equities Equities & Equity Derivatives 8,696,818,221.17 8,201,691,068.03 106.04%

8,696,818,221.17 8,201,691,068.03 4.32%

4-Other 1,178,964,018.51 1,178,435,312.34 100.04%

1,178,964,018.51 1,178,435,312.34 0.59%

5-Cash 5-Cash as collateral 1,152,000,000.00 1,152,000,000.00 100.00%1,152,000,000.00 1,152,000,000.00 0.57%

TOTAL Unwind 201,165,179,544.95 195,588,111,315.10

TOTAL Intraday (Beg. Day) 201,165,179,544.95 195,588,111,315.10

(b)(4) & (b)(8)

BOG--FOIA 10-267--000111

(b)(4) & (b)(8)

BOG--FOIA 10-267--000112

(b)(4) & (b)(8)

BOG--FOIA 10-267--000113

(b)(4) & (b)(8)

BOG--FOIA 10-267--000114

(b)(4) & (b)(8)

BOG--FOIA 10-267--000115

(b)(4) & (b)(8)

BOG--FOIA 10-267--000116

(b)(4) & (b)(8)

BOG--FOIA 10-267--000117

(b)(4) & (b)(8)

BOG--FOIA 10-267--000118

(b)(4) & (b)(8)

BOG--FOIA 10-267--000119

(b)(4) & (b)(8)

BOG--FOIA 10-267--000120

(b)(4) & (b)(8)

BOG--FOIA 10-267--000121

(b)(4) & (b)(8)

BOG--FOIA 10-267--000122

(b)(4) & (b)(8)

BOG--FOIA 10-267--000123

(b)(4) & (b)(8)

BOG--FOIA 10-267--000124


07/20/2008 12:42 PM

To

[email protected], Kevin cc

Subject Our Options in the Event of a Run on LB

The short answer is the one that Tim gave to the FOMC on Wednesday: There are no good options.

Here is my version of the long answer.

Pat

(b) (6)

(b) (5)

BOG--FOIA 10-267--000125

o KohnDonald L Kohn / DBOARD// RFRS

07/20/2008 01:39 PM

To [email protected] cc [email protected],

[email protected], Subject Re: Our Options in the Event of a Run

on LB

[email protected]

PatrickPatrick ..MM..Park onPark onParkinsonParkinson@@frbfrb..govgov

07/20/2008 12:42 PM

To [email protected], [email protected], [email protected],

[email protected]


(b) (6)

(b) (6)

Duplicate

(b) (5)

BOG--FOIA 10-267--000126

[email protected]

07/20/2008 01:46 PM

To [email protected] cc

[email protected],


on LB

Bill or Debby Perelmuter would be able to speak more authoritatively

[email protected]

To07/20/2008 01:39 [email protected] cc

[email protected],

[email protected],[email protected]

SubjectRe: Our Options in the Event of aRun on LB

(b) (6)

(b) (6)

Duplicate

(b) (5)

BOG--FOIA 10-267--000127

07/20/2008 01:52 PM

To Donald L Kohn/BOARD/FRS@BOARD, Patrick

M Parkinson/BOARD/FRS@BOARD cc Brian F

Madigan/BOARD/FRS@BOARD,

Kevin Warsh/BOARD/FRS@BOARD, Subject Re: Our Options in the Event of a Run

on LB

--------------------------Sent from my BlackBerry Wireless Handheld

----- Original Message -----From: Donald.L.KohnSent: 07/20/2008 01:39 PM ASTTo: Patrick ParkinsonCc: Brian Madigan; Kevin Warsh; Scott AlvarezSubject: Re: Our Options in the Event of a Run on LB

(b) (6)

(b) (6)

(b) (5)

Duplicate

BOG--FOIA 10-267--000128


09/09/2008 01:37 PM

To [email protected], Kevin Warsh/BOARD/FRS@BOARD, Margaret

cc Subject Fw: LB triparty repo followup

Additional background for 3 pm call.



09/09/2008 11:21 AM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS

cc Rania Jamal, Brian Begalle/NY/FRS@FRS

Subject LB triparty repo followup

Duplicate

BOG--FOIA 10-267--000129

William BRODOWSWilliam BRODOWSWilliam BRODOWSWilliam BRODOWS ////NYNYNYNY////FRSFRSFRSFRS

09/09/2008 02:02 PM

To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Chris

McCurdy/NY/FRS@FRS, Clinton Subject Re: Quick comparison

Attached find the derivatives summary (first two tabs) and a Lehman vs. Bear comparison (third tab) for this afternoon's call.

Meg McConnell/NY/FRS

MegMegMegMeg McConnellMcConnellMcConnellMcConnell ////NYNYNYNY////FRSFRSFRSFRS

09/09/2008 12:39 PM

To William BRODOWS/NY/FRS@FRS, Lucinda M

Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris

McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,

Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison

1. Lucinda and McCurdy are doing a "that was then, this is now" analysis for the triparty repo piece.2. Markets (I think?) is going to do some state of the world comparison. 3. We have Bill B. giving us Leh's version of the difference between them and BSC.

(Not sure whether we want to also do something that focuses narrowly on OTC derivatives, or whether that will be covered in what Brodows sends?).

These would need to be ready by around 2:45 or so at the latest. Thanks!Meg--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773

William BRODOWS


Sent: 09/09/2008 12:22 PM EDT


Cc: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig

Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Kristin Mayer; Meg McConnell; Michael Holscher; Michael Schetzel; Michael Silva; Patrick Parkinson; Sandy Krieger;

BOG--FOIA 10-267--000130

Sarah Dahlgren; Steven Friedman; Terrence Checki; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng

Subject: Re: Quick comparison

I have Lehman's own analysis of differences between their position and position of Bear which I will forward.



09/09/2008 11:28 AM

To Meg McConnell/NY/FRS@FRS

cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William

BRODOWS/NY/FRS@FRSSubject Re: Quick comparison

Meg

Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.

Lucinda




09/09/2008 11:07 AM

To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,

Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc Kristin Mayer/NY/FRS@FRS, Michael Silva/NY/FRS@FRS

Subject Quick comparison

BOG--FOIA 10-267--000131

As he mentioned in the meeting this morning, Tim would like someone to put together a quick "what's different? what's the same?" list about LEH vs BSC, as well as about mid-March (then) vs. early Sept (now). He would like this for a call he's having with Chairman Bernanke at 3:00. Any takers for this? Please let me know.Thanks,Meg

--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773

Meg McConnell


Sent: 09/08/2008 06:44 PM EDT

To: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig

Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim/NY/FRS@NY; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Lucinda Brickler; Meg McConnell; Michael Holscher; Michael Schetzel; Patrick Parkinson; Sandy Krieger; Sarah Dahlgren; Steven Friedman; Terrence Checki/NY/FRS@NY; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng; William BRODOWS

Cc: Kristin Mayer; Michael Silva

Subject: Meeting tomorrow at 9:00

The purpose of tomorrow's meeting is to continue the discussion of near-term options for dealing with a failing nonbank. Sorry for the late notice on this meeting.Meg

BOG--FOIA 10-267--000132

1 of 3

(b) (4)

BOG--FOIA 10-267--000133

BOG--FOIA 10-267--000134

"Gameplan"

9/2/08

Bear Lehman Lehman

Q108 Q108 Q308

Net Balance Sheet 254 397 315

Net Leverage 22.6x 15.4x 10.7x

Liquidity Pool 17 34 41

STD (excluding current portion) 16 16

Current Portion LTD 10 19

Total Short-term Debt 26 35

Short-term Debt/Liquidity Pool 1.5x 1.0x

Unencumbered Assets 14 161

Free Credit Balances 43 13 1

Presentation to FRBNY

on 5/28/08Key Liquidity Metrics

LEHMAN'S VIEW OF LEHMAN VS. BEAR

BOG--FOIA 10-267--000135

09/09/2008 02:11 PM

To <[email protected]> cc

Subject RE: S&P puts LEH on neg watch

S&P just put LEHMAN ratings on Neg Watch for downgrade due to slide in share price, just hit tapes a few mins ago, stocks struggling still. AIG is down a lot today on similar concerns with writedowns and capital needs.

_____________________________________________

From: Mccabe, Susan L

Sent: Tuesday, September 09, 2008 11:20 AM

To: Gustavo suarez at FRB Gov ([email protected])

Subject: Financials getting crushed again-

Scary times are here again. Lehman drop is clearly leading the way down for all others, along with poor 3Qtr earnings expectations.

(b) (4)

(b) (4)

BOG--FOIA 10-267--000136


09/09/2008 02:40 PM

To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris


Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132Meg McConnell/NY/FRS

eMeg c onMcConnell /NNY/ RFRS

09/09/2008 12:39 PM


Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,


Duplicate

BOG--FOIA 10-267--000137

What do we know about conditions in the triparty repo market in September 2008 that we either did not know or that has changed since the situation in March 2008?

(b) (5)

BOG--FOIA 10-267--000138

(b) (5)

BOG--FOIA 10-267--000139

(b) (5)

BOG--FOIA 10-267--000140

e ehmJeff Stehm // DBOARD//FRS

09/09/2008 02:48 PM

To Melissa A Vanlandingham/BOARD/FRS@BOARD

cc Subject Fw: Lehman

Please develop a table of the clearing systems that Lehman is a participant in (legal name). Cover the usual suspects (CLS, DTC, NSCC, FICC-GSD, FICC-MBSD, CME, and OCC). Lets have it ready by tomorrow.

Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/09/2008 02:46 PM -----

i Jill K eCetina/BOARD/FRS

09/09/2008 01:26 PM

To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS

cc

Subject Lehman

is having a rough day. Their share price is down $4 to $10 -- after talks failed with a Korean bank looking at buying a stake in their asset management arm. One year CDS on Lehman closed yesterday at 666 bps -- today the mid of the bid and ask is about 900 bps.

In short, the week could get even more interesting. :)

BOG--FOIA 10-267--000141

Jill Cetina, CFASr. Financial AnalystPayment Systems RiskReserve Bank Operations and Payment SystemsFederal Reserve Board202-452-2764

BOG--FOIA 10-267--000142

a sJan Voigts //NY/F SFRS

09/09/2008 02:55 PM

To Timothy Geithner/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS,

William Rutledge/NY/FRS@FRS, cc Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS,

"Art Angulo" Subject Global Repo data and PDCF Eligible

Report as of Sept. 5

a m a m This is a summary of LehmanThis is a summary of Lehman '' t a i b o t a i b os total Triparty books total Triparty book ,, i cl g d l u co ri cl g d l u co rincluding liquid and less liquid collateralincluding liquid and less liquid collateral ..

t b T y f a r SThis is the Global Triparty Book for Lehman for Sept 5

___________________________

Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)917-292-3461 (Bberry)

BOG--FOIA 10-267--000143


SECURED FUNDING

O/N and

Open 2 - 14 Days > 14 Days TOTAL

LIQUID

Treasuries 34.1 1.0 0.0 35.1

G10 Governments 6.7 1.5 1.1 9.2

Agencies 27.8 0.3 0.4 28.4

Agency MBS 43.6 3.6 7.1 54.2

Agency CMOs 4.2 0.0 6.4 10.6

SUBTOTAL LIQUID 116.2 6.3 15.0 137.6

LESS LIQUID


PDCF Eligible 0.5 0.2 0.7 1.3

ECB or Other CB Eligible 1.5 0.0 11.0 12.6

Non-Eligible 2.2 1.7 1.2 5.1 18.9

Bank Loans



Non-Eligible 0.0 0.0 0.0 0.0 0.0

CMO Private Label



Non-Eligible 2.2 1.5 0.6 4.3 9.0

Commercial Paper



Non-Eligible 0.1 0.0 0.0 0.1 8.4

Corporates



Non-Eligible 5.8 1.9 2.9 10.6 22.2

Equity



Non-Eligible 8.0 5.7 13.0 26.7 26.7

International



Non-Eligible 2.4 1.8 2.6 6.7 7.5

Money Market



Non-Eligible 0.0 0.0 0.0 0.0 0.0

Municipals



Non-Eligible 1.7 0.0 0.3 2.0 3.2

Whole Loan



Non-Eligible 0.1 0.0 0.5 0.6 0.6

Other



Non-Eligible 0.0 0.0 0.0 0.0 0.0

SUBTOTAL LESS LIQUID 42.3 14.2 40.0 96.5

SECURED FUNDING

Liquid Collateral 116.2 6.3 15.0 137.6

PDCF Eligible 16.7 0.4 5.8 22.9


Non-Eligible 22.5 12.5 21.0 56.0

TOTAL SECURED FUNDING 158.5 20.5 55.0 234.0

UNSECURED FUNDING

O/N and

Open 2 - 14 Days

> 14 Days - 1

Year TOTAL

CP, Other STD and Current Portion of LTD 1.9 2.6 23.5 28.1

MEMO: TSLF Eligible

O/N and

Open 2 - 14 Days

> 14 Days - 1

Year TOTAL

Agency CMOs 4.2 0.0 6.4 10.6

AAA Asset Backed 0.0 0.0 0.6 0.6

AAA Private Labels 0.5 0.0 3.3 3.8 15.0

SECURED FUNDING

($ in billions)INSTITUTION: Lehman Brothers AS OF: 9/05/08

** The break-out between LBI and LBIE is approximately equivalent to the regional break-out on the daily Executive Summary report; LBI @ 54.5% and LBIE @ 44.0% of the total

BOG--FOIA 10-267--000144


($ in billions)

SECURED FUNDING FIRM INVENTORY MATCHED BOOK REVERSE REPO GRAND TOTAL

LIQUID

Treasuries 18.2 209.4 42.1 269.7

G10 Governments 23.5 79.2 14.7 117.4

Agencies 18.5 33.2 6.0 57.7

Agency MBS 7.6 71.9 0.0 79.5

Agency CMOs 3.8 7.0 0.0 10.8

SUBTOTAL LIQUID 71.6 400.7 62.8 535.2

LESS LIQUID




Non-Eligible 4.5 2.4 0.0 6.9

Bank Loans



Non-Eligible 0.0 0.0 0.0 0.0

CMO Private Label



Non-Eligible 3.5 0.9 0.0 4.4

Commercial Paper



Non-Eligible 0.1 0.0 0.0 0.1

Corporates

PDCF Eligible 1.9 10.9 1.3 14.1


Non-Eligible 5.7 15.3 1.0 22.1

Equity



Non-Eligible 21.0 65.5 18.9 105.4

International



Non-Eligible 6.3 13.4 1.4 21.1

Money Market



Non-Eligible 0.0 0.0 0.0 0.0

Municipals



Non-Eligible 1.9 0.1 0.0 2.0

Whole Loan



Non-Eligible 0.7 0.2 0.0 0.9

Other



Non-Eligible 0.0 0.0 0.0 0.0

SUBTOTAL LESS LIQUID 70.4 124.3 24.6 219.2 Footnotes:

