In the event the losses Daniels had expected from the HBOS deal were a huge underestimate. He also published articles in New York Observer, Esquire, The New York Review of Books and The Wall Street Journal. Why Lehman still exists 10 years after its collapse Why Lehman Brother's collapse changed our view of the world By 1858, the center of cotton trading had shifted from the South to New York City, where factors and commission houses were based. Meanwhile, Fuld ensured that he would suffer no such fate. Lehman Brothers filed for bankruptcy on September 15, 2008. A decade on, what has happened to the key players involved in the financial crisis and its aftermath? They were the last acts in a kind of angry celebration for a staff that had been consigned to the fate of seeing the 158-year-old institution crumble to almost nothing, while losing their jobs in the process. Protesters hold signs behind Dick Fuld as he prepares to testify at a House oversight and government reform committee hearing on the Lehman Brothers collapse in Washington in 2008. en years ago this weekend Lehman Brothers crashed into bankruptcy the biggest corporate failure in history and sent the worlds financial system reeling close to collapse, causing panic among policymakers on both sides of the Atlantic. The White Knight at Lehman Brothers - The New York Times The Lehman Brothers firm was incorporated in 1970 to preserve the partners' capital and limit their liability. Look at Goldman Sachs -- they typically have a partnership and are much more controlled and are controlled by the partners, McDonald said. After supporting the October 2008 UK bank bailout the Bank under King slashed interest rates close to zero and was part of a coordinated response to introduce quantitative easing to shore up the economy. Callan was appointed CFO of Lehman in 2008 but served only for six months, before departing after her mentor Joe Gregory was demoted. Robert Owen Lehman, Sr. (September 29, 1891 - August 9, 1969) was an American banker, longtime head of the Lehman Brothers investment bank, and a racehorse owner, art collector, and philanthropist . lehman brothers twins death - altis-counseling.com [96], The next day, Lehman announced a loss of $3.9billion and its intent to sell off a majority stake in its investment-management business, which included Neuberger Berman. In the book she said she regretted putting her career before personal relationships. The US government was forced into a $700bn (540bn) bailout of the banking sector, while in the UK, Lloyds Bank rescued HBOS and the government was then forced to rescue Lloyds and Royal Bank of Scotland. We are not sure people remember everything they need to remember., Then: president of the New York Federal ReserveNow: president of private equity firm Warburg Pincus. In McDonalds book, published in 12 languages to date, there is a line that perhaps sums up the problems within Lehman and offers a clear metaphor to explain how families lost their homes and savings: It was the Ivory Tower. In other words, most people think Lehman had this reckless culture, but most traders were good traders and the people that sunk the firm were those that created those concentrated positions.. Try keep it short so that it is easy for people to scan your page. lehman brothers twins death - scholarsqatar.com [71] The investment-banking division converted the first-floor lounges, restaurants, and all 665 guest rooms of the Sheraton Manhattan Hotel into office space. In McDonalds book, Fuld was fearful of the very talented people below him, and in a very Machiavellian way had his right-hand man Joe Gregory take out anyone who posed a threat. In 2012 he was stripped of his knighthood and a stint as an adviser to a firm of architects came to an end less than a year after his appointment. [59][60], In 2001, the firm acquired the private-client services, or "PCS", business of Cowen & Co.[61] and later, in 2003, aggressively re-entered the asset-management business, which it had exited in 1989. However, Nomura has said it will have to shed five percent of its workforce in the coming year, further showing how the Lehman issue continues to trundle along. At Lehman, there were 24,992 people making money and eight guys losing it, said Lawrence G. McDonald, the co-author of the New York Times best-seller A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers and a former vice president at Lehman Brothers. Its hard for me to imagine a similar emergency.. Lehman collapse: what has happened to the markets since? "Salomon Smith Barney" from Gambee, Robert. Fred Goodwin receives a 350,000-a-year pension from RBS. He led the campaign against Scottish independence in 2014, a decision critics said weakened Labour in Scotland. [95] The U.S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman. Early life and education. Posted at 16:45h in chris bell powerlifter by colonoscopy prep magnesium citrate vomiting. [37], In 1924, John M. Hancock became the first non-family member to join the firm,[30][38] followed by Monroe C. Gutman and Paul Mazur, who became partners in 1927. [143] This could potentially lead to Ernst & Young being found guilty of financial malpractice and Fuld facing time in prison. Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets. The General Electric Co. (NYSE:GE) and Goldman Sachs Group Inc. (NYSE:GS) both took loans from Warren Buffetts Berkshire Hathaway Inc. (NYSE:BRK.A) in acts of desperation before being forced to turn to the Fed. [141] This report revealed that Lehman Brothers used an accounting procedure termed repo 105 to temporarily exchange $50billion of assets into cash just before publishing its financial statements. ashlyn 72" ladder bookcase / la montagne jean ferrat partition piano pdf / lehman brothers twins death. By September of last year, 57,000 foreclosures were being completed every month. [23] At the same time, Lehman was facing strong headwinds amidst the difficult economic environment of the early 1970s. Many of the CEOs in the room, men who had made careers out of bullying their ways to the top, were not about to fall for what they considered to be a bluff. [98][99] Lehman, after earlier rejecting questions on the sale of the company, was reportedly searching for a buyer as its stock price dropped another 40 percent on September 11, 2008. [67] Trading operations moved to Jersey City, New Jersey. Only a year after the HBOS crisis, however, Hornby was back in business, as the 1m-a-year chief executive of health and beauty business Alliance Boots, and in 2011 he was appointed the boss of Coral, the bookmaker. It was a. And it was the very idea of transparency -- or the lack of it -- that, in McDonalds opinion, sank the bank. Since then, he has been famous for selling other big-ticket items, including a mansion in Bridgehampton for $20.5 million. mit list visual arts center Likes. This is the most momentous bankruptcy hearing I've ever sat through. [114], Brian Marsal, co-chief executive of the restructuring firm Alvarez and Marsal was appointed as Chief restructuring officer and subsequently Chief executive officer of the company. Callan worked briefly for Credit Suisse before going on leave and not returning. Anna 027 457 7918 | Landline 09 579 9841 | gra egen poster med bild och text As boss of the New York Fed, Geithner was another of the officials who decided to let Lehman collapse, although he has since criticised Paulson for revealing the plan to senior bankers in advance. lehman brothers twins death. In Imbolo Mbue's 2016 debut novel Behold the Dreamers, an immigrant from Cameroon is a chauffeur for Clark Edwards, an executive at Lehman Brothers. [43] Later, it arranged the acquisition of Digital by Compaq. According to an account in the book Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America, by Greg Farrell, Treasury Secretary Hank Paulson, Federal Reserve Bank of New York President Timothy Geithner sat down on Sept. 12, 2008, with the top executives on Wall Street, including Jamie Dimon, Lloyd Blankfein, Vikram Pandit and John Mack, along with representatives of top foreign banks -- the type of people who had gotten to the top through tireless effort and mental toughness and who were about to be pushed to their limits. At the core of the problem were high-reward, high-risk investments -- the kind Lehman Brothers made day in and day out. After leaving the Treasury in 2009 he founded the Paulson Institute, which supports sustainable growth and US-China investment, and the Aspen Economic Strategy Group, a forum for luminaries to discuss the US economy. Since leaving the government she has become one of the most powerful women in the City. The Lehman Brothers Bankruptcy A: Overview - Yale University On Wednesday Sept 10, Lehman posted a $3.9bn third-quarter loss after $5.6bn of write downs on toxic mortgages. IBT Fast Start - Let the best of International News come to you. Then: business ministerNow: chair of Santander UK. * Henry Lehman established his first store location on Commerce Street, in Montgomery, in 1845. Investors receive different amounts based on the type of loan they extended to Lehman. lehman brothers twins death. [138] The transaction was expected to close in early 2009, subject to approval by the U.S. Bankruptcy Court,[139] but a competing bid was entered by the firm's management, who ultimately prevailed in a bankruptcy auction on December 3, 2008. to 17 Court Square, where it remained