Defendant Federal Reserve Document Production Lehman Part I Summer 2008 Heavy Redactions (Lawsuit #3)

Deborah
e .P..Bailey @frb.gov To Rita.C.Proctor@frb.gov,

Donald.L.Kohn@frb.gov,
07/10/2008 04:20 PM Randall.S.Kroszner@frb.gov,
cc Roger.Cole@frb.gov,
Brian.F.Madigan@frb.gov,
Scott.Alvarez@frb.gov
Subject 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 .
BOG--FOIA 10-267--000001
Rita
i C Proctor
Proc or /BOARD/
D /FRS
R To (b) (6)
07/10/2008 04:23 PM cc
Subject Fw: Lehman
Deborah
e P
Bailey /BOARD/FR To Rita C Proctor/BOARD/FRS@BOARD, Donald L
S Kohn/BOARD/FRS@BOARD, Randall S
07/10/2008 04:20 Kroszner/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD,
PM Frederic Mishkin/BOARD/FRS@BOARD
cc Roger.Cole@frb.gov, Brian F Madigan/BOARD/FRS@BOARD, Scott
Alvarez/BOARD/FRS@BOARD
Subject 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 .
BOG--FOIA 10-267--000002
Scott Alvarez /BOARD/
BOARD /FRS To Deborah P
Bailey/BOARD/FRS@BOARD, "Rich
07/10/2008 04:30 PM Ashton" <Rich.Ashton@frb.gov>
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
Scott Alvarez
arez /BOAR
BOARD/FRS To Deborah P
Bailey/BOARD/FRS@BOARD
07/10/2008 04:37 PM cc
Subject Re: Lehman
Deborah
If the info is too sensitive, call me at (b) (6)
Thanks
Scott
--------------------------
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
BOG--FOIA 10-267--000004
Kieran Fallon
F /BOAR
BOARD/FRS To Patrick M
Parkinson/BOARD/FRS@BOARD
07/10/2008 06:41 PM 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
Kieran Fallon
F /BOAR
07/10/2008 09:41 PM cc
Subject Re: Lehman
Office 452-5270
Home 703-442-9559
Cell (b) (6)
Am at home now.
Kieran
Patrick M Parkinson/BOARD/FRS
Patrick M
Parkinson /BOARD/F To Kieran Fallon/BOARD/FRS@BOARD
RS
S
cc Rich Ashton/BOARD/FRS@BOARD, Mark
07/10/2008 07:00 VanDerWeide/BOARD/FRS@BOARD
PM Subject Re: Lehman
What is your number? Pat

Kieran 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
BOG--FOIA 10-267--000006
Kieran Fallon
F /BOAR
BOARD/FRS To Mark
VanDerWeide/BOARD/FRS@BOARD,
07/11/2008 09:37 AM 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
Parkinson
on
@frb.
frb.gov To "Kieran Fallon" <Kieran.Fallon@frb.gov>
07/11/2008 08:05 cc
AM
Subject Fw: Lehman Data for Friday 9:00am Meeting
I have not been invited to the 9 am meeting but thought you would find the
data interesting. Fyi, from 8 to 11 I will be waiting for service on my
car. Pat
From: Jan Voigts

Sent: 07/10/2008 08:47 PM EDT
To: Timothy Geithner; Patrick Parkinson; Michael Silva; Terrence
Checki; William Dudley; James Bergin; Thomas Baxter; Lucinda Brickler;
Michael Schussler; Chris McCurdy; William Rutledge; Michael Schetzel;
Calvin Mitchell; Joyce Hansen; Sandy Krieger; William BRODOWS; Til
Schuermann; Arthur Angulo
Cc: Marlene Williams; Tanshel Pointer; Annette Giuliano; Carol
Grunwald; Helen Wendler
Subject: Lehman Data for Friday 9:00am Meeting
Duplicate
BOG--FOIA 10-267--000007
Patrick M Parkinson
ins /BOARD/F
FRS
S To David Marshall/CHI/FRS@FRS
cc "Pat White" <pat.white@frb.gov>
07/11/2008 02:44 PM
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
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 Marshall
Senior Vice President
Financial Markets Group
Federal Reserve Bank of Chicago
(312) 322-5102
BOG--FOIA 10-267--000008
Patrick M Parkinson
ins /BOARD/F
FRS
S To "Pat White" <pat.white@frb.gov>
cc
07/11/2008 05:14 PM
Subject Fw: Update on Lehman
(b) (4) is one of the very largest tri-party repo investors. Pat
David 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 (b) (4)
These are mid sized players, but not dealers. Kim thought that this represented an
improvement to the picture.
-- David
_________________________________
David Marshall
Financial Markets Group
Federal Reserve Bank of Chicago
(312) 322-5102
BOG--FOIA 10-267--000009
Kieran Fallon
F /BOAR
BOARD/FRS To Rich Ashton/BOARD/FRS@BOARD,
Mark
07/11/2008 06:38 PM 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 M
Parkinson /BOARD/F To brian.f.madigan@frb.gov, Kieran Fallon/BOARD/FRS@BOARD
RS
S
cc
07/11/2008 12:51
PM 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 M
Brickler /NY/FRS@F
Y To Patrick M Parkinson/BOARD/FRS@BOARD
RS
S
cc
07/11/2008 12:19
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.
(b) (5)
Lucinda Brickler
Payments Policy Function
Federal 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 -----
Tili
Schuermann /NY/F
FR To Chris McCurdy/NY/FRS@FRS
S
cc Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS,
07/11/2008 09:37 James P Bergin/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Joseph
AM Tracy/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRS, meg.mcconnell@ny.frb.org, Michael
Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Sandy
Krieger/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS, Terrence
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@FRS
Subject 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 Schuermann
Research, Financial Intermediation
(212) 720-5968
http://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
Chris
McCurdy /NY/
NY/FRS To Timothy Geithner/NY/FRS
07/11/2008 08:42 cc Terrence Checki/NY/FRS@FRS, William Rutledge/NY/FRS@FRS,
AM 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,
meg.mcconnell@ny.frb.org, Jan Voigts/NY/FRS@FRS, Michael
Schussler/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Lucinda
M Brickler/NY/FRS, Tanshel Pointer/NY/FRS@FRS
Subject 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
Tim Geithner
July 11, 2008
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
Tim Geithner
July 11, 2008
RESTRICTED FR
(b) (5)
BOG--FOIA 10-267--000014
4 Tim Geithner
July 11, 2008
Proposed Action
(b) (5)
BOG--FOIA 10-267--000015
5 Tim Geithner
July 11, 2008
Impact on Firm
(b) (5)
(b) (5)
BOG--FOIA 10-267--000016
6 Tim Geithner
July 11, 2008
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 Tim Geithner
July 11, 2008
(b) (5)
(b) (5)
BOG--FOIA 10-267--000018
Tim Geithner
July 11, 2008
Table 2: Lehman US repo collateral, as of July 9, 2008, including haircut considerations

(b) (5)
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
BOG--FOIA 10-267--000019
Tim Geithner
July 11, 2008
(b) (5)
BOG--FOIA 10-267--000020
Lucinda M Brickler
k /NY/F
FRS
S To Chris.McCurdy@ny.frb.org, Patrick M
Parkinson/BOARD/FRS@BOARD,
07/12/2008 06:20 PM Sandy.Krieger@ny.frb.org,
cc
Subject another option we should present re
triparty?
Perhaps another option we could offer Tim on triparty...

(b) (5)
This is an idea Chris hatched back in May. Our writeup from that time is attached. Let me know your
thoughts...
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--000021
5/23/08 Restricted F.R.
FRBNY Liquidation Facility

(b) (5)
-1-
BOG--FOIA 10-267--000022
(b) (5)
-2-
BOG--FOIA 10-267--000023
(b) (5)
-3-
BOG--FOIA 10-267--000024
(b) (5)
-4-
BOG--FOIA 10-267--000025
(b) (5)
-5-
BOG--FOIA 10-267--000026
Meg
e McConnell
c onnell /NY/FRS
Y To Lucinda M Brickler/NY/FRS@FRS
cc Antoine Martin/NY/FRS@FRS, Arthur
07/12/2008 09:05 PM
Angulo/NY/FRS@FRS, Brian
Begalle/NY/FRS@FRS, Catherine
Subject Re: another option we should present
re triparty?
(b) (5)
Lucinda M Brickler/NY/FRS
Lucinda M
Brickler /NY/FRS
Y To Chris.McCurdy@ny.frb.org, Patrick M
07/12/2008 06:22 Parkinson/BOARD/FRS@BOARD, Sandy.Krieger@ny.frb.org,
PM Lawrence.Sweet@ny.frb.org, 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
BOG--FOIA 10-267--000027
Jamie
a McAndrews
M Andrew /NY/F
FRS
S To Meg McConnell/NY/FRS@FRS,
Lucinda M Brickler/NY/FRS@FRS
07/12/2008 09:44 PM cc Antoine Martin/NY/FRS@FRS, Arthur
re triparty?
Woops;
Antoine makes the following point:
(b) (5)
Jamie
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
Meg McConnell

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
BOG--FOIA 10-267--000028
Joseph
o Sommer
Som er /NY/FRS
Y To Jamie McAndrews/NY/FRS@FRS,
Meg McConnell/NY/FRS@FRS,
07/13/2008 08:50 AM Lucinda M Brickler/NY/FRS@FRS
re triparty?
I agree with your analysis, but (b) (5)
Your mileage may vary, (b) (5)

-----------------
Sent from my BlackBerry Handheld.
Jamie McAndrews

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
Woops;
Antoine makes the following point:

Duplicate
BOG--FOIA 10-267--000029
Patrick M Parkinson
ins /BOARD/F
FRS
S To Lucinda M Brickler/NY/FRS@FRS
07/13/2008 09:21 AM
bcc brian.f.madigan@frb.gov
re triparty?
I think this option is much too complex (b) (5)
(b) (5)
Pat
Lucinda M
Brickler /NY/FRS@F
RS
S Parkinson/BOARD/FRS@BOARD, Sandy.Krieger@ny.frb.org,
07/12/2008 06:20 Lawrence.Sweet@ny.frb.org, Arthur Angulo/NY/FRS@FRS, Til
PM Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS,
Baxter/NY/FRS@FRS
cc
Duplicate
BOG--FOIA 10-267--000030
Joseph
o Sommer
Som er /NY/FRS
Y To William BRODOWS/NY/FRS@FRS,
Antoine Martin/NY/FRS@FRS, Patrick
07/13/2008 11:21 AM M Parkinson/BOARD/FRS@BOARD,
cc Arthur Angulo/NY/FRS@FRS, Brian
Kung/NY/FRS@FRS, Chris
re triparty?
I only wish. (b) (5)
-----------------
William BRODOWS

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
(b) (5)
----------------------------------------
Antoine Martin

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
(b) (5)
Antoine
--------------------------
Patrick M Parkinson