SECURED FUNDING R/R to cover shorts extracted

Liquid Collateral 71.6 400.7 62.8 535.2 Margin debits integrated

PDCF Eligible 14.6 15.9 1.4 31.8 Box Collateral extracted

ECB or Other CB Eligible 12.2 10.6 1.9 24.7 Excludes impact of GSCC & FIN41 Netting

Non-Eligible 43.6 97.8 21.3 162.7

TOTAL SECURED FUNDING 142.0 525.0 87.4 754.4

INSTITUTION: Lehman Brothers AS OF: 9/05/08

SECURED FUNDING

(Note: please include all equity finance on "Equity" line below or provide separate sheet

with details)

** The break-out between LBI and LBIE is approximately equivalent to the regional break-out on the daily Executive Summary report; LBI @ 54.5% and LBIE @ 44.0% of the total

BOG--FOIA 10-267--000145


as of September 5th, 2008

By Collateral Allocation

Principal in $Bn's

Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total

EQUITIES 0.0 0.0 0.0

PRIVATE LABELS - HIGH YIELD 0.0 0.0

PRIVATE LABELS - INVESTMENT GRADE 0.1 0.1

0.1 0.1 0.1

GOVERNMENT AGENCY 0.2 0.2 0.2

SOVEREIGNS 0.8 0.8 0.8


C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0

C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0

CORPORATES - INVESTMENT GRADE 0.4 0.4

CORPORATES - NON-INVESTMENT GRADE 0.0 0.0

EMG 0.0 0.0

0.4 0.4

GOVERNMENT AGENCY 0.0 0.0

MBS 0.6 0.6

SOVEREIGNS 2.3 2.3

2.9 2.9


ASSET BACKS - INVESTMENT GRADE 2.5 0.4 0.0 2.9

ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0



C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0 0.0

CORPORATES - INVESTMENT GRADE 0.3 0.0 0.0 0.4

CORPORATES - NON-INVESTMENT GRADE 0.0 0.4 0.0 0.2 0.1 0.7


EMG 1.8 0.3 0.4 0.2 2.6


OTHER 0.0 0.0 0.0




SOVEREIGNS 0.1 0.3 0.1 0.5

5.4 1.4 1.3 0.5 0.2 1.8 10.5




MBS 0.0 0.0

SOVEREIGNS 0.1 0.1

2.3 0.4 2.7

ASSET BACKS - INVESTMENT GRADE 0.2 0.4 0.6





MBS 16.7 16.7

MONEY MARKETS 3.0 3.0

PRIVATE LABELS - HIGH YIELD 0.1 1.0 1.0

PRIVATE LABELS - INVESTMENT GRADE 0.3 0.2 0.5

SOVEREIGNS 1.4 1.4

SOVEREIGNS 3.0 3.0

32.6 1.6 34.2

CORPORATES - INVESTMENT GRADE 0.0 0.0 0.0

EMG 0.0 0.0 0.1


SOVEREIGNS 0.0 0.0

0.1 0.1 0.1



EMG 0.1 0.1

EQUITIES 0.1 0.1

0.4 0.4






Confidential Treatment Requested 1

(b) (4)

BOG--FOIA 10-267--000146




Principal in $Bn's

Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total

EMG 0.3 0.3



MBS 0.2 0.2





2.4 2.1 4.6


CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.0





SOVEREIGNS 0.0 0.0

0.7 0.7




1.1 0.3 1.4

MBS 0.0 0.0

WHOLELOAN COMMERCIAL 0.8 0.8

WHOLELOAN RESIDENTIAL 0.3 0.3

0.8 0.0 0.3 1.1



ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.0 0.0

C1 - INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0

C2 - NON-INVESTMENT GRADE CONVERTIBLES 0.0 0.0 0.0



EMG 0.4 0.0 0.5

EQUITIES 0.6 0.3 1.4 0.1 2.4

OTHER 0.0 0.0 0.0


0.6 0.3 2.2 0.2 3.4

MBS 0.7 0.7

SOVEREIGNS 0.0 0.0

0.7 0.7





EMG 0.5 0.5


SOVEREIGNS 0.4 0.4

2.1 2.1


ASSET BACKS - INVESTMENT GRADE 0.0 0.0





EMG 0.0 0.0

EMG 0.2 0.1 0.2 0.4

EQUITIES 0.3 0.3

EQUITIES 0.5 0.5

EQUITIES 0.4 0.5 0.5 1.4



MUNI 0.9 0.9


SOVEREIGNS 0.0 0.0

3.1 1.1 1.2 5.4


SOVEREIGNS 2.1 2.1

3.8 3.8


(b) (4)

BOG--FOIA 10-267--000147




Principal in $Bn's

Counterparty Group Region Collateral Allocated Summary 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Subtotal Grand Total




MBS 0.0 0.0



1.0 0.6 1.7





EMG 0.1 0.1

EQUITIES 0.4 0.4

0.9 0.9




EMG 0.0 0.0

EQUITIES 0.2 0.2

SOVEREIGNS 0.0 0.0

0.2 0.2


MBS 16.8 16.8



SOVEREIGNS 1.0 1.0

1.0 20.3 21.3





MBS 1.0 1.0




SOVEREIGNS 0.6 0.6

2.2 2.2


EQUITIES 0.1 0.1

WHOLELOAN COMMERCIAL 0.5 2.8 3.2

0.5 3.0 3.5


MBS 0.0 0.0

3.5 3.5


ASSET BACKS - NON-INVESTMENT GRADE 0.0 0.3 0.3





EQUITIES 1.0 1.0


MBS 2.0 0.0 2.0

MUNI 0.0 0.0



SOVEREIGNS 4.9 4.9

12.4 1.5 13.9




0.0 0.0



MBS 0.3 0.3

SOVEREIGNS 0.0 0.0

0.3 0.0 0.3


(b) (4)

BOG--FOIA 10-267--000148




Principal in $Bn's







EMG 0.1 0.1

EQUITIES 0.5 0.5



MUNI 0.5 0.5

SOVEREIGNS 0.0 0.0

1.4 0.5 1.9




0.2 0.2




EQUITIES 0.0 0.0

MBS 0.4 0.4


SOVEREIGNS 2.5 2.5


3.1 3.1


MBS 0.0 0.0

0.0 0.0



SOVEREIGNS 0.1 0.1

0.1 0.1

MBS 0.0 0.0 0.0

EMG 0.1 0.1 0.2

EQUITIES 0.3 0.6 0.3 0.7 2.0

SOVEREIGNS 0.4 0.4

0.8 0.6 0.3 0.8 2.6


MBS 2.9 2.9

SOVEREIGNS 0.5 0.5

3.4 3.4


MBS 0.3 0.3 0.3





EQUITIES 0.2 0.2

EQUITIES 0.1 0.1


MBS 8.0 8.0

SOVEREIGNS 1.0 1.0

SOVEREIGNS 7.6 7.6

27.4 27.4





CORPORATES - NON-INVESTMENT GRADE 0.0 0.0 0.1 0.1

EMG 0.0 0.2 0.0 0.2



SOVEREIGNS 0.0 0.0

0.1 0.8 0.3 1.2


(b) (4)

BOG--FOIA 10-267--000149




Principal in $Bn's





EQUITIES 0.5 0.5



0.5 0.2 0.7

OTHER 0.1 0.1 0.1

CORPORATES - INVESTMENT GRADE 0.0 0.0 0.1 0.2 0.3


EMG 0.2 0.1 0.0 0.0 0.3


SOVEREIGNS 0.1 0.0 0.0 0.1

0.3 0.1 0.1 0.2 0.7

MBS 0.1 0.1 0.1


SOVEREIGNS 0.3 0.3

0.7 0.7


MBS 0.1 0.1 0.1




EQUITIES 0.3 0.3

MBS 0.8 0.8



1.2 0.3 1.4

MBS 1.5 1.5 1.5

MBS 0.4 0.4

SOVEREIGNS 1.2 1.2

1.6 1.6

MBS 0.1 0.1 0.1

SOVEREIGNS 0.6 0.3 0.9 0.9




EMG 0.0 0.0 0.0


0.3 0.3 0.6


EMG 0.0 0.0 0.1 0.0 0.2

EQUITIES 0.1 0.1 0.2 0.4 0.8

0.2 0.2 0.2 0.4 1.0




EQUITIES 1.3 1.3


MBS 6.2 6.2



SOVEREIGNS 1.5 1.5

11.2 11.2


MBS 0.1 0.1


2.0 2.0




(b) (4)

BOG--FOIA 10-267--000150




Principal in $Bn's



SOVEREIGNS 0.0 0.0

0.0 0.0


SOVEREIGNS 0.2 0.2

1.0 1.0




EMG 0.0 0.0

EQUITIES 0.1 0.1

0.2 0.2






EMG 0.0 0.4 0.4 0.8

EQUITIES 0.2 1.8 1.3 3.2

SOVEREIGNS 0.1 0.1

0.2 3.5 1.9 5.6

WHOLELOAN RESIDENTIAL 0.0 0.0 0.0

WHOLELOAN RESIDENTIAL 0.0 0.0 0.0



EMG 0.0 0.5 0.5

0.0 0.6 0.6






EMG 0.0 0.0 0.0 0.0

EQUITIES 0.1 0.1 0.1 0.4

0.2 0.2 0.1 0.6


MBS 1.0 1.0

SOVEREIGNS 0.3 0.3

1.3 1.3

EQUITIES 0.1 0.1

MBS 0.0 0.0

0.1 0.1



MBS 0.0 0.0 0.0








CORPORATES - INVESTMENT GRADE 0.9 0.1 0.3 0.2 0.1 1.6




EMG 0.4 0.1 0.1 0.0 0.0 0.7




MBS 3.9 0.3 4.2

MONEY MARKETS 0.0 0.0 0.0



(b) (4)

BOG--FOIA 10-267--000151




Principal in $Bn's


MUNI 1.3 0.5 1.8

OTHER 0.0 0.0







14.2 0.2 0.4 0.2 1.9 3.5 20.4




0.4 0.4



1.4 1.4

MBS 0.4 0.4 0.4









SOVEREIGNS 0.6 0.6

1.4 1.4



MBS 0.1 0.1

SOVEREIGNS 0.1 0.1

0.2 0.2

MBS 0.0 0.0

SOVEREIGNS 1.3 1.3

1.3 1.3



EMG 0.0 0.0 0.0


0.2 0.1 0.4


(b) (4)

BOG--FOIA 10-267--000152




Principal in $Bn's

08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep to 04 Dec >= 05 Dec Grand Total

32.6 1.6 34.2

27.4 27.4

1.0 20.3 21.3

14.2 0.2 0.4 0.2 1.9 3.5 20.4

12.4 1.5 13.9

11.2 11.2

11.0 11.0

5.4 1.4 1.3 0.5 0.2 1.8 10.5

0.2 3.5 1.9 5.6

3.1 1.1 1.2 5.4

2.4 2.1 4.6

3.8 3.8

0.5 3.0 3.5

3.5 3.5

3.4 3.4

0.6 0.3 2.2 0.2 3.4

3.1 3.1

2.9 2.9

2.3 0.4 2.7

0.8 0.6 0.3 0.8 2.6

2.2 2.2

2.1 2.1

2.0 2.0

1.4 0.5 1.9

1.0 0.6 1.7

1.6 1.6

1.5 1.5

1.4 1.4

1.1 0.3 1.4

1.2 0.3 1.4

1.4 1.4

1.4 1.4

1.3 1.3

1.3 1.3

1.2 1.2

0.1 0.8 0.3 1.2

0.8 0.0 0.3 1.1

1.0 1.0

0.2 0.2 0.2 0.4 1.0

0.9 0.9

0.6 0.3 0.9

0.8 0.8

0.7 0.7

0.7 0.7

0.5 0.2 0.7

0.3 0.1 0.1 0.2 0.7

0.7 0.7

0.7 0.7

0.0 0.6 0.6

0.6 0.6

0.3 0.3 0.6

0.2 0.2 0.1 0.6

0.6 0.6

0.5 0.5

0.5 0.5

0.5 0.5


(b) (4)

BOG--FOIA 10-267--000153

0.4 0.4

0.4 0.4

0.4 0.4

0.4 0.4

0.2 0.1 0.4

0.4 0.4

0.3 0.3

0.3 0.0 0.3

0.3 0.3

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.1 0.1

0.1 0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

Grand Total 160.4 1.2 6.2 5.1 3.1 53.8 10.6 240.3


(b) (4)

BOG--FOIA 10-267--000154

07/20/2008 01:52 PM

To Donald L Kohn/BOARD/FRS@BOARD, Patrick

M Parkinson/BOARD/FRS@BOARD cc Brian F

Madigan/BOARD/FRS@BOARD,

Kevin Warsh/BOARD/FRS@BOARD, Subject Re: Our Options in the Event of a Run

on LB

--------------------------Sent from my BlackBerry Wireless Handheld

----- Original Message -----From: Donald.L.KohnSent: 07/20/2008 01:39 PM ASTTo: Patrick ParkinsonCc: Brian Madigan; Kevin Warsh; Scott AlvarezSubject: Re: Our Options in the Event of a Run on LB

(b) (6)

(b) (6)

(b) (5)

Duplicate

BOG--FOIA 10-267--000155

07/21/2008 08:47 AM


[email protected],


on LB

[email protected]

[email protected]

07/20/2008 01:46 PM


cc [email protected],

[email protected], [email protected] Re: Our Options in the Event of a Run on LB

(b) (6)

(b) (6)

Duplicate

(b) (5)

BOG--FOIA 10-267--000156


07/21/2008 08:51 AM

To Scott Alvarez/BOARD/FRS@BOARD, Patrick M


Subject Fw: Our Options in the Event of a Run

on LB

Scott and Pat,

I don't know that we did look at this

Brian


07/21/2008 08:47 AM


cc [email protected], [email protected],


(b) (6)

Duplicate

(b) (5)

BOG--FOIA 10-267--000157


07/21/2008 08:53 AM

To Brian F

Madigan/BOARD/FRS@BOARD cc Scott Alvarez/BOARD/FRS@BOARD

Subject Re: Fw: Our Options in the Event of a

Run on LB

Never have looked at it.

PatBrian F Madigan/BOARD/FRS

FBrian F aMadigan/BOARD/FFSRS

07/21/2008 08:51 AM


Parkinson/BOARD/FRS@BOARDcc

Subject Fw: Our Options in the Event of a Run on LB

Duplicate

(b) (5)

BOG--FOIA 10-267--000158


07/21/2008 08:54 AM

To



on LB

That would be a 13(3) loan, I'll talk with Brian and Pat about this.

