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Posts Tagged ‘Lehman’

Jeremy Warner: Lehman’s: time to call in the Serious Fraud Office

Posted by seumasach on November 1, 2008

 

Independent

31st October, 2008

Isn’t it about time the Serious Fraud Office is called in over the collapse of Lehman Brothers? In the US, Federal investigators are crawling all over what is now unambiguously the worst financial crisis since the 1930s, yet in Britain, no criminal investigation of any aspect of the banking maelstrom has yet been announced. This is despite growing evidence of malfeasance in connection with the Lehman’s insolvency in particular, but also more generally in the market-ing of some of the securities at the heart of the crisis. Where there is financial meltdown, there is nearly always fraud, so why isn’t the SFO in there asking questions, collecting evidence and bringing prosecutions, as its US counterparts are in spades?

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Capital Punishment: Lehman on its way to the Financial Gallows?

Posted by seumasach on September 16, 2008

Mike Whitney
15th September, 2008

Bank of America is buying Merrill Lynch for $45 billion, AIG needs an emergency $40 billion bail-out from Uncle Sam to stay afloat, and Lehman Bros is kaput. Whew! The financial world has been turned upside-down overnight and the opening bell hasn’t even rung at the NYSE. It’ll be a rough day of trading ahead. Paul Krugman summed up the prevailing feeling of anxiety on Wall Street like this:

“Will the U.S. financial system collapse today, or maybe over the next few days? I don’t think so — but I’m nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next.”

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Oil prices plunge after shakeup on Wall Street

Posted by seumasach on September 16, 2008

Vienna’s JBC Energy linked Lehman Brothers’ demise with the steep fall in oil prices, saying the investment bank “was said to be a big player in oil markets, and its bankruptcy could explain the big sell-off yesterday.”

Were they forced to sell off the oil reserves they bought to force up prices?

CBC News

16th September, 2008

Oil prices plummeted Tuesday, falling briefly below $92 US a barrel amid market fears that the U.S. credit crisis which brought down Lehman Brothers will drag on global economic growth and restrain demand for crude.

OPEC’s production cut of 520,000 barrels a day earlier this month has failed to stem the decline. The 13-country group said oil demand in the United States fell by 800,000 barrels a day last month due to the slow economy and high prices.

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Oil falls below $100 after bleak financials

Posted by seumasach on September 16, 2008

NEW YORK (AP) — Oil prices closed below $100 a barrel for the first time in six months yesterday, tumbling in another dramatic sell-off as the demise of Lehman Brothers and the sale of Merrill Lynch deepened worries about the economy.

Crude prices shed more than $5 a barrel and have now given up virtually all their gains for the year, extending a steep, two-month slide from record levels above $147 a barrel.

Analysts said investors feared that the upheaval in the financial sector could trigger another round of commodities liquidation — especially with Lehman likely to unwind its holdings.

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Bail-out calls as crash leaves councils in $200m hole

Posted by seumasach on September 15, 2008

Chris Merritt, Legal affairs editor | September 16, 2008

The Australian

THE NSW Government was under pressure last night to bail out local councils that stand to lose a total of about $200 million in the bankruptcy of US investment bank Lehman Brothers.

The bankruptcy has left the councils with little prospect of recovering any money they had invested in securities marketed by Lehman that turned out to be almost worthless.

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Meltdown as bank collapses

Posted by seumasach on September 15, 2008

 

It looks as if the limits of Federal bailing-out have been reached and we are now into free fall.

Stephen Foley

Independent

15th September

Wall Street banks were preparing for one of the most dramatic shake-ups in the finance industry’s history last night as it emerged that Lehman Brothers, an investment bank with a 158-year history, was working on a plan to declare bankruptcy.

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A Bailout for Lehman? Not Likely

Posted by seumasach on September 14, 2008

 

As the prospects for government help dwindle, beleaguered Lehman Brothers races to find an acquirer to avoid collapse

Mathew Goldstein and David Henry

Business Week

12th September, 2008

 

It’s looking as though Lehman Brothers (LEH) may not be able to count on the federal government for any help in its hour of need, and that has all of Wall Street shaking. Shares of Lehman sank deeper into penny-stock territory on Friday, Sept. 12, as the beleaguered, 158-year-old firm races to find another bank to buy it in a bid to stave off collapse.

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Lehman slides again as survival strategy fails to convince

Posted by seumasach on September 12, 2008

 

 

By Sean Farrell, Financial Editor and Stephen Foley in New York

 

Independent
Friday, 12 September 2008

A desperate attempt by Lehman Brothers to retain its independence looked doomed last night as the US investment bank’s shares plunged yet again and the company began soliciting takeover bids.

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Guarantees Are Worthless,When the System Is Bankrupt

Posted by seumasach on September 6, 2008

 

John Hoefle

EIR

5th September

While the Federal Deposit Insurance Corporation (FDIC) has gone to great lengths to assure the public that their bank deposits are safe—at least up to the insured limit—it is obvious that the agency lacks the capital required to back up its claims. As long as the FDIC closes only small banks, it can meet its responsibilities, but it does not have the resources to even begin to deal with the magnitude of the crisis it faces.

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Korean bank might buy Lehman

Posted by seumasach on August 23, 2008

Having , no doubt, consulted with their colleagues at Korean Investment Corporation, the Korean Development Bank will be in a good position to make a bid for Lehman commensurate with its actual value, which can’t be very much.

The Irish Sun

23rd August, 2008

See also:

Lehman Brothers in talks over sale of $40 real estate assets

A Korean bank has expressed interest in buying struggling US brokerage firm Lehman Brothers.

The Korea Development Bank in Seoul has said it is looking at options for a buyout of the US bank which has lost three-quarters of its value this year as investors worried about potential losses on the firm’s big mortgage portfolio.

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FED Freaks Over Lehman Credit Lines – Credit Suisse Denies Rumors

Posted by seumasach on August 22, 2008

Your Mortgage or Your Life

21st August, 2008

 


Lehman Brothers may find themselves edging closer to disaster in today’s trading with word of nervous Federal Regulators supposedly making secret phone calls to follow up on”rumors” that Credit Suisse had withdrawn one of Leman’s remaining lines of credit. 

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