From: Patrick M Parkinson
Sent: 07/13/2008 09:21 AM EDT
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
Joseph
o Sommer
Som er /NY/FRS
Y To Patrick M
07/13/2008 12:39 PM cc
re triparty?
(b) (5)
-----------------
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;
Dudley
(b) (5)
Pat
Joseph Sommer/NY/FRS@FRS
Joseph
Sommer/N
NY/FRS@ To William BRODOWS/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS,
FRS
R Patrick M Parkinson/BOARD/FRS@BOARD, Lucinda M
07/13/2008 11:21 Brickler/NY/FRS@FRS
AM 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
Subject Re: another option we should present re triparty ?
I only wish. Duplicate
BOG--FOIA 10-267--000033
Jamie
a McAndrews
M Andrew /NY/F
FRS
S To Patrick M
07/13/2008 12:49 PM cc
re triparty?
(b) (5)
--------------------------
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;
Dudley
Duplicate
BOG--FOIA 10-267--000034
Lucinda M Brickler
k /NY/F
FRS
S To Patrick M
07/14/2008 08:38 AM cc
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
--------------------------
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?
Pat
Lucinda M
Brickler /NY/FRS@F
RS
S
cc
07/11/2008 12:19
Duplicate
BOG--FOIA 10-267--000035
Norah
o a Barger /BOARD/F
FRS
S To Christopher S
Laursen/BOARD/FRS@BOARD
08/08/2008 02:49 PM cc Barbara
Bouchard/BOARD/FRS@BOARD
Subject Re: Fw: Tri-party repo
Chris,
Good. (b) (5)
Norah
Norah Barger
Banking Supervision and Regulation
Federal Reserve Board
Tel. (202) 452-2402
Fax. (202) 452-2864
Christopher S Laursen/BOARD/FRS
Christopher
hi S
Laursen /BOARD/
BOARD /FR
FR To Norah Barger/BOARD/FRS@BOARD, Barbara
S Bouchard/BOARD/FRS@BOARD
08/08/2008 02:39 cc
PM Subject Fw: Tri-party repo
Just FYI
Christopher Laursen
Manager Risk Policy and Guidance
Supervision and Regulation Division
Office: 202-452-2478
Cell: 202-415-2262
----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----
Patrick M
Parkinson /BOARD/F To Christopher S Laursen/BOARD/FRS@BOARD
RS
S
cc
08/08/2008 02:36
PM Subject Re: Tri-party repo
Yes, Geithner has stayed the deployment.
Pat
Christopher
hi S
Laursen /BOARD/F
FR To Patrick M Parkinson/BOARD/FRS@BOARD
S
cc lucinda.brickler@ny.frb.org
BOG--FOIA 10-267--000036
08/08/2008 02:34
OK Thanks. I will give Lucinda a call. (b)(5)&(b)(8)
Attachments are duplicates
Regards,
Christopher Laursen
Office: 202-452-2478
Cell: 202-415-2262
Patrick M
Parkinson /BOARD/
BOARD /F To Christopher S Laursen/BOARD/FRS@BOARD
RS
S
08/08/2008 01:55
I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at
FRBNY. (b)(5)&(b)(8)
Pat
Christopher
hi S
Laursen /BOARD/F
S
cc
08/08/2008 01:49
PM Subject Tri-party repo
Hi Pat,
(b)(5)&(b)(8)
BOG--FOIA 10-267--000037
(b)(5)&(b)(8)
Thanks
Christopher Laursen
Office: 202-452-2478
Cell: 202-415-2262
BOG--FOIA 10-267--000038
Brian F Madigan
M /BOARD/FRS To James A
Clouse/BOARD/FRS@BOARD
08/13/2008 11:42 AM 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 -----

Scott
Alvarez /BOARD/
BOARD /FR
R To Brian F Madigan/BOARD/FRS@BOARD
S
cc
08/13/2008 10:38
AM Subject Treasury contingency planning
Brian,
Treasury wants to set up two contingency planning teams. (b) (5)
Thanks!
Scott
BOG--FOIA 10-267--000039
Brian F Madigan
M /BOARD/FRS To Scott Alvarez/BOARD/FRS@BOARD
cc James A
08/13/2008 12:30 PM
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/FR
S
cc
08/13/2008 10:38
Brian,
Duplicate
BOG--FOIA 10-267--000040
William
i BRODOWS /N
NY/FRS
R To Patrick M
08/15/2008 06:11 PM cc Arthur.Angulo@ny.frb.org, 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. (b)
(5)&(b
)(8)
Cheers.
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick M
Parkinson /BOARD/
BOARD /F To Arthur.Angulo@ny.frb.org, Theodore Lubke/NY/FRS@FRS, Til
RS@
S BOARD D Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS
08/15/2008 02:02 cc
PM 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?
Pat
Steven .Shafran @do
.treas .gov To Patrick.M.Parkinson@frb.gov
08/11/2008 03:04 cc
PM
Subject RE: Gameplan and Status to Date
(b) (5)
BOG--FOIA 10-267--000041
(b) (5)
steve
-----Original Message-----
From: Patrick.M.Parkinson@frb.gov [mailto:Patrick.M.Parkinson@frb.gov]
Sent: Friday, August 08, 2008 4:02 PM
To: Shafran, Steven
Cc: Arthur.Angulo@ny.frb.org; haeran.kim@ny.frb.org; Schaffer, Laurie;
lucinda.brickler@ny.frb.org; Broome, Meredith;
Theodore.Lubke@ny.frb.org; Til.Schuermann@ny.frb.org;
William.BRODOWS@ny.frb.org; Patrick.M.Parkinson@frb.gov
Subject: Re: Gameplan and Status to Date
(b) (5)
Pat
Patrick M
Parkinson/BOARD/F
RS
To
steven.shafran@do.treas.gov
08/08/2008 09:47
cc
AM Arthur.Angulo@ny.frb.org,
haeran.kim@ny.frb.org,
laurie.schaffer@do.treas.gov,
lucinda.brickler@ny.frb.org,
Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William
BOG--FOIA 10-267--000042
BRODOWS/NY/FRS@FRS, Patrick M
Meredith.Broome@do.treas.gov
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
RS
To
steven.shafran@do.treas.gov,
08/08/2008 09:15 laurie.schaffer@do.treas.gov
AM
cc
Arthur.Angulo@ny.frb.org,
William BRODOWS/NY/FRS@FRS,
haeran.kim@ny.frb.org, Theodore
Schuermann/NY/FRS@FRS, Patrick M
Subject
Conference Call Participants
Are copied on this message.
Pat
BOG--FOIA 10-267--000044
Patrick M Parkinson
ins /BOARD/F
FRS
S To steven.shafran@do.treas.gov
cc William BRODOWS/NY/FRS@FRS,
08/19/2008 12:19 PM
Arthur.Angulo@ny.frb.org, Theodore
Subject Fw: Gameplan and Status to Date
Steve,
See below (b) (5)
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 -----
William
i
BRODOWS/S NY/FRS
@FRS
cc Arthur.Angulo@ny.frb.org, Theodore Lubke/NY/FRS@FRS, Til
08/15/2008 06:11 Schuermann/NY/FRS@FRS
PM Subject Re: Fw: Gameplan and Status to Date
Duplicate
BOG--FOIA 10-267--000045
Patrick M Parkinson
ins /BOARD/F
FRS
S To Theodore Lubke/NY/FRS@FRS
08/21/2008 09:06 AM
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 (b) (5)
I am going to try to maintain radio silence for what remains of my vacation (until Monday).
Pat
Theodore Lubke/NY/FRS@FRS
Theodore
h
Lubke /NY/
Y/FRS@
NY F S @FR
FRS R To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur
S Angulo/NY/FRS@FRS, William.BRODOWS@ny.frb.org, Til
08/19/2008 04:37 Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan
PM Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS
cc
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. (b) (5)
I recognize many of you are on vacation (including myself!). For those who are around, please provide
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 v 1.doc" deleted by Patrick M
Parkinson/BOARD/FRS]
Theo Lubke
Bank Supervision Group
theodore.lubke@ny.frb.org
tel: 212-720-6334
fax: 212-720-7818
http://www.newyorkfed.org
BOG--FOIA 10-267--000047
FIRST DRAFT – HIGHLY CONFIDENTIAL
August 19, 2008
(b) (5)
1
BOG--FOIA 10-267--000048
August 19, 2008
(b) (5)
2
BOG--FOIA 10-267--000049
August 19, 2008
(b) (5)
3
BOG--FOIA 10-267--000050
August 19, 2008
(b) (5)
4
BOG--FOIA 10-267--000051
August 19, 2008
(b) (5)
5
BOG--FOIA 10-267--000052
August 19, 2008
(b) (5)
6
BOG--FOIA 10-267--000053
August 19, 2008
(b) (5)
7
BOG--FOIA 10-267--000054
Arthur Angulo /NY/
NY/FRS To Timothy Geithner/NY/FRS@FRS
09/04/2008 06:10 PM
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
(b) (8)
2
BOG--FOIA 10-267--000057
Patrick M Parkinson
ins /BOARD/F
FRS
cc
09/05/2008 01:50 PM
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 .
Attachment is a duplicate
2. (b) (5)
3. (b) (5)
4. (b) (5)
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.
BOG--FOIA 10-267--000058
Pat
Steven.Shafran@do.treas.gov
Steven .Shafran @do

do
08/28/2008 04:54 cc
PM
Subject RE: treasury draft
Thanks for the quick response.
I had a brief chat w Paulson yesterday, and the view here (consistent w
yours) is that it is (b) (5)
Im here tomorrow. Have a good weekend and lets talk Tuesday when you
back. Looking forward to de-brief on the fed staff/ny staff OTC
analysis.
Steve
Sent: Thursday, August 28, 2008 4:34 PM
To: Shafran, Steven
Subject: Re: treasury draft
Steve,
Thanks. No, I will not be in the office tomorrow. I have circulated

this
to a small group of Fed (NY and DC) staff and will discuss with them
next
week.
(b) (5)
Pat
BOG--FOIA 10-267--000059
Steven.Shafran@do
.treas.gov
To
08/28/2008 04:11 Patrick.M.Parkinson@frb.gov
PM
cc
Subject
treasury draft
Pat: attached is a draft of the working product over here . Looking

forward to comparing notes between this effort and yours . I think the
teams 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 /NY/FRS
Y To Patrick M
09/09/2008 08:33 AM 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 Mayer
Chief of Staff's Office
Work: 212-720-8090
Cell: 917-282-5397
kristin.mayer@ny.frb.org
BOG--FOIA 10-267--000061
Lehman Brothers Holdings Inc. and Subsidiaries: Consolidating Balance Sheet at February 29, 2008
LBI Neuberger Berman Inc. Lehman Brothers Holdings PLC

Entity Consolidated Consolidated 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
Page 1
BOG--FOIA 10-267--000062
US Broker Dealer
Lehman LB Special Lehman Brothers Lehman Bros. Other Subs of

Lehman Commercial Paper Financing Inc. LBI Group Inc. Financial Product Derivative Lehman Brothers
Brothers, Inc Inc. Consolidated Consolidated Consolidated Inc. Products, Inc. Inc. Eliminations LBI Consolidated
US Broker Funding Whole Derivatives

($ in millions) Dealer Loans 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 2
BOG--FOIA 10-267--000063
Asset Manager
Neuberger Other Subs of Neuberger

Neuberger Berman LLC Neuberger Berman Inc.
Berman Inc. Consolidated Berman Inc. Eliminations 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 3
BOG--FOIA 10-267--000064
UK Broker/Dealer
Lehman Other Subs of Lehman
Brothers LB International Lehman Lehman Brothers
Holdings (Europe) Brothers Europe Brothers Holdings PLC
PLC Consolidated Ltd. Holdings PLC Eliminations Consolidated
Parent
Company Main
($ in millions) Only 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 4
BOG--FOIA 10-267--000065
Other Parent Company Entities
Lehman
Lehman Lehman LB Brothers Other Parent
Brothers LB Commercial ALI Inc. Brothers Bank Commercial LB OTC Lehman Brothers Lehman Brothers Lehman Brothers Japan Inc. Other Company
Holding Inc. Corporation Consolidated Consolidated Bank Derivatives Inc. Treasury Co. B.V. (Luxembourg) SA Bankhaus AG LB Finance SA PCO Subsidiaries Eliminations Entities
MBS, RE held
Japan B/D; all for sale, corp
Parent F/X Trades, Licensed in CA; Utah ILC; Broker/Dealer; Issuer of Euro Global Book JGB activity; debt, corp equity
Company Derivatives, FX Legacy Mortgage Delaware OTS FDIC Share buy-back Debt; Structured Stock Borrow for Equity not self - liquid and
($ in millions) Only Swaps Originator Bank regulated trades Notes Entity German Bank Derivatives clearing 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
OVERNIGH
T TOTAL
Region Collateral Type Counterparty Group due on 9/8/08 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--000067
CONFIDENTIAL TREATMENT REQUESTED

