The Lehman Trilogy at the Guthrie Theater

Founded in 1850 by three immigrant brothers, Lehman Brothers was the fourth largest investment bank in the United States. In 2008, the firm declared bankruptcy and brought an end to this truly American success story.  

The Guthrie Theater's The Lehman Trilogy tells that story in a very engaging production on the Wurtele Thrust stage playing through October 13. Written by Stefano Massini and adapted by Ben Power, The Lehman Trilogy began at the National Theatre in London and won a Tony on Broadway in 2022. 

The Lehman brothers saga begins when Henry Lehman (Edward Gero) arrives in the United States from Rimpar, Bavaria in 1844. He starts a fabric and clothing business, and is soon joined in Montgomery, Alabama by his brothers Emanuel (William Sturdivant) and Mayer (Mark Nelson). 

William Sturdivant (Emanuel Lehman), Mark Nelson 
(Mayer Lehman), Edward Gero (Henry Lehman).
Photo by Dan Norman.

As the economy of the South is based on cotton, the brothers soon rise from retailers to brokers, buying cotton from plantations and selling it to northern cotton mills. After a devastating fire in Montgomery, they extend credit to the planters for a significant return. 

The play depicts the brothers' actions in the beginning as motivated by altruism and expedience (no plantations would mean no product for them), and only lastly as motivated by profit. The script also fails to address slavery directly, which is a shame, since Jewish immigrants surely had some views on the practice, and in actual history the family owned several enslaved people. The program does mention this and the Guthrie's play guide includes a wide array of criticism on the play. 

Historical accuracy aside, the rise of Lehman Brothers is also the story of the American economy. The firm opens a New York office, diversifies its investments, and becomes a big player in the New York Stock Exchange. There are some interesting points made about the way the stock market works and the reality that most of the money is moved around by a few key players, shutting out many Americans. The way it was discussed made me feel bad about participating in the market even in my limited 401(k) way. 

I did expect to learn more about the demise of the firm, but since the third act covered almost 80 years, from the 1929 stock market crash until 2008, it felt a bit rushed. The story becomes less interesting as the original brothers and their children become less important to the business. 

Although the play runs a challenging 3 1/2 hours, it kept my attention the whole time, thanks to the direction of Arin Arbus. The performances by the three actors, who play dozens of characters throughout the evening, are riveting. Even at the start, when dressed as the original brothers, the performers are sometimes speaking as their characters, with strong German accents, and sometimes acting as narrators, with subtle shifts in not just accent but physicality. All three actors are wonderful as the brothers and as all the other characters. The performances are supported by the spare but effective scenic design by Marsha Ginsberg, costume design by Anita Yavich, and lighting design by Yi Zhao. 

The Lehman Trilogy is a fascinating story covering a large swath of American history via the story of one family's rising fortunes and unlike anything I've seen in a very long time.