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Inside Lehman Brothers

Inside Lehman Brothers is the autopsy of a crime by those who tried to prevent it from within. Mortgage brokers from California and a handful of New York executives called out these fraudulent transactions. But nobody listened.

Director

Jennifer Deschamps

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Explore 355 Clips

So we had to assemble
a team with experts. - Inside Lehman Brothers

So we had to assemble a team with experts.

But the case was so
sophisticated that those experts - Inside Lehman Brothers

But the case was so sophisticated that those experts

I had no sense in the beginning - Inside Lehman Brothers

I had no sense in the beginning

Lehman's bankruptcy involved - Inside Lehman Brothers

Lehman's bankruptcy involved

But it wasn't just
the size of the bankruptcy, - Inside Lehman Brothers

But it wasn't just the size of the bankruptcy,

So when Lehman went
into bankruptcy, - Inside Lehman Brothers

So when Lehman went into bankruptcy,

And we're still living
with the consequences - Inside Lehman Brothers

And we're still living with the consequences

I had another job as a lawyer
at a Wall Street law firm - Inside Lehman Brothers

I had another job as a lawyer at a Wall Street law firm

It did have a reputation
as an exciting, - Inside Lehman Brothers

It did have a reputation as an exciting,

It felt good, I didn't know
anything at that point, - Inside Lehman Brothers

It felt good, I didn't know anything at that point,

The aim of Lehman Brothers
was to make money - Inside Lehman Brothers

The aim of Lehman Brothers was to make money

You know, any way that could be
done without an undue risk - Inside Lehman Brothers

You know, any way that could be done without an undue risk

It was not about right or wrong, - Inside Lehman Brothers

It was not about right or wrong,

They had wanted to be
on that entire chain, - Inside Lehman Brothers

They had wanted to be on that entire chain,

We did have one of
the best real estate teams - Inside Lehman Brothers

We did have one of the best real estate teams

I started working in
the mortgage industry in 1981 - Inside Lehman Brothers

I started working in the mortgage industry in 1981

It was very exciting, and I felt
that it was really important - Inside Lehman Brothers

It was very exciting, and I felt that it was really importan...

And then, in 1985, - Inside Lehman Brothers

And then, in 1985,

A loan processor is the person - Inside Lehman Brothers

A loan processor is the person

So once they have completed
a loan application, - Inside Lehman Brothers

So once they have completed a loan application,

So it's my responsibility
to make sure - Inside Lehman Brothers

So it's my responsibility to make sure

My job was to solicit - Inside Lehman Brothers

My job was to solicit

My job was to help people to
fulfill the American Dream. - Inside Lehman Brothers

My job was to help people to fulfill the American Dream.

To have a home where
a family can be happy. - Inside Lehman Brothers

To have a home where a family can be happy.

So what I liked about
the mortgage industry - Inside Lehman Brothers

So what I liked about the mortgage industry

I was able to work
the hours that I needed to - Inside Lehman Brothers

I was able to work the hours that I needed to

There's no other job
that you can get - Inside Lehman Brothers

There's no other job that you can get

What I remember from BNC is
doing my background on them - Inside Lehman Brothers

What I remember from BNC is doing my background on them

And when I did the
research, I googled them, - Inside Lehman Brothers

And when I did the research, I googled them,

And so I felt very confident
about making the switch. - Inside Lehman Brothers

And so I felt very confident about making the switch.

And, unfortunately, they didn't
turn out to be so reputable. - Inside Lehman Brothers

And, unfortunately, they didn't turn out to be so reput...

When I got into
the business, - Inside Lehman Brothers

When I got into the business,

So, an underwriter
that never underwrites - Inside Lehman Brothers

So, an underwriter that never underwrites

And that's what puts
the target on our back, - Inside Lehman Brothers

And that's what puts the target on our back,

- Hello?
- I'm coming up close - Inside Lehman Brothers

- Hello? - I'm coming up close

Keep straight
and I'll flag you down. - Inside Lehman Brothers

Keep straight and I'll flag you down.

- Oh, yeah.
- All right, well, - Inside Lehman Brothers

- Oh, yeah. - All right, well,

The nice change about it is that - Inside Lehman Brothers

The nice change about it is that

I remember my last day, - Inside Lehman Brothers

I remember my last day,

- Yes.
- You weren't there - Inside Lehman Brothers

- Yes. - You weren't there

- God.
- When I arrived at BNC Mortgage, - Inside Lehman Brothers

- God. - When I arrived at BNC Mortgage,

Last year was a record one
for the housing market! - Inside Lehman Brothers

Last year was a record one for the housing market!

When you're making
the largest investment of your life, - Inside Lehman Brothers

When you're making the largest investment of your life,

A home loan, refinance, - Inside Lehman Brothers

A home loan, refinance,

The overall expansion
came following the tech bubble. - Inside Lehman Brothers

The overall expansion came following the tech bubble.