Patrick M Parkinson
ins /BOARD/F
FRS
S To (b) (6)
Kevin
09/09/2008 11:28 AM Warsh/BOARD/FRS@BOARD
cc brian.f.madigan@frb.gov,
scott.alvarez@frb.gov
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. (b) (5)
Pat
BOG--FOIA 10-267--000068
Patrick .M.Park
Parkinson
on @frb.gov To brian.f.madigan@frb.gov,
James.A.Clouse@frb.gov,
09/09/2008 11:33 AM pat.white@frb.gov
cc
Subject Fw: LB triparty repo followup
FYI.
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 11:33 AM
-----
Lucinda M
Brickler/NY/FRS@F
RS To
Arthur Angulo/NY/FRS@FRS, Brian
09/09/2008 11:21 Peters/NY/FRS@FRS, Chris
AM 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
BOG--FOIA 10-267--000069
$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.
(b) (4)
Eleven firms provide 80% of Lehman's triparty repo financing. The

complete list is attached in the spreadsheet below .
(b) (4)
(See attached file: Lehman Triparty Summary.doc)(See attached file: LB

Investors.xls)(See attached file: Non-PDCF summary 08-15-2008.doc)
Lucinda Brickler
212.720.6132 or 646.720.6132 - Lehman Triparty Summary.doc - LB Investors.xls -

Non-PDCF summary 08-15-2008.doc
BOG--FOIA 10-267--000070
LEHMAN BROTHERS TRIPARTY REPO INVESTORS (09/03/08)
Investor Name Amount % of Total Cum %

(b) (4) $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%
BOG--FOIA 10-267--000071
(b) (4)
$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%
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
45,000,000,000.00
40,000,000,000.00
35,000,000,000.00
30,000,000,000.00
25,000,000,000.00 Agency Debenture

Agency MBS
20,000,000,000.00 Treasuries
15,000,000,000.00
10,000,000,000.00
5,000,000,000.00
0.00
BOG--FOIA 10-267--000075
12,000,000,000.00
10,000,000,000.00 Agency Remic

ABS - Investment Grade
ABS - Noninvestment Grade
8,000,000,000.00 CP - Investment Grade
CP - Noninvestment Grade
Corporate Bonds - Investment Grade
6,000,000,000.00 Corporate Bonds - Noninvestment Grade
Equity - Investment Grade"
Equity - Noninvestment Grade
4,000,000,000.00 Muni Bonds - Investment Grade
Muni Bonds - Noninvestment Grade
Private Label CMO - Investment Grade
2,000,000,000.00 Private Label CMO - Noninvestment Grade
0.00
BOG--FOIA 10-267--000076
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, (b) (4)
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:
(b) (4)
Lehman - $20.4 billion

(b) (4)
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
(b) (4)
2
(b) (4)
BOG--FOIA 10-267--000077
Page 1 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 2 of 6
Exhibit I – Non-PDCF-eligible Collateral by Security Type Summary (primary dealers only)
Security Type Non-PDCF Eligible Municipal Bonds,

Other, 1.4%
Private Label 1.3% Money Market
Equity $95,097,435,622
CMO, 1.9%
Corporate Bonds $45,660,971,003 Instruments,
Whole Loan $26,320,259,672 0.1%
A BS, 4%
Commercial Paper $16,516,126,287 Commercial
Asset Backed Securities $7,403,284,335 Paper, 8.2%
Private Label CMO $3,712,303,457
Other $2,762,104,054 Equity, 47 5%
Whole Loan,
Municipal Bonds $2,624,611,653 13.1%
Money Market Instruments $224,608,485
Total $200,321,704,569
Corporate Bonds,
22.8%
Exhibit II – Non-PDCF-eligible Collateral by Security Type Detail (primary dealers only)
Equity Corporate Bonds

$95.097 billion $45.661 billion
(b) (4)
(b) (4)
(b) (4)
(b) (4) (b) (4) (b) (4)
(b) (4) (b) (4)

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

Lehman (b) (4)
Brothers, 9.5%
Lehman
(b) (4) Brothers, 9.6%
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4)
BOG--FOIA 10-267--000079
Page 3 of 6
Whole Loan Commercial Paper
(b) (4) (b) (4) (b) (4)

(b) (4)
(b) (4)
Lehman (b) (4)
Brothers,
22.9%
(b) (4) (b) (4)
Asset Backed Securities Private Label CMO

(b) (4)
(b) (4)
(b) (4) (b) (4) (b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (4) Lehman
Brothers,
16.1%
(b) (4)
(b) (4)
(b) (4)
(b) (4) (b) (4)
Lehman
(b) (4) Brothers,
(b) (4) 13 0%
BOG--FOIA 10-267--000080
Page 4 of 6
Municipal Bonds
$2.625 billion
(b) (4) (b) (4)
Lehman
Brothers,
52.0%
(b) (4)
Other
$2.762 billion
(b) (4)
(b) (4)
Lehman
Brothers, 5.4% (b) (4)
Security Type “Other” includes:
(b) (4) Medium Term Note
Convertible Preferred
(b) (4) Preferred Stock
Government Trust Bonds
(b) (4) Certificate of Deposit
(b) (4)
(b) (4)
(b) (4)
BOG--FOIA 10-267--000081
Page 5 of 6
Exhibit III – Non-PDCF-eligible Collateral by Dealer
Commercial Private Label Municipal

Dealer Non-PDCF Eligible Equity Corporate Bonds Whole Loan ABS Other
Paper CMO Bonds
(b) (4)
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
(b) (4)
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) .
BOG--FOIA 10-267--000082
Page 6 of 6
Patrick M Parkinson
ins /BOARD/F
FRS
S To Rita.C.Proctor@frb.gov, Kevin
Warsh/BOARD/FRS@BOARD,
09/09/2008 01:36 PM Margaret
cc
Subject Fw: Materials for 9am Call
As background for 3 pm call, first of two emails re LB.
Pat
Kristin
Mayer/N
a NY/FRS@F
S
cc Meg McConnell/NY/FRS@FRS
09/09/2008 08:33
AM Subject Materials for 9am Call
Duplicate
BOG--FOIA 10-267--000083
Mark
a k VanDerWeide
VanD eide /BOAR
BOARD/F
FRS
S To Patrick M
07/14/2008 10:08 AM cc
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
Fallon
a /BOARD/FRS To Mark VanDerWeide/BOARD/FRS@BOARD
07/14/2008 09:45 cc
AM
Subject Fw: LB Repos

Patrick M
Parkinson /BOARD/F To brian.f.madigan@frb.gov, Kieran Fallon/BOARD/FRS@BOARD
RS
S
cc
07/14/2008 09:31
AM Subject LB Repos
Note what a large share are overnight.
Pat
BOG--FOIA 10-267--000084
Global Repo Maturity Schedule
(schedule as of July 11, 2008)
$ billions
OPEN AND
OVERNIGHT
due on 7/14/2008 TOTAL
Region Collateral Type Counterparty Group (approx) 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
BOG--FOIA 10-267--000085

Chris
h i McCurdy
M C /NY/FRS
Y To Patrick M
07/14/2008 12:10 PM cc Lucinda M Brickler/NY/FRS@FRS
re triparty?
(b) (5)
Still, I think we ought to give it another try.
Patrick M
Parkinson /BOARD/
BOARD /F To Chris McCurdy/NY/FRS@FRS
RS@
S BOARD D
cc Lucinda M Brickler/NY/FRS@FRS
07/14/2008 11:52
AM Subject Re: another option we should present re triparty ?
You are correct that (b) (5)
Pat
Chris McCurdy/NY/FRS@FRS
Chris
hi
McCurdy
c urd /NY//FRS@
R @ To Patrick M Parkinson/BOARD/FRS@BOARD
FRS
R
cc Lucinda M Brickler/NY/FRS
07/14/2008 11:13
AM Subject Re: another option we should present re triparty ?
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)
BOG--FOIA 10-267--000086
(b) (5)
Patrick M
Parkinson /BOARD/F To Joseph Sommer/NY/FRS@FRS
RS@
S BOARD D
cc Antoine Martin/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian
07/13/2008 12:37 Begalle/NY/FRS@FRS, Catherine Kung/NY/FRS@FRS, Chris
PM 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
William Dudley/NY/FRS@FRS
Subject Re: another option we should present re triparty ?
Duplicate
BOG--FOIA 10-267--000087
Duplicate
(b) (5)
BOG--FOIA 10-267--000088
(b) (5)
Pat
Lucinda M
Brickler /NY/FRS@F
RS
S Parkinson/BOARD/FRS@BOARD, Sandy.Krieger@ny.frb.org,
07/12/2008 06:20 Lawrence.Sweet@ny.frb.org, Arthur Angulo/NY/FRS@FRS, Til
PM Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS,
Baxter/NY/FRS@FRS
cc
Duplicate
BOG--FOIA 10-267--000089
Donald
o L Kohn /BOARD/
D /FRS
R To Kevin Warsh/BOARD/FRS@BOARD,
Patrick M
07/14/2008 05:54 PM Parkinson/BOARD/FRS@BOARD
cc
Subject calls
Not Responsive Tim would like to keep that call short

and reassemble to talk about contingenices for LEH.
BOG--FOIA 10-267--000090
Patrick M Parkinson
ins /BOARD/F
FRS
S To Donald L
Kohn/BOARD/FRS@BOARD
07/14/2008 06:02 PM cc
Subject Re: calls
Knew nothing about it. Pat

Donald 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
William
i Dudley /NY/F
FRS
S To chris.mccurdy@ny.frb.org,
donald.l.kohn@frb.gov, Kevin
07/15/2008 08:15 AM 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
(b) (5)
Best,
Bill
BOG--FOIA 10-267--000093
Timothy
i Geithner
Gei /NY/FRS
Y To William Dudley/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Donald L
07/15/2008 08:20 AM Kohn/BOARD/FRS@BOARD, Kevin
Subject Re: Lehman Good Bank/Bad Bank
idea discussed last night
Pls add something on (b) (5)
And (b) (5)
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
BOG--FOIA 10-267--000094
Scott Alvarez
arez /BOAR
BOARD/FRS To Kieran Fallon/BOARD/FRS@BOARD
cc
07/15/2008 09:46 AM
Subject Re: Lehman Good Bank/Bad Bank
idea discussed last night
Good
Thanks
Scott
--------------------------
Kieran Fallon
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. (b) (5)
Kieran
Patrick M
Parkinson /BOARD/F To Kieran Fallon/BOARD/FRS@BOARD
RS
S
cc
07/15/2008 09:29
AM Subject Fw: Lehman Good Bank/Bad Bank idea discussed last night

William
i
u /FRS@
Dudley/NY/ R @F To chris.mccurdy@ny.frb.org, donald.l.kohn@frb.gov, Kevin
RS
S Warsh/BOARD/FRS@BOARD, lucinda.brickler@ny.frb.org, Meg
07/15/2008 08:15 McConnell/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS,
AM timothy.geithner@ny.frb.org, Patrick M
Subject Lehman Good Bank/Bad Bank idea discussed last night
Duplicate
BOG--FOIA 10-267--000095
Scott Alvarez
arez /BOAR
BOARD/FRS To Kieran Fallon/BOARD/FRS@BOARD
cc
07/15/2008 09:52 AM
Subject Re: More on FRBNY's Super-SIV
Proposal
Yes
Scott
--------------------------
Kieran 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
(b) (5)
Do you agree?
Kieran
Scott
Alvarez /BOARD/FR
R To Kieran Fallon/BOARD/FRS@BOARD
S
cc
07/15/2008 09:45
AM Subject Re: More on FRBNY's Super-SIV Proposal
K
What would be our role inbthis-- (b) (5)
Scott
--------------------------
Kieran Fallon
From: Kieran Fallon

