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Today, Lehman Brothers' shares fell as, per the NY Times, "reports that Lehman’s efforts to secure a strategic investment from Korea Development Bank...had failed." That sent the Dow Jones Industrial Average 280 points lower. And in other Wall Street news, an analyst believes that there will be many more layoffs to come. Crain's reports that Meredith Whitney of Oppenheimer believes there will be a bigger lay off rush than the dot-com bubble, "The slowdown in business today is far more pronounced and has been far more protracted than it was in 2001/02, hence we believe this resize will be at least equally painful."
Lehman Shares Fall 44%, More Wall Street Job Losses Ahead
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I predict its shares will bounce back tomorrow. Now is the time to Buy BUY!
Kojak, The markets most likely will have a "dead cat bounce" tomorrow. Absolutely meaningless.
Keep an eye on the FDIC. The FDIC chair, Sheila Blair, has her hands full with a bank folding almost everyday.
http://news.google.com/news?q=fdic&ie=UTF-8&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&sa=N&tab=wn
Maybe so but its enough to make a quick buck. Lehman is not insolvent and won't fold...yet. It'll find a backer eventually.
They're talking Goldman, but if so, why didn't they put out an offer before everybody took a huge market cap hit? I'm with Kojak, buy 'em cheap!
There SHOULD be more layoffs than the dotcom bubble - the people working for the dotcoms actually provided a benefit to society, these bankers just exist to make themselves richer.