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6. Listen to the old guy. Pete Peterson, head of Lehman Brothers for 10 years until 1984，had served as commerce secretary in the Nixon administration and was a skilled negotiator who wanted to foster links with Europe and Japan. His traders thought him an insufferable gasbag and threw him out. They promptly lost control of the bank to American Express, which owned Lehman for the next decade, while Mr Peterson became founder of Blackstone, the private equity company, and a billionaire. Now in his 80s，he has spoken of the immorality of providing tax cuts to “fat cats” like himself.
第六，要听老人言。皮特?彼得森在1984年以前做了10年雷曼掌门人。他曾任尼 克松贿的商务部长，是一位希望与關和日本发展关系的谈判专家。彼得森手下 的交易员认为他是一个令人无法容忍的话痨，于是把他赶下了台。这些人很快便失 去了对雷曼的控制权，在接下来的10年里，雷曼的所有权一直掌握在美国运通手 中。彼特森则创建了私人股本公司百仕通，并成为一位亿万富翁。彼特森现已年逾 八旬，他曾讲过，向他这样的“肥猫”提供减税是不道德的。
7. Get a hinterland. With their 15-hour days and enormous incomes, investment bankers have limited grasp of cultures beyond investment banking. Robert “Bobbie” Lehman, senior partner for 40 years until his death in 1969, had a lifelong love of art and built America’s finest private collection. It has its own wing in New York’s Metropolitan Museum. Mr Fuld sponsored a room of Rothkos and other works in the Museum of Modern Art shortly before Lehman Brothers went under. But, as he said at the time, this was mainly the initiative of his wife Kathy. It remains a monument to what might have been.
第七，要给自己找块心灵的净土。每天工作15个小时、收入丰厚的投资银行家 们，对投资银行业以外的文化知之甚少。罗伯特?雷曼当了40年的高级合伙人，直到 1969年去世。他毕生爱好艺术，打造了美国最精美的私人收藏。这些收藏在纽约大 都会博物馆拥有自己的展厅。就在雷曼兄弟倒闭前不久，富尔德向现代艺术博物馆 一个展示罗斯科和其他作品的展厅提供了资助。但正如他当时所说，这么做主要是 出于他妻子凯西的提议。它成了一座纪念碑，提醒着人们世界本来的面目。
8. Don*t trust the maths. Bobbie Lehman discovered such entrepreneurs as Juan Trippe of Pan Am and Charles Thornton of Litton Industries, the electronics pioneer, and said of his investment philosophy that he “bet on the man”，Dick Fuld bet on the formula, notably the al^bra3 that said arcane financial instruments backed by subprime mortgages could not fail.
第八，不要笃信数学。博比?雷曼发掘出了像泛美的胡安?特里普和电子业先驱 企业斯顿工业的查尔斯?桑顿这样的企业家。他曾说过，他的投资理念是“押注于 人”。富尔德则押注于数学公式,特别是那些显示由次级抵押贷款支持的神秘金融 工具不可能失败的公式。
9. Bring back enlightened government. Lehman Brothers was at its peak in the 1950s，the prosperous Eisenhower years when public and private partnership was an economic given. Lehman Brothers died at a time when regulation had been driven out by a private sector that said it knew best. It didn’t.
第九，要重新引入开明的政府。雷曼兄弟的全盛时期出现在20世纪50年代繁荣 的艾森豪威尔时代，那时公私合营是经济中理所当然的事。雷曼兄弟的覆灭则出现 在一个私营部门排斥监管的时代。私营部门称自己最有头脑,事实并非如此。
10. Stop selling rubbish. Capitalism now makes money by betting on failure rather than success. As the FT reported last week, George Sorosand John Paulson, the hedge fund managers, bring in more than Boeing. They would not be so prosperous without the billions they made betting against the fanciful financial instruments mentioned above. The Lehman Brothers of old was an enterprise that dealt in goods of real value. The one that died did so when it was caught peddling junk.
第十,不要再兜售垃圾。资本主义如今的赚钱方式是押注于失败而不是押注于 成功。正如英国《金融时报》上周所报道的，对冲基金经理乔治?索罗斯和约翰?保尔 森如今赚得比波音还多。如果不是靠做上述稀奇古怪的金融工具嫌了数十亿，他们 就不会像现在这样富有。早年的雷曼兄弟是一家经营有实际价值的商品的企业。而 倒闭的那个雷曼兄弟则是因为被发现在兜售垃圾才走上了绝路。
