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Lehman Brothers

From Alfawiki
Lehman Brothers Inc.
Company typePublic
IndustryFinancial services
Founded1850; 176 years ago (1850)
FounderHenry Lehman, Emanuel Lehman, Mayer Lehman
DefunctSeptember 15, 2008 (2008-09-15)
FateFiled for Chapter 11 bankruptcy; assets sold to Barclays and Nomura Holdings
Headquarters
New York City
,
United States
Area served
Worldwide
Key people
Dick Fuld (last CEO)
ProductsInvestment banking, sales and trading, investment management, private equity, private banking
Number of employees
25,000

Lehman Brothers Inc. () was a prominent American multinational financial services company established in 1850. Prior to its bankruptcy filing in 2008, Lehman ranked as the fourth-largest investment bank in the United States, employing approximately 25,000 individuals globally. Its operations spanned investment banking, sales and trading of equities, fixed income, and derivatives—particularly U.S. Treasury securities—alongside research, investment management, private equity, and private banking. Lehman maintained its presence in the financial sector for 158 years until its downfall in 2008.

On September 15, 2008, Lehman Brothers sought protection under Chapter 11 bankruptcy protection after experiencing significant client withdrawals, a steep drop in stock value, and asset downgrades by credit rating agencies. The collapse was primarily due to Lehman’s heavy involvement with subprime mortgage assets and illiquid holdings. This bankruptcy stands as the largest in U.S. history, exceeding that of Worldcom, and played a critical role in exacerbating the 2008 financial crisis while underscoring the "too big to fail" principle.

In the aftermath of Lehman’s bankruptcy announcement, global financial markets experienced sharp declines. The British bank Barclays agreed to purchase Lehman’s North American investment banking and trading units along with its New York headquarters, contingent upon regulatory consent. This transaction received approval from a U.S. Bankruptcy Court judge on September 20, 2008. Shortly thereafter, Nomura Holdings acquired Lehman’s Asia–Pacific operations—including Japan, Hong Kong, and Australia—as well as its investment banking and equity businesses across Europe and the Middle East; this acquisition was finalized on October 13, 2008.

The Lehman Family Era (1850–1969)

In 1844, Hayum Lehmann—later known as Henry Lehman—emigrated at age 23 from Bavaria to the United States and settled in Montgomery, Alabama, where he launched a dry-goods shop named "H. Lehman".[1] By 1850, his brothers Emanuel and Mayer had joined him to establish "Lehman Brothers".[1][2]

Leveraging Alabama’s thriving cotton industry, the brothers began accepting raw cotton as payment for goods, which evolved into a commodities trading enterprise. Following Henry’s death in 1855,[1] Emanuel and Mayer concentrated on cotton brokerage activities. By 1858, they expanded by opening a branch office at 119 Liberty Street in New York City, with Emanuel overseeing operations there.[3]

During the Civil War era, they collaborated with cotton trader John Durr to form Lehman, Durr & Co., playing a role in Alabama’s post-war recovery efforts. The firm contributed to founding the New York Cotton Exchange in 1870 and diversified into railroad bond underwriting and financial advisory services.[4]

Lehman entered the Coffee Exchange in 1883 and gained membership on the New York Stock Exchange by 1887.[3][5] Its initial underwriting assignment was for the International Steam Pump Company in 1899.Cite error: The opening <ref> tag is malformed or has a bad name Under Philip Lehman—Emanuel’s son—the firm accelerated its shift from commodities toward investment banking starting in 1906. Collaborating with Goldman Sachs, it facilitated public offerings for companies such as General Cigar Co. and Sears Roebuck.[6][7]

Other significant initial public offerings managed by Lehman included those of F.W. Woolworth Company, May Department Stores, Gimbel Brothers, R.H. Macy & Company, Studebaker, B.F. Goodrich, and Endicott Johnson.[8]

Philip’s son Robert "Bobbie" Lehman took over leadership in 1925,[9] guiding the company through the Great Depression by focusing on venture capital investments during economic recovery.Cite error: The opening <ref> tag is malformed or has a bad name

The firm began admitting partners outside the family during the 1920s: John M. Hancock joined in 1924; Monroe C. Gutman and Paul Mazur followed in 1927. By 1928, Lehman had relocated its headquarters to One William Street.Cite error: The opening <ref> tag is malformed or has a bad name

