Barry Ritholz at The Big Picture has a great list of lessons learned from Bear & Lehman
To summarize:- Don’t just risk your company, risk the entire financial world.
- Be the first to Implode!
- Engage in systemic risk so as your counter-parties are also threatened.
- Threaten an important part of the economy
- Your Balance Sheet is the only thing that matters
I would like to add one more, no one cares if your company goes under unless your product is a necessity to the rich. Watch the youtube video below for a little more perspective on this phenomenon.
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