The tech bubble
burst in '01, '02 - Inside Lehman Brothers

The tech bubble burst in '01, '02

Interest rates were
pushed way down - Inside Lehman Brothers

Interest rates were pushed way down

And at the same time,
there was this expansion - Inside Lehman Brothers

And at the same time, there was this expansion

And put One Percent Realty
and Loans' experts to work for you! - Inside Lehman Brothers

And put One Percent Realty and Loans' experts to work f...

Because subprimes came into play - Inside Lehman Brothers

Because subprimes came into play

- So now they offer subprimes.
- Tammy has a mortgage - Inside Lehman Brothers

- So now they offer subprimes. - Tammy has a mortgage

And sales is sales, you know,
if you got the gift of gab - Inside Lehman Brothers

And sales is sales, you know, if you got the gift of gab

Somebody sold them
a dream that was not true. - Inside Lehman Brothers

Somebody sold them a dream that was not true.

That practice led
people buying homes - Inside Lehman Brothers

That practice led people buying homes

And so if you go
from a 1200 dollar payment - Inside Lehman Brothers

And so if you go from a 1200 dollar payment

The higher the interest
rate that they were charging - Inside Lehman Brothers

The higher the interest rate that they were charging

And then they would
charge an origination fee, - Inside Lehman Brothers

And then they would charge an origination fee,

And then on that back end
with an interest rate - Inside Lehman Brothers

And then on that back end with an interest rate

And once the loan
officers and all of the parties - Inside Lehman Brothers

And once the loan officers and all of the parties

But you as a homeowner
can't sustain your mortgage. - Inside Lehman Brothers

But you as a homeowner can't sustain your mortgage.

You would take
a thousand subprime mortgages, - Inside Lehman Brothers

You would take a thousand subprime mortgages,

And a second belief
was that the value - Inside Lehman Brothers

And a second belief was that the value

So when the Lehman
Brothers of the world - Inside Lehman Brothers

So when the Lehman Brothers of the world

And, ultimately,
when they started to fail, - Inside Lehman Brothers

And, ultimately, when they started to fail,

The 2008 crash is
still a big open book - Inside Lehman Brothers

The 2008 crash is still a big open book

I focus on it all the time - Inside Lehman Brothers

I focus on it all the time

It's an email I get called
"Compliance Exchange", - Inside Lehman Brothers

It's an email I get called "Compliance Exchange&qu...

It says, "Barclays
information security chief - Inside Lehman Brothers

It says, "Barclays information security chief

Barclays bought some of
the Lehman Brothers business - Inside Lehman Brothers

Barclays bought some of the Lehman Brothers business

And you have to
dream up legal ways - Inside Lehman Brothers

And you have to dream up legal ways

But if there's no law,
it's not illegal, - Inside Lehman Brothers

But if there's no law, it's not illegal,

We were pushing hard
on legal questions - Inside Lehman Brothers

We were pushing hard on legal questions

But we would find a way to
tell ourselves it was legal. - Inside Lehman Brothers

But we would find a way to tell ourselves it was legal.

But as time went on, - Inside Lehman Brothers

But as time went on,

One of my bosses just told me, - Inside Lehman Brothers

One of my bosses just told me,

Stop being a boy scout.
Stop thinking they want to save the world - Inside Lehman Brothers

Stop being a boy scout. Stop thinking they want to save the ...

Management would give us this
thing to hang from the wall - Inside Lehman Brothers

Management would give us this thing to hang from the wall

So it would start at like
two billion in volume, - Inside Lehman Brothers

So it would start at like two billion in volume,

Slowly but surely
the loan officers - Inside Lehman Brothers

Slowly but surely the loan officers

There's loan files over here,
and loan files over there, - Inside Lehman Brothers

There's loan files over here, and loan files over there...

The volume picked up - Inside Lehman Brothers

The volume picked up

I always consider myself
like an FBI agent - Inside Lehman Brothers

I always consider myself like an FBI agent

I also verify that
it is legitimate - Inside Lehman Brothers

I also verify that it is legitimate

And I look to see if it's
a different typeset of printing, - Inside Lehman Brothers

And I look to see if it's a different typeset of printi...

I can tell it now
like I could tell it then. - Inside Lehman Brothers

I can tell it now like I could tell it then.

Here's for me, I checked
some falsified information. - Inside Lehman Brothers

Here's for me, I checked some falsified information.

They've whited out
the information here - Inside Lehman Brothers

They've whited out the information here

During that time,
it happened to be - Inside Lehman Brothers

During that time, it happened to be

I'm calculating, I'm retaining
information, you know, - Inside Lehman Brothers

I'm calculating, I'm retaining information, you kn...

So I did the approval, - Inside Lehman Brothers

So I did the approval,

Inside Lehman Brothers poster

★ ★ ★ ★ ★

Inside Lehman Brothers is the autopsy of a crime by those who tried to prevent it from within. Mortgage brokers from California and a handful of New York executives called out these fraudulent transactions. But nobody listened.

User Rating: 0.0 (0 ratings)

Director: Jennifer Deschamps

Writer: Jennifer Deschamps

Production: N/A

Genre: documentary

Year: 2018

MetaScore: N/A/100

ImdbRating: 6.4

BoxOffice: N/A

Released: 18 Sep 2018

Awards: N/A

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