Scott

07/21/2008 08:47 AM




(b) (6)

(b) (6)

(b) (6)

Duplicate

(b) (5)

BOG--FOIA 10-267--000159


07/21/2008 09:01 AM


cc Scott Alvarez/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a

Run on LB

In the case of LB, only $8.7 billion of the $200 billion in tri-party collateral is

Pat



07/21/2008 08:51 AM

To Scott Alvarez/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD

cc


Scott and Pat,

Brian


07/21/2008 08:47 AM


cc [email protected], [email protected], [email protected], [email protected]

Subject Re: Our Options in the Event of a Run on LB

[email protected]

[email protected]

07/20/2008 01:46 PM


cc [email protected], [email protected], [email protected]

Subject Re: Our Options in the Event of a Run on LB

(b) (6)

(b) (6)

(b) (5)

(b) (5)

(b) (5)

BOG--FOIA 10-267--000160

Bill or Debby Perelmuter would be able to speak more authoritatively to howfirm their commitment is.

Donald.L.Kohn@frb .gov To 07/20/2008 01:39 [email protected] PM cc [email protected], , [email protected], [email protected] Subject Re: Our Options in the Event of a Run on LB

there's that capacity issue again.

Patrick.M.Parkins [email protected] To 07/20/2008 12:42 , PM [email protected], [email protected], [email protected], [email protected] cc


(b) (6)

(b) (6)

(b) (5)

(b) (5)

BOG--FOIA 10-267--000161

The short answer is the one that Tim gave to the FOMC on Wednesday: Thereare no good options.

Here is my version of the long answer.

Pat

(b) (5)

BOG--FOIA 10-267--000162


07/21/2008 09:16 AM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Brian F Madigan/BOARD/FRS@Board


Run on LB

Not sure we do have legal authority. Scott

Patrick M Parkinson/BOARD/FRS

Patrick M ParkinsonParkinson ////BOARDBOARD//FFSSRSRS

07/21/2008 08:53 AM


cc Scott Alvarez/BOARD/FRS@BOARD

Subject Re: Fw: Our Options in the Event of a Run on LB



07/21/2008 08:51 AM


Parkinson/BOARD/FRS@BOARDcc


(b) (5)

(b) (5)

Duplicate

BOG--FOIA 10-267--000163


07/21/2008 09:20 AM

To Scott Alvarez/BOARD/FRS@BOARD cc Brian F

Madigan/BOARD/FRS@BOARD Subject Re: Fw: Our Options in the Event of a

Run on LB

PatScott Alvarez/BOARD/FRS


07/21/2008 09:16 AM


cc Brian F Madigan/BOARD/FRS@Board


(b) (5)

Duplicate

BOG--FOIA 10-267--000164


07/21/2008 09:43 AM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Brian F Madigan/BOARD/FRS@Board


Run on LB

Thanks!

ScottPatrick M Parkinson/BOARD/FRS

Patrick M Parkinson //BOARD/FSSRSRS

07/21/2008 09:20 AM

To Scott Alvarez/BOARD/FRS@BOARD

cc Brian F Madigan/BOARD/FRS@BOARD


(b) (5)

Duplicate

BOG--FOIA 10-267--000165


07/21/2008 09:45 AM



Run on LB


Scott Alvarez/BOARD/ RFRS

07/21/2008 09:43 AM




(b) (5)

Duplicate

BOG--FOIA 10-267--000166


07/21/2008 04:09 PM



Run on LB

Have you gotten back to the Chairmn on this?



07/21/2008 09:43 AM




(b) (5)

Duplicate

BOG--FOIA 10-267--000167


07/25/2008 03:48 PM

To Patrick M


Subject Fw: Lehman Update

I don't think there's anything here you need to look at immediately. I'm just forwarding it so you have it when you return. I hope you're having a nice vacation.

Lucinda


a sJan Voigts //NY/F SFRS

07/25/2008 03:41 PM

To Timothy Geithner/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, William Dudley/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, NY Project 13/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Kevin Messina/NY/FRS@FRS, Amy White/NY/FRS@FRS, Kirsten Harlow/NY/FRS@FRS, John Leiby/NY/FRS, Dennis Herbst/NY/FRS@FRS, Daniel Sullivan/NY/FRS@FRS, Jeffrey Kowalak/NY/FRS@FRS, Angela MIKNIUS/NY/FRS@FRS, Alexander J Psomas/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Adam J Weisz/NY/FRS@FRS, Jonathan Stewart/NY/FRS@FRS, NY Project 13/NY/FRS@FRS,

Anne Golden/NY/FRS@FRScc Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS

Subject Lehman Update

Data for July 24rd

and update for July 25 - (Go to the Appendix to see recent days’

narratives).

Liquidity Pool: The pool increased by $700 mil. $39.8B largely through $1.1B of inter-company funding (waiting explanation). Commercial Paper: Outstanding balances declined by $500 mil. (roughly the same amount of increase yesterday), and CP outstanding is $3.9B. The recent swing has been due to the same group of recent names who provide additional liquidity to Lehman when available based on their own funding variance. Overnight CP financing is available to Lehman in Europe, but the Treasurer prefers not to pay the FX premium for overnight funding in the absence of term funds.

Repo: Less liquid repos declined again to $100.2B from $101.6B. The table on page 4 shows the steady decline in less liquid repo financing from the high water mark of $117.8B in mid-March to the current $100.2B level, attributable to asset sales, delivering and modest

(b) (4)

BOG--FOIA 10-267--000168

withdrawls of some funding customers.

CDS: Spreads rose to the 355-360 level today from 338 to 328 yesterday.

15:15 New York Currency: USD

Price

17.0

30

Change

-1.490

%

Change-8.

045

BidN.A. AskN.A. Open18.770

Volu

me2

5,11

8,31

7

High18

.990

Low16.87

0

52-Week

High68.44(07/25

/07)

52-Week

Low12.02(07/15/08)

1-Yr Return-74.040

___________________________

Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)917-292-3461 (Bberry)

BOG--FOIA 10-267--000169

LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008

1

Data for July 24rd and update for July 25 - (Go to the Appendix to see recent days’ narratives). Liquidity Pool: The pool increased by $700 mil. $39.8B largely through $1.1B of inter-company funding (waiting explanation). Commercial Paper: Outstanding balances declined by $500 mil. (roughly the same amount of increase yesterday), and CP outstanding is $3.9B. The recent swing has been due to the same group of recent names (LBBW, Blackrock etc.) who provide additional liquidity to Lehman when available based on their own funding variance. Overnight CP financing is available to Lehman in Europe, but the Treasurer prefers not to pay the FX premium for overnight funding in the absence of term funds. Repo: Less liquid repos declined again to $100.2B from $101.6B. The table on page 4 shows the steady decline in less liquid repo financing from the high water mark of $117.8B in mid-March to the current $100.2B level, attributable to asset sales, delivering and modest withdrawls of some funding customers. CDS: Spreads rose to the 355-360 level today as spreads weakened considerably in response to WAMU declined from 338 to 328 yesterday, the fourth successive declining day for CDS spreads.

15:15 New York Currency: USD

Price17.030 Change-1.490 % Change-8.045 BidN.A. AskN.A. Open18.770

Volume25,118,317 High18.990 Low16.870 52-Week High68.44(07/25/07) 52-Week Low12.02(07/15/08) 1-Yr Return-74.040

BOG--FOIA 10-267--000170


2

JULY 24 SUMMARY DETAILS FOR JULY 23

7/23/08 Changes in Liquidity Pool

Asset Composition ($B)

Funding Composition ($B)

Position Change in Cash Sources

16.2 (1.4) NY 1.7 CP Issuance

3.1 0.1 London 0.2 Bank Loan Drawn

1.1 Inter-company

Position Change in Inventory 0.3 Other 5.2 - LBHI 6.1 1.0 LBI (NY)

9.1 1.0 LBIE (LDN) Uses

- - LBAH (ASIA) 2.2 CP Maturities

0.1 Long Term Debt

0.3 Derivatives

$39.8B $0.7B Net Change $0.7B Net Funding

Lehman Credit Spreads

Day / Week 5-Year CDS (open) 5-Year

(vs 3 Mo LIBOR)

3/14 650

3/17 – 3/21 273 – 450

3/24 – 3/28 210 – 300 313 – 328

3/31 – 4/4 183 – 300 245 – 283

4/7 – 4/11 158 – 222 234 – 269

4/14 – 4/18 167– 222 214 – 269

4/21 – 4/25 169 – 190 215 – 232

4/28 – 5/2 135 – 160 219 – 232

5/5 – 5/9 135 – 171 219 – 233

5/12 – 5/16 154 –164 225 – 232

5/19 – 5/23 153 – 215 229 – 251

5/27 – 5/30 226 – 247 273 – 278

5/30 (2 Q End) 226 274 6/2 – 6/6 233 – 262 253 – 275 6/9 – 6/13 237 – 280 246 – 273 6/16 – 6/20 225 – 260 248 – 266 6/23 – 6/27 258 – 285 264 – 279 6/30 – 7/3 276 – 280 274 – 279 7/7 – 7/11 283 – 360 276 – 317

7/11 360 317 7/14 381 315 7/15 391 335 7/16 385 333 7/17 376 340 7/18 378 339 7/21 357 331 7/22 338 332 7/23 328 331 7/24 349 338

BOG--FOIA 10-267--000171


3

Dates Total Cash Boxed

inventory

Liquidity Pool: Cash & Equivalents

Available to LBHI

LBI 15c3 Lockup

LBIE PB Cust. Free Credit

$2.0B US Committed Bank line (drawn)

$2.5B LDN Committed Bank line (drawn)

3/14 – 3/18 9.0–20.6 6.5–19.9 27.1–30.2

4/1 – 4/4 10.9–20.5 11.8–19.9 27.5–32.2 2.3 6.3 – 6.4 2.0

4/7 – 4/11 16.2–18.7 12.5–15.8 31.2–32.7 2.3 6.5 – 7.1

4/14 – 4/18 18.0–21.5 9.3 –12.4 30.2–33.9 2.3 5.7 – 7.3 2.0

4/21 – 4/25 18.4–20.4 8.9–11.8 30.2–33.3 4.2 5.9 – 6.2 2.0

4/28 – 5/2 7.7–20.9 10.9–26.3 31.8–35.6 5.5 – 6.0 6.0 – 7.1

5/5 – 5/9 17.6 – 22.0 17.2 – 19.1 34.8 – 39.2 5.5 3.7 - 6.0

5/12 – 5/16 21.3 – 27.0 10.5 – 18.4 37.5 –39.7 3.1 3.7– 3.9

5/19 – 5/23 26.1 – 30.0 9.3 – 12.6 36.4 – 40.2 3.0 3.8 – 4.3

5/27 – 5/30 1.2 – 30.8 10.9 – 43.4 41.7 – 44.6 3.3 4.0 – 4.3

5/30 (2Q End) 1.2 43.4 44.6 3.3 4.0

6/2 – 6/6 26.6 – 31.3 10.2 – 15.9 42.4 – 43.3 3.8 3.7 – 3.9

6/9 – 6/13 31.2 – 36.6 8.5 – 12.0 40.6 – 48.4 2.8 3.9 – 4.3

6/16 – 6/20 23.0 – 30.1 12.5 – 18.5 41.5 – 43.1 5.6 3.1 – 3.6

6/23 – 6/27 30.2 – 33.8 7.7 – 11.7 41.0 – 42.2 2.5 3.6

6/30 – 7/3 2.6 – 31.9 8.2 – 38.4 39.3 – 41.0 5.0 3.0 – 3.1

7/7 – 7/11 27.1 – 33.3 7.0 – 13.1 38.4 – 40.3 5.0 1.6 – 2.8

7/14 – 7/18 22.8 - 27.1 12.7 – 15.4 38.2 - 40.2 3.9 - 5.0 1.4 - 1.6

7/18 24.7 15.4 40.1 3.9 1.5

7/21 23.7 16.4 40.1 4.8 1.3

7/22 20.0 18.0 38.0 4.8 1.3

7/23 20.6 18.5 39.1 3.7 1.1

7/24 19.3 20.5 39.8 3.7 1.1

BOG--FOIA 10-267--000172


4

Secured Funding ($ Billions) Secured Funding Breakdown

Secured Funding Asia Europe U.S. Total Change

% Next Day

% < 1 week

% > 1 week

3/17 – 3/20 2.9 45.6 – 47.7 65.5 – 67.8 115.3 – 117.4 N/A N/A N/A 3/24 – 3/28 1.6 47.1 – 41.6 69.2 – 63.8 117.9 – 107.0 37 – 43 15 – 18 41 – 47 3/31 – 4/4 1.4 41.5 – 48.0 63.2 – 61.6 105.0 – 111.7 38 – 54 8 – 13 38 – 48 4/7 – 4/11 1.4 – 1.5 46.6 – 48.0 61.8 – 62.3 109.9 – 111.7 37 – 44 11 – 17 44 – 49

4/14 – 4/18 1.5 – 1.6 47.4 – 50.5 60.3 – 61.8 110.1 – 112.5 39 – 44 9 – 12 44 – 51

4/21 – 4/25 1.6 – 1.7 50.5 – 51.6 60.2 – 61.7 112.5 – 114.7 40 – 43 11 – 18 42 – 47

4/28 – 5/2 1.7 49.3 – 51.3 59.0 – 60.2 110.8 – 113.2 42 – 48 10 – 17 40 – 45

5/5 – 5/9 1.7 49.6 – 50.6 59.9 – 61.6 112.2 – 113.1 45 - 47 9 -11 43 - 44

5/12 – 5/16 1.7 48.8 – 49.2 59.5 – 61.2 110.4 – 112.0 42 – 48 7 – 9 46 – 51

5/19 – 5/23 1.7 49.1 – 51.4 56.8 – 60.8 109.8 – 111.7 40 – 43 6 – 9 49 – 51

5/27 – 5/30 1.7 48.3 – 50.0 54.1 – 57.1 107.0 – 108.8 39 – 42 11 – 13 46 – 50

5/30 (2Q END) 1.7 49.5 54.1 105.3 42 12 46

6/2 – 6/6 1.7 50.5 – 51.3 54.6 – 56.8 107.4 – 109.2 37 – 40 11 – 14 49 – 51

6/9 – 6/13 1.7 – 1.8 49.9 – 51.2 54.9 – 55.4 106.8 – 108.0 39 – 43 9 – 13 47 – 51

6/16 – 6/20 1.7 49.9 – 50.7 56.4 – 59.9 108.0– 112.1 37 – 44 7 – 12 49 – 50

6/23 – 6/27 1.7 49.7 – 50.3 58.7 – 59.7 109.7 – 111.0 42 – 43 8 – 10 47 – 49

6/30 – 7/3 1.7 48.7 – 49.8 57.4 – 59.1 107.8 – 110.3 42 – 45 9 – 10 46 – 47

7/7 – 7/11 1.4 – 1.7 48.5 – 49.5 57.4 – 58.6 107.4 – 109.6 4 2 – 45 7 – 11 46 – 50

7/14 – 7/18 1.4 – 1.5 47.8 - 49.5 54.6 - 58.6 103.8 - 109.6 39 - 42 7 - 11 50 - 51

