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Did global warming send Lehman Brothers broke?

Article from: Review - Institute of Public Affairs Article date: November 01, 2008 Author: Roskam, John

The failed firm should have spent less time on climate change alarmism, and more on prudent risk management, writes John Roskam.

There's much debate about the causes of the global economic crisis. According to the popular media some of the chief suspects include 'greed', Obscene executive salaries', and 'predatory lenders'.

But maybe the origins of the crisis lie somewhere else entirely. Maybe a long lunch with Nicholas Stern is to blame.

The bankruptcy of America's fourthlargest investment bank, Lehman Brothers in the middle of September is generally credited with precipitating the near ...

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Lehman Bros. Pondering Privatization

Posted Jul 15, 08 10:58 AM CDT in Business 

Lehman Bros. Pondering Privatization
Source: AP Photo

(Newser) – Lehman Brothers’ CEO is considering ways for the company to privatize itself, the New York Post reports. The financial-services firm has seen its share price fall 79% this year—including 15% yesterday—and Richard Fuld is hoping to ward off bargain-hunters. "The idea is why sell to someone else at so cheap a price when they could buy themselves," a source said.

Source: New York Post

More about:  Lehman Brothers • privatization • Richard Fuld

MORE RELATED NEWSER STORIES

CEOs Took Billions
Off the Table Before Bust

15 financial, home building bosses made over $100M

Wall Street Journal Wall Street Journal Nov 20, 08 8:55 AM CST
(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash compensation and stock sales, the Wall Street Journal reports. That includes the heads of Lehman Brothers, Bear Stearns, and other nearly bankrupt or deeply damaged companies. More »

More about:  Lehman Brothers • Goldman Sachs • Bear Stearns • executive compensation • financial sector • CEOs • Richard Fuld • Toll Brothers • financial services

 Major Works 
 Fail to Sell 
 at Christie's 

Dismal auction season continues as Bacon fails to find buyer

Bloomberg Bloomberg Nov 13, 08 9:16 AM CST
(Newser) - The art world bust continued last night at the Christie's contemporary auction in New York, where almost a third of the 75 works on the block went unsold. Not a single collector bid for the highlight of the sale, a self-portrait by Francis Bacon estimated to sell for around $40 million, Bloomberg reports. And in a sign of the times, a collection of 16 drawings put up by the CEO of bankrupt Lehman Brothers sold for just $13.5 million, below the low estimate. More »

More about:  art • Lehman Brothers • art market • art auction • Christie's • Richard Fuld • contemporary art • Francis Bacon

 Disgraced Lehman CEO Fired 

Face of the financial crisis 'terminated,' will stay on board of directors

New York Daily News New York Daily News Nov 6, 08 3:13 AM CST
(Newser) - Lehman Brothers boss Richard Fuld, who led the giant 158-year-old Wall Street brokerage firm into bankruptcy, has been abruptly terminated. The 62-year-old Fuld, who earned $484 million from Lehman over the last eight years, won't receive a bonus or severance payments, but will keep his salaried post on the board of directors when he leaves as CEO the end of the year, reports the New York Daily News .  More »

More about:  Financial Crisis • Lehman Brothers • Richard Fuld • termination


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