when Mayer arrived in 1850, forming "Lehman Brothers". In the history of capitalism, the free market makes those decisions, not politicians. Lehman opened its first branch office at 119 Liberty Street,[22][23] and 32-year-old Emanuel relocated there to run the office. Lehman, only likely to exist until 2017 (the year it is supposed to have sold off its incredibly large and complex portfolio of toxic assets) employs a vast array of young up-and-comers who are gaining valuable experience within this highly unlikely company -- essentially working themselves out of a job. On the same day that the building was sold, deals were put in place for Barclays to relieve Lehman of its entities known as Lehman Brothers Canada Inc., Lehman Brothers Sudamerica SA and Lehman Brothers Uruguay, as well as its private business known as Investment Management, for high-net-worth individuals. [146], As of January 2016, Lehman paid more than $105 billion to its unsecured creditors. All Rights Reserved. [10], After Lehman Brothers filed for bankruptcy, global markets immediately plummeted. The great unwinding of Lehman Brothers, the investment bank that collapsed 10 years ago this week, kicked off in a Manhattan courtroom on a Friday afternoon, less than a week after the firm. The GSEs had been mandated by Congress to promote home ownership, but would ultimately see the US homeownership rate fall to a 50-year low of 62.9 per cent in 2016. pizzeria storgatan 27 borgholm; why does grapefruit taste like soap; nome astratto di vedere lehman brothers twins death I have to approve this transaction because it is the only available transaction, Reuters quoted Peck as saying in open court. [23][35][36] During Bobbie's tenure, the company weathered the capital crisis of the Great Depression by focusing on venture capital while the equities market recovered. In her self-published 2016 memoir, Full Circle, Callan revealed she took an overdose of sleeping pills in December 2008. Lehman's original estimate valued its headquarters at $1.02billion but an appraisal from CB Richard Ellis this week valued it at $900million. Principal locations (first year of occupancy). Announces It Intends to File Chapter 11 Bankruptcy Petition", "Lehman folds with record $613 billion debt", "In Frantic Day, Wall Street Banks Teeter", "Marsal to take over as Lehman CEO at end of year", "Lehman failure, AIG struggle drive financials lower", "afp.google.com, Lehman bankruptcy shakes world financial system", "Wall St.'s Turmoil Sends Stocks Reeling", "Lehman Bros files for Civil Reorganization Law", "NYSE to Suspend Trading in Lehman Brothers Holdings, Inc. and Related Securities listed on NYSE and NYSE Arca; Moves to Remove from the List", "Lehman targets November 17 to win bankruptcy plan OK", "Lehman Brothers Building, New York City, U.S.A.", "US judge approves Lehman's asset sale to Barclays", "Lehman, Barclays pact gets revised: lawyers", https://www.reuters.com/article/us-lehman-barclays-idUKN1932554220080921M, "reuters.com, Judge approves Lehman, Barclays pact", "Can Nomura make its Lehman purchase work", Nomura paying two dollars for Lehman's Europe ops: report, Nomura Buys Lehman's Europe Banking, Equities Units, Durchslag, Adam (October 1, 2008) "Bain and Hellman secure Neuberger: private equity houses Bain Capital and Hellman & Friedman acquire Neuberger Berman from Lehman for US$2.15bn", "Managers Win Auction for a Part of Lehman", "Examiner's Report Lehman Brothers Holdings Inc. Chapter 11 Proceedings", "Linklaters and Ernst and Young face action over Lehman Brothers collapse", "Could Lehman's Dick Fuld end up behind bars? Theres a constant turnover. Like a kind of Frankenstein monster, Lehman survives on the periphery of public knowledge, on two floors of the Time & Life Building in midtown Manhattan after quietly exiting bankruptcy in March of last year. [122], On March 16, 2011 some three years after filing for bankruptcy and following a filing in a Manhattan U.S. bankruptcy court, Lehman Brothers Holdings Inc announced it would seek creditor approval of its reorganization plan by October 14 followed by a confirmation hearing to follow on November 17.[123][124]. [90] In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten. The one-time poster child of financial excesses and unnecessary risk has, in an odd and paradoxical way, become the poster child for survival and dogged determination to succeed, even if it is just for a limited period. [63] These businesses, together with the PCS business and Lehman's private-equity business, comprised the Investment Management Division,[64] which generated approximately $3.1 billion in net revenue.