In the 1930s, Lehman underwrote IPOs for emerging sectors including DuMont Laboratories and provided financing for RCA as well as oil companies like Halliburton and Kerr-McGee.Cite error: The opening <ref> tag is malformed or has a bad name During the 1950s, it managed Digital Equipment Corporation’s initial public offering and later facilitated its acquisition by Compaq.Cite error: The opening <ref> tag is malformed or has a bad name

A transforming alliance (1969–1984)

Following the death of Robert Lehman in 1969, who had led the company for 44 years, no members of the Lehman family remained actively engaged in the business.[9] Confronted with economic difficulties during the early 1970s, Lehman experienced financial instability. To address this, in 1973, Pete Peterson, then serving as chairman and CEO of Bell & Howell, was recruited to restore the firm's stability.[10][11]

Under Peterson’s guidance, Lehman acquired Abraham & Co. in 1975 and subsequently merged with Kuhn, Loeb & Co. in 1977, forming Lehman Brothers, Kuhn, Loeb Inc., which became the fourth-largest investment bank in the United States, trailing only Salomon Brothers, Goldman Sachs, and First Boston.[12] Peterson successfully transformed substantial losses into five consecutive years of record profits, achieving one of the highest returns on equity within the investment banking sector.[10]Cite error: The opening <ref> tag is malformed or has a bad name

By the early 1980s, friction between investment bankers and traders escalated, prompting Peterson to appoint Lewis Glucksman as co-CEO alongside him in 1983.[6] Glucksman’s management approach combined with a declining market environment intensified internal conflicts, leading to a power struggle that ultimately resulted in Peterson’s removal and Glucksman assuming sole leadership as CEO.[10][13]

The internal discord caused numerous disaffected bankers to depart. Stephen A. Schwarzman, who chaired the firm’s M&A committee, characterized Lehman’s internal rivalry as "ultimately dysfunctional." This instability pressured Glucksman to consider selling the company.[10]Cite error: The opening <ref> tag is malformed or has a bad name

Acquisition by American Express (1984–1994)

In 1984, securities firm Shearson/American Express purchased Lehman for $360 million. The combined organization was renamed Shearson Lehman/American Express on May 11.

From 1983 until 1990, Peter A. Cohen held the roles of CEO and chairman at Shearson Lehman Brothers. He oversaw the $1 billion acquisition of E.F. Hutton, which resulted in Shearson Lehman Hutton. In 1989, Shearson backed F. Ross Johnson’s management group in a bid to acquire RJR Nabisco, but they were ultimately outbid by private equity firm Kohlberg Kravis Roberts, supported by Drexel Burnham Lambert.

Separation and renewed independence (1994–2008)

Beginning in 1993 under CEO Harvey Golub, American Express initiated a divestiture of its banking and brokerage divisions, selling retail brokerage and asset management units to Primerica. In 1994, it spun off Lehman Brothers Kuhn Loeb through an initial public offering, establishing Lehman Brothers Holdings, Inc. Following this separation, Dick Fuld assumed the CEO role, steering one of the world’s leading bulge-bracket investment banks. Fuld successfully guided Lehman through events such as the 1997 Asian financial crisis and the collapse of the hedge fund Long Term Capital Management in 1998.

Lehman expanded its private-client services by acquiring business from Cowen & Co. in 2001 and re-entered asset management in 2003 through purchases including the Crossroads Group, Lincoln Capital Management’s fixed-income division, and Neuberger Berman. These acquisitions, alongside PCS and private equity operations, were consolidated into the Investment Management Division, which generated roughly $3.1 billion in net revenue.

During the period of the subprime mortgage crisis, Fuld remained as CEO while competitors such as Bear Stearns, Merrill Lynch, and Citigroup replaced their chief executives. Despite falling share prices, Lehman's board—comprising former CEOs like Vodafone's Christopher Gent and IBM's John Akers—showed hesitance to challenge Fuld’s leadership.

By May 2008, shortly before filing for bankruptcy protection, Lehman possessed assets totaling $639 billion.