7/18 1.5 48.4 54.8 104.7 39 10 51

7/21 1.5 48.6 54.4 104.5 (0.2) 41 11 48

7/22 1.5 47.6 53.5 102.6 (1.9) 40 10 49

7/23 1.5 47.1 53.1 101.6 (1.0) 38 11 51

7/24 1.5 46.8 51.9 100.2 (1.4) 43 6 51

BOG--FOIA 10-267--000173


5

Commercial

Paper Europe U.S. Total Change % Overnight Maturing

% Within Two Weeks

3/17 – 3/20 2.4 - 2.6 5.2 – 5.8 7.7 – 9.4 - - 3/24 – 3/28 2.3 – 2.6 6.7 – 8.6 9.2 – 11.1 45 – 53 3/31 – 4/4 2.4 – 2.6 6.4 – 8.0 8.8 – 10.6 49 – 52 4/7 – 4/11 2.3 – 3.4 7.1 – 7.6 9.6 – 11.0 46 – 55 4/14 – 4/18 3.0 – 3.4 6.6 – 7.8 9.8 - 11.0 47 - 57 4/21 – 4/25 3.0 – 3.3 6.4 – 7.7 9.5 – 11.0 47 – 52 61 – 70 4/28 – 5/2 2.9 – 3.3 6.2 – 7.5 9.5– 10.7 27 – 50 56 – 61 5/5 – 5/9 3.0 – 3.7 7.0 – 7.9 10.0 – 11.3 41.2 – 50.2 52.2 – 64.1 5/12 – 5/16 2.9 – 3.8 7.7 – 8.3 10.9 – 11.1 35.7 – 40.4 53.9 – 60.3 5/19 – 5/23 3.2 – 3.9 6.9 – 7.5 10.7 – 11.4 33.4 – 41.6 50.7 – 63.2 5/26 – 5/30 1.5 – 3.9 6.4 – 7.1 8.0 – 10.8 16 - 38 55.7 – 64.6 6/2 – 6/6 2.1 – 3.6 6.0– 6.5 8.2 – 10.0 15.4 – 41.1 57.1 –65.4 6/9 – 6/13 1.2 – 2.1 5.0 – 6.0 6.1 – 7.9 20.8 – 42.2 56.7– 77.8 6/16 – 6/20 1.0 – 1.3 4.6 – 55 5.6 – 6.7 17.9 – 30.9 n/a 6/23 – 6/27 0.9 – 1.0 4.8 – 5.3 5.8 – 6.2 36.3 – 43.9 62.0 – 66.6 6/30 – 7/3 0.8 – 1.0 3.8 – 4.0 4.6 – 4.9 43.2 – 48.1 n/a 7/7 – 7/11 0.8 – 0.9 3.6 – 3.9 4.5 – 4.8 46.7 – 52.2 n/a 7/14 – 7/18 0.8 3.1 - 3.7 4.0 - 4.5 41.6 - 52.2 58.1 - 3.5

7/18 0.8 3.1 4.0 41.6 60.2 7/21 0.8 3.2 4.0 0.0 47.5 63.2 7/22 0.9 3.1 4.0 0.0 47.5 63.2 7/23 0.9 3.5 4.4 0.4 49.2 66.7 7/24 0.8 3.1 3.9 (0.5) 51.2 63.9

BOG--FOIA 10-267--000174


6

ST Debt Maturities:

Next Day < 1 wk 1wk – 1 mth

> 1 mth Total Change

3/19 – 3/20 1.7 – 3.2 1.0 – 4.4 2.4 – 3.7 24.0 – 24.1 32.1 – 32.4

3/24 – 3/28 4.4 – 7.2 1.3 – 3.8 3.0 – 3.4 23.2 – 25.9 33.9 – 38.2

3/31 – 4/4 4.7 – 5.5 1.0 – 1.6 3.2 – 3.8 25.9 – 26.9 35.1 – 37.2

4/7 – 4/11 4.9 – 5.9 2.5 – 2.7 2.2 – 2.5 26.8 – 26.9 36.6 –37.8

4/14 – 4/18 4.1 – 7.7 0.5 – 1.8 2.7 – 3.5 26.1 – 26.7 36.1 – 37.9

4/21 – 4/25 4.6 – 5.8 1.6 – 2.3 2.9 – 3.5 26.0 – 26.4 36.1 – 37.1

4/28 – 5/2 2.8 – 5.7 1.1 – 2.7 5.8 – 6.6 23.6 – 24.2 35.6 – 37.0

5/5 – 5/9 4.2 – 5.9 0.8 – 2.7 5.3 – 7.2 23.3 – 23.9 35.6 – 37.5

5/12 – 5/16 4.2 – 5.2 1.0 – 2.3 7.2– 7.7 22.7 – 22.9 36.1 – 37.2

5/19 – 5/23 3.8 – 4.9 0.9 – 3.7 5.5– 8.4 22.7 – 24.4 35.8 – 37.7

5/26 – 5/30 1.3 – 6.4 1.9 – 3.4 4.9 – 6.1 24.1 – 24.3 32.4 – 37.9

6/2 – 6/6 3.4 – 4.3 1,3 – 2.6 2.7 – 4.8 24.0– 25.0 33.5 – 35.5

6/9 – 6/13 2.6 – 3.5 1.6 – 3.1 2.3 – 2.8 23.8 – 24.6 30.8 – 33.0

6/16 – 6/20 1.1 – 2.4 1.3 – 2.3 1.6 – 3.0 23.9 – 24.5 29.8 – 30.2

6/23 – 6/27 2.4 – 3.1 0.6 – 2.7 1.4 – 2.7 23.5 – 23.8 29.5 – 30.5

6/30 – 7/3 2.0 – 2.4 0.5 – 0.9 1.9 – 2.8 23.4 – 23.6 28.4 – 29.1

7/7 – 7/11 2.2 – 2.5 1.4 – 2.1 1.7 – 2.2 22.9 – 23.4 29.0 – 29.3

7/14 – 7/18 1.8 – 3.5 0.3 – 0.6 2.6 – 3.4 22.7 – 22.8 27.8 – 29.2

7/18 1.8 0.6 3.4 22.8 28.6

7/21 2.0 0.4 3.4 22.7 28.6 0.0

7/22 2.1 0.4 4.0 22.3 28.8 0.2

7/23 2.2 1.6 3.0 22.3 29.1 0.3

7/24 2.3 1.6 2.6 22.3 28.8 (0.3)

BOG--FOIA 10-267--000175


7

CURRENT RATINGS

Ratings Summary

Rating Agency LBHI LBI Comments

Moody’s

• Short-term P-1 P-1 • July 2008 LT Ratings Downgraded. (Outlook remains Negative)

• June 2008 Placement on Negative Watch • June 2008 Outlook change to Negative • March 2008 Outlook change to Stable • September 2007 Credit commentary opinion with

no rating.

• Long-tern (senior) A2 A1

• Long-term (subordinated) A3 A2

Standard & Poor’s

• Short-term A-1 A-1 • June 2008 LT Ratings Downgraded, (Outlook remains Negative)

• April 2008 Commentary on Credit Summary • March 2008 Outlook change to Negative

• Long-tern (senior) A A+

• Long-term (subordinated) A- A

Fitch Ratings

• Short-term F1 F1 • June 2008 LT & ST Ratings Downgraded, (Outlook remains Negative)

• April 2008 Outlook change to Negative • March 2008 Commentary

• Long-tern (senior) A+ A+

• Long-term (subordinated) A A

Dominion Bond Rating Service

• Short-term R-1 (Middle) R-1 (Middle) • June 2008 Outlook change to Negative • March 2008 Ratings Affirmed • December 2007 Ratings Upgraded

• Long-tern (senior) AA (Low) AA

• Long-term (subordinated) A (High) AA (Low)

BOG--FOIA 10-267--000176


8

APPENDIX Update for July 23rd with Compliance Manager.

Update Discussion with Treasurer on the Week in Review and Data for July 22nd

(b) (8)

(b) (8)

BOG--FOIA 10-267--000177


9

Update Discussion with Compliance Manager on Tuesday, July 22nd and Data for July 21st

********************************************************************************************************************* Update Discussion with Holding Company Compliance on Monday, July 21st and Data for July 18th

(b) (8)

(b) (8)

(b) (8)

BOG--FOIA 10-267--000178


10

********************************************************************************************************************* Update Discussion with Holding Company Compliance on Friday, July 18 th and Data for July 17th (Go to the Appendix to see recent days’ narratives).

(b) (8)

(b) (8)

BOG--FOIA 10-267--000179


11

*********************************************************************************************************************

Update Discussion with Holding Company Compliance on Thursday, July 17 and Data for July 16th

(b) (8)

(b) (8)

BOG--FOIA 10-267--000180


12

*********************************************************************************************************************

Update Discussion with Treasurer for Wednesday, July 16 and Data for July 15th

(b) (8)

(b) (8)

BOG--FOIA 10-267--000181


13

********************************************************************************************************************* Update Discussion with Holding Company Compliance for Tuesday, July 15 and Data for July 14th (Go to the Appendix to see recent days’ narratives).

*********************************************************************************************************************

Update Discussion with Treasurer for Monday, July 14 and Data for July 11th

(b) (8)

(b) (8)

BOG--FOIA 10-267--000182


14

(b) (8)

BOG--FOIA 10-267--000183


15

(b) (8)

BOG--FOIA 10-267--000184

e BaileyDeborah P Bailey / DBOARD// RFRS

07/30/2008 12:01 PM

To Coryann

Stefansson/BOARD/FRS@BOARD cc Coryann

Stefansson/BOARD/FRS@BOARD,

JNellie Liang/BOARD/FRS@Board Subject Re: Fw: <Additional Information>

Tri-Party Discussion w/ The LFIT

Today, July 29, 2008

cory, I looked at this briefly.

Coryann Stefannson/BOARD/FRS

o yCoryann Stefannson /BOARD/

RRFRSFRS Sent by: Coryann Stefansson/BOARD/FRS

07/29/2008 08:46 PM

To JNellie Liang/BOARD/FRS@BOARD, Deborah P

Bailey/BOARD/FRS@BOARDcc

Subject Fw: <Additional Information> Tri-Party Discussion w/ The LFIT

Today, July 29, 2008

this is what i was referring to in our meeting with VC Kohn

Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829

Assistant - Ms. Kimberly [email protected] Number 202 736-5555

----- Forwarded by Coryann Stefansson/BOARD/FRS on 07/29/2008 08:45 PM -----

uJulie oDolan/ YNY/FRS@ RFR

SS

07/29/2008 03:23 PM

To Adrienne Haden/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Dianne Dobbeck/NY/FRS@FRS, James Embersit/BOARD/FRS@BOARD, James Hodgetts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Kimberly A DeTrask/BOS/FRS@FRS, Michael Johnson/SF/FRS@FRS, Nina Nichols/BOARD/FRS@BOARD, Preston Thompson/BOS/FRS@FRS, Raymond A Bacon/BSR/CHI/FRS@FRS, Richard Cahill/NY/FRS@FRS, Robin L Lumsdaine/BOARD/FRS@BOARD, Ronald Stroz/NY/FRS@FRS, Sabeth I Siddique/BOARD/FRS@BOARD, Sarah Dahlgren/NY/FRS@FRS, Stacy L Coleman/RICH/FRS@FRS, Stacy

O'Bryant/RICH/FRS@FRS

(b)(5)&(b)(8)

BOG--FOIA 10-267--000185

cc Aaron Pagdon/NY/FRS@FRS, Alexis Ainsworth/NY/FRS@FRS, Barbara Vieira/NY/FRS@FRS, Celia Marrazzo/NY/FRS@FRS, Kim Jensik/BOARD/FRS@BOARD, NY Banksup LCBOAdmin/NY/FRS@FRS, Rebecca Semrau/NY/FRS@FRS,

Terasa Ng/SF/FRS@FRS, Theresa Casella/BOS/FRS@FRSSubject <Additional Information> Tri-Party Discussion w/ The LFIT Today,

July 29, 2008

On behalf of Mr. Art Angulo: Additional docs attached - re tri-party repo.

Julie DolanExecutive AssistantBank SupervisionFederal Reserve Bank of New York(212) 720-5857----- Forwarded by Julie Dolan/NY/FRS on 07/29/2008 03:19 PM -----

Calendar Entry

MeetingNotify me

Mark Private Pencil In

Subject Time Change: Tri-Party Discussion w/ The LFIT

When

Tue 07/29/2008 02:30 PM

Tue 07/29/2008 03:00 PM

30 mins

Specify a different time zone

Invited The following invitees have been invited

ChairJulie Dolan/NY/FRS

Where

Location

20th Floor - Large Northeast Conf. Room

Reserved

No rooms or resources have been reserved

BOG--FOIA 10-267--000186

Invitees

Required (to)

Adrienne Haden/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Dianne Dobbeck/NY/FRS@FRS, James Embersit/BOARD/FRS@BOARD, James Hodgetts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Kimberly A DeTrask/BOS/FRS@FRS, Michael Johnson/SF/FRS@FRS, Nina Nichols/BOARD/FRS@BOARD, Preston Thompson/BOS/FRS@FRS, Raymond A Bacon/BSR/CHI/FRS@FRS, Richard Cahill/NY/FRS@FRS, Robin L Lumsdaine/BOARD/FRS@BOARD, Ronald Stroz/NY/FRS@FRS, Sabeth I Siddique/BOARD/FRS@BOARD, Sarah Dahlgren/NY/FRS@FRS, Stacy L Coleman/RICH/FRS@FRS, Stacy O'Bryant/RICH/FRS@FRS

Optional (cc)

Aaron Pagdon/NY/FRS@FRS, Alexis Ainsworth/NY/FRS@FRS, Barbara Vieira/NY/FRS@FRS, Celia Marrazzo/NY/FRS@FRS, Kim Jensik/BOARD/FRS@BOARD, NY Banksup LCBOAdmin/NY/FRS@FRS, Rebecca Semrau/NY/FRS@FRS, Terasa Ng/SF/FRS@FRS, Theresa Casella/BOS/FRS@FRS

Categorize

Description

As per Sarah Dahlgren:

A Tri-Party Discussion meeting w/ the LFIT has been scheduled for:

Date: Tuesday, July 29, 2008Time: 2:30pmLocation: 20th Floor - Large Northeast Conf. Room.

co f D iTeleconference Details a Dial In :: 877-589-6971

ti a t Participant Code : 180333

Host code: 290394

BOG--FOIA 10-267--000187

Restricted F.R. DRAFT November 3, 2010

1 of 3

Near-term Strategy to Enhance the Stability of the

Triparty Repo Market

(b)(5)&(b)(8)

BOG--FOIA 10-267--000188


2 of 3

(b)(5)&(b)(8)

BOG--FOIA 10-267--000189


3 of 3

(b)(5)&(b)(8)

BOG--FOIA 10-267--000190

Internal F.R. D R A F T

1 11/3/2010

Talking Points

Near-term Measures to Enhance the Stability of the Triparty Repo Market

Triparty Repo Borrowers (and their regulators)