Sent: 07/15/2008 09:24 AM EDT
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
Patrick M
Parkinson /BOARD/
BOARD /F To Kieran Fallon/BOARD/FRS@BOARD
RS
S
cc
07/15/2008 07:19
AM Subject Fw: Re-circulating, as per TFG
FYI.
Terrence
e re
Checki
h /NY/F
FRS@F
S To Timothy Geithner/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS,
RS
S William Rutledge/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS,
07/14/2008 08:14 Alejandro LaTorre/NY/FRS@FRS, Lucinda M
PM Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD, Arthur Angulo/NY/FRS@FRS,
Kevin Warsh/BOARD/FRS@BOARD
cc
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
Lucinda M Brickler
k /NY/F
FRS
S To Patrick M
07/18/2008 01:06 PM cc
Subject Fw: Tri-party Collateral
The latest data I have on Lehman's repos is from Monday (b) (5)
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
Lucinda M
Brickler /NY/
Y/FRS
NY To Timothy Geithner/NY/FRS
07/15/2008 05:14 cc Tanshel Pointer/NY/FRS@FRS, Marlene Williams/NY/FRS@FRS,
PM Rania Jamal, William BRODOWS/NY/FRS@FRS
Subject 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.
(b) (5)
Let us know if we can provide this in any other form that would be helpful.
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
Rania
a C
Jamal
a /NY/
NY/FRS To Lucinda M Brickler/NY/FRS@FRS
07/15/2008 04:54 cc
PM
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 Jamal
(212) 720-5778
BOG--FOIA 10-267--000099
BNYM
COLLATERAL DEALER
(b) (4)
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)
BOG--FOIA 10-267--000100
(b) (4)
BOG--FOIA 10-267--000101
JPMC
(b) (4)
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)
BOG--FOIA 10-267--000102
Lucinda M Brickler /NY/
NY/FRS To Patrick M
07/18/2008 01:17 PM cc
Subject Fw: Tri-party asset breakdown by
Dealer
Here are the numbers from yesterday...notably smaller than Monday.
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
Brian
Begalle /NY/
NY/FRS To Lucinda M Brickler/NY/FRS@FRS
07/18/2008 01:17 cc Gary Guzman/NY/FRS@FRS, Robert Rinaldi/NY/FRS@FRS
PM
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.
Brian Begalle
Phone: (212) 720-6056
----- Forwarded by Brian Begalle/NY/FRS on 07/18/2008 01:10 PM -----

Lucinda M
Brickler /NY/
NY/FRS To Robert Rinaldi/NY/FRS@FRS
07/18/2008 01:12 cc Brian Begalle/NY/FRS@FRS, Gary Guzman/NY/FRS@FRS
PM
Subject Fw: Tri-party asset breakdown by Dealer
Hi Bob
Have you received JPMC's file from yesterday? If so, can you forward it?
BOG--FOIA 10-267--000103
Thanks!
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
William
BRODOWS /NY/
NY/FRS To Lucinda M Brickler/NY/FRS@FRS, Rania C Jamal/NY/FRS@FRS
cc
07/15/2008 02:33
PM Subject Fw: Tri-party asset breakdown by Dealer
----- Forwarded by William BRODOWS/NY/FRS on 07/15/2008 02:30 PM -----

Robert
Rinaldi /NY/
NY/FRS To William BRODOWS/NY/FRS@FRS
07/15/2008 02:12 cc
PM
Subject Tri-party asset breakdown by Dealer
Bill here are the files,
Robert Rinaldi
Bank Supervision
212 720-2095
BOG--FOIA 10-267--000104
Collateral Value
17-Jul-2008 Collateral Value After
Security Class Including Accrued Effective Margin %
(Tri-party, SLD, BANK) Margin Reduction
Interest
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 184,670,655,139.92 179,513,709,726.10

TOTAL 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
Collateral Value
14-Jul-2008 Collateral Value After
Security Class Including Accrued Effective Margin %
(Tri-party, SLD, BANK) Margin Reduction
Interest
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
Patrick M Parkinson
ins /BOARD/F
FRS
S To (b) (6)
07/20/2008 12:42 PM donald.l.kohn@frb.gov, 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.
(b) (5)
Pat
BOG--FOIA 10-267--000125
Donald
o L Kohn /BOARD/
D /FRS
R To Patrick.M.Parkinson@frb.gov
07/20/2008 01:39 PM
(b) (6)
Kevin.Warsh@frb.gov,
Subject Re: Our Options in the Event of a Run
on LB
(b) (5)
Patrick.M.Parkinson@frb.gov
Patrick .M.Parkinson
Park on
@frb.
frb.gov To (b) (6) donald.l.kohn@frb.gov,
07/20/2008 12:42 Kevin.Warsh@frb.gov, scott.alvarez@frb.gov,
PM brian.f.madigan@frb.gov
cc
Subject Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000126
Brian.F
F.Madigan @ffrb..gov To Donald.L.Kohn@frb.gov
cc (b) (6)
07/20/2008 01:46 PM
Patrick.M.Parkinson@frb.gov,
on LB
Bill or Debby Perelmuter would be able to speak more authoritatively (b) (5)
Donald.L.Kohn@frb
.gov
To
PM cc
brian.f.madigan@frb.gov,
(b) (6)
Subject
Re: Our Options in the Event of a
Run on LB
Duplicate
BOG--FOIA 10-267--000127
(b) (6) To Donald L
Kohn/BOARD/FRS@BOARD, Patrick
07/20/2008 01:52 PM M Parkinson/BOARD/FRS@BOARD
cc Brian F
Madigan/BOARD/FRS@BOARD,
Kevin Warsh/BOARD/FRS@BOARD,
on LB
(b) (5)
--------------------------

From: Donald.L.Kohn
Sent: 07/20/2008 01:39 PM AST
Cc: Brian Madigan; (b) (6) Kevin Warsh; Scott Alvarez
Subject: Re: Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000128
Patrick M Parkinson
ins /BOARD/F
FRS
09/09/2008 01:37 PM Margaret
cc
Additional background for 3 pm call.
Pat
Lucinda M
Brickler /NY/FRS@F
Y To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
RS
S McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig
09/09/2008 11:21 Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne
AM 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 BRODOWS /NY/
NY/FRS To Meg McConnell/NY/FRS@FRS
09/09/2008 02:02 PM
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
Meg
McConnell /NY/
NY/FRS To William BRODOWS/NY/FRS@FRS, Lucinda M
PM 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
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
Theodore Lubke/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS,
Wendy Ng/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. McConnell
212-720-8773
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.
Lucinda M
Brickler /NY/
09/09/2008 11:28 cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
AM McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig
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@FRS
Meg
Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
Meg
McConnell /NY/
NY/FRS To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian
09/09/2008 11:07 Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
AM 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
Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS
cc 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
--------------------------
212-720-8773
Meg McConnell

From: 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
(b) (4)
1 of 3
BOG--FOIA 10-267--000133
BOG--FOIA 10-267--000134
LEHMAN'S VIEW OF LEHMAN VS. BEAR
Presentation to FRBNY "Gameplan"
on 5/28/08 9/2/08
Key Liquidity Metrics
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
BOG--FOIA 10-267--000135
(b) (4) To <gustavo.a.suarez@frb.gov>
cc
09/09/2008 02:11 PM
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 (gustavo.a.suarez@frb.gov)
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)
BOG--FOIA 10-267--000136
Lucinda M Brickler
k /NY/F
FRS
S To Meg McConnell/NY/FRS@FRS
09/09/2008 02:40 PM
Lucinda Brickler
212.720.6132 or 646.720.6132
Meg
e
McConnell
c on /N
NY/FRS
R To William BRODOWS/NY/FRS@FRS, Lucinda M
Wendy Ng/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
Jeff
e Stehm
ehm /BOARD/
D /FRS To Melissa A
Vanlandingham/BOARD/FRS@BOAR
09/09/2008 02:48 PM D
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 Stehm
Associate Director
202-452-2217 (office)
202-412-9846 (cell)
email: jeff.stehm@frb.gov
----- Forwarded by Jeff Stehm/BOARD/FRS on 09/09/2008 02:46 PM -----
Jill
i K
Cetina/BOARD/FRS
e To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
09/09/2008 01:26
PM Subject Lehman
is having a rough day. Their share price is down $4 to $10 -- after talks failed with a Korean bank looking
at buying a stake in their asset management arm. One year CDS on Lehman closed yesterday at 666 bps
-- today the mid of the bid and ask is about 900 bps.
In short, the week could get even more interesting. :)
BOG--FOIA 10-267--000141
Jill Cetina, CFA
Sr. Financial Analyst
Payment Systems Risk
Reserve Bank Operations and Payment Systems
202-452-2764
BOG--FOIA 10-267--000142
Jan
a Voigtss /NY/F
FRS
S To Timothy Geithner/NY/FRS@FRS,
Christine Cumming/NY/FRS@FRS,
09/09/2008 02:55 PM William Rutledge/NY/FRS@FRS,
cc Chris McCurdy/NY/FRS@FRS,
Lucinda M Brickler/NY/FRS@FRS,
"Art Angulo"
Subject Global Repo data and PDCF Eligible
Report as of Sept. 5
This is a summary
m of Lehman 's total
t a Triparty
i b o , including
book i cl g liquid
d and less liquid co r .
l u collateral
This is the
t Global
b Triparty
T y Book for
f Lehman
a forr Sept
S 5
___________________________
Jan Voigts
Examining Officer
Financial Sector Policy and Analysis
212-720-2298 (office)
917-292-3461 (Bberry)
BOG--FOIA 10-267--000143
INSTITUTION: Lehman Brothers AS OF: 9/05/08 ($ in billions)
SECURED FUNDING
O/N and
SECURED FUNDING 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
Asset Backed Securities
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
O/N and > 14 Days - 1
UNSECURED FUNDING Open 2 - 14 Days Year TOTAL
CP, Other STD and Current Portion of LTD 1.9 2.6 23.5 28.1
O/N and > 14 Days - 1
MEMO: TSLF Eligible Open 2 - 14 Days 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
** 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
INSTITUTION: Lehman Brothers AS OF: 9/05/08 ($ in billions)
SECURED FUNDING
(Note: please include all equity finance on "Equity" line below or provide separate sheet
with details)
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
Asset Backed Securities
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
BOG--FOIA 10-267--000145
** 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
as of September 5th, 2008
By Collateral Allocation
Principal in $Bn's
(b) (4) 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

BOG--FOIA 10-267--000146
Confidential Treatment Requested 1

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

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
BOG--FOIA 10-267--000148

Principal in $Bn's
(b) (4)

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
BOG--FOIA 10-267--000149

Principal in $Bn's
(b) (4)
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
BOG--FOIA 10-267--000150

Principal in $Bn's
(b) (4)

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
BOG--FOIA 10-267--000151

Principal in $Bn's
(b) (4)
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
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
(b) (4)
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
BOG--FOIA 10-267--000153

(b) (4) 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
BOG--FOIA 10-267--000154

(b) (6) To Donald L
Kohn/BOARD/FRS@BOARD, Patrick
07/20/2008 01:52 PM M Parkinson/BOARD/FRS@BOARD
cc Brian F
Madigan/BOARD/FRS@BOARD,
Kevin Warsh/BOARD/FRS@BOARD,
on LB
(b) (5)
--------------------------

