THE CRISIS: A DECADE LATER Lehman’s Last Hires Look Back Four people who started at Lehman Brothers the day it failed reflect on the lessons they’ve learned. By Corrie Driebusch September 15, 2008, was one of the darkest days in the history of Wall Street. For four new college graduates, it was also their first day of work at Lehman Brothers Holdings Inc. Sohil Sheth, Luvleen Sidhu, Justin Gaines and Brian Grossman walked through the doors of Lehman just as the venerable investment bank filed for bankruptcy protection, an event that sent shockwaves around the globe. The aftershocks continue to define many aspects of American life a decade later. The crisis provided these unlucky millennials with a new perspective. Big institutions were no longer infallible. Wall Street no longer offered a guaranteed career path. Life was more fragile than they knew. One thing was certain: Their world would never again look the same.Sohil Sheth Works for Boston technology firm Harding Point Works for Boston technology firm Harding Point My junior year at Amherst, everyone was trying to get an internship in New York at a bank, and I got one with Lehman’s investment management division. All we heard from executives was that Lehman was going to be the next Goldman Sachs. The summer of 2008 I moved to New York for training. I was definitely getting nervous that maybe they would start laying people off. But the messaging at Lehman was ‘don’t worry.’ There’s no way the government would let anything happen to a company as big as Lehman. I was preparing for a licensing exam in my apartment on Sunday, Sept. 14, and there was a new news story every minute. I refreshed my computer browser and all a sudden there was a headline that Lehman declares bankruptcy. I got that feeling in the pit of my stomach. The next day we all went in to work, but everyone was a zombie. I kept working there, but this cloud was hanging over us. I worked in the fund of hedge funds group for two and a half years, but then got super jaded. I went to Peru and worked for a nonprofit for almost a year. A decade ago I defended the finance industry. Looking back, it’s tough to be socially conscious and work in it. I’m not saying tech is saving the world, but there’s more practical applications that can apply to a lot of people than just making the rich richer.Luvleen Sidhu Co-founded digital banking startup BankMobile I interned at Lehman after my sophomore and junior years at Harvard. I graduated in 2008 and started six weeks of training, and the first day on the job was the bankruptcy. I remember contacting HR and I asked, should I come in? I’ve locked the response in my head because it was so unusual. The response was, ‘please come in, it’s business as usual.’ My first day was kind of crazy, in an eerie way that we were ignoring reality. No one was acting panicked. No one was acting out of line, though maybe they were behind closed doors. For it to happen the first day of my car.

1. THE CRISIS: A DECADE LATER
Lehman’s Last Hires Look
Back
Four people who started at Lehman Brothers the day it
failed reflect on the lessons they’ve learned.
By Corrie Driebusch
September 15, 2008, was one of the darkest days in the
history of Wall Street. For four new college graduates,
it was also their first day of work at Lehman Brothers
Holdings Inc.
Sohil Sheth, Luvleen Sidhu, Justin Gaines and Brian
Grossman walked through the doors of Lehman just as
the venerable investment bank filed for bankruptcy
protection, an event that sent shockwaves around the
globe. The aftershocks continue to define many aspects
of American life a decade later.
The crisis provided these unlucky millennials with a
new perspective. Big institutions were no longer
infallible. Wall Street no longer offered a guaranteed
career path. Life was more fragile than they knew.
One thing was certain: Their world would never again
look the same.Sohil Sheth
Works for Boston technology firm Harding Point

2. Works for Boston technology firm Harding Point
My junior year at Amherst, everyone was trying to get
an internship in New York at a bank, and I got one with
Lehman’s investment management division. All we
heard from executives was that Lehman was going to
be the next Goldman Sachs.
The summer of 2008 I moved to New York for training.
I was definitely getting nervous that maybe they would
start laying people off. But the messaging at Lehman
was ‘don’t worry.’ There’s no way the government
would let anything happen to a company as big as
Lehman.
I was preparing for a licensing exam in my apartment
on Sunday, Sept. 14, and there was a new news story
every minute. I refreshed my computer browser and all
a sudden there was a headline that Lehman declares
bankruptcy. I got that feeling in the pit of my stomach.
The next day we all went in to work, but everyone was a
zombie.
I kept working there, but this cloud was hanging over
us. I worked in the fund of hedge funds group for two
and a half years, but then got super jaded. I went to
Peru and worked for a nonprofit for almost a year.
A decade ago I defended the finance industry. Looking
back, it’s tough to be socially conscious and work in it.
I’m not saying tech is saving the world, but there’s
more practical applications that can apply to a lot of
people than just making the rich richer.Luvleen Sidhu
Co-founded digital banking startup BankMobile