(b)(5)&(b)(8)

BOG--FOIA 10-267--000191


2 11/3/2010

(b)(5)&(b)(8)

BOG--FOIA 10-267--000192


3 11/3/2010

(b)(5)&(b)(8)

BOG--FOIA 10-267--000193


08/01/2008 10:34 AM

To Timothy Geithner/NY/FRS@FRS cc [email protected], Patrick M

Parkinson/BOARD/FRS@BOARD, [email protected], Arthur

Subject Clearing bank margins update

Tim

In preparation for the discussion you would like to have regarding clearing bank margins , we have prepared the following summary of the current situation and planned activities. In summary,

M I r d y aM I r d y aBNYM Intraday MarginsBNYM Intraday Margins

M n M nJPMC Intraday MarginsJPMC Intraday Margins


(b) (4)

(b) (4)

(b) (4)

BOG--FOIA 10-267--000194

BNYM

Standard1

Intraday Margin

JPMC

Target –Phase 12

Intraday Margin

Treasuries

• Bills

• Bonds (mat. >1 yr)

• Bond (mat. <1 yr)

• Note (mat. > 3yr)

• Note (mat. 1-3 yrs)

• Note (mat. < 3 yr)

• Strips (mat. > 1 yr)

• Strips (mat. < 1 yr)

Agency

• MBS

• Debt

• Remics

GNMA

• MBS Pools

• Remics

DTC Fixed Income

-Investment Grade

(b) (4)

(b) (4)

BOG--FOIA 10-267--000195

• Corp Bonds

• P.L. CMO

• ABS

• Munis

• CP

• Other

-Non-Investment Grade

• Corp Bonds

• CP

• ABS

• Munis

• P.L. CMO

• MMI

• Other

DTC Equities

-Investment Grade

-Non-Investment Grade

Whole Loans

TOTAL

(b) (4)

BOG--FOIA 10-267--000196


08/04/2008 05:45 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Arthur Angulo/NY/FRS@FRS,

Theodore Lubke/NY/FRS@FRS, Jan

Voigts/NY/FRS@FRS, Til Subject Resolution of derivatives dealer

Pat--we have done some initial thinking here on the information needed by a prospective buyer or manager of a failed dealer's derivatives portfolio. We also made some preliminary inquiries of Lehman on their derivatives books and Lehman provided us with some good basic information which I have attached. I have another document which I will fax to you tomorrow which shows trade counts by product and legal entity.

We are going back to Lehman on Wednesday to request further cuts of their information. We thought it would be useful to do some brainstorming with you on the information we would request. Are you available Tuesday morning at either 9:30 or 10am for a 30 minute discussion. If not, is there any time on Tuesday that works for you. Tks.

BOG--FOIA 10-267--000197

1 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000198

2 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000199

3 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000200

4 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000201

5 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000202

6 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000203

7 of 8

(b)(4) & (b)(8)

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8 of 8

(b)(4) & (b)(8)

BOG--FOIA 10-267--000205

h i LaursChristopher S Laursen /BOARD/FRS

08/08/2008 02:34 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc [email protected]


OK Thanks. I will give Lucinda a call

Good luck with your semi-vacation. Hope it doesn't end up a pseudo-vacation.

Regards,

Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262Patrick M Parkinson/BOARD/FRS

Patrick MPatrick M Parkinson //BOARD/FSRS

08/08/2008 01:55 PM




I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at FRBNY


h i Christopher S Laursen/BOARD/FFRS

08/08/2008 01:49 PM


cc

Subject Tri-party repo

Hi Pat,

I recently received some documents through the LFI committee that indicates

(b)(5)&(b)(8)

(b)(5)&(b)(8)

(b)(5)&(b)(8)

BOG--FOIA 10-267--000206

Thanks Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262

(b)(5)&(b)(8)

BOG--FOIA 10-267--000207


1 of 3

Near-term Strategy to Enhance the Stability of the

Triparty Repo Market

(b)(5)&(b)(8)

BOG--FOIA 10-267--000208


2 of 3

(b)(5)&(b)(8)

BOG--FOIA 10-267--000209


3 of 3

(b)(5)&(b)(8)

BOG--FOIA 10-267--000210


1 11/3/2010

Talking Points

Near-term Measures to Enhance the Stability of the Triparty Repo Market

Triparty Repo Borrowers (and their regulators)

(b)(5)&(b)(8)

BOG--FOIA 10-267--000211


2 11/3/2010

(b)(5)&(b)(8)

BOG--FOIA 10-267--000212


3 11/3/2010

(b)(5)&(b)(8)

BOG--FOIA 10-267--000213

o a Norah Barger /BOARD/F SFRS

08/08/2008 02:49 PM

To Christopher S

Laursen/BOARD/FRS@BOARD cc Barbara

Bouchard/BOARD/FRS@BOARD Subject Re: Fw: Tri-party repo

Chris,Good.

Norah

Norah BargerBanking Supervision and RegulationFederal Reserve BoardTel. (202) 452-2402Fax. (202) 452-2864Christopher S Laursen/BOARD/FRS

h i h i Christopher SChristopher S LaursenLaursen //BOARDBOARD//FFFRFRS

08/08/2008 02:39 PM

To Norah Barger/BOARD/FRS@BOARD, Barbara

Bouchard/BOARD/FRS@BOARDcc

Subject Fw: Tri-party repo

Just FYI

Christopher LaursenManager Risk Policy and GuidanceSupervision and Regulation DivisionFederal Reserve BoardOffice: 202-452-2478Cell: 202-415-2262----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----


08/08/2008 02:36 PM


cc


Yes, Geithner has stayed the deployment.


h i Christopher S Laursen/BOARD/FFRSS



(b) (5)

BOG--FOIA 10-267--000214

08/08/2008 02:34 PM Subject Re: Tri-party repo

Duplicate

BOG--FOIA 10-267--000215


08/13/2008 11:42 AM

To James A

Clouse/BOARD/FRS@BOARD cc

Subject Fw: Treasury contingency planning

Jim,

Could we talk about how we might staff this?

Brian


ScottScott AlvarezAlvarez //BOARDBOARD// RRFRFRS

08/13/2008 10:38 AM


cc


Brian,

Treasury wants to set up two contingency planning teams.

Thanks!

Scott

(b) (5)

BOG--FOIA 10-267--000216


08/13/2008 12:30 PM

To Scott Alvarez/BOARD/FRS@BOARD cc James A

Clouse/BOARD/FRS@BOARD Subject Re: Treasury contingency planning

Scott,

This confirms that Bill Nelson will be our point person on these projects . We will involve other MA folks as necessary.

Brian

Scott Alvarez/BOARD/FRS


08/13/2008 10:38 AM


cc


Duplicate

BOG--FOIA 10-267--000217


08/15/2008 06:11 PM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc [email protected], Theodore


Schuermann/NY/FRS@FRS Subject Re: Fw: Gameplan and Status to Date

Pat--we met with Lehman two days ago and have a draft of notes that have not been agreed upon. In any event, I don't think we really got much new information that will push the agenda forward.

Sorry I can't be more helpful than this. Going on vacation next week, but will check for your emails. Cheers.



08/15/2008 02:02 PM

To [email protected], Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc

Subject Fw: Gameplan and Status to Date

See below.

How are you coming with info gathering from Lehman?


StevenSteven ..ShafranShafran@@dodododo..treastreas....govgov

08/11/2008 03:04 PM


cc

Subject RE: Gameplan and Status to Date

(b) (5)

(b) (5)

(b) (5)

BOG--FOIA 10-267--000218

steve

-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Friday, August 08, 2008 4:02 PMTo: Shafran, StevenCc: [email protected]; [email protected]; Schaffer, Laurie;[email protected]; Broome, Meredith;[email protected]; [email protected];[email protected]; [email protected]: Re: Gameplan and Status to Date

Pat

Patrick M

Parkinson/BOARD/F

RSTo [email protected]

08/08/2008 09:47cc AM [email protected],

[email protected],

[email protected],

[email protected],

Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRS, William

(b) (5)

(b) (5)

BOG--FOIA 10-267--000219

BRODOWS/NY/FRS@FRS, Patrick M

Parkinson/BOARD/FRS@BOARD,

[email protected]

Subject Gameplan and Status to Date

(Document link: Patrick M

Parkinson)

Here is how I see the gameplan. Comments are welcome.

(b) (5)

BOG--FOIA 10-267--000220

Pat

Patrick M

Parkinson/BOARD/F

RSTo [email protected],

08/08/2008 09:15 [email protected]

AMcc [email protected],

[email protected],

William BRODOWS/NY/FRS@FRS,



Schuermann/NY/FRS@FRS, Patrick M

Parkinson/BOARD/FRS@BOARD

Subject Conference Call Participants

Are copied on this message.

Pat

BOG--FOIA 10-267--000221


08/19/2008 12:19 PM

To [email protected] cc William BRODOWS/NY/FRS@FRS,


Lubke/NY/FRS@FRS, Til Subject Fw: Gameplan and Status to Date

Steve,

See below. We keep coming up against the same quandary that we have discussed previously

As to timing, Both Bill and I (and many others) are on vacation this week.

Reactions?

Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 08/19/2008 11:56 AM -----

iWilliam SBRODOWS/ YNY/FRS

@FRS

08/15/2008 06:11 PM


cc [email protected], Theodore Lubke/NY/FRS@FRS, Til

Schuermann/NY/FRS@FRSSubject Re: Fw: Gameplan and Status to Date

Duplicate

(b) (5)

BOG--FOIA 10-267--000222


08/21/2008 09:06 AM

To Theodore Lubke/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Craig

Leiby/NY/FRS@FRS, HaeRan Subject Re: troubled dealers and otc

derivatives

Theo,

Thanks for helping push this slippery ball down the field .

I am going to try to maintain radio silence for what remains of my vacation (until Monday).

Pat

Theodore Lubke/NY/FRS@FRS

hhTheodoreTheodore LubkeLubke//// YYNYNY//F SF SFRSFRS@@ RRFRFRS

08/19/2008 04:37 PM

To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS, [email protected], Til Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRScc

Subject troubled dealers and otc derivatives

Attached is the first draft of a document that starts to expand the issues related to Lehman's OTC derivatives book to dealers in general.

I recognize many of you are on vacation (including myself!). For those who are around, please provide

(b) (5)

(b) (5)

BOG--FOIA 10-267--000223

me any comments by noon Friday and I will try turn this around again before the weekend.

Thanks.

Theo

[attachment "OTC Derivatives issues related to failing dealer v1.doc" deleted by Patrick M Parkinson/BOARD/FRS]

Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org

BOG--FOIA 10-267--000224


August 19, 2008

1

This note discusses OTC derivatives issues to be considered regarding the failure of a major OTC derivatives dealer (“troubled

dealer”).

(b) (5)

BOG--FOIA 10-267--000225


August 19, 2008

2

(b) (5)

BOG--FOIA 10-267--000226


August 19, 2008

3

(b) (5)

BOG--FOIA 10-267--000227


August 19, 2008

4

(b) (5)

BOG--FOIA 10-267--000228


August 19, 2008

5

(b) (5)

BOG--FOIA 10-267--000229


August 19, 2008

6

(b) (5)

BOG--FOIA 10-267--000230


August 19, 2008

7

(b) (5)

BOG--FOIA 10-267--000231

Arthur AnguloArthur AnguloArthur AnguloArthur Angulo ////NYNYNYNY////FRSFRSFRSFRS

09/04/2008 06:10 PM

To Timothy Geithner/NY/FRS@FRS cc William BRODOWS/NY/FRS@FRS,

Theodore Lubke/NY/FRS@FRS,

Patrick M Subject OTC Derivatives Info Request

As discussed yesterday morning, the attached doc sets out the information we seek to obtain from LEH regarding its OTC derivative positions. We have not yet broached this with the SEC; if you are OK with the list and with informing Fuld that this request will be made, I will speak with the SEC before you contact Fuld.

BOG--FOIA 10-267--000232

(b)(5)&(b)(8)

BOG--FOIA 10-267--000233

2

(b)(5)&(b)(8)

BOG--FOIA 10-267--000234


09/05/2008 01:50 PM

To Theodore Lubke/NY/FRS@FRS cc

Subject Draft Email to Shafran re Contingency

Planning re OTC Derivatives

Theo,

Please review and comment asap on the message below.

Thanks.

Pat

*************************************************

Steve,

We have discussed this matter with President Geithner and are planning to move forward promptly on several fronts.

1. We are going to make the attached request to Lehman Brothers for information regarding their OTC derivatives positions. Tim will call Dick Fuld soon to inform him of the request prior to its delivery .

2.

3.

4

Please let me know asap if they seems reasonable to you (other than the Sep. 15 deadline for project #4!). Also, I assume that we will want to involve SEC in preparation of the playbook Please let me know if Treasury wants to take the lead in drawing the SEC in or whether you want us to do that.

(b) (8)

(b) (8)

(b) (8)

Attachment is a duplicate

BOG--FOIA 10-267--000235

[email protected]

[email protected]

08/28/2008 04:54 PM


cc

Subject RE: treasury draft

Thanks for the quick response.

I had a brief chat w Paulson yesterday, and the view here (consistent wyours) is that

Im here tomorrow. Have a good weekend and lets talk Tuesday when youback. Looking forward to de-brief on the fed staff/ny staff OTCanalysis.

Steve

-----Original Message-----From: [email protected] [mailto:[email protected]] Sent: Thursday, August 28, 2008 4:34 PMTo: Shafran, StevenSubject: Re: treasury draft

Steve,

Thanks. No, I will not be in the office tomorrow. I have circulatedthisto a small group of Fed (NY and DC) staff and will discuss with themnextweek.

Fed staff had a long discussion of the OTC derivatives issues today.NewYork staff will seek some guidance from Geithner tomorrow.

Pat

(b) (8)

(b) (8)

BOG--FOIA 10-267--000236

Steven.Shafran@do

.treas.gov

To 08/28/2008 04:11 [email protected]

PMcc

Subject treasury draft

Pat: attached is a draft of the working product over here. Lookingforward to comparing notes between this effort and yours. I think theteams were working together and hope we haven't drifted too far apart.Will you be in on Friday?

steve

<<systemicallycriticallegis draft ls.7.29.doc>> (See attached file:systemicallycriticallegis draft ls.7.29.doc)

Document not attached

BOG--FOIA 10-267--000237

Kristin Mayer / YNY/FRS

09/09/2008 08:33 AM

To Patrick M

Parkinson/BOARD/FRS@BOARD cc Meg McConnell/NY/FRS@FRS


Pat,


-Kristy Mayer


BOG--FOIA 10-267--000238

Entity

LBI

Consolidated

Neuberger Berman Inc.

