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NEWS ABOUT: Lehman Brothers

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

(Newser) - Banks that teetered on the edge of extinction last year are returning to their old ways as the shock of the financial crisis fades, the Wall Street Journal reports. The banks are handing out hefty compensation packages again and dealing in the same risky financial instruments that caused last year's... More »

Fuld: 'I Was Whipping Boy' for Lehman Failure

Lehman's last CEO steels himself for anniversary of firm's collapse

(Newser) - Former Lehman CEO Richard Fuld is ready to get dumped on again as the anniversary of the company's collapse nears, he told a Reuters reporter. Fuld was widely blamed for leading Lehman into the biggest bankruptcy in US history, although former execs are still bitter that rivals Bear Stearns, Merrill... More »

Bankrupt Lehman Stock Booms in Long-Shot Trading

Bankrupt company jumps sixfold in 'lottery ticket' deals

(Newser) - Here's a stock tip for you: Lehman Brothers. No, really—the busted financial giant, which had been trading at less than 5 cents a share, peaked at 32 cents last week, with volume hitting 100 million shares in late August after sitting at virtually zero most of the year. The... More »

US Frontier Mythology Is Alive and Dangerous

(Newser) - Sarah Palin took to the national stage in August 2008, and two weeks later Lehman Brothers collapsed. That's a helpful metaphor, writes Naomi Klein in the Guardian, who sees the former Alaska governor as "the last clear expression of capitalism-as-usual before everything went south." The financial crisis should... More »

Feds Probe Shady Market for Derivatives

Banks may have unfair edge in information on credit-default swaps

(Newser) - The Justice Department is probing the market for credit-default swaps, the largely unregulated derivatives that contributed to the financial crisis, Bloomberg reports. Justice is investigating whether big banks have unfair access to price information through their ownership of a private company that provides data to investors. The Obama administration wants... More »

Fed Mulls Overhaul of Overnight Lending

May create new entity to replace loan clearing banks

(Newser) - The Fed is planning an overhaul of the repurchase markets involved in banks’ overnight trading—including the creation of a new unit to oversee transactions, the Financial Times reports. Such a facility would take the place of clearing banks, such as JPMorgan Chase, that currently act as middlemen for loans,... More »

Companies Hobbled by Fewer Wall St. Analysts

(Newser) - The turmoil on Wall Street has left fewer analysts covering companies of all sizes, the Journal reports, leaving smaller operations struggling to connect with investors. Since September, there have been more than 2,200 instances of analysts formally dropping coverage—nearly a quarter of all research. That plunge has been... More »

GM Bankruptcy a Gold Rush ... for Lawyers

Most complex filing ever will net hundreds of millions in legal fees

(Newser) - GM's expected bankruptcy is bad news for thousands of auto workers, dealers and managers—but a bonanza for the lawyers and consultants orchestrating the most complicated Chapter 11 in history. Bankruptcy specialists who are already billing Chrysler, Lehman Brothers and the US government stand to make hundreds of millions of... More »

Lehman Weighs Spinning Off $45B in Assets

In the most sweeping bankruptcy action yet, assets will become separate unit

(Newser) - Bankrupt Lehman Brothers is preparing to spin off a grab-bag of assets worth $45 billion in their current state but as much as $400 billion at "nondistressed" prices, the Wall Street Journal reports. The planned sale of shares in the unit—the biggest move yet to unwind the... More »

Credit Rating Agencies Off-Base But Bullet-Proof

(Newser) - Until the day Lehman Brothers declared bankruptcy, all three of the major credit-ratings agencies swore its debt was safe, rating it A or better. They rated AIG at AA. And they gave 75% of the $3.2 trillion of subprime mortgage securities iron-clad AAA ratings. Moody’s, S&P and... More »

Lehman Bankruptcy Nets Record Fees for Lawyers

(Newser) - Lehman Brothers' bankruptcy filing is a gold mine for lawyers. One New York firm asked a bankruptcy judge this week to authorize a $55 million payment—the largest quarterly fee ever for a bankruptcy case, the Wall Street Journal reports. When all is said and done, this firm alone—Weil,... More »

Chrysler, Merrill CEOs Passed Houses to Wives, Too

Fuld not the only one hiding assets

(Newser) - Dick Fuld’s wife isn’t the only one getting a discount mansion. Chrysler CEO Robert Nardelli and ex-Merrill Lynch honcho Stanley O’Neal have followed Fuld’s lead, handing their multimillion-dollar homes to their spouses, according to property records obtained by the New York Post. Such deed transfers are... More »

Madoff Judge Charged 'Defending' Self Against Wife

Federal judge is overseeing Lehman case, too

(Newser) - The bankruptcy judge presiding over the Bernie Madoff and Lehman Brothers proceedings has his own legal woes after bruising his wife's jaw in what he describes as a slapfest, the New York Post reports. After James Peck's wife arrived home late on her birthday, the couple fought over a ladder.... More »

Wall Street's Hottest Jobs? Lehman Bros

Bankruptcy experience is the skill set of the future, execs say

(Newser) - Wall Street's hottest jobs in 2009 are coming from its biggest disaster of 2008—Lehman Brothers, the Wall Street Journal reports. Lehman still has billions of dollars in assets and contracts to untangle and restructure, and Wall Street's legions of laid-off execs are keen to get a piece of the... More »

Lehman CEO Sells Mansion to Wife—for $100

But Fuld's attempt to evade creditors may not work

(Newser) - The housing market is weak, but the $13 million mansion of fallen Lehman CEO Richard Fuld on the Florida coast fetched just $100 last November, reports Reuters. So who forked over the C-note for the seaside property? Fuld's wife Kathleen, famous for carrying her Hermès purchases in generic shopping... More »

Lehman Collapse Leaves Goats in the Lurch

Goat-grazing biz among the herd of creditors burned by bankruptcy

(Newser) - Lehman's collapse has left creditors from Caribbean laborers to the world's biggest banks fighting for a share of what little cash remains, the Wall Street Journal reports. One California business that hires out goats to munch shrubs was shocked to learn that it may face ruin because of the bankruptcy... More »

Lehman to Spin Off $4.5B Private Equity Arm

A strategy of hold and manage, rather than sell into weakness, has emerged

(Newser) - Lehman Brothers, bleeding out but not quite dead, will spin out its private equity arm into an independent firm, which will take on new investment from a South African billionaire investor, the Wall Street Journal reports. The Lehman estate will retain a small interest in Lehman Brothers Merchant Banking, which... More »

Just How Bad Was 2008?

The worst anyone under 70 has seen, Bloomberg reports

(Newser) - If you're under the age of 70, 2008 was probably the worst year you've lived through, reports Bloomberg. Here's why:
  • In housing, which started the downturn, median resale prices saw a 13% decline, the largest since the 1930s.
  • Foreclosure rates reached 2.97%, and mortgage delinquency hit 6.99%, both
... More »

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and... More »

Financial PR Firms Walk a Thin Line

(Newser) - An insider trading case has exposed the potentially problematic relationship between PR companies and corporate clients, and it could have dire consequences for at least one firm, Reuters reports. A Lehman Brothers employee is charged with leaking merger information he got from his wife, a partner at the Brunswick Group... More »

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