Neuberger Berman

Lehman Brothers acquisition and bankruptcy

In 2003, investment banking firm, Lehman Brothers, began to diversify its business and aggressively re-entered the asset-management business, which it had exited in 1989.^[8] Beginning with $2 billion in assets under management, the firm acquired theCrossroads Group and the fixed-income division of Lincoln Capital Management^[8]

In July 2003, shortly after the retired Mr. Neuberger's 100th birthday, the company announced that it was in merger discussions with Lehman Brothers. These discussions ultimately resulted in the firm's acquisition by Lehman on October 31, 2003, for approximately $2.63 billion in cash and securities.^[9] That transaction closed in October 2003 and from that time, until 2008, Neuberger Berman served as the asset management arm of Lehman Brothers’ Investment Management Division. While owned by Lehman, the firm continued to grow and acquired other firms, including H.A Schupf & Co.,^[10] and David J. Green & Co., LLC ^[11]

[edit]Management Buyout

On September 15, 2008, virtually unprecedented volatility in the US’ securities markets resulted in Lehman Brothers’ collapse and bankruptcy filing. Neuberger continued to operate, notwithstanding Lehman’s bankruptcy and sought opportunities to spin itself off from its parent.

On September 29, 2008, Lehman agreed to sell its asset management businesses, including Neuberger, to a pair of private-equity firms, Bain Capital Partners and Hellman & Friedman, for $2.15 billion. The transaction was expected to close in early 2009,^[12] however, a competing bid was entered by the firm's management, who ultimately prevailed in a bankruptcy auction held on December 3, scuttling the deal with Bain and Hellman.^[13] The firm spun itself off in May 2009, and as a part of the deal, Lehman Brothers' creditors retain a 49% common equity interest in the firm.^[13] The new entity, including Neuberger, Lincoln Capital and Crossroads, was named Neuberger Berman Group LLC.^[14]

Source
"http://en.wikipedia.org/wiki/Neuberger_Berman

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Neuberger Berman very Interested in my Posts on Richard Chimberg and Neuberger Berman. What is Neuberger Berman interested in Today?

Neuberger Berman PR Services - are You Interested?

Hmmm.. Neuberger Berman Sure interested in Posts on Richard Chimberg Today.

Remember back when Richard Chimberg PR Guy for Neuberger Berman emailed Investigative Blogger Crystal L. Cox (Me) and demanded I change a post on the Neuberger Berman Sale? Well since then Richard Chimberg has said no more to me and neither has in house PR Guy Randy Whitestone of Neuberger Berman.

I wonder How much Neuberger Berman pays Randy Whitestone and Richard Chimberg to do PR for them? I mean How Good Can Richard Chimberg and Randy Whitestone be if they do not even own their own dotcom, guess Randy Whitestone and Richard Chimberg were just riding the wave of the way things have always been and assume that their Cushy PR Jobs are safe..

I mean who could do better then Randy Whitestone and Richard Chimberg Right? Surely Richard Chimberg and Randall Whitestone have a handle on the Rumors Circulating about the now Infamous and Possibly Fraudulant Sale of Neuberger Berman.

So why is Neuberger Berman scouring my Industry Whistleblower Blogs Today? What is Neuberger Berman Looking for? Maybe Neuberger Berman wants to see if I Intent to write more on the Neuberger Berman Sale and the Possible Pending Lawsuits over the Neuberger Berman. I mean who knows why Neuberger Berman is on My Investigative Blogger Blogs today.

Somone from Manila, Philippines Today Searched "Neuberger Berman LLC "$30 million lawsuit" - So what's up with That.. There are so many Smoke and Mirrors with the Neuberger Berman Sale - the Bankruptcy of Lehman Brothers and well Let's Just Say if it Walks Like a A Duck... Well it's a Duck"...

The Depository Trust Company Brooklyn, New York Looking for "neuberger berman board of directors email address" - and Well they find my Sites on Neuberger Berman So What does Richard Chimberg and Randy Whitestone actually get Paid to do? Must be Neuberger Berman Press Releases, Smoke and Mirror Illusions to Pull S0mething over Somebody.. You would Think that a Hedge Fund.. or Really any Company worth over a Hundred Billion Dollars would Hire someone Better the Current Neuberger Berman PR Chumps..

Oh and someone at the California State University Searched "Neuberger Berman Scam" - So what is the Truth about Neuberger Berman and Just How many Billions was innocent Investors Scammed Out of in the Neuberger Berman Scam Sale of Smoke and Mirrors Illusions?

Got an Tips on Neuberger Berman,
Randy Whitestone, Lehman Brothers, Proskauer Rose
or Richard Chimberg?

If So email Email me, Crystal L. Cox -
Investigative Blogger - Crystal@CrystalCox.com

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Richard Chimberg of CL-Media Relations LLC and Randy Whitestone of Neuberger Berman. Proskauer Rose and the Neuberger Berman Sale.

When my Little PR Spat First Started With Richard Chimberg of CL-Media Relations LLC..

You Can Find that at the Link Below
http://www.richardchimberg.com/2010/02/lets-take-another-look-at-why-richard.html

Anyway at the Time I started researching What it is was that Richard Chimberg of CL-Media Relations LLC was so upset with the Difference between "Early Next Year" and May... well it became Obvious that a few months was a Big Deal to Someone.. next thing ya know..

Lehman Brothers hit those posts, and so did Proskauer Rose LLP... I had not really found the time to track down that interesting coincidence as to Why Proskauer Rose LLP was so interested in what I was writing about Richard Chimberg of CL-Media Relations LLC which led me to Randy Whitestone of Neuberger Berman, as Richard Chimberg used a PDF from him as his "Official Source" that I was to take as the "Official Media" or Story on the Neuberger Berman Sale.