Consolidated

Lehman Brothers Holdings PLC

Consolidated Other Holding Company Entities LBHI Consolidated

Description US Broker Dealer Asset Manager UK Broker Dealer

($ in millions) Details: Page 2 Details: Page 3 Details: Page 4 Details: Page 5

ASSETS:

Cash and Cash Equivalents 986 575 2,467 3,536 7,564

Cash & Securities Segr. And on Deposit 9,145 92 6,568 764 16,569

Financial Instr. & Other Inventory Positions Owned

Governments & Agencies 64,115 1 5,499 (25,042) 44,573

Total CP and other Money Market Instruments 3,502 267 131 (458) 3,442

Mortgages & Asset Backed Securities 26,948 - 3,242 54,418 84,608

Real Estate held for sale 4,541 - - 18,023 22,564

Total Corporate Debt & Other 33,588 - 3,968 22,193 59,749

Total Corporate Equities 27,291 205 9,819 18,800 56,115


Total Securities & Other Financial Instruments Owned 199,001 473 40,276 86,914 326,664

Collateralized Short Term Agreements 223,386 - 139,062 6,232 368,680

Receivables 22,565 107 27,049 2,677 52,398

Other Assets 1,981 2,885 1,613 7,683 14,162

Investment in Cons. Subs 262 (1) 1 (260) 2

Due from Subsidiaries 134,278 26 287,105 (420,409) 1,000

Total Assets 591,604 4,157 504,141 (312,863) 787,039

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 967 1 703 32,853 34,524


Governments & Agencies 85,182 - 52,878 (29,300) 108,760

Total CP and other Money Market Instruments 10 - - 12 22

Mortgages & Asset Banked Securities 134 - 671 (252) 553

Total Corporate Debt & Other 4,383 - 5,879 (1,523) 8,739

Total Corporate Equities 7,667 - 27,422 5,945 41,034


Total Sec. & Other Fin. Instuments Sold but not Purchased 128,321 - 100,450 (31,856) 196,915

Collateralized Short-Term Financing 138,961 - 116,666 20,885 276,512

Payables 41,601 1,027 49,856 3,662 96,146

Deposits at Banks - - - 28,830 28,830

Due to Subsidiaries 269,802 234 217,849 (487,886) (1)

Long-Term Debt: -

Senior Notes 261 - 816 111,051 112,128

Subordinated Notes 5,835 - 8,707 (3,346) 11,196

Junior Subordinated Notes - - 1,982 2,980 4,962

Total Long-Term Debt 6,096 - 11,505 110,685 128,286

Total Liabilities 585,748 1,262 497,029 (322,827) 761,212


Preferred Stock - - 3,003 (10) 2,993

Common Stock 1 - 1,180 (1,158) 23

Additional Paid in Capital 1,791 2,754 248 1,874 6,667

Retained Earnings 3,042 143 2,674 13,969 19,828

Other Stockholders Equity, Net 22 - 6 (5,790) (5,762)

Total Stockholders Equity 4,856 2,897 7,111 8,885 23,749

Total Liabilities & Stockholder Equity 590,604 4,159 504,140 (313,942) 784,961


Page 1BOG--FOIA 10-267--000239

US Broker Dealer

Lehman

Brothers, Inc

Lehman

Commercial Paper

Inc. Consolidated

LB Special

Financing Inc.

Consolidated

LBI Group Inc.

Consolidated

Lehman Brothers

Financial Product

Inc.

Lehman Bros.

Derivative

Products, Inc.

Other Subs of

Lehman Brothers

Inc. Eliminations LBI Consolidated

($ in millions)

US Broker

Dealer

Funding Whole

Loans

Derivatives

Counterparty

ASSETS:

Cash and Cash Equivalents 613 74 40 72 3 49 135 - 986

Cash & Securities Segregated. And on Deposit 9,135 - - 10 - - - - 9,145


Governments & Agencies 40,945 19 25,097 381 - - 2,241 (4,568) 64,115

Total CP and other Money Market Instruments 3,014 - 92 31 307 58 - - 3,502

Mortgages & Asset Backed Securities 16,349 6,932 2,174 1,493 - - - - 26,948

Real Estate held for sale - 4,520 - - - - 21 - 4,541

Total Corporate Debt & Other 9,352 18,433 4,196 1,621 - - - (14) 33,588

Total Corporate Equities 15,218 1,413 7,301 5,696 - - 1,386 (3,723) 27,291

Derivatives and Other Contractual Agreements 5,015 166 34,029 62 272 466 15 (1,009) 39,016

Total Securities & Other Financial Instruments Owned 89,893 31,483 72,889 9,284 579 524 3,663 (9,314) 199,001

Collateralized Short Term Agreements 223,083 307 10 197 - - - (211) 223,386

Receivables 23,043 43 2,973 573 - 1 (164) (3,904) 22,565

Other Assets 340 121 479 861 6 1 180 (7) 1,981

Investment in Cons. Subs 1,785 225 - 20 - - 745 (2,513) 262

Due from Subsidiaries 89,951 32,361 55,060 1,041 - 35 631 (44,801) 134,278

Total Assets 437,843 64,614 131,451 12,058 588 610 5,190 (60,750) 591,604

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 467 310 186 - - - 4 - 967


Governments & Agencies 45,496 - 44,254 - - - - (4,568) 85,182

Total CP and other Money Market Instruments - 8 - - - - 2 - 10

Mortgages & Asset Banked Securities 134 - - - - - - - 134

Total Corporate Debt & Other 3,534 6 857 - - - - (14) 4,383

Total Corporate Equities 7,890 - 3,480 20 - - - (3,723) 7,667

Derivatives and Other Contractual Agreements 4,562 853 25,309 (1) 272 460 136 (646) 30,945

Total Sec. & Other Fin. Instruments Sold but not Purchased 61,616 867 73,900 19 272 460 138 (8,951) 128,321

Collateralized Short-Term Financing 118,014 16,094 2,580 3 - - 2,270 - 138,961

Payables 38,765 (613) 7,423 529 15 4 13 (4,535) 41,601

Deposits at Banks - - - - - - - - -

Due to Subsidiaries 207,290 47,963 46,389 11,374 6 65 1,503 (44,788) 269,802

Long-Term Debt: -

Senior Notes 1 - 21 239 - - - - 261

Subordinated Notes 5,835 - - - - 10 - (10) 5,835

Junior Subordinated Notes - - - - - - - - -

Total Long-Term Debt 5,836 - 21 239 - 10 - (10) 6,096

Total Liabilities 431,988 64,621 130,499 12,164 293 539 3,928 (58,284) 585,748


Preferred Stock - - - - - - - - -

Common Stock - - - 35 - - 5 (39) 1

Additional Paid in Capital 1,791 506 250 4 250 25 53 (1,088) 1,791

Retained Earnings 3,042 (539) 704 (149) 45 46 1,215 (1,322) 3,042

Other Stockholders Equity, Net 22 26 - 2 - - (9) (19) 22

Total Stockholders Equity 4,855 (7) 954 (108) 295 71 1,264 (2,468) 4,856

Total Liabilities & Stockholder Equity 436,843 64,614 131,453 12,056 588 610 5,192 (60,752) 590,604


Page 2BOG--FOIA 10-267--000240

Asset Manager

Neuberger

Berman Inc.

Neuberger

Berman LLC

Consolidated

Other Subs of

Neuberger

Berman Inc. Eliminations

Neuberger

Berman Inc.

Consolidated

($ in millions)

ASSETS:

Cash and Cash Equivalents - 575 - - 575

Cash & Securities Segregated. And on Deposit - 92 - - 92


Governments & Agencies - 1 - - 1

Total CP and other Money Market Instruments - 20 247 - 267

Mortgages & Asset Backed Securities - - - - -

Real Estate held for sale - - - - -


Total Corporate Equities 6 92 107 - 205


Total Securities & Other Financial Instruments Owned 6 113 354 - 473

Collateralized Short Term Agreements - - - - -

Receivables - 74 33 - 107

Other Assets 2,630 206 49 - 2,885

Investment in Cons. Subs 661 - 9 (671) (1)

Due from Subsidiaries 11 10 24 (19) 26

Total Assets 3,308 1,070 469 (690) 4,157

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings - 1 - - 1


Governments & Agencies - - - - -

Total CP and other Money Market Instruments - - - - -

Mortgages & Asset Banked Securities - - - - -


Total Corporate Equities - - - - -


Total Sec. & Other Fin. Instruments Sold but not Purchased - - - - -

Collateralized Short-Term Financing - - - - -

Payables 285 507 235 - 1,027

Deposits at Banks - - - - -

Due to Subsidiaries 126 45 82 (19) 234

Long-Term Debt:

Senior Notes - - - - -

Subordinated Notes - - - - -

Junior Subordinated Notes - - - - -

Total Long-Term Debt - - - - -

Total Liabilities 411 553 317 (19) 1,262


Preferred Stock - - - - -

Common Stock - - - - -

Additional Paid in Capital 2,755 377 37 (415) 2,754

Retained Earnings 143 142 114 (256) 143

Other Stockholders Equity, Net - - - - -

Total Stockholders Equity 2,898 519 151 (671) 2,897

Total Liabilities & Stockholder Equity 3,309 1,072 468 (690) 4,159


Page 3BOG--FOIA 10-267--000241

UK Broker/Dealer

Lehman

Brothers

Holdings

PLC

LB International

(Europe)

Consolidated

Lehman

Brothers Europe

Ltd.

Other Subs of

Lehman

Brothers

Holdings PLC Eliminations

Lehman

Brothers

Holdings PLC

Consolidated

($ in millions)

Parent

Company

Only

Main

Broker/Dealer

ASSETS:

Cash and Cash Equivalents - 2,320 75 72 - 2,467

Cash & Securities Segregated. And on Deposit - 6,568 - - - 6,568



Total CP and other Money Market Instruments - 131 - - - 131

Mortgages & Asset Backed Securities 3 3,239 1 3,397 (3,398) 3,242

Real Estate held for sale - - - - - -

Total Corporate Debt & Other - 3,967 - 1 - 3,968

Total Corporate Equities 14 9,805 - - - 9,819

Derivatives and Other Contractual Agreements 74 17,541 2 - - 17,617

Total Securities & Other Financial Instruments Owned 91 40,182 3 3,398 (3,398) 40,276

Collateralized Short Term Agreements - 138,462 600 - - 139,062

Receivables - 26,913 87 53 (4) 27,049

Other Assets 25 66 14 1,508 - 1,613

Investment in Cons. Subs 7,607 - - 14,841 (22,447) 1

Due from Subsidiaries 5,464 286,532 12 16,547 (21,450) 287,105

Total Assets 13,187 501,043 791 36,419 (47,299) 504,141

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings - 703 - - - 703



Total CP and other Money Market Instruments - - - - - -

Mortgages & Asset Banked Securities - 671 - - - 671

Total Corporate Debt & Other - 5,879 - - - 5,879

Total Corporate Equities - 27,422 - - - 27,422

Derivatives and Other Contractual Agreements - 13,600 - - - 13,600

Total Sec. & Other Fin. Instuments Sold but not Purchased - 100,450 - - - 100,450

Collateralized Short-Term Financing - 116,666 - 3,398 (3,398) 116,666

Payables 26 47,278 (10) 2,566 (4) 49,856

Deposits at Banks - - - - - -

Due to Subsidiaries 1,499 217,874 215 4,046 (5,785) 217,849

Long-Term Debt:

Senior Notes - 86 - 730 - 816

Subordinated Notes 2,567 10,875 50 10,881 (15,666) 8,707

Junior Subordinated Notes 1,982 - - - - 1,982

Total Long-Term Debt 4,549 10,961 50 11,611 (15,666) 11,505

Total Liabilities 6,074 493,932 255 21,620 (24,853) 497,029


Preferred Stock 3,003 - - 192 (192) 3,003

Common Stock 1,180 6,273 80 11,695 (18,048) 1,180

Additional Paid in Capital 248 - - 1,202 (1,202) 248

Retained Earnings 2,674 831 456 1,567 (2,854) 2,674

Other Stockholders Equity, Net 6 7 - 144 (151) 6

Total Stockholders Equity 7,111 7,111 536 14,800 (22,447) 7,111

Total Liabilities & Stockholder Equity 13,185 501,043 791 36,420 (47,300) 504,140


Page 4BOG--FOIA 10-267--000242

Other Parent Company Entities

Lehman

Brothers

Holding Inc.

LB Commercial

Corporation

ALI Inc.

Consolidated

Lehman

Brothers Bank

Consolidated

LB

Commercial

Bank

LB OTC

Derivatives Inc.

Lehman Brothers

Treasury Co. B.V.

Lehman Brothers

(Luxembourg) SA

Lehman Brothers

Bankhaus AG LB Finance SA

Lehman

Brothers

Japan Inc.

PCO

Other

Subsidiaries Eliminations

Other Parent

Company

Entities

($ in millions)

Parent

Company

Only

F/X Trades,

Derivatives, FX

Swaps

Licensed in CA;

Legacy Mortgage

Originator

Delaware OTS

Bank

Utah ILC;

FDIC

regulated

Broker/Dealer;

Share buy-back

trades

Issuer of Euro

Debt; Structured

Notes

Stock Borrow

Entity German Bank

Global Book

for Equity

Derivatives

Japan B/D; all

JGB activity;

not self

clearing

MBS, RE held

for sale, corp

debt, corp equity

- liquid and

private

ASSETS:

Cash and Cash Equivalents 879 10 70 1,667 130 7 31 - 202 2 106 432 - 3,536

Cash & Securities Segregated. And on Deposit - - - 4 - - - - 74 - 331 355 - 764


Governments & Agencies 186 - 3 1,456 8 - - - 2 - 6,889 2,090 (35,676) (25,042)

Total CP and other Money Market Instruments 770 - - - - - - - 1 159 13 52 (1,453) (458)

Mortgages & Asset Backed Securities 17,271 - 3,326 7,958 945 - - - 3,453 - - 26,820 (5,355) 54,418

Real Estate held for sale 5,233 - 7,902 - - - - - 225 - - 4,663 - 18,023

Total Corporate Debt & Other 1,005 229 747 477 3,744 958 - 5,777 2,845 1,417 8,405 (3,411) 22,193

Total Corporate Equities 558 - 2,524 - 1 705 - - 15,066 8 7,855 (7,917) 18,800

Derivatives and Other Contractual Agreements 6,923 1,862 136 256 217 542 - 202 8,648 424 112 (20,342) (1,020)

Total Securities & Other Financial Instruments Owned 31,946 2,091 14,638 10,147 4,915 2,205 - - 9,660 26,718 8,751 49,997 (74,154) 86,914

Collateralized Short Term Agreements 90 - 1 40 - - - 913 2,090 - 3,070 28 - 6,232

Receivables 717 16 107 737 9 1,081 35 4 6 - 589 1,839 (2,463) 2,677

Other Assets 6,130 - 141 445 7 - - - - 1 469 1,394 (904) 7,683

Investment in Cons. Subs 25,381 - - - - - - - - - (4) 42,588 (68,225) (260)

