I’ve said it before, and I’ll say it again: President Bush will get *all* of the bad news out into the Public purview before he leaves Office, so as to give his successor an easier job.
ML/NJ
Hey, it’s only money!
And it’s not even FDIC Friday yet!
ping
Too bad the Federal Government is not there to bail is all our of our bad investments.
Only the chosen few have that privilege.
This is bullsht
Call me a pollyanna, but I hope that this is not true. That said, if it DOES happen, I hope the private companies don’t get and federal dollars.
I guess I AM a pollyanna!!!
Someone fill me in here — why is the gubmint involved?
“Lehman Brothers, which had been anxious to show it could weather the credit crisis that contributed to the firm’s $3.9 billion third-quarter loss, said Wednesday that it would sell a majority stake in its investment-management division, slash its dividend and spin off about $30 billion of real estate assets.”
The money line. They thought they could hang on long enough to get bailed out, $3.9 billion loss? who beside the government is going to buy a majority share?, slash its dividend after losing $3.9 billion? What dividend? “spin off”? sounds like a fire sale to the feds.
Washington Post has changed the headline and opening to the story:
U.S. Government Assisting in Sale of Lehman Brothers
The Treasury Department and the Federal Reserve are helping Lehman Brothers put itself up for sale. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.
The Fed and Treasury are talking to a wide range of firms and examining multiple scenarios for the sale of the venerable investment brokerage.
My guess is the Treasury and Fed must be offering some guarantees like they did with Bear Sterns.
New York is toast as the world’s financial capital. They just don’t know it yet. London and Dubai are the new centers of finance.
No doubt about it.
The government bails out Fannie Mae, Freddie Mac and Lehman Brothers...with taxpayer money.
Are these people going to give back their millions of dollars in bonuses? Jamie Gorelick made 26 million at Fannie Mae. Johnson made similar millions. All the while they cooked the books to make sure they got their bonuses. And the taxpayers now pick up the pieces.
Apparently there is no end to welfare. Corporate welfare, private welfare.
Let this be a lesson to everyone here...start a company, take as much risk as you want....as long as you become big enough the Gubmint will be there to bail you out.
Why manage risk at all? Your government will be there to sell you to the Saudis.
anyone know?
bet they are selling foreign like UBS and others have
this housing market boom turns bust and subsequent loan bundling exposure collapse has turned into a bonanza for foreign firms to pick up huge pieces of the US and US exposed financial services industry on the cheap with a weak dollar.
i don't recall anything like this before except when the Japs bought up chunks of real estate after the Carter recession
i had a BBQ lunch with a banker today on some commercial mortgage stuff....he said his bank wished they were US Bank, they had no bundling exposure
so many banks and firms going cheap but so few acquirers(sic)fat with cash domestically
those Lehmans shoulda stayed in Montgomery I tell ya...and the damned Shulzbergers in Knoxville while we're at it
U.S. Treasury printing presses running 24/7.
U.S. Taxpayers deeply saddened.
U.S. Dollar in the trash can.
Lehman Brothers executives expecting rich severance checks.
What’s wrong with this picture?
Anyone know how much money the board and the executives will walk away with?
The beginning of the end of American Capitalism.....