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  "documentTitle": "Lehman Brothers (LEH)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2008-05-21 00:00:00",
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  "notes": "This slide is part of a larger document (likely David Einhorn's presentation on Lehman Brothers). It uses a quote from Warren Buffett to frame the situation.",
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      "text": "I would use “incredible” in a different way to describe the report.",
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      "text": "FOIA CONFIDENTIAL TREATMENT REQUESTED BY LEHMAN BROTHERS HOLDINGS INC.",
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      "text": "Let's look at the Lehman earnings press release (Table 1). Focus on the line \"other asset backed-securities.\" You can see from the table that Lehman took a $200 million gross write-down and has $6.5 billion of exposure.",
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      "text": "With this in mind, I'd like to review Lehman Brothers' last quarter. Presently, Greenlight is short Lehman. Lehman was due to report its quarter two days after JP Morgan and the Fed bailed out Bear Stearns.",
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      "text": "The decline in current market values has forced these institutions to make a tough decision. Do they follow the rules, take the write-downs and suffer the consequences whatever they may be? Or worse, do they take the view that they can't really value the investments in order to avoid writing them down? Or, even worse, do they claim to follow the accounting rules, but simply lie about the values?",
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      "text": "With that as the background, Lehman announced a $489 million profit in the quarter. On the conference call that day, Lehman CFO Erin Callan used the word \"great\" 14 times, \"challenging\" 6 times; \"strong\" 24 times, and \"tough\" once. She used the word \"incredibly\" 8 times.",
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