I was still not Exactly sure WHOSE Ass Richard Chimberg of CL-Media Relations LLC and Randy Whitestone of Neuberger Berman were trying to Protect by Running that Bluff on me to Remove a Post or change it when the Source I got it from was Right there on the post and they did not remove it.

All this became so Curious to me - Crystal L. Cox - Industry Whistleblower and Investigative Blogger That I Continued digging to see what the big deal was about... turned out that there was over a 100 Billion Dollars in Investment Funds that Richard Chimberg of CL-Media Relations LLC and Randy Whitestone of Neuberger Berman were doing the PR For.. and Turns out they Don't Get Internet PR of the Modern Media Day and Age to well.

So still looking for answers on this I...Crystal L. Cox, Some Hillbilly in the Wilds of Montana not Knowing much about these 100 Billion Dollar Investment Funds and All... And Seeing that Lehman Brothers Holdings Inc. and Proskauer Rose LLP sure did like my post on Richard Chimberg of CL-Media Relations LLC and Randy Whitestone of Neuberger Berman, I Decided to Google .. "Neuberger Berman" "Proskauer Rose" -

Hmmm.. it is starting to Become Clearer to Me now just Whose ASS that Richard Chimberg of CL-Media Relations LLC and Randy Whitestone of Neuberger Berman were being Paid those Big Bucks to Protect. And just How Deep that Blogger Scat Is that Richard Chimberg of CL-Media Relations LLC Stepped In.

It is Still a bit unclear who got or hid, what on this deal.. who got that interest money on a 100 Billion Dollar Plus Investment that Closed in May 2009 and NOT in "Early 2009".

I wonder who got hundreds of millions of Dollars, Where it is and what is Really going on with this story... and why in the World would Richard Chimberg of CL-Media Relations LLC put Mad Dog Blogger Crystal L. Cox on the Scent of this Story by Emailing me and Demanding I remove or change a post that was a Direct Quote from a Financial News site, and the Change Richard Chimberg of CL-Media Relations LLC wanted me to make did not even make sense to me.

Did Richard Chimberg of CL-Media Relations LLC even Google Me Before he Attacked?

Did Randy Whitestone of Neuberger Berman know that Richard Chimberg was Emailing me and Throwing around the Name Randall Whitestone as If I Should Know who that is????

Did Richard Chimberg GET that I was simply Researching Proskauer Rose and that this Neuberger Berman thing WAS really no big thing to me, he would have... HAD Richard Chimberg done his homework. I sure hope he Does PR for FREE or as a HOBBY as I DO...

So What We have is Mystery around Possible Bankruptcy Corruption, Possibly FTC Fraud, or SEC Fraud... we have someone getting "undo riches" .. we probably have a Corrupt Bankruptcy Trustee in here somewhere and Some Serious Mis-Appriated Funds Probably now at Proskauer Rose Caribbean Division or Invested in the London Expansion...

I Don't Know what all this Means.. However With Proskauer Rose LLP Proskauer Rose Negotiating the Neuberger Berman Sale - you know there is Dirty Deals and Corruption Somewhere - I mean if Proskauer Rose Law Firm Can STEAL a Trillion Dollar Patent through a bankruptcy court proceeding ... well then it seems to me that Proskauer Rose LLP knows their way around The Bankruptcy Courts, the Bankruptcy Laws and Knows just who to Pay off in what Places.. in order get What Proskauer Rose Wants.

Stay Tuned for LOTS more on Just what Proskauer Rose LLP's Connection is to the Neuberger Berman Sale - REALLY and how much money they made, who hid what money where and What is Really Going on with all this...

Got a Tip ???
Crystal@CrystalCox.com
Crystal Cox Blogs

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FINRA Board To Address Allegations Of Mary Schapiro’s Misconduct

Is Mary Schapiro a Fox in the Hen House ?

"" Are the wagons circling around Mary Schapiro and her former FINRA colleagues?
Regular readers of Sense on Cents are familiar with the issues and concerns I have raised repeatedly with Wall Street’s self-regulator, FINRA.

I continue to believe the issues embedded within this self-regulatory organization lie near the heart of what I deem the Wall Street-Washington nexus.

Perhaps America will learn more about these issues soon. Why?

Next week, FINRA’s Board of Directors will address alleged wrongdoings by Ms. Schapiro et al. What are the issues? Please review this release put out this morning highlighting a number of questions I have been asking for the last year.

Will the Board realize it ultimately needs to be accountable to ALL its member firms and, by extension, to the American public at large? Will the Obama administration compel the Board to provide the transparency America so badly wants?

FINRA MUST OPEN ITS BOOKS and RECORDS and ANSWER to AMERICA!!
FINRA BOARD TO CONSIDER ALLEGED WRONGDOING BY FORMER CHAIR MARY SCHAPIRO AND HER COLLEAGUES

Feb. 10 Closed Door Board Meeting to Consider Broker-Dealer’s Allegations
WASHINGTON, DC, February 4 - On February 10, 2010, the Board of Governors of the Financial Industry Regulatory Authority, Inc. (”FINRA”) will consider allegations of gross mismanagement set forth in a December 4, 2009 letter to the Board on behalf of Amerivet Securities, Inc. (”Amerivet”), a member of FINRA.