3. I interned at Lehman after my sophomore and junior
years at Harvard. I graduated in 2008 and started six
weeks of training, and the first day on the job was the
bankruptcy. I remember contacting HR and I asked,
should I come in? I’ve locked the response in my head
because it was so unusual. The response was, ‘please
come in, it’s business as usual.’
My first day was kind of crazy, in an eerie way that we
were ignoring reality. No one was acting panicked. No
one was acting out of line, though maybe they were
behind closed doors.
For it to happen the first day of my career, it really
showed the fragility of things. I was gung-ho Lehman. I
still have our Lehman bag. Lehman squishy ball.
Lehman training binder. I thought I was going to a top
investment bank.
I think it was for the best in hindsight. We had this
clear trajectory: Go to a top undergrad school, do
banking or consulting, then go to business school. All
those things still happened, but what changed I think
is entrepreneurship really blossomed. You realized
that’s not the only path in life to make you feel you
accomplished something. There’s impact that you can
make in different ways.Justin Gaines
Works for Matrix Private Capital LLC, the New York
advisory firm founded by former Lehman CEO Dick
Fuld

4. I moved to New York in June 2008, and began my
training at Lehman the next month. I’d loved my
internship the year before. Dick Fuld even hosted a
breakfast for all interns from Middlebury [College]
because he was a trustee there. But in summer 2008 all
these rumors were swirling. We were watching the stock
market and Lehman’s stock kept falling. I bought some
at $5 a share, and that was my first investment
mistake.
I took my licensing exam the morning of September 15.
I then went into work at Lehman’s office on 40th and
3rd Avenue. There were some tumultuous times, but I
was fortunate that my position was maintained at
Neuberger Berman [an investment-management firm
then owned by Lehman], and I spent eight years there.
Looking back, it helped me be able to think about
markets differently. It’s something most people will
never forget, but to happen on the first day of my
career, it’s seared into my memory.
In a way I’ve come full circle. I now sit down the hall
from Dick Fuld at Matrix.Brian Grossman
Works for BlackRock Inc. in New York
In 2007 I went to campus recruiting by banks, and it
was really attractive to go to a place like Lehman.
People were advancing very quickly, getting a ton of
experience and making money very quickly. The
culture at Lehman was really strong, and there was a

5. lot of pride in how it was competing as a smaller
rival.When I was on spring break in 2008 I didn’t have
reception on my phone. When my plane landed I had
voicemails about Bear Stearns going under, and the
news kept saying Lehman is next. That was pretty
scary. So I started interviewing other places, but at the
end of the day I decided to go through with Lehman.
During training, everyone was learning to do things like
model Excel while we watched the stock price drop.
The day we heard about the bankruptcy I was in my
apartment preparing for a licensing exam and emailing
with my analyst class. We decided we had to still take
the exam that Monday morning because if they’re
going to make cuts if you fail you’ll get cut.
It was sad to watch Lehman go under, but it was
exciting to be in the early years of my career and able
to witness the industry change during that time. That
was one of the valuable lessons working toward my
current position, which I see myself in long term.These
interviews have been lightly edited and condensed.The
Crisis: A Decade LaterHeard on the Street: What Will
Trigger the Next Crisis?
How Banks Lost the Battle for Power on Wall Street
The Financial Crisis Changed Home Buying Forever
The New Mortgage Kings: They’re Not Banks
The Intelligent Investor: When You Lose 99.9%, You’ve
Lost More Than Money
Branded a Villain, Lehman’s Dick Fuld Chases
Redemption

6. Video: Warren Buffett Explains the 2008 Financial
Crisis
The Regrets of Lewis Ranieri
10 Years Later: Full Coverage
Write to Corrie Driebusch at
[email protected]
9/15/2018 cls:dsp:cec411:lab2 [Class Wiki at erau.us]
http://www.erau.us/clswiki/doku.php/cls/dsp/cec411/lab2 1/4
Class Wiki at erau.us
Lab 2: Producing/Displaying Waveforms and Spectra of AM and
FM Signals
Learning outcomes:
1. Review functions for generating sinusoidal signals.
2. Review functions for FFT spectrum calculation.
3. Learn/review mathematical expressions of AM and FM
signals.
4. Reinforce the understanding of time-domain signals and their
spectra.
1 Introduction
We have learned in the previous lab that any signal has two
aspects: waveform in time domain and spectrum in frequency

7. domain. We have also
learned how to produce and display the waveforms and spectra
of single frequency and multi-frequency sinusoidal signals.
In this lab, we consider two very important multi-frequency
sinusoidal signals, an Amplitude Modulated (AM) signal and a
Frequency Modulated
(FM) signal, which are widely used in broadcasting and other
applications. An AM signal due to a single frequency sinusoidal
modulating signal is
expressed below
where , , and are the amplitude, frequency, and phase of the
modulating signal, respectively, and and are the frequency
and phase of the carrier signal, respectively.
An FM signal due to a single frequency sinusoidal modulating
signal is given as:
where is the peak deviation (about half of the bandwidth of the
FM signal), is the frequency of the modulating signal, and is
the
same as that defined above. Note that we have ignored the
phases of the modulating and carrier signals for the FM signal
for convenience.
In this lab, we will produce and display the waveforms and
spectra of the AM and FM signals using the techniques we have
practiced in Lab 1
using the following parameters.
SAVE_FIG = 1 # Flag to control the saving of figures: 1 ->
save, 0 -> otherwise.
pi = np.pi
R_ds = 10 # Ratio of dense and sparse sampling
Nd = 1000 # d stands for dense sampling---for