From: Donald.L.Kohn
Sent: 07/20/2008 01:39 PM AST
Cc: Brian Madigan; (b) (6) Kevin Warsh; Scott Alvarez
Subject: Re: Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000155
(b) (6) To Brian.F.Madigan@frb.gov
cc Donald.L.Kohn@frb.gov,
07/21/2008 08:47 AM
Patrick.M.Parkinson@frb.gov,
on LB
(b) (5)
Brian.F.Madigan@frb.gov
Brian.F
F.Madigan @ffr
b.gov To Donald.L.Kohn@frb.gov
07/20/2008 01:46 cc (b) (6) Kevin.Warsh@frb.gov,
PM Patrick.M.Parkinson@frb.gov, scott.alvarez@frb.gov
Subject Re: Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000156
Brian F Madigan
M /BOARD/FRS To Scott Alvarez/BOARD/FRS@BOARD,
Patrick M
07/21/2008 08:51 AM Parkinson/BOARD/FRS@BOARD
cc
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 (b) (5)
Brian

(b) (6)
To Brian.F.Madigan@frb.gov
cc Donald.L.Kohn@frb.gov, Kevin.Warsh@frb.gov,
07/21/2008 08:47 Patrick.M.Parkinson@frb.gov, scott.alvarez@frb.gov
AM Subject Re: Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000157
Patrick M Parkinson
ins /BOARD/F
FRS
S To Brian F
Madigan/BOARD/FRS@BOARD
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
Never have looked at it. (b) (5)
Pat
Brian F Madigan/BOARD/FRS
Brian F
Madigan
a /BOARD/F
F To Scott Alvarez/BOARD/FRS@BOARD, Patrick M
RS
S Parkinson/BOARD/FRS@BOARD
07/21/2008 08:51 cc
AM Subject Fw: Our Options in the Event of a Run on LB
Duplicate
BOG--FOIA 10-267--000158
Scott Alvarez
arez /BOAR
BOARD/FRS To (b) (6)
07/21/2008 08:54 AM cc Brian.F.Madigan@frb.gov,
Donald.L.Kohn@frb.gov,
on LB
That would be a 13(3) loan, (b) (5)

I'll talk with Brian and Pat about this.
Scott
(b) (6)
(b) (6)
Duplicate
BOG--FOIA 10-267--000159
Patrick M Parkinson
ins /BOARD/F
FRS
S To Brian F
07/21/2008 09:01 AM cc Scott Alvarez/BOARD/FRS@BOARD
Run on LB
In the case of LB, only $8.7 billion of the $200 billion in tri-party collateral is (b) (5)
Pat
Pat
Brian F
Madigan
a /BOARD/F
RS
07/21/2008 08:51 cc
Scott and Pat,
(b) (5)
Brian

(b) (6)
(b) (5)
Brian.F.Madigan@frb.gov
Brian.F
F.Madigan @ffr
b.gov To Donald.L.Kohn@frb.gov
07/20/2008 01:46 cc (b) (6) Kevin.Warsh@frb.gov,
PM Patrick.M.Parkinson@frb.gov, scott.alvarez@frb.gov
Subject Re: Our Options in the Event of a Run on LB
BOG--FOIA 10-267--000160
Bill or Debby Perelmuter would be able to speak more authoritatively to how
firm their commitment is. (b) (5)
Donald.L.Kohn@frb
.gov
To
PM cc
brian.f.madigan@frb.gov,
(b) (6) ,
Subject
Re: Our Options in the Event of a
Run on LB
there's that capacity issue again. (b) (5)
Patrick.M.Parkins
on@frb.gov
To
07/20/2008 12:42 (b) (6) ,
PM donald.l.kohn@frb.gov,
scott.alvarez@frb.gov,
brian.f.madigan@frb.gov
cc
Subject
Our Options in the Event of a Run
on LB
BOG--FOIA 10-267--000161
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.
(b) (5)
Pat
BOG--FOIA 10-267--000162
Scott Alvarez
arez /BOAR
07/21/2008 09:16 AM cc Brian F Madigan/BOARD/FRS@Board

Run on LB
Not sure we do have legal authority. (b) (5)

Scott
Patrick M
Parkinson /BOARD/
BOARD /F To Brian F Madigan/BOARD/FRS@BOARD
RS
S
cc Scott Alvarez/BOARD/FRS@BOARD
07/21/2008 08:53
AM Subject Re: Fw: Our Options in the Event of a Run on LB
(b) (5)
Pat
Brian F
Madigan
a /BOARD/F
RS
07/21/2008 08:51 cc
Duplicate
BOG--FOIA 10-267--000163
Patrick M Parkinson
ins /BOARD/F
FRS
S To Scott Alvarez/BOARD/FRS@BOARD
cc Brian F
07/21/2008 09:20 AM
Run on LB
(b) (5)
Pat
Scott
Alvarez /BOARD/FR
R To Patrick M Parkinson/BOARD/FRS@BOARD
S
cc Brian F Madigan/BOARD/FRS@Board
07/21/2008 09:16
Duplicate
BOG--FOIA 10-267--000164
Scott Alvarez
arez /BOAR
07/21/2008 09:43 AM cc Brian F Madigan/BOARD/FRS@Board

Run on LB
(b) (5)
Thanks!
Scott
Patrick M
Parkinson /BOARD/F To Scott Alvarez/BOARD/FRS@BOARD
RS
S
cc Brian F Madigan/BOARD/FRS@BOARD
07/21/2008 09:20
Duplicate
BOG--FOIA 10-267--000165
Patrick M Parkinson
ins /BOARD/F
FRS
cc Brian F
07/21/2008 09:45 AM
Run on LB
(b) (5)
Pat
Scott
Alvarez /BOARD/FR
S
07/21/2008 09:43
Duplicate
BOG--FOIA 10-267--000166
Patrick M Parkinson
ins /BOARD/F
FRS
cc Brian F
07/21/2008 04:09 PM
Run on LB
Have you gotten back to the Chairmn on this? (b) (5)
Pat
Scott
Alvarez /BOARD/FR
S
07/21/2008 09:43
Duplicate
BOG--FOIA 10-267--000167
Lucinda M Brickler
k /NY/F
FRS
S To Patrick M
07/25/2008 03:48 PM cc
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
Lucinda Brickler
212.720.6132 or 646.720.6132
a Voigtss /NY/F
Jan FRS
S
07/25/2008 03:41 To Timothy Geithner/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS,
PM 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
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@FRS
cc Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS
Subject Lehman Update
rd
Data for July 24 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 (b) (4) 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
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 Change % BidN.A. AskN.A. Open18.770

17.0 -1.490 Change-8.
30 045
Volu High18 Low16.87 52-Week 52-Week 1-Yr Return-74.040
me2 .990 0 High68.44(07/25 Low12.02(07/15/08)
5,11 /07)
8,31
7
___________________________
Jan Voigts
Examining Officer
Financial Sector Policy and Analysis
212-720-2298 (office)
917-292-3461 (Bberry)
BOG--FOIA 10-267--000169
LEHMAN IB UPDATE J2: F.R. Restricted 7/25/2008
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
1
BOG--FOIA 10-267--000170
JULY 24 SUMMARY DETAILS FOR JULY 23
7/23/08 Changes in Liquidity Pool Lehman Credit Spreads

Asset Composition ($B) Funding Composition ($B) 5-Year
Day / Week 5-Year CDS (open)
(vs 3 Mo LIBOR)
Position Change in Cash Sources 3/14 650
16.2 (1.4) NY 1.7 CP Issuance 3/17 – 3/21 273 – 450
3.1 0.1 London 0.2 Bank Loan Drawn 3/24 – 3/28 210 – 300 313 – 328
1.1 Inter-company 3/31 – 4/4 183 – 300 245 – 283
Position Change in Inventory 0.3 Other 4/7 – 4/11 158 – 222 234 – 269
5.2 - LBHI 4/14 – 4/18 167– 222 214 – 269
6.1 1.0 LBI (NY) 4/21 – 4/25 169 – 190 215 – 232
9.1 1.0 LBIE (LDN) Uses 4/28 – 5/2 135 – 160 219 – 232
- - LBAH (ASIA) 2.2 CP Maturities 5/5 – 5/9 135 – 171 219 – 233
0.1 Long Term Debt 5/12 – 5/16 154 –164 225 – 232
0.3 Derivatives 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
$39.8B $0.7B Net Change $0.7B Net Funding 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
2
BOG--FOIA 10-267--000171
$2.0B US $2.5B LDN

Liquidity Pool: Cash LBIE PB
Boxed LBI 15c3 Committed Committed
Dates Total Cash & Equivalents Cust. Free
inventory Lockup Bank line Bank line
Available to LBHI Credit
(drawn) (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
3
BOG--FOIA 10-267--000172
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
4
BOG--FOIA 10-267--000173
Commercial % Overnight % Within

Paper Europe U.S. Total Change Maturing 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
5
BOG--FOIA 10-267--000174
ST Debt 1wk – 1
Next Day < 1 wk > 1 mth Total Change
Maturities: mth
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)
6
BOG--FOIA 10-267--000175
CURRENT RATINGS
Ratings Summary
Rating Agency LBHI LBI Comments
Moody’s
• Short-term P-1 P-1 • July 2008 LT Ratings Downgraded. (Outlook
• Long-tern (senior) A2 A1 remains Negative)
• June 2008 Placement on Negative Watch
• June 2008 Outlook change to Negative
• Long-term (subordinated) A3 A2 • March 2008 Outlook change to Stable
• September 2007 Credit commentary opinion with
no rating.
Standard & Poor’s

• Short-term A-1 A-1 • June 2008 LT Ratings Downgraded, (Outlook
• Long-tern (senior) A A+ remains Negative)
• April 2008 Commentary on Credit Summary
• Long-term (subordinated) A- A • March 2008 Outlook change to Negative
Fitch Ratings
• Short-term F1 F1 • June 2008 LT & ST Ratings Downgraded,
• Long-tern (senior) A+ A+ (Outlook remains Negative)
• April 2008 Outlook change to Negative
• Long-term (subordinated) A A • March 2008 Commentary
Dominion Bond Rating Service

• Short-term R-1 (Middle) R-1 (Middle) • June 2008 Outlook change to Negative
• Long-tern (senior) AA (Low) AA • March 2008 Ratings Affirmed
• Long-term (subordinated) A (High) AA (Low) • December 2007 Ratings Upgraded
7
BOG--FOIA 10-267--000176
APPENDIX
Update for July 23rd with Compliance Manager.