The letter demands that FINRA take action against Mary Schapiro and other senior FINRA executives to recover excessive compensation and unprecedented portfolio losses stemming from FINRA’s dismal 2008 regulatory and investment performance. In 2008, Ms. Schapiro’s last year as FINRA chair, that organization:

Failed to act against Bernard Madoff and Robert Allen Stanford, who perpetrated two of the largest Ponzi schemes in history;

Failed to act against large FINRA members Lehman Brothers, Bear Stearns and Merrill Lynch in connection with their roles in the subprime mortgage securities scandals;

Failed to warn investors about Auction Rate Securities (ARS) problems, after FINRA had liquidated its own ARS holdings in mid-2007, but before the ARS market “froze” and there were any public disclosures about the risks inherent in such “investments”;

Suffered nearly $700 million in loses;

PAID ITS SENIOR EXECUTIVES NEARLY $30 MILLION.
Broker-Dealer: “Schapiro and Colleagues Bilked FINRA of Millions”
Amerivet principal, Lt. Col. Elton Johnson (U.S. Army Reserve), an Iraq War combat veteran, stated:

“Despite President Obama’s call for accountability for wrongdoing, past and present, Mary Schapiro and her colleagues have thus far gotten away with bilking FINRA of tens of millions of dollars in 2008, even as that self-regulatory organization failed in its fundamental responsibility to protect investors, and FINRA sustained nearly $700 million in financial loses. It is ironic that Mary Schapiro received a salary more than 15 times that of a four star general, while FINRA was, by any measure, failing miserably.”

Whistleblower: FINRA “Definitely In Bed With Industry”
During his 2009 testimony, Madoff whistleblower Harry Markopolos told Congress that FINRA is “definitely in bed with the industry” and “[gets] an A+ for corruption.” Separately, a report from SEC Inspector General David Kotz quotes Bernard Madoff as referring to Ms. Schapiro as a “dear friend.”

Attorney Richard Greenfield added:
“The excessive compensation packages for the FINRA self-regulatory executives who failed to regulate represent cynical and hypocritical examples of the incestuous Wall Street-Washington relationships that have incensed voters across the United States.”

Amerivet is a small broker-dealer located in Moreno Valley, California and a member in good standing of FINRA. Lt. Col. Johnson has been an officer in the United States Army Reserve for 24 years.

He has completed two tours of duty in Iraq, he is currently on active military duty at Fort Irwin, CA, and he will soon begin preparations for deployment to Afghanistan later this year.

What will the Board do? For whom are they working?
High time we received real truth, transparency, and integrity. ""

Source of Post
http://www.dailymarkets.com/economy/2010/02/04/finra-board-to-address-allegations-of-mary-schapiros-misconduct/
mary schapiro
Mary Schapiro has had plenty of advanced warning to Help the Shareholders of Time Warner, Intel, Lockheed Martin,IBM, Sony, Warner Bros., AOL and More with an SEC Complaint Filed by Iviewit Technologies Owner Eliot Bernstein. Click Here to Read That SEC Complaint.

posted here by
Investigative Blogger
Crystal L. Cox
crystal cox whistleblower
More on the Trillion Dollar Iviewit Stolen Patent at
www.DeniedPatent.com and www.Iviewit.TV
mary shapiro sec - mary schapiro

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American Century Investments - Steven Brown - Neuberger Berman News and Gossip..

Is there more to Steven Brown Leaving Neuberger Berman? If you know anything, Email Me at Crystal@CrystalCox.com - Investigative Blogger.

Crystal L. Cox
Industry Whistleblower

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There is so many Facts and Figures around the Neuberger Berman LLC Sale .. Why Did The Carlyle Group really "Challenge" the Deal?

November 16th 2008 News Archive of the Neuberger Berman Sale... Investigative Blogger Crystal L. Cox is looking to get to the bottom of Why PR Guy, Richard Chimberg is so Alarmed by a Post QUOTING a News Blog about the Neuberger Berman Sale and when it Really Closed - this Request of Immediate Action, Peeked the Blogger Curiousity of Industry Whistleblower and Investigative Blogger Crystal L. Cox -

SO if you have any information on the back end, secret deals, side deals - names - games and players behind the Neuberger Berman Sale.. or Why The Carlyle Group really "Challenged" the sale of the Neuberger Berman LLC Deal?

please Email your TIP to me at
Crystal@CrystalCox.com

"Sale of Neuberger Berman not quite a done deal

Carlyle, former chief of Neuberger challenge sale
By David Hoffman
November 16, 2008, 6:01 AM EST "

"Even though the sale of Neuberger Berman LLC of New York was thought to be a done deal more than a month ago, the company is still in limbo as an auction process drags on — one that could damage to the firm's value, according to industry experts.

A former subsidiary of Lehman Brothers Holdings Inc. of New York, Neuberger was orphaned when Lehman went belly up in September.

Private-equity firms Bain Capital Partners LLC of Boston and Hellman & Friedman LLC of San Francisco announced Sept. 29 that they were going to acquire Neuberger for $2.15 billion in partnership with its portfolio managers, the management team and senior professionals.

But that deal was challenged by The Carlyle Group, a Washington-based private-equity firm, and former Neuberger chief executive Jeffrey Lane.

The process that resulted in the Bain/Hellman & Friedman deal was flawed and did not allow Lehman to get the best deal possible for Neuberger, Carlyle and Mr. Lane argued. As a result, the U.S. Bankruptcy Court in New York on Oct. 17 approved a new auction, which ends Dec. 1.

The tussle can't help but hurt Neuberger. Theoretically, a floor of $2.15 billion has been set as the asking price. But given the fact that all asset managers, including Neuberger, have been hemorrhaging assets in volatile markets these last few months, "I wonder how permanent that floor really is," said Burton Greenwald, a Philadelphia-based mutual fund consultant.

Not including money market funds, Neuberger saw $615.97 million come out of its funds in October, and $302.07 million leave in September, according to Morningstar Inc. of Chicago.

