Posts Tagged ‘Lehman’
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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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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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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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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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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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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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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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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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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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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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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In These New Times 