Lehman Brothers

That speaks for you of what is going on now.

I'm actually, while you're talking, I'm actually wracking my brain to think, thinking Lehman Brothers were the prosecution, say no, blah, blah, blah.

I'm thinking, no,

you're right.

You guys are gonna be Morgan Stanley, you're gonna value that 49% of Lynn Cable so I can buy it, so you work for the buyer.

Lin Cable goes out and hires Lehman Brothers.

I'm sorry to do this to you, but think of yourselves as pre-bankrupt Lehman Brothers, and your job is to appraise the value of the same Lin Cable 49% so Lin Cable can sell it.

So you work for the seller, you work for the buyer.

You're saying, what about us? I'll give you a role in a minute.

Yes, what I'm looking for are financial firms, hedge funds, private equity firms that are running into trouble and they declare bankruptcy.

This is what Lehman Brothers, that's what happened with Lehman Brothers and several other companies during the 2008 financial crisis.

We needed something that spreads, that's going to start spreading rather quickly.

And when that happens, then we have to kind of head out the door and build up a cash position.

People in prehistoric times would probably not have left the cave and built a village if they didn't think that it was survivable.

And I speak here as a former employee of Lehman Brothers.

And we thought we were going to survive as a firm for quite a long time until, of course, very famously, we didn't.

So that's something that digital asset firms need to think about is what are the circumstances that would really fundamentally change their business model, change the way that we operate.

I mean, we let some of them fail.

Lehman Brothers.

Those guys, they took the hit for everyone.

They did.

Brian has spent his career looking at the media and advertising industries from multiple vantage points.

He's been an investment banker at Lehman Brothers, an award-winning Wall Street analyst at Deutsche Bank and Pivotal Research, a senior executive at two of the world's largest advertising groups, Interpublic and WPP, and CMO of advanced television business Simmel Media.

Really, Brian is an industry analyst, financial analyst, and market strategist all rolled into one and has an authoritative view on where advertising money is moving, why it's moving, and insofar as this episode is concerned, what those shifts mean for broadcast and streaming media.

This episode will give you a lot to think about.

All I had to do was make $2,000 a month, and I didn't have to move home.

The day I got my license and started just so happened to be the day Lehman Brothers filed for bankruptcy.

And to me, I just thought everyone just loses their job all the time.

Like, man,

I

worked at EIB Northern Command at the time, as we called it, over Radio City Music Hall, and I had a friend a couple of buildings away who worked for Lehman Brothers.

And she'd been an old roommate of mine.

And she said to me, what the heck happened? They let our bank fail.

And I just thought, wow, that was awesome.

And my first job was actually at New York with an investment bank formerly known as Lehman Brothers.

So that was a whole different episode.

But I was a banker.