Schwarzman recounts Lehman Brothers’ internal strife and collapse

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  Stephen Schwarzman recounts how internal conflict at Lehman Brothers ran through the firm.

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  He says the strife was driven by power, resentment and personal ambition.

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  The article frames the story around how Lehman’s commercial paper business spiraled out of control and led to the firm’s collapse.

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  Pete Peterson joined Lehman Brothers as CEO before co-founding Blackstone with Schwarzman.

Who

Stephen Schwarzman recounts Lehman Brothers’ internal strife and collapse.

What

The article describes internal conflict at Lehman and says its commercial paper business spiraled out of control.

When

Published October 11, 2026.

Where

Not stated

Why

The conflict was driven by power, resentment and personal ambition; the article says the commercial paper business spiraled out of control.

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