Adding to concerns, two managers recently left the firm.

Milu Kromer, co-manager of the $451 million Neuberger Berman International Fund (NBISX), left the company for New York-based value manager Cramer Rosenthal McGlynn LLC. And Steven Brown, lead manager of the $41 million Neuberger Berman Real Estate Trust (NBRFX), left for American Century Investments of Kansas City, Mo. ""

Click Below to Read Source Document
http://www.investmentnews.com/article/20081116/REG/311179977

I wonder what the Above Document Said BEFORE the "Corrections" were made, I wonder what the CORRECTION were and if Randall Whitestone and Richard Chimberg were involved at all.

Ok so we have Bankruptcy Courts, we have International Funds, we have a possible deal that was selling Neuberger for Less then it's worth but Stopped by Mr. Lane - there is So Much Intrique here - I just have to Know more... Please Email me More to This Story - Crystal@CrystalCox.com I SMELL hundreds of millions of SOMEONES money in the wrong hands.. hmmm.. well I will just have to wait and see ..

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Facing a big loss, Lehman will sell majority stake in investment management unit

Quote...

"NEW YORK — Lehman Brothers, the investment bank in an all-out fight for its survival, said Wednesday that it expected a third-quarter loss of $3.9 billion, or $5.92 a share, after $5.6 billion in write-downs.

The investment bank also said that it would spin off the majority of its remaining commercial real estate holdings into a new public company to be owned by Lehman shareholders.

And it confirmed plans to sell a majority of its investment management division in a move that it expected to generate at least $3 billion and perhaps more.

Lehman still hopes to receive a majority of the net income from the unit by retaining higher-margin businesses like its stakes in individual hedge fund groups.

After initially jumping on the news, Lehman shares fluctuated in morning trading and were up 2 cents at $7.81 in late trading in New York.

The new decline came after Lehman's stock lost nearly half its value Tuesday as investors feared it was running out of options to raise capital and shore up its ailing balance sheet.

Shares in Lehman, a major underwriter of mortgage-related securities during the credit boom, are down more than 90 percent since hitting their peak last year, before the subprime mortgage crisis.

The tepid reaction to Lehman's announcements suggested that investors were eager to hear fewer words from Lehman and see more action.

"To decrease investor uncertainty, Lehman must have a definitive agreement by Monday to either sell its profitable asset management business, Neuberger Berman, sell a large portion of its subprime real estate exposure, reduce its leverage ratios or line up a deep-pocketed buyer to either buy the company outright or take a significant ownership stake - a lot to accomplish in three working days," said Mark Williams, a management professor at Boston University.
Lehman said Wednesday that it hoped to complete the spinoff of about $32 billion in commercial mortgage assets by early next year.
Among other decisions, Lehman also said that it would cut its annual dividend to 5 cents a share from 68 cents and that it remained committed to examining "all strategic alternatives to maximize shareholder value."
"This is an extraordinary time for our industry, and one of the toughest periods in the firm's history," the chief executive, Richard Fuld, said. "The strategic initiatives we have announced today reflect our determination to fundamentally reposition Lehman Brothers by dramatically reducing balance sheet risk, reinforcing our focus on our client-facing businesses and returning the firm to profitability."

On a conference call, Fuld said Lehman had been tested many times in the past and survived.
"This firm has a history of facing adversity and delivering. We have a long track record of pulling together when times are tough and taking advantage of global opportunities," he said on a conference call. "We are on the right track to put these last two quarters behind us."

Analysts said the planned spinoff reflected the poor state of the commercial mortgage markets.
"It's not a good sign," said Brad Hintz, an analyst with Sanford C. Bernstein. "It's really a sign of the illiquidity in the markets - that no one wants to buy these assets."
And others warned that Lehman would face questions about how it assigned assets to the new company.
"What's a bad asset, and what's a good asset, and what's in the middle?" said Jonathan Macy, a professor at the Yale Law School. "There have got to be judgment calls."

Macy also expressed concern about what options the new company might have to put the bad assets back onto Lehman's books.

Lehman's announcement came a day after the bank's shares plunged 45 percent after reports that its efforts to secure a strategic investment from Korea Development Bank had failed. Investors also feared that the U.S. government would not bail out Lehman as it has the mortgage giants Fannie Mae and Freddie Mac and the investment bank Bear Stearns.

Lehman has been struggling amid growing losses on its commercial and residential real estate holdings. It has been shopping its prized investment management division, which includes Neuberger Berman. People with knowledge of the auction say Lehman has asked for final bids to be submitted by this weekend.

Lehman has been under heavy pressure since the collapse of Bear Stearns, as investors believe its heavy reliance on mortgage-related underwriting and trading could lead it to suffer the same fate that forced Bear Stearns into an emergency sale to JP Morgan Chase.

Lehman has steadfastly said that its balance sheet remained much stronger than Bear Stearns's ever was and that it continued to have access to an emergency lending facility put in place by the Federal Reserve after Bear Stearns's near collapse.

But the plunge Tuesday of Lehman shares fanned worries about the troubles plaguing the broader financial industry and sent the Standard & Poor's 500-stock index tumbling 3.4 percent. The decline more than wiped out the market's rally on Monday, when stocks surged after the weekend rescue of Fannie Mae and Freddie Mac.

There has been a growing sense on Wall Street that Lehman may have to solve its problems on its own. Since March, Lehman has been in a fight for its life, as some investors, including prominent short-sellers betting against the bank's stock, questioned how the firm was valuing some of its assets. Lehman lost $2.8 billion in the second quarter and was forced to raise $6 billion in new capital. But investors were not placated, and the firm was compelled to explore more extreme measures.

