From 24/7 Wall St. · AJ Tiarsmith · · 1m 10s
Joe Gregory's 34-Year Career and Lehman Bankruptcy
Joe Gregory held 6.19 million Lehman shares for 34 years before the firm's 2008 bankruptcy wiped out his investment.
In brief
Joe Gregory held 6.19 million Lehman shares for 34 years before the firm's 2008 bankruptcy wiped out his investment. Joe Gregory owned 6.19 million shares in Lehman Brothers for 34 years before the company's 2008 bankruptcy left his investment nearly worthless. Originally reported by 24/7 Wall St..
Gregory's Lehman Shares
As of January 31, 2008, Joseph M. Gregory owned 6,188,903 shares of Lehman Brothers, according to the firm’s 2008 proxy statement.
34-Year Tenure at Lehman
Gregory joined Lehman in 1974, working for 34 years by 2008, rising to president and chief operating officer.
Lehman's Bankruptcy
On September 15, 2008, Lehman filed the largest bankruptcy in U.S. history, and its stock was left nearly worthless.
Stock Value Collapse
Lehman's stock lost 73% of its value in the first half of 2008, falling to $0.20 by September 2008.
Shareholder Risk
In a bankruptcy, shareholders get paid last, often ending up with nothing after creditors and employees have their claims met.
The Lesson
When a financial life depends on one company, a single failure can take all income and savings at once.
The key point
Joe Gregory owned 6.19 million shares in Lehman Brothers for 34 years before the company's 2008 bankruptcy left his investment nearly worthless.