8. continuous waveform
Rsmp = 4 # Ratio of the sample rate and the center
frequency
Fc = 2500 # Carrier frequency of both the AM and FM
signals
Ns = Nd / R_ds # s stands for sparse sampling---for
sampling display
Ns2 = int(Ns // 2) # Ns/2, to be used as the index for array
Nd2 = int(Nd // 2) # Nd/2, to be used as the index for array
# Definitions for AM parameters
Aam = 0.5 # Amplitude of the AM modulating signal
Fam = 320 # Frequency of the AM modulating signal
Pam = pi/3 # Phase of the AM modulating signal
Pc = pi/3 # Phase of the AM carry signal
# Definitions for FM parameters
Fmod = 100 # Frequency of the FM modulating signal
Fdt = 1000 # F_Delta, the peak frequency deviation of the
FM signal
# Definitions of variables for sampling rate and display
Fs_d = Rsmp*R_ds*Fc # Sample rate for dense
sampling
Fs_s = Rsmp*Fc # Sample rate for sparse sampling
t_d = np.arange(Nd)/Fs_d # Sample times for dense
sampling
t_s = np.arange(Ns)/Fs_s # Sample times for sparse
sampling
Fdspl_d = np.arange(-Nd2, Nd2)
Fdspl_d = Fdspl_d * Fs_d / Nd # Frequencies for spectrum
display---dense
Fdspl_s = np.arange(-Ns2, Ns2)
Fdspl_s = Fdspl_s * Fs_s / Ns # Frequencies for spectrum
display---sparse

9. (t) = (1 + cos(2π t + )) cos(2π t + ),xAM AAM FAM ϕAM FC
ϕC (1)
AAM FAM ϕAM FC ϕC
(t) = cos(2π t + cos(2π t)),xFM FC
fΔ
fFM
FFM (2)
FΔ FFM FC
http://www.erau.us/clswiki/doku.php/home
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Note that the above parameters in the code snippet are related to
the parameters in Eqns. and eqres{Eqn_fm} as follows:
= Fc

10. = Pc
= Fam
= Pam
= Fdt
= Fmod
2 Lab instructions
The correct results of the lab, as evaluated using the figures
discussed below, have a total score of 70 points, and a good
commenting and nice
and clean code have a total score of 30 points. Note that if the
GIT history does not indicate an independent piece of work,
ZERO point will be
given.
Task 1. Generating/displaying the waveforms and spectra of an
AM signal
(40 points) Modify the code of Lab 1 to produce the waveforms
of the AM signal using Eqn. with dense and sparse sampling
rates. Display
the results as shown in figure 1. The waveforms, both dense and
sparse as well as the envelop (think about how to generate it)
are displayed in the
top subplot; the spectrum from the dense waveform is displayed
in the center subplot; and the spectrum from the sparse
waveform is displayed in
the bottom one. Your figures should be as close to those in
figure 1 as possible.
We should be able to observe that the dense sampling is good at
displaying the waveform; the sparse one will lost the envelop
information. We

11. should also be able to observe that the sparse sampling is good
at display the spectrum, with details being shown more clearly
when using the
same number of points for the FFTs.
(1)
FC
ϕC
FAM
ϕAM
FΔ
FFM
(1)
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9/15/2018 cls:dsp:cec411:lab2 [Class Wiki at erau.us]
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Fig. 1: Waveform and spectrum of an AM signal.
Task 2. Generating/displaying the waveforms and spectra of an
FM signal
(30 points) (Modify the code of Task 1 to produce the
waveforms of the FM signal using Eqn. with dense and sparse
sampling rates. Display

12. the results as shown in figure 2. Again, your figures should be
as close to those in figure 2 as possible.
(2)
http://www.erau.us/clswiki/lib/exe/detail.php/cls/dsp/cec411/ce
c411_lab02_fig1.svg?id=cls%3Adsp%3Acec411%3Alab2
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Fig. 2: Waveform and spectrum of an AM signal.
cls/dsp/cec411/lab2.txt · Last modified: 2018/09/11 10:27 by
Jianhua Liu [/clswiki/doku.php/user/jhl]
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c411_lab02_fig2.svg?id=cls%3Adsp%3Acec411%3Alab2
http://www.erau.us/clswiki/doku.php/user/jhl
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