Fuld has replaced the head of virtually every major division, including the firm's president and chief financial officer. He has also replaced the global head of fixed income - the division from which most of Lehman's problems have arisen - twice.

But with every measure taken, Lehman's stock price has fallen further.
Michael J. de la Merced and Louise Story contributed reporting. "

Link to Quote Source, Full Article and More on this Topic
http://www.nytimes.com/2008/09/10/business/worldbusiness/10iht-lehman.4.16050480.html

posted by
Crystal L. Cox
Industry Whistleblower

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Lehman Plans Neuberger Auction, Real Estate Spinoff

""" Sept. 10 (Bloomberg) -- Lehman Brothers Holdings Inc., reporting the biggest loss in its 158-year history, said it will sell a majority stake in its asset-management unit, spin off commercial real-estate holdings and cut the dividend in an effort to shore up capital and regain investor confidence.

Lehman rose in New York trading after posting a $3.9 billion third-quarter loss on $5.6 billion of writedowns, worse than the $2.2 billion loss analysts had predicted.

The company said it's auctioning off about 55 percent of the asset- management group, including fund-manager Neuberger Berman, and didn't name potential bidders.

The real-estate spinoff is expected to be completed in the first fiscal quarter of 2009, according to a statement today.

``They are saying `we are fine now,' and that's buying them time to negotiate for that additional capital,'' Brad Hintz, an analyst at Sanford C. Bernstein in New York and former Lehman finance chief, said in a Bloomberg Television interview. ``They will need capital as part of the spinoff.''
Pressure on Lehman's Richard Fuld, the longest-serving chief executive officer on Wall Street, mounted yesterday after talks with Korea Development Bank ended, sending the shares tumbling 45 percent. Fuld is striving to convince investors that the fourth-largest U.S. securities firm will stem losses as housing prices decline. He and his management team also must keep clients and employees from leaving the company.
``This is an extraordinary time for our industry and one of the toughest periods in the firm's history,'' Fuld, 62, said in the statement.
Default Protection
Lehman gained 31 cents, or 4 percent, to $8.10 at 9:45 a.m. in New York Stock Exchange composite trading, as the cost to protect against a default by Lehman rose to a record. Credit- default swaps on Lehman jumped 75 basis points to 550 basis points as of 9:12 a.m., according to broker Phoenix Partners Group. That approached a previous peak of 580 basis points in March after the collapse and emergency sale of Bear Stearns Cos. to JPMorgan Chase & Co.

The global credit-market meltdown has led to more than $500 billion of writedowns and credit losses since it began a year ago, sending financial shares around the world swooning. Lehman, the worst performer on the 11-company Amex Securities Broker/Dealer Index this year, has lost 88 percent.

The New York-based securities firm moved its third-quarter earnings announcement up a week after a person familiar with the matter said yesterday that talks with state-owned Korea Development had ended, causing the stock to sink.

BlackRock Deal
Lehman is ``formally engaged with'' with BlackRock Inc., the biggest publicly traded U.S. fund manager, to sell about $4 billion of the investment bank's U.K. residential mortgage holdings, according to today's statement. Lehman said the transact
ion would help reduce the firm's stake in home mortgages by 47 percent to $13.2 billion.
Lehman had about $65 billion in mortgage-related assets at the end of the second quarter. Most of the portfolio, about $40 billion, was tied to commercial real estate.

The firm said it plans to spin off $25 billion to $30 billion of commercial real estate investments into a separate publicly traded company, to be called Real Estate Investments Global, in the first quarter in 2009. Lehman also said it will cut its dividend to 5 cents per common share from 68 cents.

``It's still this incrementalism that I think ultimately Wall Street's not going to be very satisfied with,'' Chuck Carlson, a portfolio manager at Horizon Investment Services in Hammond, Indiana, said in a Bloomberg Television interview. ``Lehman is trying to cling to the fact that they came come out of this independent and I'm not so sure that that's going to be the case.''

KKR, Bain
The Wall Street investment bank has been in talks with Kohlberg Kravis Roberts & Co., Bain Capital LLC and other private-equity firms interested in buying its asset-management unit.
Fuld blundered by not getting out of mortgage securities fast enough after the U.S. housing market began to crumble last year, said Richard Bove, an analyst at Ladenburg Thalmann & Co. Fuld also moved too slowly to bring in a capital infusion from outside investors, Bove said.

``The opportunity has been there, but the lack of willingness to deal on Fuld's part has been huge,'' Bove said.

Once the biggest U.S. underwriter of mortgage-backed securities, Lehman was stuck with the assets after two Bear Stearns hedge funds that invested in the instruments collapsed in July 2007, causing the market to freeze.

Job Cuts
The ensuing credit contraction ultimately led to the takeover of Bear Stearns, once the fifth-biggest U.S. securities firm, by JPMorgan for $10 a share in a deal backed by the U.S. Federal Reserve. Banks and brokerages, trying to reduce costs as revenue dried up, have cut more than 110,000 jobs.

Standard & Poor's said yesterday it may lower its A1 long- term rating on Lehman because the ``precipitous decline'' in the share price creates uncertainty about the firm's ability to raise additional capital. S&P said Lehman's liquidity is ``sound,'' noting the firm has the ability to borrow from the Federal Reserve.

Bear Stearns, which was the fifth-largest U.S. securities firm, was forced to sell itself or face bankruptcy as clients pulled their funds and other firms refused to trade with it. Bear Stearns was the largest underwriter of mortgage-backed assets for three years before 2007, when Lehman displaced it in the rankings.

The Fed agreed to take on $32 billion of mortgage assets from Bear Stearns's books to enable the sale of the firm to JPMorgan.

