Posted on 09/14/2008 9:50:16 PM PDT by HAL9000
BREAKING NEWSLehman Brothers Holdings Inc says filing for Chapter 11 bankruptcy; says no subsidiaries will be included in filing 12:34am EDT
(Excerpt) Read more at reuters.com ...
Did the CEO get 45 million in additional bonuses for this disaster?
The correct link for the article is simply http://www.reuters.com/
Kos on Joe Biden’s bankruptcy bill vote:
“The Biden Bankruptcy Abomination lets non-human legal fictions like corporations declare bankruptcy to overturn labor contracts and stop paying retirement plan obligations.
But it denies equal treatment to American citizens who are human beings.
This Bankruptcy abomination doesn’t let working folks use bankruptcy when a reservist gets called to active duty with a huge pay cut, or when a real person gets overwhelmed with a huge medical bill.
Rich folks also get different treatment under the law than working class Americans. They get to use the old ‘human-friendly’ law just like the non-human legal fictions do.”
Am I the only person tired of bailing out multimillionaires with our tax money?
“What we see here today is the result of Joe Biden’s vote, paid for by MBNA, a company that employed his son. We are not talking about a teen pregnancy here folks, we are talking about a real scandal involving relatives of the Vice Presidential nominee that will cost billions. Thanks to Bidens vote, protections that are no longer given the common man are made for giant corporations...”
Spin away
Nope. Especially when they make millions of dollars in golden parachutes while screwing over investors and lower level employees.
Good riddance Lehman. It's about time the US taxpayer doesn't pick up the bill for your $500 expensed Manhattan dinners.
I believe the Fed knows that the market can bare Lehman's implosion, so they were out of the bailout game.
Wasn’t W the main proponent of bankruptcy “reform?”
and Obama and Biden voted for the Bridge to nowhere. Did not stop them from making political hay out of it. lol
Ping of interest.
“Am I the only person tired of bailing out multimillionaires with our tax money?”
YES....
But ole’ Bill Clinton and Jesse Jackson’s “Racist Mortgage Banks” screed left us NO CHOICE....
When Glass-Steagal was repealed many of us thought it would end like this, but not even in my wildest imagination did I expect it would be THIS BIG...
I never imagined that Inner-city mortgage fraud (What the media DARE NOT talk about, lest it look badly on the MEssiah Obama’s “Community Organizing”) would be allowed to get to the scale it has...
bttt
So they finally did it Hal?
I wonder if CEO got package if you know what I mean
Maybe the Bank of Zimbabwe can buy them out. I heard they have trillions.
Marc Ferber, on CNBC International, says the markets will open down (duh) and the Fed might have an emergency 1/2 percent rate cut. First I heard about a rate cut.
The scary thing is that someone’s two-year old or Yorkshire Terrier could have gotten credit and possibly a mortgage back in the turn of the millennium.
It was a joke. No income qualifications, people signing interest only loans with balloon payments five years down the road that many couldn’t afford, so you’d just refinance, and refinance and refinance. Mortgage brokers and investment bankers making millions on repackaging.
The merry-go-round of credit had to stop sometime. The good news is that the market is working on self-correcting itself.
Did they meet the 11:59 p.m. deadline so that the trades from Sundays emergency session will still be valid?
He'll probably try. And after that, they'll convert the bankruptcy filing to liquidation.
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