[65]. In four years at the Treasury Geithner was criticised for being too close to Wall Street and for targeting deficit reduction over cutting unemployment. The firm's stock price leapt 46 percent after that announcement. Like Bernanke he is an adviser to Pimco but Brown says he makes no money from private sector work, using it to pay for his staff, with the rest going to charity. Your service title Give us a brief description of the service that you are promoting. Some were also involved in American politics. I'm embarrassed and I apologize. Lehman was transformative because it fundamentally altered people's understanding of the world around them. [113] The morning witnessed scenes of Lehman employees removing files, items with the company logo, and other belongings from the world headquarters at 745 Seventh Avenue. King was accused of reacting slowly to the financial crisis at first but Lehman changed all that. [102][103][104], An article by journalist Matt Taibbi in Rolling Stone contended that naked short selling contributed to the demise of both Lehman and Bear Stearns. Then: prime ministerNow: UN special envoy for global eductation. Christine Daley, Lehman's Star Distressed Debt Analyst, Dies McDonald also said the average age of the board was around 70, meaning it largely reflected a different era of banking. According to McDonald, one of the biggest problems within Lehman was that Fuld ruled supreme for 18 years. [29] Glucksman introduced a number of changes that had the effect of increasing tensions, which when coupled with Glucksmans management style and a downturn in the markets, resulted in a power struggle that ousted Peterson and left Glucksman as the sole CEO. [18][19], During the 1850s, cotton was one of the most important crops in the United States, and was Alabama's highest-grossing cash crop. Callan was widely criticised in the aftermath of the collapse for being underqualified to run the finances of a major investment bank as she did not have even basic accounting qualificiations. But the problem is, capitalism does not work without transparency. Could Shriti Vadera be a future governor of the Bank of England? The Lehman Brothers Bankruptcy B: Risk Limits and Stress Tests The Lehman Brothers Bankruptcy C: Managing the Balance Sheet Through the Use of Repo 105 The Lehman Brothers Bankruptcy D: The Role of Ernst & Young The Lehman Brothers Bankruptcy E: The Effects on Lehman's U.S. Broker-Dealer The Lehman Brothers Bankruptcy F . Inside the former Lehman Brothers building, on the third floor of 745 Seventh Ave., is a 100-foot-long wall that similarly was scrawled with depictions -- most of them insulting -- of the leaders of the once-great Lehman Brothers. Bernhard, William, L., Birge, June Rossbach Bingham, Loeb, John L., Jr.. Greece lost a huge amount of money from deposits in Lehman Brothers. Now 64, has said the scariest moment of the crisis was when Royal Bank of Scotlands chairman told him the bank was about to run out of money. Lehman said that poor market conditions in the mortgage space "necessitated a substantial reduction in its resources and capacity in the subprime space. The market collapse also gave support to the "too big to fail" doctrine. On this Wikipedia the language links are at the top of the page across from the article title. Yes, to date the death of Lehman Brothers is the biggest corporate failure in history Its collapse caused mass panic among policymakers around the world. junio 12, 2022. abc news anchors female philadelphia . Its UK operations ceased shortly afterwards. He is also a president of the Chatham House thinktank. Paulson was seen as a hero, and a lot of the things he did were brilliant to get us out of the thing, McDonald said. On Nov. 10, 2008, Fuld transferred ownership of his Florida mansion to his wife Kathleen for $100 to protect the house from potential legal actions against him, as noted by the Telegraph in the U.K. [48], From 1983 to 1990, Peter A. Cohen was CEO and chairman of Shearson Lehman Brothers,[51] where he led the $1 billion purchase of E.F. Hutton to form Shearson Lehman Hutton. Finally, Lehman would retain $20billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays. Lehman Brothers collapse: The so-called 'Lehman moment' was more ", "Lehman Probe Stalls; Chance of No Charges", "Lehman, Nortel lose $3.5B pension appeal", "JPMorgan to pay $1.42 billion cash to settle most Lehman claims", "Lehman on stage: making a drama out of the financial crisis", "Martin Scorsese Adds 'Horrible Bosses' Star P.J. Call Us Today! The final throw of the dice was to bail the bank out with U.S. taxpayer money, but that option was rejected at the final hour in an apparent standoff with the top CEOs of Americas banks and the Federal Reserve. The Federal Deposit Insurance Corp. has