Due from Subsidiaries 162,189 1,478 9,445 1,114 1,459 2,005 35,754 72,743 14,185 18,398 24,409 125,302 (888,890) (420,409)

Total Assets 227,332 3,595 24,402 14,154 6,520 5,298 35,820 73,660 26,217 45,119 37,721 221,935 (1,034,636) (312,863)

LIABILITIES:

Short Term Borrowings & Current Portion of Long Term Borrowings 23,236 - - 286 1,516 1,227 4,669 - 243 7 - 3,134 (1,465) 32,853


Governments & Agencies - - - - - - - - - 31 6,042 303 (35,676) (29,300)

Total CP and other Money Market Instruments - 21 1 12 - 5 - - - - - (27) - 12

Mortgages & Asset Banked Securities - 1 - 41 - - - - - - - (1) (293) (252)

Total Corporate Debt & Other - - - - - - - - - 76 28 186 (1,813) (1,523)

Total Corporate Equities - 1 - - - 1,445 - - - 10,011 - 2,405 (7,917) 5,945

Derivatives and Other Contractual Agreements 858 1,675 260 10 263 1,208 2,161 - 112 6,585 513 (691) (19,692) (6,738)

Total Sec. & Other Fin. Instruments Sold but not Purchased 858 1,698 261 63 263 2,658 2,161 - 112 16,703 6,583 2,175 (65,391) (31,856)

Collateralized Short-Term Financing 7,674 - 4,057 35 - - - 73 267 - 4,427 9,387 (5,035) 20,885

Payables 2,502 111 161 550 116 356 - - 416 614 841 4,309 (6,314) 3,662

Deposits at Banks - - - 10,746 3,675 - - - 14,448 - - - (39) 28,830

Due to Subsidiaries 76,892 1,612 19,802 264 - 619 16 73,576 4,462 27,340 24,239 119,042 (835,750) (487,886)

Long-Term Debt:

Senior Notes 77,173 - - 36 - - 27,385 4,046 - - 6,859 (4,448) 111,051

Subordinated Notes 11,188 - - 300 - 250 - 1,156 - 753 31,222 (48,215) (3,346)

Junior Subordinated Notes 2,980 - - - - - - - - - - 2,980

Total Long-Term Debt 91,341 - - 336 - 250 27,385 - 5,202 - 753 38,081 (52,663) 110,685

Total Liabilities 202,503 3,421 24,281 12,280 5,570 5,110 34,231 73,649 25,150 44,664 36,843 176,128 (966,657) (322,827)


Preferred Stock 2,993 - - - - - - - - 2,664 (5,667) (10)

Common Stock 61 - - - - - 3 4 375 11,949 (13,550) (1,158)

Additional Paid in Capital 7,389 11 57 599 817 100 - 5 479 18,811 (26,394) 1,874

Retained Earnings 19,880 164 36 1,276 133 87 1,585 444 (62) 11,317 (20,891) 13,969

Other Stockholders Equity, Net (5,492) - 28 - - - - 2 86 1,064 (1,478) (5,790)

Total Stockholders Equity 24,831 175 121 1,875 950 187 1,588 - - 455 878 45,805 (67,980) 8,885

Total Liabilities & Stockholder Equity 227,334 3,596 24,402 14,155 6,520 5,297 35,819 73,649 25,150 45,119 37,721 221,933 (1,034,637) (313,942)


Page 5

BOG--FOIA 10-267--000243

Lehman Global Repo Maturity Schedule

As of September 5, 2008

$ in billions


OVERNIGH

T

due on 9/8/08

TOTAL

OUTSTANDING

1 Asia Asia Total - -

2 Europe Government 6.6 9.3

3 Non-Government Fixed Income* 7.9 32.6

4 Equity 1.3 14.0

5 Europe Total 15.8 55.9

* Includes 17.7B ECB eligible, of which 11B is already pledged

U.S. PDCF ELIGIBLE

OMO Eligible

6 U.S. Treasuries** 34.1 35.1

7 Government Agency 27.8 28.3

8 Agency MBS** 47.7 64.8

9 Subtotal OMO Eligible 109.6 128.2

** Includes 1B of US Treasuries and 16.8B Agency MBS pledged to TSLF

NON-OMO Eligible

10 Asset Backs - Investment Grade*** 1.0 2.9

11 Convertibles - Investment Grade 0.4 0.4

12 Corporates - Investment Grade 7.7 8.9

13 Money Markets 7.7 8.4

14 Muni 2.7 3.2

15 Private Labels - Investment Grade*** 2.9 7.2

16 Subtotal Non-OMO Eligible 22.4 31.0

*** Includes 0.6B of ABS IG and 2.9B Private Label IG pledged to TSLF

17 Subtotal PDCF Eligible (lines 9+16) 132.0 159.2

NON-PDCF ELIGIBLE

18 Major Index Equities

19 Non-Major Equities: Index and <$5**** 5.1 8.8

20 Fixed Income Non-Investment Grade 7.1 14.7

21 Subtotal Non-PDCF Eligible 12.2 23.5

22 U.S. Total (lines 17+21) 144.2 182.7

23 Global GLOBAL TOTAL (lines 1+5+22) 160.0 238.6

**** Total Equities is shown: no breakdown provided for Major Index Equities and Non-Major Equities


BOG--FOIA 10-267--000244


09/09/2008 11:28 AM

To Kevin

Warsh/BOARD/FRS@BOARD cc [email protected],

[email protected] Subject Lehman Brothers

I have spent the morning on two conference calls, the First with Tim and Fed staff and the second with Tim, Cox, Ken Wilson, and others.

LB is scheduled to announce its earnings on Sep. 18. They will announce a $3.9 bil loss. They need to raise capital and have had discussions with numerous parties but none have come to fruition. While they have $40 bil in unencumbered assets and their funding has been stable, there is concern that could melt away quickly once it becomes apparent that it has been unable to raise capital.

We had been discussing public policy options (none of them good) in the event that they can't raise capital. While we were talking LB's stock price was plummeting, perhaps because of news that the Koreans will not be coming to the rescue.

Tim and Cox had been scheduled to call Fuld at 4 pm. They have moved that up to 11:30 am. They will essentially tell him that if he doesn't raise capital chapter 11 is the alternative, except for US b/d, which SEC thinks can be liquidated in an orderly manner.

Pat

(b) (6)

BOG--FOIA 10-267--000245


09/09/2008 01:36 PM

To [email protected], Kevin Warsh/BOARD/FRS@BOARD,

Margaret cc




Kristin aMayer/NNY/FRS@FFRS

09/09/2008 08:33 AM


cc Meg McConnell/NY/FRS@FRS


Pat,


-Kristy Mayer



BOG--FOIA 10-267--000246


09/09/2008 01:37 PM

To [email protected], Kevin Warsh/BOARD/FRS@BOARD, Margaret

cc Subject Fw: LB triparty repo followup

Additional background for 3 pm call.



09/09/2008 11:21 AM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS

cc Rania Jamal, Brian Begalle/NY/FRS@FRS

Subject LB triparty repo followup

Some follow up to questions on triparty activity from this morning's meeting.

Total non-PDCF eligible collateral financed by primary dealers is about $200 billion. Lehman's �

portion of this is just over $20 billion. Brian Begalle's staff prepared the summary of non-PDCF eligible collateral with charts attached below.

�

Eleven firms provide 80% of Lehman's triparty repo financing. The complete list is attached in the �

spreadsheet below.

$34.9 billion$16.6 $16.5 $12.2$10.6$ 6.9$ 6.6$ 3.8$ 3.6$ 3.5$ 3.5

(b) (4)

(b) (4)

BOG--FOIA 10-267--000247



BOG--FOIA 10-267--000248


09/09/2008 02:02 PM

To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian

Peters/NY/FRS@FRS, Chris


Attached find the derivatives summary (first two tabs) and a Lehman vs. Bear comparison (third tab) for this afternoon's call.



09/09/2008 12:39 PM


Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris

McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,


1. Lucinda and McCurdy are doing a "that was then, this is now" analysis for the triparty repo piece.2. Markets (I think?) is going to do some state of the world comparison. 3. We have Bill B. giving us Leh's version of the difference between them and BSC.

(Not sure whether we want to also do something that focuses narrowly on OTC derivatives, or whether that will be covered in what Brodows sends?).

These would need to be ready by around 2:45 or so at the latest. Thanks!Meg--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773

William BRODOWS


Sent: 09/09/2008 12:22 PM EDT


Cc: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig

Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Kristin Mayer; Meg McConnell; Michael Holscher; Michael Schetzel; Michael Silva; Patrick Parkinson; Sandy Krieger;

BOG--FOIA 10-267--000249

Sarah Dahlgren; Steven Friedman; Terrence Checki; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng

Subject: Re: Quick comparison

I have Lehman's own analysis of differences between their position and position of Bear which I will forward.



09/09/2008 11:28 AM

To Meg McConnell/NY/FRS@FRS

cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William

BRODOWS/NY/FRS@FRSSubject Re: Quick comparison

Meg

Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.

Lucinda




09/09/2008 11:07 AM

To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,

Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRScc Kristin Mayer/NY/FRS@FRS, Michael Silva/NY/FRS@FRS

Subject Quick comparison

BOG--FOIA 10-267--000250

As he mentioned in the meeting this morning, Tim would like someone to put together a quick "what's different? what's the same?" list about LEH vs BSC, as well as about mid-March (then) vs. early Sept (now). He would like this for a call he's having with Chairman Bernanke at 3:00. Any takers for this? Please let me know.Thanks,Meg

--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773

Meg McConnell


Sent: 09/08/2008 06:44 PM EDT

To: Arthur Angulo; Brian Peters; Chris McCurdy; Clinton Lively; Craig

Leiby; Debby Perelmuter; Dianne Dobbeck; HaeRan Kim/NY/FRS@NY; James Bergin; Jamie McAndrews; Jan Voigts; Jonathan Polk; Lucinda Brickler; Meg McConnell; Michael Holscher; Michael Schetzel; Patrick Parkinson; Sandy Krieger; Sarah Dahlgren; Steven Friedman; Terrence Checki/NY/FRS@NY; Theodore Lubke; Thomas Baxter; Til Schuermann; Wendy Ng; William BRODOWS

Cc: Kristin Mayer; Michael Silva

Subject: Meeting tomorrow at 9:00

The purpose of tomorrow's meeting is to continue the discussion of near-term options for dealing with a failing nonbank. Sorry for the late notice on this meeting.Meg

BOG--FOIA 10-267--000251

1 of 3

(b)(4) & (b)(8)

BOG--FOIA 10-267--000252

(b) (8)

BOG--FOIA 10-267--000253

(b) (8)

BOG--FOIA 10-267--000254


09/09/2008 02:40 PM

To Meg McConnell/NY/FRS@FRS cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris


Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132Meg McConnell/NY/FRS

eMeg c onMcConnell /NNY/ RFRS

09/09/2008 12:39 PM


Brickler/NY/FRS@FRScc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,


Duplicate

BOG--FOIA 10-267--000255


(b) (8)

BOG--FOIA 10-267--000256

e VanlandiMelissa A Vanlandingham / DBOARD// RFRS

09/09/2008 03:08 PM

To Jeff Stehm/BOARD/FRS@BOARD cc

Subject Re: Fw: Lehman

Will do.

Melissa VanlandinghamFinancial Services AnalystBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-530-6285

Jeff Stehm/BOARD/FRS

eJeff Stehm/BOARBOARD/F SFRS

09/09/2008 02:48 PM


cc

Subject Fw: Lehman



Jill K eCetina/BOARD/FRS

09/09/2008 01:26 PM


cc

Subject Lehman



(b) (5)

BOG--FOIA 10-267--000257


BOG--FOIA 10-267--000258


09/09/2008 03:39 PM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris

McCurdy/NY/FRS@FRS, Clinton cc Brian Begalle/NY/FRS@FRS, Rania

Jamal Subject lehman triparty book, Monday Sept 8

Brian Begalle sent me the breakdown of LB's triparty collateral as of yesterday--the numbers do not change much from day to day. This view shows the effective margins for each class of collateral .

Lucinda


BOG--FOIA 10-267--000259

Collateral Value Including Accrued Interest Collateral Value After Margin Reduction Effective Margin %

11.LEHMAN BROTHERS

US Treasuries and Strips $43,025,761,906.42 $42,312,718,789.52 101.69%

Freddie Mac & Fannie Mae MBS $39,763,984,680.34 $39,081,105,972.85 101.75%

US Government Agency Securities $16,945,786,056.35 $16,678,849,440.60 101.60%

Freddie Mac & Fannie Mae REMICs $2,261,940,549.75 $2,254,770,709.71 100.32%

Ginnie Mae MBS Pools $1,376,385,190.67 $1,358,981,745.11 101.28%

Ginnie Mae REMICs $367,112,770.32 $367,050,939.01 100.02%

2-DTC Fixed Income Securities

Investment Grade

Corporate Bonds $9,624,611,286.50 $9,116,931,301.35 105.57%

Private Label CMO $5,775,041,659.13 $5,497,727,340.14 105.04%

Other $390,026,631.18 $382,506,288.30 101.97%

Commercial Paper $4,985,391,053.87 $4,701,363,686.84 106.04%

Asset Back Securities $3,269,975,054.42 $2,936,610,121.34 111.35%

Municipal Bonds $1,804,555,149.24 $1,733,121,263.25 104.12%

$25,849,600,834.34 $24,368,260,001.22

Non-Investment Grade

Other $147,286,188.76 $146,129,118.42 100.79%

Corporate Bonds $4,261,111,122.67 $4,042,754,893.90 105.40%

Commercial Paper $3,638,691,412.08 $3,560,971,962.64 102.18%

Municipal Bonds $1,594,909,510.01 $1,534,503,512.87 103.94%

Asset Back Securities $1,522,770,273.87 $1,234,979,818.26 123.30%

Private Label CMO $420,819,093.19 $355,639,506.47 118.33%

$11,585,587,600.58 $10,874,978,812.56

$37,435,188,434.92 $35,243,238,813.78

3-DTC Equities

Investment Grade

Equities & Equity Derivatives $179,150,650.73 $170,618,603.37 105.00%

Non-Investment Grade $179,150,650.73 $170,618,603.37

Equities & Equity Derivatives $8,972,922,374.50 $8,463,545,271.94 106.02%

$8,972,922,374.50 $8,463,545,271.94

$9,152,073,025.23 $8,634,163,875.31

4-Other $14,193,926.01 $13,915,613.40 102.00%

$14,193,926.01 $13,915,613.40

TOTAL Unwind: $150,342,426,540.01 $145,944,795,899.29

BOG--FOIA 10-267--000260

i obbecDianne Dobbeck /NY/FRS

09/09/2008 03:51 PM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton

cc Steven Mirsky/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS

Subject LFI's Counterparty Credit Risk Exposure to Lehman

Attached is the most recent update on the LFIs' counterparty credit risk exposure to Lehman. Thanks to Brandon for pulling this together.