CEO Casualties
The credit crisis has claimed the jobs of at least 10 CEOs so far, including James ``Jimmy'' Cayne, who had led Bear Stearns since 1983 and Charles O. ``Chuck'' Prince, Citigroup Inc.'s CEO since 2003.

Founded in 1850 by three Jewish immigrants from Germany, Lehman has managed to avert previous potential disasters and is now among the handful of U.S. financial firms that have endured for more than a century.

Lehman has been on the verge of collapse at least four times: in 1929, when the stock market crashed; in 1973, when the firm lost $6.7 million betting on interest rates; in 1984, when internal dissension led to a takeover by American Express Co.; and in 1994, when newly independent Lehman faced a capital shortage.

Lehman's second-quarter loss of $2.8 billion was its first as a publicly traded company.
Management Shuffle

``I hope Lehman doesn't succumb this time either because we're running out of investment banks,'' said Sean Egan, president of Egan-Jones Ratings Co. ``And it takes 100 years to create a good one.''

Fuld, who joined Lehman in 1969, attempted to shore up the firm's finances last quarter by raising $14 billion of capital, selling $147 billion of assets, increasing cash holdings and reducing its reliance on short-term funding to create a buffer against a possible bank run. He replaced his second-in-command, Joseph Gregory, with Bart McDade, a 49-year-old known within the firm for his cautious approach to risk taking. """

Source and Full Article
http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aqetYDRNUTMs

posted by Crystal L. Cox
Industry Whistleblower

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Let's Take another Look at Why Richard Chimberg of CL-Media Relations wants my post with Neuberger Berman information changed.

Richard Chimberg of CL-Media Relations - What is Neuberger Berman hiding?

I mean the changes that Richard Chimberg
of CL-Media Relations wanted me to make to this post below do not seem like that big of a difference to me...

http://www.industrywhistleblower.com/2010/02/bain-capital-llc-and-hellman-friedman.html

If you look at the Post and the Source and what Richard Chimberg - CL-Media Relations, PR Media Relations for Neuberger Berman wants changed, you have to ask yourself what is the big difference between May and the Beginning of the Year.

I mean their Big Fancy Deal Closed when it closed right, and surely they have proof of that should the SEC or the Tax Man come Knocking Right?

And the Article I linked to Said, "The transaction is expected to be completed by early 2009." - so basically if this was written in Oct. of 2008 and said something was "expected" doesn't that mean that it may or may not close at that time.. So why the urgency, when the source had been Out THERE for over a year ?

Richard Chimberg of CL-Media Relations - in his last plea to me said

"Please take a look at the date of that posting from the CFO.com site. Oct. 6, 2008, which was before the management buyout of Neuberger Berman. Thanks. Best, Rich "

I just don't understand the big difference... I GUESS it is a Big Deal to Somebody because that POST was hit by Lehman Brothers, Warner Brothers, Rubenstein and Associates, emailed to Stock Brokers and Holding Companies, hit and studied by Proskauer Rose LLP, and lit up on Blackberry and Verizon, it was a bit of a frenzy and I just don't get it when it was on the Web for 15 Months before I linked to it in my research connecting the dots on Proskaur Rose , Which was the Research that I was doing.

How can it NOW be such a Big Deal and why do they want that changed, and on whose authority of fact?

I mean when did the Deal Really Close and Who really Cares? For me it was about the things that Proskuar Rose is involved in and connecting Clients and information.

I know nothing about merger's and acquisitions, nothing about Randy Whitestone, the Lehman Brothers, Bain Capital LLC, Hellman and Friedmand LLC, or Neuberger Berman, I was simply researching and posting. I know nothing about Private equity business, venture capital, merchant banking, or investment funds... I own no stocks...

So in looking at the emails that Richard Chimberg of CL-Media Relations sent to me and going off the "Fact Change" he requested I PROMPTLY make, and the supposed proof he provide - I can only think that there is something about this deal that Neuberger Berman does not want investors, bankers.. or somebody to know - I just can't figure out what that is....

What is the Difference between Early in the Year in May.. on say 158 Billion in Assets.... or something like that.. could it be a Tax Consequence, a Holding Period of Portfolios, some sort of Currency Trading or something that would put money in the wrong hands.. well I don't know.. but Rich Chimberg of CL-Media Relations sure has peeked my interest... and well my Stat Counter is on Fire...

So it must be a pretty big deal to somebody.. I just don't know why... or Who
Do YOU ? Email me at Crystal@CrystalCox.com
Richard Chimberg,CL-Media Relations
Crystal Cox

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Neuberger Berman PR - Richard Chimberg of CL-Media Relations

Richard Chimberg of CL-Media Relations Sent me an Email Today - I want to Share it with you folks to Help you Understand the Online PR World of 2010.

A Good PR guy or Media Relations Company in 2010, in My Opinion, Should have a firm grasp of the playing field, of modern media and really understand the new journalist and online news source is in a Big Part Bloggers.

A Modern Day, So Called PR Firm such as CL-Media Relations - or a PR Guy like Richard Chimberg SHOULD actually "Google" the person, the "Blogger", the "Industry Whistleblower" they are emailing BEFORE they email them to see what all they are doing online and if this can in anyway hurt the Company, the Client they are working for.

A Modern Day Media Relations Company such as CL-Media Relations SHOULD also scour the site they found the information on BEFORE they Email the Blog Owner or the Blog Author to see if there might just be a few things they may need to know about this Investigative Blogger, Industry Whistleblower, Search Engine Reputation Manager .. Before they just start a Yapping and a Yammering. And trying to Pull a Bluff, a Subtle Threat and well ya know ruffle their feathers. .. ya know what I mean ?