received new powers that enable it to take over a large, troubled holding company, sell off the good parts and carefully manage its dissolution. Lehman was operational for 158 years from its founding in 1850 until 2008. Copyright 2023 IBTimes LLC. [3][4] It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Those former executives who stalked the halls of what is now the Barclays building, who had their own elevators and were widely seen as above other employees, may not have been aware of the havoc they were causing throughout the world. The spectacle continued throughout the day and into the following day. McDade took charge and brought back Michael Gelband and Alex Kirk, who had previously been pushed out of the firm by Gregory for not taking risks. lehman brothers twins death As one of the self-proclaimed revolutionaries inside the bank and a member of a team that was trying to stop the madness, in his words, McDonald, who recalled his experiences, including his recollection of the wall of shame, to International Business Times, said he was pushed out for trying to right the wrongs of years of poor financial management. The portrait, a mix of surrealism and graffiti, illustrates how many will remember the man most blamed for one of the worst business disasters in history. Then: chancellor of the exchequerNow: director of Morgan Stanley. [52][53] In 1989, Shearson backed F. Ross Johnson's management team in its attempted management buyout of RJR Nabisco, but were ultimately outbid by private equity firm Kohlberg Kravis Roberts, who was backed by Drexel Burnham Lambert. They sat in their comfortable seats, some for as long as 18 years, and watched the bank amass huge profits by gobbling up assets across the world and making risky bets. Michael M. Thomas - Wikipedia The deal became effective on October 13, 2008. Callan fielded Lehman's first quarter conference call, where the firm posted a profit of $489 million, compared to Citigroup's $5.1 billion and Merrill Lynch's $1.97 billion losses which was Lehmans 55th consecutive profitable quarter. Lehman was so much more of a deadly risk.. In 1997, Lehman bought Colorado-based lender, Aurora Loan Services, an Alt-A lender. The GSEs were public policy and . Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets. [80][81] Regulators alleged that the firms had improperly associated analyst compensation with the firms' investment-banking revenues, and promised favorable, market-moving research coverage, in exchange for underwriting opportunities. [97][98] The stock slid seven percent that day. | Richard Partington, Original reporting and incisive analysis, direct from the Guardian every morning. By 2004, this number topped $40 billion. The Dow eventually closed at a new six-year low of 7,552.29 on November 20, followed by a further drop to 6626 by March of the next year. The settlement would permit another $1.496 billion to be paid to creditors and a separate $76 million deposit. 1866 as Trask & Brown), Paul H. Davis & Co.(est. Bernard L. Madoff, the onetime senior statesman of Wall Street who in 2008 became the human face of an era of financial misdeeds and missteps for running the largest and possibly most devastating. Most of Lehmans assets were not so transparent and hidden away in complex transactions all over the world, many vaguely following the rules, if there were any even set. How Gordon Brown reacted to Lehman Brothers collapse became a model for shoring up financial systems. Even with its reputation in tatters and vastly reduced staff, Lehman is making good on some payments, beginning with $22.5 billion in April 2012 and $47.2 billion since then. "[93], On September 9, Lehman's shares plunged 45% to $7.79, after it was reported that the state-run South Korean firm had put talks on hold. The 2011 drama film Margin Call focuses on the events of a 24-hour period at a large investment bank based on amalgam of investment banks, drawing heavily from the culture of Lehman Brothers. "Lessons learned: an exchange of view". *** Sales and trading personnel had been in this location since 1977; they were joined by the firm's investment bankers and brokers in 1980. [15], In 1844, 23-year-old Henry Lehman,[16] the son of a Jewish cattle merchant, emigrated to the United States from Rimpar, Bavaria. [132] Barclays acquired a potential liability of $2.5billion to be paid as severance, if it chooses not to retain some Lehman employees beyond the guaranteed 90 days. Lehman also reported that it had raised a further $6 billion in capital. Then: fund manager at FrontPoint PartnersNow: fund manager at Neuberger Berman. Michael Mackenzie Thomas (April 18, 1936 - August 7, 2021) was an American author of nine bestselling novels and a partner at Lehman Brothers. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide. The Lehman Trilogy is a three-act play by Italian dramatist Stefano Massini about the history of the Lehman Brothers.[149]. lehman brothers twins death As the crisis began to close in on Fuld and the bank, a last-ditch deal was cut to sell Lehman to Barclays of London, but the deal was subsequently vetoed by the Bank of England and the U.K.s Financial Services Authority. lehman brothers twins death. Bailout USA: Too Big To Fail? [42] It also helped finance the rapidly growing oil industry, including the companies Halliburton and Kerr-McGee. He left Lloyds in 2011 with a 5m pension pot and won a case against Lloyds, reclaiming a withheld bonus of up to 1.4m. Kane and Stollery (2013). lehman brothers twins death [11][125] On September 20, 2008, a revised version of the deal, a $1.35billion (700million) plan for Barclays to acquire the core business of Lehman (mainly its $960-million headquarters, a 38-story office building[126] in Midtown Manhattan, with responsibility for 9,000 former employees), was approved. [60] In addition, Lehman's board of directors, which included retired CEOs like Vodafone's Christopher Gent and IBM's John Akers were reluctant to challenge Fuld as the firm's share price spiraled lower. The firm also dealt in the emerging market for railroad bonds and entered the financial-advisory business. By 1972, the firm was facing hard times and in 1973, Pete Peterson, chairman and chief executive officer of the Bell & Howell Corporation, was brought in to save the firm. After painting the portrait, Raymond asked the departing employees to contribute by writing how they felt about Lehmans collapse -- and their old boss. Although Fuld remained CEO, he soon became isolated from McDade's team. 10 years later, the World has never been the same. Nobody could argue with the buildings value: It had been agreed upon in the most transparent of ways, by an independent real-estate expert who had nothing to gain from the transaction and had to follow industry-set rules. Then: Bank of England governorNow: academic and adviser to Citigroup. [44][47], By the early 1980s, hostilities between the firm's investment bankers and traders prompted Peterson to promote Lewis Glucksman, the firm's President, COO and former trader, to be his co-CEO in May 1983. Fulds own agenda -- remaining as emperor -- eventually cost him his kingdom as he got rid of the very minds that could have helped him turn it all around. Lehman Brothers. Stephen A. Schwarzman, chairman of the firm's M&A committee, recalled in a February 2003 interview with Private Equity International that "Lehman Brothers had an extremely competitive internal environment, which ultimately became dysfunctional." Lehman Brothers crash 2008: Explaining the crash that - GQ India [115], Later that day, the Australian Securities Exchange (ASX) suspended Lehman's Australian subsidiary as a market participant after clearing-houses terminated contracts with the firm. Lehman's attorney Harvey R. Miller of Weil, Gotshal & Manges, said "the purchase price for the real estate components of the deal would be $1.29billion, including $960million for Lehman's New York headquarters and $330million for two New Jersey data centers. It wasnt a bluff, and a similar threat by Paulson didnt change the feeling among the CEOs. Following Henry's death from yellow fever in 1855,[18][22] the remaining brothers continued to focus on their commodities-trading/brokerage operations. House committee Chairman Henry Waxman said the committee received thousands of pages of internal documents from Lehman and these documents portray a company in which there was "no accountability for failure". Henry Lehman only enjoyed the early rewards of this endeavor he died from yellow fever in 1855 at the age of 33 but Emanuel and Mayer grew the business further, taking advantage of . Then: chairman of the US Federal ReserveNow: adviser to the vast Pimco investment business and the $30bn Citadel hedge fund and a visiting fellow at the Brookings Institution. On June 9, 2008, Lehman Brothers announced US$2.8 billion second-quarter loss, its first since being spun off from American Express, as market volatility rendered many of its hedges ineffective during that time. [69] When stock markets reopened on September 17, 2001, Lehman's sales and trading capabilities were restored. [113] Immediately following the bankruptcy filing, an already distressed financial market began a period of extreme volatility, during which the Dow experienced its largest one day point loss, largest intra-day range (more than 1,000 points) and largest daily point gain.
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