Lehman Brothers

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After Big Drop, Stocks Hold
 After Big Drop, Stocks Hold 
MARKETS
Sep 15, 2008 11:51 AM CDT

After Big Drop, Stocks Hold

Dow takes 300-point tumble early, but market remaining stable

(Newser) - Stocks have taken a beating today, with the Dow off more than 300 points early, the Wall Street Journal reports, but there’s been a noticeable lack of panic among traders. If the current loss holds steady, it will represent just the sixth-worst day this year, despite the massive upheaval...

European Banks Loosen Purse Strings
European
Banks Loosen Purse Strings
Sep 15, 2008 10:02 AM CDT

European Banks Loosen Purse Strings

Inject billions into markets; offer more to keep crisis at bay

(Newser) - The weekend’s storm on Wall Street has prompted Europe’s central bankers to make billions of dollars available on the cheap to global money markets as a levee against a rising flood of fresh turmoil, the New York Times reports. The European Central Bank has pledged $43 billion and...

How Market Turmoil Affects Campaign
 How Market Turmoil 
 Affects Campaign 
ANALYSIS
Sep 15, 2008 9:50 AM CDT

How Market Turmoil Affects Campaign

Obama, McCain haven't talked much about US economy—now they'll have to

(Newser) - The crisis on Wall Street will change the shape of the presidential campaign in its final weeks, forcing both sides to adjust their messages and strategies. Mike Allen, in Politico, details four major effects:
  • Neither John McCain nor Barack Obama has talked much, or in detail, about economic plans. No
...

Markdown Sparked Lehman Meltdown; More to Come
Markdown Sparked Lehman Meltdown; More to Come
analysis
Sep 15, 2008 9:38 AM CDT

Markdown Sparked Lehman Meltdown; More to Come

Other firms could follow suit, meaning widespread losses

(Newser) - What caused two venerable investment banks to implode this weekend, and how much more damage can we expect? It started when Lehman Bros. surprised markets by slashing the valuation of its mortgage holdings last week, making downward revisions so steep that "even longtime bears on the stock thought the...

Wall Street Rumbling Means Little on Main Street

Financial meltdown has small effect on 'real economy': Kaletsky

(Newser) - Fannie and Freddie have been nationalized, Lehman has collapsed, Merrill Lynch has been bought out—an economic disaster, right? Not really, Anatole Kaletsky writes in the Times of London: The US economy is actually showing signs of improvement. More than ever, "there is no contradiction between expecting a recovery,...

Stocks Plunge at Open
 Stocks Plunge at Open 
MARKETS
Sep 15, 2008 9:09 AM CDT

Stocks Plunge at Open

AIG, Lehman take huge hits, but Merrill takeover stabilizes market slightly

(Newser) - Stocks tumbled at the opening bell this morning, with the Dow dropping more than 300 points after a weekend that turned the financial industry on its head. Lehman Brothers’ collapse and AIG’s request for $40 billion from the Federal Reserve “are causing a major financial panic this morning,...

Lehman Files Biggest Chapter 11 Ever

Bankruptcy sends shockwaves through financial world

(Newser) - Lehman Brothers gasped its last breath this morning, filing for Chapter 11 protection in Manhattan under a crushing $613 billion in debt, the largest—and potentially most frightening—bankruptcy in US history, reports Bloomberg. Experts say the filing is likely to trigger a domino effect in the US economy.

Still Standing, Morgan Stanley, Goldman Face Bleak Times

Survivors will need to belatedly downsize

(Newser) - With Bank of America buying Merrill Lynch, and Lehman brothers heading into Chapter 11, Goldman Sachs and Morgan Stanley are the last major independent investment banks standing on Wall Street. But having survived as the fittest doesn't guarantee an easy ride, reports the Wall Street Journal, as both will have...

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay...

Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs

(Newser) - A Wall Street job market that’s already hemorrhaged 100,000 jobs this year now must steel for the loss of 50,000 more as Lehman Brothers and Merrill Lynch—two of its four pillars—tumble at once. “The resume flow will start today like there's no tomorrow,”...