A PR - Media Relation Company such as CL-Media Relations who boastingly says they "specialize in strategic media relations services" May want to get a refresher course on how this all really works in 2010. BEFORE they Reach Out and make Subtle Threats, Strong requests for immediate action and plea-full bantering.

Well this is what Richard Chimberg of CL-Media Relations
has engaged me "Crystal L. Cox" in today.

"" Hello, Crystal. My name is Rich Chimberg and our firm, CL-Media Relations , is Neuberger Berman's PR agency. The item that appeared Feb. 1, 2010 on http://www.industrywhistleblower.com/ , Bain Capital LLC and Hellman & Friedman LLC to buy Neuberger Berman Inc. from Lehman Brothers Holdings Inc. for $2.15 billion, is factually wrong.

http://www.industrywhistleblower.com/2010/02/bain-capital-llc-and-hellman-friedman.html

Neuberger Berman was acquired in a management buyout announced in Dec. 2008 and completed in May 2009 (attached is a Neuberger Berman press releasedated May 4, 2009 announcing the completion of the transaction).

Would appreciate a prompt update on the website with the correctinformation. I have copied Randy Whitestone at Neuberger Berman, and my business partner, Sarah Lazarus, on this email. Thanks very much. Best, Rich "

Crystal L. Cox Says:

Ok First of All, I was very open to changing the information, however Richard Chimberg 's response, the things he said and the way he said them, well I just felt that there was more to it.

I mean Come on a Media Relations Company asking me to Change Facts, I mean I don't know if they are facts, I did not talk to the Companies involved. I QUOTED in exact wording what another news source said, and it was a Post from October 6th 2008.

I am suppose to take the word of a Company hired to promote another Company and my FACT base is to be an official looking PDF from some guy named Randy Whitestone whom I had never heard of until I got that email from Richard Chimberg of CL-Media Relations.

I was simply Researching Proskauer Rose in my Writings of the Trillion Dollar Iviewit Stolen Patent Case. And that post was a "Connecting the Dots" per say on Proskauer Rose and I got it from another source in direct quote and at the bottom of the post I wrote "Source of POST" and I linked to the Source of the Post. The Post was in quotes.

So because my Internet Marketing puts my information out in front and because Richard Chimberg must have google alerts on Neuberger Berman he saw my Post and Wham hit me with a Request.

Well I would like to Say A+ for Promptness, however .. hmmmm.. what about the previous 15 Months this apparent "Non-Factual Information" was out there for all to see. How did Super Duper PR Guy Rich Chimberg of CL-Media Relations miss that and seem to be unable to do anything about it. Richard Chimberg of CL-Media Relations did not even know it existed.

Does Richard Chimberg of CL-Media Relations not offer Search Engine Monitoring Services, and actively look for this stuff .. I mean does Richard Chimberg of CL-Media Relations actually make a living at simply check his email for google alerts .. and emailing bloggers to change information based on What he say is Fact and Sending copies of those emails to people the blogger has never even heard of ????

How did Rich Chimberg of CL-Media Relations miss that it was a Direct Quote and Flat OUT miss the Link to that Source... ?? And why, subtly threaten me with sent copies to people I had never heard of... what is that about Really?

I emailed Richard Chimberg of CL-Media Relations back and I Said this..

" Thanks for the Email.. This is an Exact Quote from another site..
and a Link to the Source, Have you Asked the Source Post to Be Dropped?

What I am Researching and Writing on, that is of interest here is Proskauer...

I will consider Dropping or changing the post after I review what you sent..

Thanks.."

Next Super Duper PR Guy Richard Chimberg of CL-Media Relations Emailed me Back and Said this Never To Be Forgotten Quote, " Appreciate the reply. If the information you used comes from another site, we’d be happy to contact that source with the facts. Can you let us know the source? Thanks. Best, Rich"

Ok ... So ... Richard Chimberg of CL-Media Relations on his website brags about specialized attention, experience and all he can bring to the table to his clients yet he Emails Gibberish Like this out to Bloggers. IF THE INFORMATION YOU USED COMES FROM ANOTHER SOURCE ... Can you Let us Know the Source?

ARE you kidding me.. he can't read ... how "Specialized Attention" is that ? Richard Chimberg of CL-Media Relations, Super Duper PR Guy asked me for the Source instead of Seeing the SOURCE on the POST before he SENT his Special Request to ME.

And instead of FIRST contacting that Source to have them change the FACTS before emailing me, he asks me to hold his hand and point out the Source that was on the POST the FIRST time he Read it. Gee I really hope nobody is Paying this Guy for this kind of Archaic, Ineffective PR Solutions.

And Still Rich Chimberg still wants my Post Information Changed.

Well if I did that I can't link to the source anymore Right and then the Point of my POST which was the " Proskauer Rose LLP " Connection, well that would be Mute wouldn't it?

It would then become a Post on a Company that I had never heard of and was not involved in researching... And how condescending to say "IF" it came from another source, as if to scare or intimidate me.. instead of just reading the source..

Ok So I Email Richard Chimberg of CL-Media Relations back and I sass him a bit... I Say...

" NO Offense to YOU.. however how good are you at PR if you did not see the Quotes and the Link to the Source.. http://www.industrywhistleblower.com/2010/02/bain-capital-llc-and-hellman-friedman.html Hope your Paid Well..

In my Opinion whatever Neuberger Berman 's PR agency is Paying you is Not Enough, the Source has been there for about 4 years.. and you did not catch it, then you read my EXACT quote and VERY Bold Link to the SOURCE and email me to remove it...

