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The fate of Lehman Brothers is still to be determined, as the Wall Street Journal reports that it has become "increasingly clear that a clean sale of the entire firm to a big bank would be too difficult to execute." More "high-level talks were held Saturday" --including participants like Treasury Secretary Henry Paulson, who doesn't want the government to bail out the bank a la Bear Stearns. One possibility: Lehman might be sold in pieces. One employee described the company's Midtown headquarters as a "morgue" to the Daily News, who also spoke to local restaurants who say their business would go down 25-50% if Lehman folds. Update: The NY Times reports this afternoon that Barclays, considered the leading contender to buy all or part of Lehman, says that it could not reach a deal without financial support from the federal government or other banks. Thus it looks likely that Lehman will have to liquidate.
Lehman Brothers Still Trying to Find Buyer
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Here we go again, Joe Taxpayer gets another chance to reward business incompetence with another huge bail-out. Failed businesses deserve to go under and let more efficient enterprises succeed. This can all be traced back to the government bail-out of Chrysler in 1980; the message was loud and clear - incompetence pays.
Are you competent enough to run an investment bank or a large corporation?
If not, then shut and keep paying your mortgage and stuffing your face with credit card debt.
No tax payer bailout here. The Fed and Treasury are adamant against using tax payer money for this.
Now whether they are playing chicken or not remains to be seen but it sure doesn't sound like it. Besides, they're saving it for when Merrill fails in a few weeks!
fuck them.
safety net + regulation or pure free market and risk
You can't have it both ways.
Their executives should be in irons and their assets frozen.
Some foreign bank will get themselves a bargain.
Yeah, the Democrats have to come in and clean up 8 years of Repbub economics. Again.
What a mess. Unconscionable, cavalier robbery. The self-adjusting unregulated free market... what a joke. No oversight. No vision of commonwealth. The sovereignty of big time thieves. Enough already.
what happened to let the free market reign?
what happened to let the market decide what to do?
Shouldn't the market let the lesser banks fail and successful banks succeed?
Silly people, don't you know that the drawbacks of the free market only count when applied to poor and middle-class people?! Businesses and the wealthiest Americans should only benefit from the free market! It's the American Way.
"Are you competent enough to run an investment bank or a large corporation?"
Apparently there are lot that aren't competent, but they get paid a hell of a lot more than the poor sucker that gives them their money.
The umbrella business should be booming in the next few days and weeks.
as long as the price of Pb stays constant.
I believe the price will be going up due to the fact that it will become more popular due to its affordability and the supply/demand effect will come into being. Sorry Jac.
BofA is merging with Merrill. So only viable buyers are some private equities who will pick up the valuable asset management Neuberger subsidiary and let LEH drop to zero on Monday.
Almost.
I think it's fairly clear now that the excess liquidity, as a result of Clinton and Greenspan wanting to pump cheap money into the economy post-Nasdaq, has caused the mortgage mess.
Enough bad salvage jobs. Let them sink without a trace. Republican idiots blather on and on about "free markets" and yet here we are watching them bail out their buddies time and time again. The Republican Party needs a red cross for its logo because they can't stop themselves delivering relief and comfort to any rich fuck in distress.
Oh fuck me, now A.I.G.'s in big trouble...
Jesus H. fucking Christ, my crappy bank, BofA just bought Merrill Lynch for $50 billion. Thank god it's just checking, but I'm depositing less of my paycheck anyway, just in case...
Lehman went unsold. Will file bankruptcy Monday morning barring a last minute miracle. How 'bout it, Bloomberg?
what happened to let the free market reign
If we let free market reign, us fat Americans would be in so much debt that foreign countries would own 80% of our @sses. Those silly foreign countries and their regulations ... they should be more like us.
I'm watching CNBC for breaking news of the Lehman bros situation and then an ad for the Penthouse executive clubs comes on. I hope the bitch who called me an ahole was one who got let go. and I'm being nice here.
drumroll ....
http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf
Fasten your seatbelts, the Dow will be plunging today. It's one of those days where trading could be stopped. Every home will be revalued as aresult of this. Luxury condos? Bring out the knives and forks.
Good. This medicine is coming quicker than most thought.
I'm sorry, people, but your house is not a good investment. It's illiquid, and your home equity was fake. Hope you didn't borrow against it...