(b) (8)
Update Discussion with Treasurer on the Week in Review and Data for July 22nd
(b) (8)
8
BOG--FOIA 10-267--000177
(b) (8)
Update Discussion with Compliance Manager on Tuesday, July 22nd and Data for July 21st
(b) (8)
*********************************************************************************************************************
Update Discussion with Holding Company Compliance on Monday, July 21st and Data for July 18th
(b) (8)
9
BOG--FOIA 10-267--000178
(b) (8)
*********************************************************************************************************************
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)
10
BOG--FOIA 10-267--000179
(b) (8)
*********************************************************************************************************************
Update Discussion with Holding Company Compliance on Thursday, July 17 and Data for July 16th
(b) (8)
11
BOG--FOIA 10-267--000180
(b) (8)
*********************************************************************************************************************
Update Discussion with Treasurer for Wednesday, July 16 and Data for July 15th
(b) (8)
12
BOG--FOIA 10-267--000181
(b) (8)
*********************************************************************************************************************
Update Discussion with Holding Company Compliance for Tuesday, July 15 and Data for July 14th (Go to the Appendix to see recent days’
narratives).
(b) (8)
*********************************************************************************************************************
Update Discussion with Treasurer for Monday, July 14 and Data for July 11th
13
BOG--FOIA 10-267--000182
(b) (8)
14
BOG--FOIA 10-267--000183
(b) (8)
15
BOG--FOIA 10-267--000184
Deborah
e P Bailey /BOARD/
D /FRS
R To Coryann
Stefansson/BOARD/FRS@BOARD
07/30/2008 12:01 PM 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. (b)(5)&(b)(8)
Coryann Stefannson/BOARD/FRS
Coryann
oy
Stefannson /BOARD/ To JNellie Liang/BOARD/FRS@BOARD, Deborah P
FRS
R Bailey/BOARD/FRS@BOARD
Sent by: Coryann cc
Stefansson/BOARD/
FRS Subject Fw: <Additional Information> Tri-Party Discussion w/ The LFIT
Today, July 29, 2008
07/29/2008 08:46
PM
this is what i was referring to in our meeting with VC Kohn
Coryann S. Stefansson
Associate Director
Bank Supervision and Regulation
Board of Governors
Office 202-452-5287
Cell Number 202- 294- 9829
Assistant - Ms. Kimberly Jensik

Kim.Jensik@frb.gov
Office Number 202 736-5555
----- Forwarded by Coryann Stefansson/BOARD/FRS on 07/29/2008 08:45 PM -----

Julie
u
Dolan/
o NY/FRS@
Y FR
R To Adrienne Haden/BOARD/FRS@BOARD, Arthur
S Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian
07/29/2008 03:23 Peters/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Coryann
PM 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
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@FRS
Subject <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 Dolan
Executive Assistant
Bank Supervision
(212) 720-5857
----- Forwarded by Julie Dolan/NY/FRS on 07/29/2008 03:19 PM -----
Calendar Entry Notify me

Meeting Mark Private Pencil In
Chair
Subject Time Change: Tri-Party Discussion w/ The LFIT Julie Dolan/NY/FRS
20th Floor
- Large
Tue 07/29/2008 02:30 PM Location Northeast
Conf.
When 30 mins Room
Tue 07/29/2008 03:00 PM
Where
No rooms
Specify a different time zone or
Reserved resources
have been
Invited The following invitees have been invited reserved
BOG--FOIA 10-267--000186
Adrienne Haden/BOARD/FRS@BOARD,
Arthur Angulo/NY/FRS@FRS, Beverly
Hirtle/NY/FRS@FRS, Brian Categorize
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
Required (to)
Greenlee/BOARD/FRS@BOARD, Kimberly
A DeTrask/BOS/FRS@FRS, Michael
Johnson/SF/FRS@FRS, Nina
Nichols/BOARD/FRS@BOARD, Preston
Invitees 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
Aaron Pagdon/NY/FRS@FRS, Alexis

Ainsworth/NY/FRS@FRS, Barbara
Vieira/NY/FRS@FRS, Celia
Marrazzo/NY/FRS@FRS, Kim
Optional (cc) 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
Description
As per Sarah Dahlgren:
A Tri-Party Discussion meeting w/ the LFIT

has been scheduled for:
Date: Tuesday, July 29, 2008

Time: 2:30pm
Location: 20th Floor - Large Northeast Conf. Room.
Teleconference
co f Details
D i
Dial
a In : 877-589-6971
Participant
ti a t Code : 180333
Host code: 290394
BOG--FOIA 10-267--000187
Restricted F.R. DRAFT November 3, 2010
Near-term Strategy to Enhance the Stability of the

Triparty Repo Market
(b)(5)&(b)(8)
1 of 3
BOG--FOIA 10-267--000188
(b)(5)&(b)(8)
2 of 3
BOG--FOIA 10-267--000189
(b)(5)&(b)(8)
3 of 3
BOG--FOIA 10-267--000190
Internal F.R. DRAFT
Talking Points
Near-term Measures to Enhance the Stability of the

Triparty Repo Borrowers (and their regulators)
(b)(5)&(b)(8)
1 11/3/2010
BOG--FOIA 10-267--000191
Internal F.R. DRAFT
(b)(5)&(b)(8)
2 11/3/2010
BOG--FOIA 10-267--000192
Internal F.R. DRAFT
(b)(5)&(b)(8)
3 11/3/2010
BOG--FOIA 10-267--000193
Lucinda M Brickler
k /NY/F
FRS
S To Timothy Geithner/NY/FRS@FRS
cc Sandy.Krieger@ny.frb.org, Patrick M
08/01/2008 10:34 AM
Chris.McCurdy@ny.frb.org, 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, (b) (4)
BNYM
M Intraday
I r d y Margins
a
(b) (4)
JPMC Intraday M
Margins
n
(b) (4)
Lucinda Brickler
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--000194
BNYM JPMC
Standard1 Target –Phase 12
Intraday Margin Intraday Margin
Treasuries (b) (4)
• 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)
BOG--FOIA 10-267--000195
(b) (4)
• 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
BOG--FOIA 10-267--000196
William
i BRODOWS /N
NY/FRS
R To Patrick M
08/04/2008 05:45 PM 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
(b)(4) & (b)(8)
1 of 8
BOG--FOIA 10-267--000198
(b)(4) & (b)(8)
2 of 8
BOG--FOIA 10-267--000199
(b)(4) & (b)(8)
3 of 8
BOG--FOIA 10-267--000200
(b)(4) & (b)(8)
4 of 8
BOG--FOIA 10-267--000201
(b)(4) & (b)(8)
5 of 8
BOG--FOIA 10-267--000202
(b)(4) & (b)(8)
6 of 8
BOG--FOIA 10-267--000203
(b)(4) & (b)(8)
7 of 8
BOG--FOIA 10-267--000204
(b)(4) & (b)(8)
8 of 8
BOG--FOIA 10-267--000205
Christopher
hi S Laursen
Laurs /BOARD/FRS To Patrick M
08/08/2008 02:34 PM cc lucinda.brickler@ny.frb.org
Subject Re: Tri-party repo
OK Thanks. I will give Lucinda a call (b)(5)&(b)(8)
Good luck with your semi-vacation. Hope it doesn't end up a pseudo-vacation.
Regards,
Christopher Laursen
Office: 202-452-2478
Cell: 202-415-2262
Patrick M
RS
S
08/08/2008 01:55
I am about to leave for two weeks of semi-vacation. I would suggest that contact Lucinda Brickler at
FRBNY (b)(5)&(b)(8)
Pat
Christopher
hi S
Laursen /BOARD/F
S
cc
08/08/2008 01:49
PM Subject Tri-party repo
Hi Pat,
I recently received some documents through the LFI committee that indicates (b)(5)&(b)(8)
BOG--FOIA 10-267--000206
(b)(5)&(b)(8)
Thanks
Christopher Laursen
Office: 202-452-2478
Cell: 202-415-2262
BOG--FOIA 10-267--000207
Near-term Strategy to Enhance the Stability of the

(b)(5)&(b)(8)
1 of 3
BOG--FOIA 10-267--000208
(b)(5)&(b)(8)
2 of 3
BOG--FOIA 10-267--000209
(b)(5)&(b)(8)
3 of 3
BOG--FOIA 10-267--000210
Internal F.R. DRAFT
Talking Points
Near-term Measures to Enhance the Stability of the

Triparty Repo Borrowers (and their regulators)
(b)(5)&(b)(8)
1 11/3/2010
BOG--FOIA 10-267--000211
Internal F.R. DRAFT
(b)(5)&(b)(8)
2 11/3/2010
BOG--FOIA 10-267--000212
Internal F.R. DRAFT
(b)(5)&(b)(8)
3 11/3/2010
BOG--FOIA 10-267--000213
Norah
o a Barger /BOARD/F
FRS
S To Christopher S
Laursen/BOARD/FRS@BOARD
08/08/2008 02:49 PM cc Barbara
Bouchard/BOARD/FRS@BOARD
Subject Re: Fw: Tri-party repo
Chris,
Good. (b) (5)
Norah
Norah Barger
Banking Supervision and Regulation
Tel. (202) 452-2402
Fax. (202) 452-2864
Christopher
hi S
Laursen /BOARD/
BOARD /FR
FR To Norah Barger/BOARD/FRS@BOARD, Barbara
S Bouchard/BOARD/FRS@BOARD
08/08/2008 02:39 cc
PM Subject Fw: Tri-party repo
Just FYI
Christopher Laursen
Office: 202-452-2478
Cell: 202-415-2262
----- Forwarded by Christopher S Laursen/BOARD/FRS on 08/08/2008 02:38 PM -----
Patrick M
RS
S
cc
08/08/2008 02:36
Yes, Geithner has stayed the deployment.
Pat
Christopher
hi S
Laursen /BOARD/F
S
BOG--FOIA 10-267--000214
08/08/2008 02:34
Duplicate
BOG--FOIA 10-267--000215
Brian F Madigan
M /BOARD/FRS To James A
08/13/2008 11:42 AM cc
Subject Fw: Treasury contingency planning
Jim,
Could we talk about how we might staff this?
Brian

Scott
Alvarez /BOARD/
BOARD /FR
S
cc
08/13/2008 10:38
Brian,
Treasury wants to set up two contingency planning teams. (b) (5)
Thanks!
Scott
BOG--FOIA 10-267--000216
Brian F Madigan
M /BOARD/FRS To Scott Alvarez/BOARD/FRS@BOARD
cc James A
08/13/2008 12:30 PM
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/FR
S
cc
08/13/2008 10:38
Duplicate
BOG--FOIA 10-267--000217
William
i BRODOWS /N
NY/FRS
R To Patrick M
08/15/2008 06:11 PM cc Arthur.Angulo@ny.frb.org, 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. (b) (5)
Sorry I can't be more helpful than this. Going on

