Marc Rowan

It was kind of a mess.

Yeah.

And I left my office on Friday.

I came back in on Sunday, and I left with all my belongings in a cardboard box, and Drexel was out of business.

A great lesson.

Financial services firms die from one of two causes, heart attacks or cancer.

Heart attack is funding risk.

If you lend long...

and borrow short, you have funding risk.

We saw this in Bear Stearns.

We saw this in Lehman Brothers.

We've seen this again and again.

I will tell you that formative lesson, we will never see that at Apollo.

It is ingrained in our culture to understand this funding issue, this heart attack risk.

And then the cancer risk, of course, is the addition of bad assets over a long period of time.

Which again, we as a principal mentality firm do not allow to happen.

We admit our mistakes, we move on, we take our losses, we don't double down and triple down and do these other things.

But back to 1990, imagine being an unemployed investment banker in the midst of a global financial crisis.

This is not a great situation for career employment.

Fortunately, a group of us had been sharing office space.