How had it come to this? Just that week, on Tuesday, September 9th, the board's Finance and Risk Committee had met and Lehman Brothers management had assured the committee that Lehman Brothers had $42 billion in liquidity.3 Now, five days later, Lehman had a liquidity problem.4There were a number of urgent questions that the board of directors had to untan- gle, and untangle quickly. First, how serious was the liquidity problem? Second, what were the board's fiduciary obligations and responsibilities in a moment like this? Third, what options did the board have available? Finally, and most critically, what was the board going to do?