Lehman Brothers

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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...

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...

Just How Bad Was 2008?
 Just How Bad Was 2008? 
Dec 31, 2008 4:37 PM CST

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
...

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...

Financial PR Firms Walk a Thin Line
Financial PR Firms
Walk a Thin Line
analysis
Dec 22, 2008 6:24 PM CST

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...

Hirst Is Art World's Lehman
 Hirst Is Art World's Lehman 
OPINION
Dec 22, 2008 12:21 PM CST

Hirst Is Art World's Lehman

September mega-sale coincided with investment bank's collapse

(Newser) - With the collapse of Lehman Brothers having opened an “anxious new era” in financial circles and among consumers at large, the auction that brought artist Damien Hirst $166 million on Sept. 15—the very day Lehman went bust—clearly marks the division, Martin Gayford writes for Bloomberg. By year’...

SEC: Ex-Lehman Broker Stole Inside Info From Wife

$4.8m conspiracy earned cash, luxe rewards

(Newser) - A former Lehman Brothers broker was charged yesterday in a $4.8 million insider trading scheme built on his PR-exec wife’s knowledge of upcoming mergers, the AP reports. Matthew Devlin passed information to friends and associates (including former Playboy model Maria Checa), and won cash, luxury goods, and tuition...

Feds Let Lehman Fail—Then Loaned It $138B Anyway

Paulson & Co. say cash was to 'facilitate orderly wind-down' of trades, but questions persist

(Newser) - After refusing to bail out Lehman Brothers, the Federal Reserve funneled $87 billion to a subsidiary through JPMorgan Chase on Sept. 15, then another $51 billion the next day. The feds say they aimed to “facilitate an orderly wind-down” of Lehman’s broker-dealer operations, Andrew Ross Sorkin writes in...

Merrill Boss Seeks $10M Bonus

Directors unlikely to comply given public sentiment

(Newser) - Merrill Lynch narrowly escaped extinction this fall, and CEO John Thain is seeking an end-of-year bonus of as much as $10 million for keeping the company alive, reports the Wall Street Journal. Merrill's board of directors—acutely aware of public scrutiny—appear unlikely to fork over that kind of package...

Big Players Reel in Charity Spending

Drop-off in corporate giving leaves groups scrambling

(Newser) - Charities used to getting much of their money from major corporations and private foundations are feeling the economic downturn, the Wall Street Journal reports. Bill Gates’ foundation plans to give fewer grants next year, and other large donors are honoring existing pledges but refusing to make new ones. “You...

Wall Streeters Question Geithner's Role in Crisis
Wall Streeters Question Geithner's
Role in Crisis
ANALYSIS
Nov 25, 2008 8:51 AM CST

Wall Streeters Question Geithner's Role in Crisis

Treasury pick has been at the table all along

(Newser) - Markets surged yesterday when Barack Obama announced that Timothy Geithner would become treasury secretary as part of an all-star economic team. But Wall Street actually harbors some skepticism about Geithner, writes Andrew Sorkin in the New York Times. As chair of the New York Fed, Geithner was the point man...

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry...

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(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...

Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

(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...

Disgraced Lehman CEO Fired
 Disgraced Lehman CEO Fired 
Nov 6, 2008 3:13 AM CST

Disgraced Lehman CEO Fired

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

(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...

Japan's Own Banking Crisis Informs Current Power Play

Segue to international market could bolster declining profits

(Newser) - Japanese banks, which just years ago needed US investors to save them from bankruptcy, are using the current crisis to scoop up low-priced international firms. The timing is perfect for the Asian banks, desperate to bolster profits limited by a saturated domestic sector, the Financial Times reports. Though expansion may...

Paulson: I'd Do It All Again

Treasury secretary defends his actions in Times sit-down

(Newser) - Does Henry Paulson have any regrets about his widely-panned handling of the financial crisis? “I could have seen the subprime problem coming earlier,” he allows, before quickly adding, “I’m not saying I would have done anything differently.” Critics see things differently, of course, so Paulson...

Stocks Rally, Clearing 9,000
 Stocks Rally, Clearing 9,000 
MARKETS
Oct 20, 2008 3:33 PM CDT

Stocks Rally, Clearing 9,000

Bernanke urges more fiscal stimulus

(Newser) - Stocks extended earlier gains with a late-session rally today as Ben Bernanke voiced support for a new fiscal stimulus package and a key indicator showed a loosening in the flow of credit, MarketWatch reports. The Dow rose 413.21 to 9,265.43, the first time it has closed over...

US Probes of Lehman May Include Fuld Subpoena

NY, NJ prosecutors convene grand juries to investigate stock-offer fraud

(Newser) - Lehman Brothers is getting the evil eye from three different US attorneys, who have convened grand juries to investigate the failed investment bank, Bloomberg reports. Prosecutors are particularly interested in a $6 billion stock offering made in June, and suspect Lehman was not straightforward with investors about the financial health...

Where Is Wall Street's Leadership in This Mess?
Where Is Wall Street's Leadership in This Mess?
OPINION
Oct 14, 2008 12:53 PM CDT

Where Is Wall Street's Leadership in This Mess?

Finance could take steps to mend the crisis of confidence

(Newser) - It’s easy to criticize Hank Paulson, writes Steven Pearlstein for the Washington Post—for not predicting the depth and breadth of the crisis as subprime mortgages went sour a year ago, for letting Lehman Brothers fail, or for taking his lead from the UK this weekend. But Paulson and...

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