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It's early 2007 on the 31st floor of Lehman Brothers headquarters, a little less than two years before Lehman's bankruptcy.

Mike Gelbann, the global head of fixed income, sits across the table from several Lehman executives, including CEO Richard Dick Fault and his right-hand man, company president Joe Gregory.

It's Mike's annual performance review.

Normally, he'd be excited to talk about how well he and his division performed the previous year and discuss how much bonus money will be coming his way.

But today, Mike is frustrated.

In his opinion, Lehman Brothers is way too deep in real estate, a market Mike feels is about to implode.

Mike knows Deboss' love real estate, and it's big monthly payouts.

But he also knows that when the bottom falls out of the real estate market, and it will, Mike thinks, Lehman will be in big trouble.

So Mike uses his performance review as an opportunity to speak truth to power.

Mr. Faultmate, may I speak freely?

Oh, by all means, Mike.

I've devoted my career to Lehman Brothers.

I've been at this firm for well over 20 years, and in all my time here, I've never seen anything like this.

I don't follow you, Mike.

The real estate market is tottering, sir.

If it topples over, it'll take Lehman down with it.

Dick Fault's lieutenant, Joe Gregory, is first to respond.

Well, Mike, that's interesting.

You know the guys in the mortgage department disagree.

Well, with respect, Mr. Gregory, the guys in the mortgage department are wrong.

...