Reaction to the September 11, 2001 Attacks

Lehman Brothers occupied floors 38 through 40 of 1 World Trade Center on September 11, 2001, where one employee lost their life during the attacks. The firm’s global headquarters located at Three World Financial Center sustained extensive damage, forcing more than 6,500 staff members to relocate. Trading activities were shifted to Jersey City, New Jersey, with sales and trading functions resuming once markets reopened on September 17, 2001.

In the months that followed, Lehman distributed its operations across upwards of 40 temporary sites throughout New York City. The investment banking division repurposed the Sheraton Manhattan Hotel’s first-floor lounges and all 665 guest rooms into office areas. Additionally, the company implemented flexible working hours and enabled remote work through virtual private network technology.

In October 2001, Lehman purchased a newly constructed 32-story office tower at 745 Seventh Avenue for close to $700 million, a property formerly owned by competitor Morgan Stanley. The firm relocated to this building between January and March of 2002 and did not return to Three World Financial Center due to ongoing structural concerns and delays in repairs.

Following the events of 9/11, Lehman’s leadership emphasized business continuity strategies. The Jersey City location and back-office operations were not only maintained but also expanded, including the establishment of a backup trading site to enhance operational robustness.

SEC Litigation in June 2003

In June 2003, Lehman was one of ten firms that reached settlements with the U.S. Securities and Exchange Commission (SEC), the Office of the New York State Attorney General, and other regulatory bodies concerning undue influence exerted by investment banking units over research analysts. Regulators charged that these companies tied analyst compensation to investment banking revenue goals and offered favorable research reports in exchange for underwriting business. The resulting "global settlement" imposed a total penalty of $1.4 billion, including an $80 million fine against Lehman, and required significant structural reforms: separation between investment banking and research departments, prohibition of analyst pay linked to banking income, and provision of independent third-party research free to clients.

Expansion in Mortgage Origination (1997–2006)

Lehman was an early participant on Wall Street in mortgage origination. In 1997, it acquired Aurora Loan Services, an Alt-A mortgage lender, followed by West Coast subprime lender BNC Mortgage LLC in 2000 to broaden its loan pipeline. By 2003, Lehman originated loans totaling $18.2 billion, ranking third nationally; by 2004 this figure surpassed $40 billion, and by 2006 Aurora and BNC were originating nearly $50 billion monthly. By 2008, Lehman held $680 billion in assets backed by just $22.5 billion in capital. Its exposure to risky commercial real estate was thirty times its equity capital, meaning a real estate price drop of only 3–5% could wipe out all capital—underscoring the firm’s highly leveraged business approach.

Accounting Misconduct

A report published in March 2010 disclosed that Lehman executives regularly engaged in cosmetic accounting maneuvers at quarter-end periods to conceal financial weaknesses. These practices included repurchase agreements disguised as outright sales, temporarily removing securities from the balance sheet and thus presenting a misleading financial status during late 2007 and throughout 2008.

Subprime mortgage crisis

In August 2007, Lehman shut down its subprime lending arm, BNC Mortgage, resulting in the elimination of 1,200 positions and incurring a $25 million after-tax loss along with a $27 million goodwill impairment, attributing these actions to deteriorating conditions in the mortgage market.

By September 2007, Joe Gregory appointed Erin Callan as the new CFO. Despite the March 2008 collapse of Bear Stearns, Lehman reported a $48.9 million profit for the first quarter—marking its 55th consecutive profitable quarter—and saw its stock price surge by 46%. Nevertheless, Lehman’s substantial exposure to subprime and lower-rated mortgage securities caused significant losses throughout 2008. The company recorded a $2.8 billion loss in the second quarter and divested $6 billion in assets. Its stock value declined by 73% during the first half of 2008 amid tightening credit conditions.

On June 9, 2008, Lehman revealed its first quarterly loss since separating from American Express and successfully raised $6 billion in capital. This led to a shakeup in management: CEO Richard Fuld’s influence was reduced; Joe Gregory stepped down as president and COO; Erin Callan resigned as CFO after just six months; Bart McDade succeeded Gregory and reinstated risk-conscious executives Michael Gelband and Alex Kirk. Although Fuld remained CEO, he became increasingly isolated from the leadership team.

In August 2008, Lehman announced plans to reduce its workforce by approximately 6% (around 1,500 jobs) prior to releasing third-quarter results. The stock briefly rallied on speculation that Korea Development Bank might acquire the firm but plunged sharply when negotiations stalled in early September. On September 9, shares dropped by 45%, shaking investor confidence and precipitating broader market declines. The U.S. government chose not to intervene.

