LEHMAN BROTHERS HOLDINGS

DATE OPENED

1850 — Montgomery, Alabama

DATE CLOSED

September 15, 2008

KNOWN ALIASES

LEH (NYSE)

INVESTIGATOR

Det. Redact

CAUSE OF DEATH

Leverage of thirty-one to one, met with a decline in the price of houses.

PEAK VALUATION

$60,000,000,000 (February 2007)

ASSETS RECOVERED

$639,000,000,000 in assets, contested for fourteen years

EVIDENCE SUMMARY

Subject was 158 years old at time of death. Subject had survived two world wars, the Depression, and a fire.

Attending institutions were assembled over a weekend and declined to intervene. No buyer was located by Monday.

Death was subsequently described by officials as instructive.

Remainder of statement sealed:

RECONSTRUCTION — FINAL MONTHS

DATEENTRYREMARKS

MAR 18, 2008

Two days after Bear Stearns is sold for $2 a share, Lehman reports a $489 million quarterly profit. The shares rise 46% in a day.

JUN 9, 2008

First loss since going public: $2.8 billion. Raises $6 billion. Reports lower leverage.

SEP 10, 2008

Pre-announces a $3.9 billion loss. Plans to spin off its real estate. Cites a $42 billion liquidity pool.

SEP 12–14, 2008

Bankers summoned to the New York Fed. Bank of America and Barclays named as buyers.

SEP 15, 2008 · 1:45 A.M.

Chapter 11. $639 billion in assets. The largest filing in U.S. history.

DESK NOTE — INVESTIGATING OFFICER

Nobody bought it. Somebody almost did.

FILED BY Det. Redact · BADGE 0001NO FURTHER ACTION AUTHORIZED

PROPERTY OF THE BUREAUDO NOT REMOVE FROM ROOM 0114

MARGIN NOTE — INVESTIGATING OFFICER

158 years, then one weekend. I keep the timeline on the wall. It is 72 hours long.

EXHIBIT A — last known photo before lights out.

EVIDENCE TAG

ITEM L-0915
SUBJECT LEHMAN BROTHERS HOLDINGS
RECEIVED 2008
CONDITION AS FOUND