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Lori Fife: Crisis un-averted
Lori Fife: Crisis un-averted
Partner at Weil Gotshal & Manges, Lehman's law firm

I wasn't freaked out on Saturday because I didn't think Lehman was going to file Chapter 11. There are a lot of situations where we prepare for crisis but crisis is averted.

But on Sunday there was a huge Lehman board meeting, and this voice of heaven over the speakers -- SEC chairman Chris Cox -- interrupts. The regulators had this whole plan for timing the Lehman announcement and the BofA/Merrill deal, because they were worried about the opening of the markets in Asia on Monday.

One of the board members said, "Are you telling us to file?" Cox was very careful, but it was clear what they wanted. It was already 7 o'clock, and they wanted us to file by midnight.

NEXT: Ken Griffin: Felt like the boy who cried wolf

Last updated September 14 2009: 3:19 PM ET
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