You just thought I made This Stuff up?

you Said "If the information you used comes from another site"Can't you read, research, PR Guy???? Hmmmm...Sounds like Neuberger Berman 's PR agency NEEDS a New PR Agency, and well now I have another Story to Tell..."

ok so I blathered a bit and mis-spoke a bit.. I meant that Neuberger Berman was paying Richard Chimberg of CL-Media Relations too much.. and well it was 15 months and not 4 years.. ok I got ahead of myself but still good points, I thought, of course I made them.. (that was funny.. you may have forgot to laugh..) Ok Anyway .. Richard Chimberg of CL-Media Relations got my email and he said. .. Yeah its a He Said - She Said sort of a deal..

"" Crystal — checked the CFO.com site, which I believe is the source of your news item on Neuberger Berman. The date of that posting, http://www.cfo.com/article.cfm/12372026?f=msdynamics , was Oct. 6, 2008. As I wrote in the previous email the management buyout of Neuberger Berman was approved in Dec 2008, and completed in May 2009. Thanks. Best, Rich ""

Talk about Dense, no offense seriously.. but Come on now he says "which I believe" - I LED HIM TO THE WATER... all he had to do was drink... So then he tells me the Date of the Buyout, the Date of the Post and yada - yada ... I can't CHANGE a QUOTE... Fix the SOURCE.. instead.. he Keeps Yammering the Facts according to Richard Chimberg of CL-Media Relations as if I am going to ALTER the quote and then link to the source.. .or what Remove the post..

I mean I did not make it up.. So a Good PR guy first of all would have FOUND the "Non-Factual Information" in the SOURCE post say 15 MONTHS ago and then well, if, GEE he just missed it and only found it because of my Super Duper Bloggin'... well then the Thing To Do would be FIX the source... not me.. FIRST...

And Richard Chimberg of CL-Media Relations makes one last plea and says, "Please take a look at the date of that posting from the CFO.com site. Oct. 6, 2008, which was before the management buyout of Neuberger Berman. Thanks. Best, Rich " What does this mean, it DOES not change the information on the Source ....

I had never heard of Randy Whitestone or Really even new of Neuberger Berman,

However a Subtle threat of sending him a Copy of his Email to me, well that made me curious on just who Randy Whitestone and Neuberger Berman are so I have a New Investigative Journalist - Industry Whistleblower BLOG on Randall Whitestone and Neuberger Berman to Post My Investigative Research On.

I am sure Glad that Rich Chimberg of CL Media Relations is Not My PR Guy.

Below is Some More Information on Richard Chimberg and CL-Media Relations, DIRECTLY Quoted from the Link in the Source Beneath, pay Close attention, it is hard to understand, for it says Source of Post and then there is the link right below...


"" About Us

CL-Media Relations, LLC, based in Concord, Massachusetts, was founded in 2006 by merging the media relations practices of Richard Chimberg and Sarah Lazarus.

We specialize in strategic media relations services, with a focus on the global financial services industry. CL-Media Relations is a boutique consultancy, so every client gets personalized attention from experienced and knowledgeable professionals.

We add value from the start, because we know the business world, and specifically your business. And, since we have substantial journalism and public relations backgrounds, we also understand what makes a good story and how to tell it to the media.""

Below is the SOURCE of the ABOVE Quote
http://www.cl-media.com/about.html


Here is another Quote, this is a Quote About Richard Chimberg of CL-Media Relations


""Rich is a principal and co-founder of CL-Media Relations, LLC, established in 2006. CL-Media advises financial companies on their internal and external communications and positioning in the media.

Rich has 25 years of experience in PR and financial journalism.

Prior to his PR career, he reported on the investment management business, beginning in 1983, at Money Management Letter.

In 1988 he founded and edited Investment Management Weekly, a newsletter, and, in 1994, Return on Investment (ROI), a glossy magazine covering the business of money management. Rich later reported for Bloomberg News, and, in 2000, established InvestorForce.com’s Investor News Service, the first real-time online news service covering the investment management business.""

Source of the ABOVE quoted POST on
http://www.cl-media.com/bio_richard.html

If I was a Super Duper PR Guy, I would Buy my Own Dotcom and Encourage My Clients to do so as Well, Come on it is 2010 and saying please and thank you and subtle threatening an email copy sent to people the blogger does not even know well... this is hmmm NOT good, and definately NOT EFFECTIVE....

I am Not sure how long it has been that Richard Chimberg of CL-Media Relations has been the PR Media Relations for Neuberger Berman, however if it has at least been... oh .. say a year ago or more.. shouldn't Richard Chimberg of CL-Media Relations have noticed the Bad Information Long ago ?

And if NOT, Well then.. Welcome to 2010 ... it may be time For Richard Chimberg of CL-Media Relations to Retire and Hang up the Ol' "Back in the Day" PR Hat.

We are NOT 25 years ago... the Internet is faster then the Speed of Light.. Per Say and So your 2010 PR Person... Well they had better be Johnny on the Spot and very - VERY good at what they do or say Good Bye to your Online Reputation SHOULD they ... ya Know Step in a Pile of BLOGGER "Scat" and Not know what to "Doo".


It's NOT Personal .... It's Just Business...
Richard Chimberg YOUR FIRED !!!


Consider this Post a Wake Call to ALL PR Companies -
It is 2010 and EVERYTHING is NEW.. Different..
the Rules of the Game HAVE Changed and I mean Bigtime..
YOU had Better KNOW what your Doing... or GET out of the Business.
Consider this POST a FREE Online Marketing,
Media Relations and PR Mini-Seminar....

POSTED by Crystal L. Cox
Investigative Journalist
and other Blogger Related PR, Research and Whistleblowin'

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