On September 10, Lehman disclosed a $3.9 billion loss and intentions to sell a controlling interest in its investment management division, including Neuberger Berman. The stock continued to fall amid reports that Lehman was searching for a buyer, with shares tumbling an additional 40% on September 11.

Shortly before its collapse, executives at Neuberger Berman suggested that Lehman’s senior management waive multimillion-dollar bonuses to demonstrate responsibility; this proposal was rejected by Investment Management Director George Herbert Walker IV, who apologized to the executive committee for raising it.

Short-selling allegations

During congressional hearings addressing Lehman Brothers' bankruptcy and AIG's bailout, former CEO Richard Fuld attributed the failures of both Bear Stearns and Lehman Brothers to several causes, including a loss of confidence and aggressive naked short-selling accompanied by unfounded rumors. House Committee Chairman Henry Waxman highlighted that internal Lehman documents showed "no accountability for failure."

Journalist Matt Taibbi contended in Rolling Stone that naked short selling contributed to the downfall of both institutions. Conversely, research conducted by finance scholars at the University of Oklahoma Price College of Business examining stock trading—including activities involving Lehman and Bear Stearns—found "no evidence that stock price declines were caused by naked short selling."

Bankruptcy

On September 13, 2008, Timothy F. Geithner, then president of the Federal Reserve Bank of New York, convened a meeting to evaluate Lehman Brothers' future options, including emergency liquidation. Lehman had been negotiating potential sales with Bank of America and Barclays; however, both parties eventually withdrew. Barclays' proposed acquisition was blocked by UK authorities due to shareholder regulations despite reaching an agreement in principle.

On September 14, the International Swaps and Derivatives Association (ISDA) held an extraordinary trading session allowing market participants to offset derivatives positions linked to Lehman ahead of its anticipated bankruptcy. Many counterparties honored trades executed during this session even though filing deadlines were missed.

Just before 1 am on September 15, Lehman Brothers Holdings announced it would file for Chapter 11 bankruptcy protection, reporting $613 billion in bank debt and $155 billion in bond liabilities against assets valued at $639 billion. Its subsidiaries were expected to maintain normal operations. Wall Street firms agreed to provide funding for an orderly wind-down process while the Federal Reserve arranged asset swaps and loans to facilitate this effort. Throughout the day, employees at the firm's headquarters at 745 Seventh Avenue were seen removing company property.

Brian Marsal, co-CEO of restructuring firm Alvarez and Marsal, was appointed chief restructuring officer and subsequently CEO. The Australian Securities Exchange suspended trading of Lehman's Australian subsidiary after clearinghouses terminated contracts linked to it. On September 15, Lehman's stock plummeted over 90%, contributing to a Dow Jones drop exceeding 500 points—the largest one-day decline since trading resumed after September 11.

In the United Kingdom, Lehman entered administration with PricewaterhouseCoopers appointed as administrators. In Japan, Lehman Brothers Japan Inc. filed for civil rehabilitation on September 16. The New York Stock Exchange removed Lehman's listing on September 17.

Nearly three years later, on March 16, 2011, following extensive proceedings in Manhattan bankruptcy court, Lehman Brothers Holdings announced plans to seek creditor approval for its reorganization by October 14 with a confirmation hearing scheduled for November 17. It is noteworthy that Greece incurred substantial losses from deposits held with Lehman Brothers during this period.

Barclays acquisition

On September 16, 2008, Barclays PLC revealed it would purchase a "cleaned-up" segment of Lehman for $1.75 billion, which encompassed the majority of its North American operations. By September 20, an updated agreement valued at $1.35 billion (£700 million) received approval, allowing Barclays to acquire Lehman’s principal business, including its $960 million headquarters located at 745 Seventh Avenue in Midtown Manhattan and responsibility for 9,000 former staff members. U.S. bankruptcy judge James Peck sanctioned the deal as the sole feasible solution amid the ongoing credit market turmoil.

