This firm's origins date from 1850 when it was engaged primarily in trading cotton and other merchandise. In fact it helped organize the New York Cotton Exchange in 1870, which was the first experiment in commodity future trading. Hedging transactions brought stability to growers, consumers and manufacturers. In 1906 Lehman Brothers co-managed an offering for Sears, Roebuck, beginning a long tradition of assistance in the financing of retailers and consumer goods manufacturers. Over the years the firm's underwriting prowess became noticeable both on the street and in corporate board rooms. Initial public offerings include those of Polaroid Corp., Litton Industries, Hertz, Digital Equipment and many hundreds of others. Another unusual aspect of the firm is its commercial paper activity. Lehman Brothers founded an organization dedicated solely to these instruments, which had been in existence since the late nineteenth century but little used until the 1960s. Today, Lehman is the largest commercial paper dealer in the world. Lehman presently employs over 8,400 in thirty-five offices around the world. It remains a leader in equity and debt underwritings, privatizations, mergers & acquisitions, and financial futures. It is a member of every major commodity exchange worldwide and is a leading provider of cash and derivative commodity products. It is a leader in financial futures and structured products. It also engages in real estate transactions, emerging markets activity and merchant banking. Lehman Brothers is the oldest independent investment banking firm in the business. With a history of 150 years of dealing-far longer than most others in the business, it brings an unusual perspective to the table.