vacation next week, but will check for your emails. Cheers.
Patrick M
Parkinson /BOARD/
BOARD /F To Arthur.Angulo@ny.frb.org, Theodore Lubke/NY/FRS@FRS, Til
RS@
S BOARD D Schuermann/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS
08/15/2008 02:02 cc
PM Subject Fw: Gameplan and Status to Date
See below. (b) (5)
How are you coming with info gathering from Lehman?
Pat
Steven .Shafran @do
08/11/2008 03:04 cc
PM
Subject RE: Gameplan and Status to Date
(b) (5)
BOG--FOIA 10-267--000218
(b) (5)
steve
Sent: Friday, August 08, 2008 4:02 PM
To: Shafran, Steven
Cc: Arthur.Angulo@ny.frb.org; haeran.kim@ny.frb.org; Schaffer, Laurie;
lucinda.brickler@ny.frb.org; Broome, Meredith;
Theodore.Lubke@ny.frb.org; Til.Schuermann@ny.frb.org;
William.BRODOWS@ny.frb.org; Patrick.M.Parkinson@frb.gov
Subject: Re: Gameplan and Status to Date
(b) (5)
Pat
Patrick M
Parkinson/BOARD/F
RS
To
steven.shafran@do.treas.gov
08/08/2008 09:47
cc
AM Arthur.Angulo@ny.frb.org,
haeran.kim@ny.frb.org,
laurie.schaffer@do.treas.gov,
Theodore Lubke/NY/FRS@FRS, Til
Schuermann/NY/FRS@FRS, William
BOG--FOIA 10-267--000219
BRODOWS/NY/FRS@FRS, Patrick M
Meredith.Broome@do.treas.gov
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
RS
To
steven.shafran@do.treas.gov,
08/08/2008 09:15 laurie.schaffer@do.treas.gov
AM
cc
Arthur.Angulo@ny.frb.org,
William BRODOWS/NY/FRS@FRS,
haeran.kim@ny.frb.org, Theodore
Schuermann/NY/FRS@FRS, Patrick M
Subject
Conference Call Participants
Are copied on this message.
Pat
BOG--FOIA 10-267--000221
Patrick M Parkinson
ins /BOARD/F
FRS
S To steven.shafran@do.treas.gov
08/19/2008 12:19 PM
Arthur.Angulo@ny.frb.org, Theodore
Subject Fw: Gameplan and Status to Date
Steve,
See below. We keep coming up against the same quandary that we have discussed previously (b)
(5)
As to timing, Both Bill and I (and many others) are on vacation this week.
Reactions?
Pat
William
i
BRODOWS/S NY/FRS
@FRS
cc Arthur.Angulo@ny.frb.org, Theodore Lubke/NY/FRS@FRS, Til
08/15/2008 06:11 Schuermann/NY/FRS@FRS
PM Subject Re: Fw: Gameplan and Status to Date
Duplicate
BOG--FOIA 10-267--000222
Patrick M Parkinson
ins /BOARD/F
FRS
08/21/2008 09:06 AM
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 . (b) (5)
I am going to try to maintain radio silence for what remains of my vacation (until Monday).
Pat
Theodore Lubke/NY/FRS@FRS
Theodore
h
Lubke /NY/
Y/FRS@
NY F S @FR
FRS R To Patrick M Parkinson/BOARD/FRS@BOARD, Arthur
S Angulo/NY/FRS@FRS, William.BRODOWS@ny.frb.org, Til
08/19/2008 04:37 Schuermann/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, Jan
PM Voigts/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS
cc
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. (b) (5)
I recognize many of you are on vacation (including myself!). For those who are around, please provide
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 v 1.doc" deleted by Patrick M
Parkinson/BOARD/FRS]
Theo Lubke
theodore.lubke@ny.frb.org
tel: 212-720-6334
fax: 212-720-7818
http://www.newyorkfed.org
BOG--FOIA 10-267--000224
August 19, 2008
This note discusses OTC derivatives issues to be considered regarding the failure of a major OTC derivatives dealer (“troubled
dealer”).
(b) (5)
1
BOG--FOIA 10-267--000225
August 19, 2008
(b) (5)
2
BOG--FOIA 10-267--000226
August 19, 2008
(b) (5)
3
BOG--FOIA 10-267--000227
August 19, 2008
(b) (5)
4
BOG--FOIA 10-267--000228
August 19, 2008
(b) (5)
5
BOG--FOIA 10-267--000229
August 19, 2008
(b) (5)
6
BOG--FOIA 10-267--000230
August 19, 2008
(b) (5)
7
BOG--FOIA 10-267--000231
Arthur Angulo /NY/
NY/FRS To Timothy Geithner/NY/FRS@FRS
09/04/2008 06:10 PM
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
(b)(5)&(b)(8)
2
BOG--FOIA 10-267--000234
Patrick M Parkinson
ins /BOARD/F
FRS
cc
09/05/2008 01:50 PM
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 .
Attachment is a duplicate
2. (b) (8)
3. (b) (8)
4 (b) (8)
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.
BOG--FOIA 10-267--000235
Pat
Steven.Shafran@do.treas.gov
Steven .Shafran @do

do
08/28/2008 04:54 cc
PM
Subject RE: treasury draft
Thanks for the quick response.
I had a brief chat w Paulson yesterday, and the view here (consistent w
yours) is that (b) (8)
Im here tomorrow. Have a good weekend and lets talk Tuesday when you
back. Looking forward to de-brief on the fed staff/ny staff OTC
analysis.
Steve
Sent: Thursday, August 28, 2008 4:34 PM
To: Shafran, Steven
Subject: Re: treasury draft
Steve,
Thanks. No, I will not be in the office tomorrow. I have circulated

this
to a small group of Fed (NY and DC) staff and will discuss with them
next
week.
Fed staff had a long discussion of the OTC derivatives issues today .
New
York staff will seek some guidance from Geithner tomorrow . (b) (8)
Pat
BOG--FOIA 10-267--000236
Steven.Shafran@do
.treas.gov
To
PM
cc
Subject
treasury draft
Pat: attached is a draft of the working product over here . Looking

forward to comparing notes between this effort and yours . I think the
teams 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 /NY/FRS
Y To Patrick M
09/09/2008 08:33 AM cc Meg McConnell/NY/FRS@FRS
Subject Materials for 9am Call
Pat,
-Kristy Mayer
_________________
Kristy Mayer
Chief of Staff's Office
Work: 212-720-8090
Cell: 917-282-5397
BOG--FOIA 10-267--000238
LBI Neuberger Berman Inc. Lehman Brothers Holdings PLC

Entity Consolidated Consolidated 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 1
BOG--FOIA 10-267--000239
US Broker Dealer
Lehman LB Special Lehman Brothers Lehman Bros. Other Subs of

Lehman Commercial Paper Financing Inc. LBI Group Inc. Financial Product Derivative Lehman Brothers
Brothers, Inc Inc. Consolidated Consolidated Consolidated Inc. Products, Inc. Inc. Eliminations LBI Consolidated
US Broker Funding Whole Derivatives

($ in millions) Dealer Loans 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 2
BOG--FOIA 10-267--000240
Asset Manager
Neuberger Other Subs of Neuberger

Neuberger Berman LLC Neuberger Berman Inc.
Berman Inc. Consolidated Berman Inc. Eliminations 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 3
BOG--FOIA 10-267--000241
UK Broker/Dealer
Lehman Other Subs of Lehman
Brothers LB International Lehman Lehman Brothers
Holdings (Europe) Brothers Europe Brothers Holdings PLC
PLC Consolidated Ltd. Holdings PLC Eliminations Consolidated
Parent
Company Main
($ in millions) Only 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 4
BOG--FOIA 10-267--000242
Other Parent Company Entities
Lehman
Lehman Lehman LB Brothers Other Parent
Brothers LB Commercial ALI Inc. Brothers Bank Commercial LB OTC Lehman Brothers Lehman Brothers Lehman Brothers Japan Inc. Other Company
Holding Inc. Corporation Consolidated Consolidated Bank Derivatives Inc. Treasury Co. B.V. (Luxembourg) SA Bankhaus AG LB Finance SA PCO Subsidiaries Eliminations Entities
MBS, RE held
Japan B/D; all for sale, corp
Parent F/X Trades, Licensed in CA; Utah ILC; Broker/Dealer; Issuer of Euro Global Book JGB activity; debt, corp equity
Company Derivatives, FX Legacy Mortgage Delaware OTS FDIC Share buy-back Debt; Structured Stock Borrow for Equity not self - liquid and
($ in millions) Only Swaps Originator Bank regulated trades Notes Entity German Bank Derivatives clearing 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 TOTAL
Region Collateral Type Counterparty Group due on 9/8/08 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

Patrick M Parkinson
ins /BOARD/F
FRS
S To (b) (6)
Kevin
09/09/2008 11:28 AM Warsh/BOARD/FRS@BOARD
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
BOG--FOIA 10-267--000245
Patrick M Parkinson
ins /BOARD/F
FRS
09/09/2008 01:36 PM Margaret
cc
Pat
Kristin
Mayer/N
a NY/FRS@F
S
cc Meg McConnell/NY/FRS@FRS
09/09/2008 08:33
AM Subject Materials for 9am Call
Pat,
-Kristy Mayer
_________________
Kristy Mayer
Chief of Staff's Office Attachments are duplicates
Work: 212-720-8090
Cell: 917-282-5397
BOG--FOIA 10-267--000246
Patrick M Parkinson
ins /BOARD/F
FRS
09/09/2008 01:37 PM Margaret
cc
Additional background for 3 pm call.
Pat
Lucinda M
Brickler /NY/FRS@F
Y To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
RS
S McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig
09/09/2008 11:21 Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne
AM Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P
Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M
Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael
Terrence Checki/NY/FRS@NY, Theodore Lubke/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 .
(b) (4)
Eleven firms provide 80% of Lehman's triparty repo financing. The complete list is attached in the
spreadsheet below.
(b) (4)
$34.9 billion
$16.6
$16.5
$12.2
$10.6
$ 6.9
$ 6.6
$ 3.8
$ 3.6
$ 3.5
$ 3.5
BOG--FOIA 10-267--000247
Lucinda Brickler
Payments Policy Function Attachments are duplicates
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--000248
09/09/2008 02:02 PM
Attached find the derivatives summary (first two tabs) and a Lehman vs. Bear comparison (third tab) for
this afternoon's call.
Meg
McConnell /NY/
NY/FRS To William BRODOWS/NY/FRS@FRS, Lucinda M
Wendy Ng/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
--------------------------
212-720-8773
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.
Lucinda M
Brickler /NY/
09/09/2008 11:28 cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
AM McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig
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@FRS
Meg
Chris McCurdy and I will put together the "that was then, this is now" analysis for the triparty repo piece.
Lucinda
Lucinda Brickler
212.720.6132 or 646.720.6132
Meg
McConnell /NY/
NY/FRS To Meg McConnell/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian
09/09/2008 11:07 Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
AM 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
Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS
cc 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
--------------------------
212-720-8773
Meg McConnell

From: 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
(b)(4) & (b)(8)
1 of 3
BOG--FOIA 10-267--000252
(b) (8)
BOG--FOIA 10-267--000253
(b) (8)
BOG--FOIA 10-267--000254
Lucinda M Brickler
k /NY/F
FRS
S To Meg McConnell/NY/FRS@FRS
09/09/2008 02:40 PM
Lucinda Brickler
212.720.6132 or 646.720.6132
Meg
e
McConnell
c on /N
NY/FRS
R To William BRODOWS/NY/FRS@FRS, Lucinda M
Wendy Ng/NY/FRS@FRS
Duplicate
BOG--FOIA 10-267--000255
(b) (8)

BOG--FOIA 10-267--000256
Melissa
e A Vanlandingham
Vanlandi /BOARD/
D /FRS
R To Jeff Stehm/BOARD/FRS@BOARD
cc
09/09/2008 03:08 PM
Subject Re: Fw: Lehman
Will do.
(b) (5)
Melissa Vanlandingham
Financial Services Analyst
Board of Governors of the Federal Reserve System
Division of Reserve Bank Operations and Payment Systems
202-530-6285
Jeff Stehm/BOARD/FRS
Jeff
e
Stehm/BOAR
BOARD/F
FRS
S To Melissa A Vanlandingham/BOARD/FRS@BOARD
cc
09/09/2008 02:48
PM Subject Fw: Lehman
tomorrow.
Jeff Stehm
Associate Director
202-452-2217 (office)
202-412-9846 (cell)
email: eff.stehm@frb.gov
Jill K
Cetina/BOARD/FRS
e To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
09/09/2008 01:26
PM Subject Lehman
BOG--FOIA 10-267--000257
Jill Cetina, CFA
202-452-2764
BOG--FOIA 10-267--000258
Lucinda M Brickler
k /NY/F
FRS
S To Arthur Angulo/NY/FRS@FRS, Brian
09/09/2008 03:39 PM 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
Lucinda Brickler
212.720.6132 or 646.720.6132
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
Dianne
i Dobbeck
obbec /NY/FRS To Arthur Angulo/NY/FRS@FRS, Brian
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
Hall/
a /NY/
Hall NY/FRS To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, William
08/20/2008 03:32 BRODOWS/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Dianne
PM 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).
(b)(4) & (b)(8)
____________________________________
Brandon J. Hall
Counterparty Credit Risk & Monitoring
BOG--FOIA 10-267--000261
33 Liberty St. | New York, NY 10045
P: 212-720-1349
F: 212-720-1468
E: brandon.hall@ny.frb.org
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
Scott Alvarez
arez /BOAR
BOARD/FRS To Patrick.M.Parkinson@frb.gov
cc
09/09/2008 04:12 PM
Subject Re: Fw: Materials for 9am Call
Pat,
Do we have better numbers? These are from February.
Thanks!
Scott
Patrick.M.Parkinson@frb.gov
Patrick .M.Park
Parkinson
on
@frb.gov To Rita.C.Proctor@frb.gov, Kevin.Warsh@frb.gov,
09/09/2008 01:36 Margaret.Owens@frb.gov, scott.alvarez@frb.gov,
PM brian.f.madigan@frb.gov
cc
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
Patrick .M.Park
Parkinson
on @frb.gov To Arthur.Angulo@ny.frb.org,
William.BRODOWS@ny.frb.org
09/09/2008 04:14 PM cc scott.alvarez@frb.gov
See below.
Pat
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/09/2008 04:14 PM
-----
Scott.Alvarez@frb
.gov
To
PM cc
Subject
Re: Fw: Materials for 9am Call
Pat,
Do we have better numbers? These are from February.
Thanks!
Scott
Duplicate
BOG--FOIA 10-267--000265
Rita
i C Proctor
Proc or /BOARD/
D /FRS
R To Donald L
Kohn/BOARD/FRS@BOARD, Kevin
09/09/2008 04:26 PM 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, September
e t 9, 2008
05:00 PM - 06:00 PM Conference Call [re: Lehman Brothers]