Luc Despins, a partner at Milbank, Tweed, Hadley & McCloy and legal counsel for the creditors’ committee, voiced concerns about the limited time for thorough evaluation but recognized that no alternative options were available. According to the revised terms, Barclays took on $47.4 billion in securities and assumed $45.5 billion in trading liabilities. The real estate purchase amounted to $1.29 billion—$960 million for the Manhattan headquarters and $330 million for two data centers in New Jersey—reflecting a recent valuation below Lehman’s initial estimate.

Barclays did not acquire Lehman’s Eagle Energy division but took control of subsidiaries such as Lehman Brothers Canada Inc., Lehman Brothers Sudamerica, Lehman Brothers Uruguay, and its Private Investment Management segment focused on affluent clients. Lehman retained $20 billion in securities assets that were not included in the transfer to Barclays. Furthermore, Barclays accepted a potential severance obligation of up to $2.5 billion if it opted not to retain certain Lehman employees beyond a guaranteed 90-day period.

Nomura acquisition

Japan’s top brokerage firm, Nomura Holdings, purchased Lehman Brothers’ Asian operations for $225 million along with portions of its European division for a nominal fee of $2. This transaction excluded trading assets or liabilities since Nomura acquired only the regional workforce rather than any stocks or bonds. Notably, Lehman’s non-U.S. subsidiaries accounted for more than half of its global revenue, underscoring the strategic importance of this acquisition.

Sale of asset management businesses

On September 29, 2008, Lehman reached an agreement to sell Neuberger Berman, its investment management division, to private equity firms Bain Capital Partners and Hellman & Friedman for $2.15 billion. This sale awaited approval from the U.S. Bankruptcy Court but was ultimately won by Neuberger Berman’s management team during a bankruptcy auction held in December 2008. Creditors maintained a 49% ownership stake in the reorganized Neuberger Berman Group LLC. In Europe, employees repurchased the Quantitative Asset Management Business in November 2008 and rebranded it as TOBAM.

Financial fallout

The bankruptcy of Lehman marked the largest failure of an investment bank since Drexel Burnham Lambert’s collapse in 1990. After the filing, financial markets experienced extreme volatility with the Dow Jones Industrial Average enduring record point swings both downward and upward. This instability played a key role in prompting Congress to approve the $700 billion Troubled Asset Relief Program (TARP) under Treasury Secretary Henry Paulson. The Dow closed at a six-year low of 7,552.29 on November 20 and declined further to 6,626 by March.

Lehman’s downfall also severely affected retail investors, particularly those holding minibonds and structured products in Germany. These financial instruments—primarily sold by Citigroup’s German subsidiary (now part of Crédit Mutuel)—became worthless, causing significant losses among elderly and individual investors.

Current legal proceedings

On March 11, 2010, Anton R. Valukas, the court-appointed examiner, published a report disclosing that Lehman Brothers employed an accounting technique known as repo 105 to temporarily transform $50 billion in assets into cash ahead of financial reporting. This finding implicated both Ernst & Young, Lehman’s auditing firm, and former CEO Richard S. Fuld Jr., potentially exposing them to legal ramifications.

By March 2011, the Securities and Exchange Commission expressed doubts about its ability to demonstrate that Lehman breached US accounting regulations. In October 2011, the administrators of Lehman lost an appeal concerning a £148 million obligation toward an underfunded pension scheme.

As of January 2016, Lehman had disbursed more than $105 billion to unsecured creditors. JPMorgan consented to a $1.42 billion settlement related to accusations that it depleted Lehman’s liquidity prior to its collapse, which facilitated additional creditor payments exceeding $1.5 billion.

Lehman’s brokerage division finalized its liquidation on September 28, 2022, after distributing upwards of $115 billion to clients and creditors over a span of 14 years. By December 2022, PricewaterhouseCoopers was overseeing Lehman’s UK operations, with the administration process anticipated to conclude no sooner than 2025.

Merger and acquisition timeline

Key mergers, acquisitions, and predecessor entities associated with the firm include:

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(1994, divested from American Express;
2008, filed for bankruptcy)

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Past executives

Cultural references

The 2009 BBC production The Last Days of Lehman Brothers dramatizes events during the weekend preceding Lehman’s bankruptcy.

In the 2010 animated movie Despicable Me, the Bank of Evil displays a sign reading "Formerly Lehman Brothers," nodding to the firm’s history.