Lehman Crash Triggers Global Market Tumble

US futures and dollar sink: 'It's mayhem'

(Newser) - Lehman Brothers’ bankruptcy, along with news that mammoth insurer AIG is seeking a $40 billion Federal Reserve loan, has sent European and Asian markets, US futures and the dollar sharply downward, Bloomberg reports. Swiss-based UBS AG, Europe’s bank most hurt by the subprime crisis, plunged 7.2%. Australia’s...

AIG Seeks $40B Fed Loan in Bid to Prevent Collapse

Insurance giant tries to stave off credit downgrade, aims to sell assets

(Newser) - In yet another Wall Street meltdown, floundering insurance giant American International Group has turned to the federal government in a bid to stave off a threatened credit-rating downgrade that could trigger the firm’s immediate collapse, reports the New York Times. AIG has requested a $40 billion bridge loan from...

Bank of America to Buy Merrill Lynch for $44B

(Newser) - In a day of toppling dominoes on Wall Street, Bank of America agreed to buy Merrill Lynch for $44 billion, or $29 a share—about two-thirds of what it was worth a year ago and 50% of its highest value in 2007, the Wall Street Journal reports. The deal, struck...

Get Set for Disorderly Lehman Liquidation
Get Set for Disorderly Lehman Liquidation
markets
Sep 14, 2008 7:24 PM CDT

Get Set for Disorderly Lehman Liquidation

(Newser) - Barclay's dropping out of a Lehman deal means that the Feds lost a game of chicken with the big banks holding Lehman mortgages, and now there will be a disorderly liquidation of Lehman assets, instead of the orderly liquidation that would have been possible with a real buyer, James Cramer...

Lehman on Brink as Barclays Backs Out
 Lehman on Brink 
 as Barclays Backs Out 
updated
Sep 14, 2008 2:31 PM CDT

Lehman on Brink as Barclays Backs Out

UK bank walks over proposed shareholder approval

(Newser) - Barclays told federal regulators today that it is walking away from talks to buy all or part of Lehman Brothers. Barclays reportedly balked at a request that shareholders approve the agreement, a process that could take weeks—and left some wondering why the demand came up as late as today....

Wall St. Groans as Lehman Deal Takes Shape

Divided sale may spark ripple of pain through financial industry

(Newser) - A possible deal to salvage Lehman Brothers took shape today but cast a dark mood over Wall Street, the Wall Street Journal reports. Washington refused to save the ailing bank, sparking a plan for either Barclay's or Bank of America to buy "good" Lehman assets while other banks propped...

Feds, Banks Seek Lehman Deal by Tonight

BofA, Barclays balk at bad assets, but bailout not in the cards

(Newser) - Washington and Wall Street continued talks today aimed at solving the Lehman Brothers crisis as early as tonight, the Wall Street Journal reports. Federal Reserve officials still refuse to approve a bailout like the one that enabled JP Morgan to acquire Bear Stearns this summer—but possible buyers like Bank...

Fed Holds Crisis Talks on Lehman With Top Bank Execs

Wall St. bigwigs in 'game of chicken' with government officials

(Newser) - The New York Fed called an emergency meeting of Wall Street heavyweights last night to try to avert a collapse of Lehman Brothers, the Wall Street Journal reports. Top execs of all the big financial firms were urged by NY Fed Chief Timothy Geithner to work together to save the...

Investors Wary; Stocks Mixed
 Investors Wary; Stocks Mixed 
MARKETS
Sep 12, 2008 3:28 PM CDT

Investors Wary; Stocks Mixed

Lehman's floundering continues to stir fear in financial sector

(Newser) - The markets ended mixed today, as Lehman Brothers foundered and financial firms continued to take hits, MarketWatch reports. Weekly gains were slim, despite Sunday’s Fannie and Freddie bailout, which was supposed to calm investor fears and boost the markets. The Dow closed down 11.72 at 11,421.99....

BofA Could Partner With China Fund on Lehman Bid

Bankruptcy remains possibility for firm

(Newser) - Bank of America could partner with financial investor JC Flowers and a Chinese sovereign wealth fund on a bid to rescue Lehman Brothers, the Financial Times reports. The hobbled investment bank had resisted selling itself, but is now eagerly seeking suitors before the last of its goodwill on Wall Street...

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