Location: Chairman's Office
Principals: Secy. Paulson, Secy. Cox, Chairman Bernanke, Vice Chairman
Kohn(?) Governor Warsh & President Geithner
Board Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle Smith
FRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge
Conference
nf en bridge
r n m on :
information
Toll Free Dial In Number: (866) 6 209--6438

43
Participant Code: 623345
Int'l Access/Caller Paid Dial In Number: (865) 297-1127
BOG--FOIA 10-267--000266
William.BRODOWS@ny.frb.org
i To Patrick.M.Parkinson@frb.gov
cc Arthur.Angulo@ny.frb.org,
09/09/2008 04:32 PM
We will send July 30 momentarily. Have hard copy--need to scan. Tks.
To Arthur.Angulo@ny.frb.org, William
BRODOWS/NY/FRS@FRS
09/09/2008 04:17 PM
cc scott.alvarez@frb.gov
See below.
Pat
Scott.Alvarez@frb.gov
To Patrick.M.Parkinson@frb.gov
09/09/2008 04:12 PM cc
Duplicate
BOG--FOIA 10-267--000267
NY/FRS To Patrick M
09/09/2008 05:03 PM 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 -----
Karen
Scott /NY/
NY/FRS To William BRODOWS/NY/FRS@FRS
09/09/2008 05:03 cc
PM
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
Melissa
e A Vanlandingham
Vanlandi /BOARD/
D /FRS
R To Jeff Stehm/BOARD/FRS@BOARD
cc
09/09/2008 05:24 PM
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.
(b)(4) & (b)(8)
Let me know if you would like to see any additional information added to the spreadsheet.
Melissa Vanlandingham
Financial Services Analyst
Board of Governors of the Federal Reserve System
Division of Reserve Bank Operations and Payment Systems
202-530-6285
Jeff Stehm/BOARD/FRS
Jeff
e
Stehm/BOAR
BOARD/F
FRS
S To Melissa A Vanlandingham/BOARD/FRS@BOARD
cc
09/09/2008 02:48
PM Subject Fw: Lehman
tomorrow.
Jeff Stehm
Associate Director
202-452-2217 (office)
202-412-9846 (cell)
email: eff.stehm@frb.gov
Jill K
Cetina/BOARD/FRS
e
BOG--FOIA 10-267--000288
To RBOPS PAYMENT SYSTEM RISK, RBOPS CSS
cc
09/09/2008 01:26
PM Subject Lehman
Jill Cetina, CFA

202-452-2764
BOG--FOIA 10-267--000289
(b)(4) & (b)(8)
Source: Board of Governors FR Restricted 1 of 12

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
Theodore
h Lubke
e /NY/FRS To Arthur Angulo/NY/FRS@FRS, Brian
cc
Subject Lehman's (b)(4) & (b)(8) and worldwide
involvement in exchanges and
clearing houses
1. The following table shows Lehman's preliminary settlement values in each currency at (b)(4) & 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. (b) i is LB's nostro in 7 of the currencies. Across all
currencies, Lehman is up USD-equivalent 42 mm.
Lehman (b)(4) & (b)(8) or Sept. 10

Nostro (Bank that
Net Position
Currency makes/receives pmts on behalf
(USD Equivalent)
of Lehman)
AUD 90,617,190 (b)(4) & (b)(8)
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.
BOG--FOIA 10-267--000320
Lehman Brothers
Main Exchanges/Clearinghouses/CSDs by Avg DaiE=Equities D=Derivatives P=Physicals O=Options

C=Commodities FI=Fixed Income F=Futures
(b)(4) & (b)(8)
----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----

Benecia
Cousin/NY/
o /FRS
R To Theodore Lubke/NY/FRS@FRS
09/09/2008 06:08 cc Elizabeth Tafone/NY/FRS@FRS
PM
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
BOG--FOIA 10-267--000321
**************
Benecia M. Cousin
Email: Benecia.Cousin@ny.frb.org
Telephone: (212) 720-5586
----- Forwarded by Theodore Lubke/NY/FRS on 09/09/2008 06:37 PM -----

Elizabeth
Tafone /NY/
NY/FRS To Theodore Lubke/NY/FRS@FRS
09/09/2008 04:42 cc
PM
Subject As requested; IB data
Theo,
As requested, please note the following attached files:
Thanks,
Liz
Elizabeth Tafone
Phone: (212) 720-2443
elizabeth.tafone@ny.frb.org
BOG--FOIA 10-267--000322
RESTRICTED FR
BROKER/DEALER HORIZONTAL REVIEW

(b)(4) & (b)(8)
Created by S. Losi x2242

Last Upd by B. Cousin x5586, S. Losi x2242
Horizontal_Exchange_Memberships_5-8_final.xls Page 1 of 13 May 8, 2008 6:00pm
BOG--FOIA 10-267--000323
RESTRICTED FR

Key:
(b)(4) & (b)(8)

BOG--FOIA 10-267--000324
RESTRICTED FR

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

BOG--FOIA 10-267--000325
RESTRICTED FR

Key:
(b)(4) & (b)(8)

BOG--FOIA 10-267--000326
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000327
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000328
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000329
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000330
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000331
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000332
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000333
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000334
RESTRICTED FR
(b)(4) & (b)(8)

BOG--FOIA 10-267--000335
Restricted FR
(b)(4) & (b)(8)
Created by
E. Shi x6473 / K. Chau x6868.
MainExchCLS_Lehman_9_9_sorted_val.xls Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)
(*) = No relationship. Last Upd by B. Cousin x5586
Blank Cell = To be completed. Page 1 of 6 September 9, 2008 6:00pm
BOG--FOIA 10-267--000336
Restricted FR
(b)(4) & (b)(8)
Created by
E. Shi x6473 / K. Chau x6868.
MainExchCLS_Lehman_9_9_sorted_val.xls Contributions by B. Cousin x5586, S. Losi x2242 (As of 5/8/2008)
Blank Cell = To be completed. Page 2 of 6 September 9, 2008 6:00pm
BOG--FOIA 10-267--000337
Restricted FR
(b)(4) & (b)(8)
Created by
MainExchCLS_Lehman_9_9_sorted_val.xls E. Shi x6473 / K. Chau x6868.
Sheet includes CLS currencies. Researched by B. Cousin x5586, S. Losi x2242
Blank Cell = To be completed. Page 3 of 6 Sept 9, 2008 4:10pm
BOG--FOIA 10-267--000338
Restricted FR
(b)(4) & (b)(8)
Created by
MainExchCLS_Lehman_9_9_sorted_val.xls E. Shi x6473 / K. Chau x6868.
Sheet includes CLS currencies. Researched by B. Cousin x5586, S. Losi x2242
Blank Cell = To be completed. Page 4 of 6 Sept 9, 2008 4:10pm
BOG--FOIA 10-267--000339
RESTRICTED FR
(b)(4) & (b)(8)
MainExchCLS_Lehman_9_9_sorted_val.xls Created by
Spreadsheet contains non-CLS currencies. E. Shi x6473 / K. Chau x6868.
(*) = No relationship. Last Upd by B. Cousin x5586, S. Losi x2242
Blank Cell = To be completed. Page 5 of 6 May 8, 2008 6:00pm
BOG--FOIA 10-267--000340
RESTRICTED FR
(b)(4) & (b)(8)
Created by
E. Shi x6473 / K. Chau x6868.
MainExchCLS_Lehman_9_9_sorted_val.xls Last Upd by B. Cousin x5586, S. Losi x2242
Notes page for spreadsheet. Page 6 of 6 May 8, 2008 6:00pm
BOG--FOIA 10-267--000341
Kevin Warsh /BOARD/
BOARD /FRS To Rita C Proctor/BOARD/FRS@BOARD
09/09/2008 09:55 PM
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

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.
Wednesday , September 10,

10, 2008
08:30 AM - 09:30 AM Conference Call [re: Lehman Brothers]

Location: Chairman's Office
Principals: Secy. Cox, Chairman Bernanke, Vice Chairman Kohn, Governor Warsh
& President Geithner
Board Staff: Scott Alvarez, Brian Madigan, Pat Parkinson & Michelle Smith
FRB NY Staff: Arthur Angulo, Thomas Baxter & William Rutledge
Conference bridge information :
Toll Free Dial In Number: (866)

866) 209-
209-6438
Participant Code: 623345
Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Rita
************
Rita C. Proctor
Assistant to the Chairman
The Honorable Ben S. Bernanke
Eccles Board Building
20th and C Street, N.W.
Washington, DC 20551
BOG--FOIA 10-267--000342
Phone: 202-452-3201
Fax: 202-452-6499
rita.c.proctor@frb.gov
BOG--FOIA 10-267--000343

Defendant Federal Reserve Document Production Lehman Part I Summer 2008 Heavy Redactions (Lawsuit #3)

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Deborah

e .P..Bailey @frb.gov To Rita.C.Proctor@frb.gov,

I tried to contact a couple of the governors to give you an update on the

From: Deborah P Bailey

From: Deborah P Bailey

What is your number? Pat

From: Kieran Fallon

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

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

From: Jan Voigts

From: David Marshall

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

From: David Marshall

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

I will bring printed copies now.

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

FEDERAL RESERVE BANK

TO Tim Geithner SUBJECT Managing a Loss of Confidence in a

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

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

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

Collateral Type Exposure

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

FRBNY Liquidation Facility

Antoine makes the following point:

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

I agree with your analysis, but (b) (5)

Your mileage may vary, (b) (5)

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

Antoine makes the following point:

I think this option is much too complex (b) (5)

I only wish. (b) (5)

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

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

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

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

I only wish. Duplicate

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

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

Yes, Geithner has stayed the deployment.

OK Thanks. I will give Lucinda a call. (b)(5)&(b)(8)

Attachments are duplicates

Could we talk about how we might staff this?

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

Treasury wants to set up two contingency planning teams. (b) (5)

How are you coming with info gathering from Lehman?

Theodore Lubke/NY/FRS@FRS, Til

(Document link: Patrick M

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

08/08/2008 09:15 laurie.schaffer@do.treas.gov

Are copied on this message.

See below (b) (5)

Please review and comment asap on the message below.

Steven .Shafran @do

Thanks for the quick response.

Thanks. No, I will not be in the office tomorrow. I have circulated

Pat: attached is a draft of the working product over here . Looking

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

Document not attached

LBI Neuberger Berman Inc. Lehman Brothers Holdings PLC

Description US Broker Dealer Asset Manager UK Broker Dealer

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

Financial Instr. & Other Inventory Positions Owned