The 2011 film Margin Call portrays a critical 24-hour period within a major investment bank inspired by Lehman Brothers’ environment, though its narrative aligns more closely with Goldman Sachs.

HBO's 2011 feature Too Big to Fail depicts the collapse of Lehman Brothers and subsequent events.

The 2011 comedy Horrible Bosses includes a character who was employed at Lehman until its insolvency.

Lehman's downfall is depicted in the 2015 motion picture The Big Short, including sequences set on the trading floor following bankruptcy.

Imbolo Mbue's 2016 novel Behold the Dreamers follows a chauffeur working for Clark Edwards, an executive at Lehman Brothers.

The 2016 animated feature Zootopia briefly alludes to "Lemming Brothers," a pun on Lehman Brothers.

The Lehman Trilogy, a theatrical work by Stefano Massini in three acts, explores the company’s history.

In Showtime's 2019 series Black Monday, a fictionalized version of Lehman Brothers is central to the plot, portrayed through characters Larry & Lenny Leighman.

Key office locations (initial year of occupancy)

  • 17 Court Square, Montgomery, Alabama (1847)
  • 119 Liberty Street, New York, NY (1858)
  • 176 Fulton Street, New York, NY (circa 1865–1866)
  • 133–35 Pearl Street, New York, NY (1867)
  • 40 Exchange Place, New York, NY (1876)
  • 16 William Street, New York, NY (1892)
  • One William Street, New York, NY (1928)**
  • 55 Water Street (1980)***
  • 3 World Financial Center (1985)
  • 745 Seventh Avenue, New York, NY (2002)

The inaugural Lehman Brothers store was established by Henry Lehman on Commerce Street in Montgomery in 1845. By 1848, following Emanuel Lehman’s partnership, the firm known as "H. Lehman & Bro." relocated to 17 Court Square. The addition of Mayer Lehman in 1850 led to the foundation of "Lehman Brothers" at this address.

    • Recognized as a New York City landmark in 1996.
      • Since 1977, sales and trading teams operated out of 55 Water Street; investment bankers and brokers joined the premises in 1980.

See also

Further reading

  • Auletta, Ken. Greed and Glory on Wall Street: The Fall of the House of Lehman. Random House, 1985
  • Bernhard, William L., et al. Lots of Lehmans: The Family of Mayer Lehman. Center for Jewish History, 2007
  • Birmingham, Stephen. Our Crowd: The Great Jewish Families of New York. Harper and Row, 1967
  • Dillian, Jared. Street Freak: Money and Madness at Lehman Brothers: A Memoir. Simon and Schuster, 2011
  • Geisst, Charles R. The Last Partnerships. McGraw-Hill, 1997
  • Shirkhedkar, Jayant. Saving Lehman. McGraw-Hill, 2007
  • Lehman Brothers. A Centennial – Lehman Brothers 1850–1950. Spiral Press, 1950
  • Schack, Justin. "Restoring the House of Lehman". Institutional Investor, May 2005
  • Wechsberg, Joseph. The Merchant Bankers. Pocket Books, 1968
  • Nocera, Joe. "Lehman Had to Die So Global Finance Could Live", *The New York Times*, 2009
  • Lawrence G. McDonald. A Colossal Failure of Common Sense. Crown Business, 2009
  • Sorkin, A. Ross. Too Big to Fail. Viking Adult, 2009
  • Kane and Stollery. "Lessons learned: an exchange of view", 2013 & 2018
  • Overton, Winston. Wall Street Scandals. Xlibris, 2013

External links

  1. ↑ 1.0 1.1 1.2 Cite error: Invalid <ref> tag; no text was provided for refs named Wechsberg233
  2. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Birmingham47
  3. ↑ 3.0 3.1 Cite error: Invalid <ref> tag; no text was provided for refs named Geisst50
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named :1
  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Wechsberg235
  6. ↑ 6.0 6.1 Cite error: Invalid <ref> tag; no text was provided for refs named :2
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Geisst51
  8. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Wechsberg241
  9. ↑ 9.0 9.1 Cite error: Invalid <ref> tag; no text was provided for refs named :3
  10. ↑ 10.0 10.1 10.2 10.3 Cite error: Invalid <ref> tag; no text was provided for refs named :0
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Geisst77
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named sloane
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Geisst78
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