----- Forwarded by Kyle Grieser/NY/FRS on 09/09/2008 03:45 PM -----

Brandon aaHallHall//NYNY////FRSFRS

08/20/2008 03:32 PM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Richard Cahill/NY/FRS@FRS

cc Steven Mirsky/NY/FRS@FRS, William Hallacy/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS

Subject CCR Exposures to Lehman - 8/20/08 Update

Regarding counterparty credit exposures to Lehman Brothers, as evidenced by LFIs' most updated top financial counterparty exposure lists, please see the table below (and attached).

____________________________________Brandon J. HallCounterparty Credit Risk & Monitoring

(b)(4) & (b)(8)

BOG--FOIA 10-267--000261

Federal Reserve Bank of New York33 Liberty St. | New York, NY 10045

P: 212-720-1349F: 212-720-1468E: [email protected]

BOG--FOIA 10-267--000262

Trend of Counterparty Credit Risk Exposures to Lehman Brothers (March 2008 – Most Recent Data)

(b)(4) & (b)(8)

BOG--FOIA 10-267--000263


09/09/2008 04:12 PM

To [email protected] cc

Subject Re: Fw: Materials for 9am Call

Pat,Do we have better numbers? These are from February.Thanks!Scott

[email protected]


09/09/2008 01:36 PM

To [email protected], [email protected], [email protected], [email protected],

[email protected]



Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 01:35 PM----- Kristin Mayer/NY/FRS@FRS To 09/09/2008 08:33 Patrick M Parkinson/BOARD/FRS@BOARD AM cc Meg McConnell/NY/FRS@FRS Subject Materials for 9am Call

Duplicate

BOG--FOIA 10-267--000264


09/09/2008 04:14 PM

To [email protected],

[email protected] cc [email protected]


See below.

Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 04:14 PM-----

[email protected]

To09/09/2008 04:12 [email protected] cc

SubjectRe: Fw: Materials for 9am Call

Pat,Do we have better numbers? These are from February.Thanks!Scott

Duplicate

BOG--FOIA 10-267--000265

i C Proc orRita C Proctor / DBOARD// RFRS

09/09/2008 04:26 PM

To Donald L Kohn/BOARD/FRS@BOARD, Kevin

Warsh/BOARD/FRS@BOARD, cc Rivane V

Bowden/BOARD/FRS@BOARD,

Margaret Subject This evening's conference call will

take place at 5 p.m. instead of 6 p.m.

Tuesday, e tSeptember 9, 22008

05:00 PM - 06:00 PM Conference Call [re: Lehman Brothers]Location: Chairman's OfficePrincipals: Secy. Paulson, Secy. Cox, Chairman Bernanke, Vice Chairman Kohn(?) Governor Warsh & President GeithnerBoard Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle SmithFRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge

nf en r n m onConference bridge information :

Toll Free Dial In Number: ( 6866) 209-- 436438Participant Code: 6623345Int'l Access/Caller Paid Dial In Number: (865) 297-1127

BOG--FOIA 10-267--000266

[email protected]

09/09/2008 04:32 PM


[email protected] Subject Re: Fw: Materials for 9am Call

We will send July 30 momentarily. Have hard copy--need to scan. Tks.


09/09/2008 04:17 PM

To [email protected], William

BRODOWS/NY/FRS@FRS

[email protected]


See below.

Pat

----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 04:14 PM -----

[email protected]

09/09/2008 04:12 PM

[email protected]

cc

Subject Re: Fw: Materials for 9am Call

Duplicate

BOG--FOIA 10-267--000267


09/09/2008 05:03 PM

To Patrick M Parkinson/BOARD/FRS@BOARD,

Scott Alvarez/BOARD/FRS@BOARD cc Arthur Angulo/NY/FRS@FRS

Subject Lehman May 30 consolidating balance

sheet

As requested...----- Forwarded by William BRODOWS/NY/FRS on 09/09/2008 05:00 PM -----

KarenKarenKarenKaren ScottScottScottScott ////NYNYNYNY////FRSFRSFRSFRS

09/09/2008 05:03 PM

To William BRODOWS/NY/FRS@FRS

cc

Subject <Scanned Document> As requested

BOG--FOIA 10-267--000268

BOG--FOIA 10-267--000269

BOG--FOIA 10-267--000270

BOG--FOIA 10-267--000271

BOG--FOIA 10-267--000272

BOG--FOIA 10-267--000273

BOG--FOIA 10-267--000274

BOG--FOIA 10-267--000275

BOG--FOIA 10-267--000276

BOG--FOIA 10-267--000277

BOG--FOIA 10-267--000278

BOG--FOIA 10-267--000279

BOG--FOIA 10-267--000280

BOG--FOIA 10-267--000281

BOG--FOIA 10-267--000282

BOG--FOIA 10-267--000283

BOG--FOIA 10-267--000284

BOG--FOIA 10-267--000285

BOG--FOIA 10-267--000286

BOG--FOIA 10-267--000287

e VanlandiMelissa A Vanlandingham / DBOARD// RFRS

09/09/2008 05:24 PM

To Jeff Stehm/BOARD/FRS@BOARD cc

Subject Re: Fw: Lehman

Hi Jeff,

Attached please find an excel spreadsheet that lists major financial groups, their memberships, and other major activities. I now have added OCC and CME members.

This spreadsheet is saved on the g-drive in the business continuity folder.

There is a filter embedded in the first column of the spreadsheet (titled "Group"). If you click on the filter arrow, you can then select a specific family (for example, Lehman Brothers). This will allow you to hide the information from the other family groups, making the sheet easier to read.

Let me know if you would like to see any additional information added to the spreadsheet.

Melissa VanlandinghamFinancial Services AnalystBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-530-6285Jeff Stehm/BOARD/FRS

eJeff Stehm/BOARBOARD/F SFRS

09/09/2008 02:48 PM


cc

Subject Fw: Lehman



Jill K eCetina/BOARD/FRS

(b)(4) & (b)(8)

BOG--FOIA 10-267--000288

09/09/2008 01:26 PM


cc

Subject Lehman




BOG--FOIA 10-267--000289

Source: Board of Governors FR Restricted 1 of 12

(b)(4) & (b)(8)

BOG--FOIA 10-267--000290


(b)(4) & (b)(8)

BOG--FOIA 10-267--000291


(b)(4) & (b)(8)

BOG--FOIA 10-267--000292


(b)(4) & (b)(8)

BOG--FOIA 10-267--000293


(b)(4) & (b)(8)

BOG--FOIA 10-267--000294


(b)(4) & (b)(8)

BOG--FOIA 10-267--000295


(b)(4) & (b)(8)

BOG--FOIA 10-267--000296


(b)(4) & (b)(8)

BOG--FOIA 10-267--000297


(b)(4) & (b)(8)

BOG--FOIA 10-267--000298


(b)(4) & (b)(8)

BOG--FOIA 10-267--000299


(b)(4) & (b)(8)

BOG--FOIA 10-267--000300


(b)(4) & (b)(8)

BOG--FOIA 10-267--000301


(b)(4) & (b)(8)

BOG--FOIA 10-267--000302


(b)(4) & (b)(8)

BOG--FOIA 10-267--000303


(b)(4) & (b)(8)

BOG--FOIA 10-267--000304


(b)(4) & (b)(8)

BOG--FOIA 10-267--000305


(b)(4) & (b)(8)

BOG--FOIA 10-267--000306


(b)(4) & (b)(8)

BOG--FOIA 10-267--000307


(b)(4) & (b)(8)

BOG--FOIA 10-267--000308


(b)(4) & (b)(8)

BOG--FOIA 10-267--000309


(b)(4) & (b)(8)

BOG--FOIA 10-267--000310


(b)(4) & (b)(8)

BOG--FOIA 10-267--000311


(b)(4) & (b)(8)

BOG--FOIA 10-267--000312


(b)(4) & (b)(8)

BOG--FOIA 10-267--000313


(b)(4) & (b)(8)

BOG--FOIA 10-267--000314


(b)(4) & (b)(8)

BOG--FOIA 10-267--000315


(b)(4) & (b)(8)

BOG--FOIA 10-267--000316


(b)(4) & (b)(8)

BOG--FOIA 10-267--000317


(b)(4) & (b)(8)

BOG--FOIA 10-267--000318


(b)(4) & (b)(8)

BOG--FOIA 10-267--000319

h eTheodore Lubke /NY/FRS

09/09/2008 07:51 PM

To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton

cc Subject Lehman's and worldwide

involvement in exchanges and clearing houses

1. The following table shows Lehman's preliminary settlement values in each currency at for Wednesday, Sept. 10 and the banks that are its nostros.

For those on blackberry, Lehman's largest negative positions ("pay-ins") are USD 3.3 bn and USD-equivalent 860 mm in GBP. Their largest positive positions ("pay-outs") are USD-equivalent 2.6 bn of CAD and USD-equivalent 1.0 bn of JPY. i is LB's nostro in 7 of the currencies. Across all currencies, Lehman is up USD-equivalent 42 mm.

Lehman or Sept. 10

CurrencyNet Position

(USD Equivalent)

Nostro (Bank that

makes/receives pmts on behalf

of Lehman)

AUD 90,617,190

CAD 2,590,327,174

CHF -83,847,328

DKK 40,741,155

EUR -103,889,111

GBP -859,673,057

HKD 138,732,730

ILS -21,068,126

JPY 990,324,606

KRW 0

MXN -105,343,918

NOK 612,264,601

NZD

-12,129,330

SEK

58,986,397

SGD 152,894,898

USD -3,364,845,631

ZAR

-82,371,279

Total 41,720,969

2. Attached below is information we collected in March about LB's involvement in payment, clearance and settlement systems worldwide. The table (pasted from the first attachment) reports their 10 largest participations, based on average activity in March. One difference from Bear is that LB is a direct participant in more equities exchanges outside the US.

(b)(4) & (b)(8)

(b)

(b)(4) &

(b)(4) & (b)(8)

(b)(4) & (b)(8)

BOG--FOIA 10-267--000320

Lehman Brothers

Main Exchanges/Clearinghouses/CSDs by Avg Dai E=Equities D=Derivatives P=Physicals O=Options

C=Commodities FI=Fixed Income F=Futures

----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----

Benecia oCousin/NY// RFRS

09/09/2008 06:08 PM

To Theodore Lubke/NY/FRS@FRS

cc Elizabeth Tafone/NY/FRS@FRS

Subject Updated B/D spreadsheet, including Avg Daily Value > $1B

Hi Theo,

Here is the updated analysis on Lehman, showing those exchanges where the average value in excess of $1 Billion daily.

If you have any comments or questions, please let us know.

Thanks!Liz and Benecia

(b)(4) & (b)(8)

BOG--FOIA 10-267--000321

**************Benecia M. Cousin Federal Reserve Bank of New YorkBank Supervision GroupEmail: [email protected]: (212) 720-5586

----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----

ElizabethElizabethElizabethElizabeth TafoneTafoneTafoneTafone ////NYNYNYNY////FRSFRSFRSFRS

09/09/2008 04:42 PM

To Theodore Lubke/NY/FRS@FRS

cc

Subject As requested; IB data

Theo,

As requested, please note the following attached files:

Thanks,Liz

Elizabeth TafoneFederal Reserve Bank of New YorkPhone: (212) [email protected]

BOG--FOIA 10-267--000322

RESTRICTED FR

BROKER/DEALER HORIZONTAL REVIEW

Horizontal_Exchange_Memberships_5-8_final.xls Page 1 of 13

Created by S. Losi x2242

Last Upd by B. Cousin x5586, S. Losi x2242

May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000323

RESTRICTED FR


Key:




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000324

RESTRICTED FR





May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000325

RESTRICTED FR


Key:




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000326

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000327

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000328

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000329

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000330

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000331

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000332

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000333

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000334

RESTRICTED FR




May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000335

Restricted FR

MainExchCLS_Lehman_9_9_sorted_val.xls

(*) = No relationship.

Blank Cell = To be completed. Page 1 of 6

Created by

E. Shi x6473 / K. Chau x6868.

Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)

Last Upd by B. Cousin x5586

September 9, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000336

Restricted FR




Created by

E. Shi x6473 / K. Chau x6868.

Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)


September 9, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000337

Restricted FR


Sheet includes CLS currencies.



Created by

E. Shi x6473 / K. Chau x6868.

Researched by B. Cousin x5586, S. Losi x2242


Sept 9, 2008 4:10pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000338

Restricted FR


Sheet includes CLS currencies.



Created by

E. Shi x6473 / K. Chau x6868.

Researched by B. Cousin x5586, S. Losi x2242


Sept 9, 2008 4:10pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000339

RESTRICTED FR


Spreadsheet contains non-CLS currencies.



Created by

E. Shi x6473 / K. Chau x6868.


May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000340

RESTRICTED FR


Notes page for spreadsheet. Page 6 of 6

Created by

E. Shi x6473 / K. Chau x6868.


May 8, 2008 6:00pm

(b)(4) & (b)(8)

BOG--FOIA 10-267--000341

Kevin WarshKevin WarshKevin WarshKevin Warsh ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS

09/09/2008 09:55 PM

To Rita C Proctor/BOARD/FRS@BOARD

cc Michelle A

Smith/BOARD/FRS@BOARD Subject Re: Conference Call -- Wednesday,

9/10/08 @ 8:30 a.m.

I am on 8am flt from ny to minneapolis fed so will have to miss call . Thx----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld

Rita C Proctor

----- Original Message ----- From: Rita C Proctor

Sent: 09/09/2008 07:37 PM EDT

To: Rita Proctor

Cc: Brian Madigan; Cecelia Bradshaw; Donald Kohn; Julie Edwards; Kevin

Warsh; Margaret Owens; Marie Spicer; Michelle Smith; Patrick Parkinson; Rivane Bowden; Scott Alvarez; Valerie Delaney; Yvette McKnight-Johnson

Subject: Conference Call -- Wednesday, 9/10/08 @ 8:30 a.m.

WednesdayWednesdayWednesdayWednesday ,,,, SeptemberSeptemberSeptemberSeptember 10101010,,,, 2008200820082008

08:30 AM - 09:30 AM Conference Call [re: Lehman Brothers]Location: Chairman's OfficePrincipals: Secy. Cox, Chairman Bernanke, Vice Chairman Kohn, Governor Warsh & President GeithnerBoard Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle SmithFRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge

Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::

Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Participant Code: 623345623345623345623345Int'l Access/Caller Paid Dial In Number: (865) 297-1127

Rita************Rita C. ProctorAssistant to the Chairman The Honorable Ben S. BernankeFederal Reserve BoardEccles Board Building20th and C Street, N.W.Washington, DC 20551

BOG--FOIA 10-267--000342

Phone: 202-452-3201Fax: [email protected]

BOG--FOIA 10-267--000343

Documents

Defendant Federal Reserve Document Production Lehman Part I summer 2008 heavy redactions (Lawsuit #3)