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Keyword: lehman

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  • Americans Still Suffering 5 Years After Lehman Bros Failure (Not What Obama Said)

    09/16/2013 4:23:16 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/18/2013 | Anthony B. Sanders
    President Obama gave a speech touting how far the US has come since the jarring Lehman Brothers collapse five years ago. “The U.S. has come a long way since September 2008,” according to President Obama. Well, not in terms of household income since REAL median household income continues to decline. household-income-monthly-median-growth-since-2000 (1) And the less than 1% of the population continues to suffer. [Note how the top 1% fared under President Clinton!] inomr Mortgage purchase applications have tanked along with the employment-to-population ratio. empopombapurch And the labor force participation rate continues to fall along with M2 Money Velocity. lfpm2v We...
  • Lehman's brokerage, Europe units settle $38 billion of claims

    10/07/2012 10:44:32 AM PDT · by george76 · 2 replies
    Reuters ^ | 5 Oct, 2012 | Jonathan Stempel
    The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled litigation over $38 billion of asset claims, a major step toward customers and creditors recovering money. ... Lehman emerged from bankruptcy in March, and has paid out or plans to pay out $33 billion of an expected $65 billion to creditors, recovering an average of 21 cents on the dollar
  • Republicans call Racine recall election 'utter mockery' in letter to GAB [Wisconsin]

    07/12/2012 11:45:28 AM PDT · by Hunton Peck · 6 replies
    Racine Journal Times ^ | 7/11/2012 | BRIDGET THORESON
    RACINE — Calling the local recall election “an utter mockery,” several prominent Assembly Republicans Wednesday called on the Government Accountability Board to resolve election issues before November. A letter signed by State Assembly Speaker Jeff Fitzgerald and Joint Finance Committee Co-Chair Robin Vos, among others, points to several reported problems in the recall for the 21st state Senate District. The issues include tampered-with ballot bags, unsigned poll books and a disregard for same-day registration requirements, they wrote. “It is an utter mockery of our system and clerks are simply not complying with the law,” the letter states. Vos, R-Rochester, said...
  • Senate District 21 recount final, unsettled

    07/03/2012 8:16:08 AM PDT · by afraidfortherepublic · 10 replies
    Wisconsin Reporter ^ | 7-2-12 | M. D. Kittle
    MADISON — Van Wanggaard has five business days to decide whether he wants to continue fighting. The incumbent Republican senator of the 21st Senate District remained 819 votes behind Democratic challenger John Lehman early Monday afternoon, when an extensive recount wrapped up. If Wanggaard concedes, Lehman returns to the seat he held before Wanggaard defeated him in November 2010, giving Democrats, at least for now, a 17-16 majority in the state Senate. “As with my decision to pursue the recount, I will spend the next couple of days reviewing the evidence, speaking with voters, supporters, and my family before deciding...
  • Racine Senate recount could wind up in court

    06/27/2012 12:56:10 PM PDT · by afraidfortherepublic · 29 replies
    JS ONLINE ^ | 6-27-12 | Alison Bauter
    Madison - The odds of Racine's recall recount winding up in court increased Tuesday, as Republican Sen. Van Wanggaard's campaign said it may challenge canvassers' decision to accept ballots from voters who did not sign the poll book. The recount is in its second week after Wanggaard's campaign requested canvassers review an 834-vote victory that favored Democratic challenger John Lehman in the June 5 recall. Republicans' latest contention of voting irregularities in Racine targets election workers who failed to ask voters to sign poll books as required by state law. The Wanggaard campaign also disputes the Government Accountability Board's recommendation...
  • WI: Wanggaard seeks recount in Senate race clouded with irregularities

    06/16/2012 5:33:54 AM PDT · by afraidfortherepublic · 35 replies
    The Wisconsin Reporter ^ | 6-15-12 | M. D. Kittle & Ryan Ekvall
    MADISON — With suspicions growing over voter fraud, incumbent Republican state Sen. Van Wanggaard is asking for a recount of votes cast in the 21st Senate District recall election — an election in which Wanggaard’s Democratic challenger, John Lehman, narrowly won. Or so it appears. Lehman said he’s confident the results will stand and questioned the motives of the incumbent and his party. Earlier this week, in its canvassing of the June 5 election, Racine County elections officials found Lehman added 55 votes to his election night tally, apparently giving the Racine Democrat a victory by 834 votes. That’s a...
  • Wanggaard not conceding, not yet asking for recount... unofficial Lehman win(To Deny Dem Cheats-WI)

    06/06/2012 11:17:12 AM PDT · by Red Steel · 29 replies
    wtmj ^ | June 6, 2012 CREATED 11:45 AM - UPDATED: 12:42 PM | Jay Sorgi
    RACINE - The campaign for Racine Republican State Senator Van Wanggaard has not conceded victory to Democrat John Lehman in a recall election, but has said they are not yet asking for a recount.“We know that there are a number of outstanding absentee ballots, voting irregularities, and that there were problems across the county in the unofficial tally of ballots,” said Wanggaard in a statement. “People across the state and country have asked that I immediately ask for a recount. However, we all know that the best decisions are made when well-rested and after consideration of all options.”Lehman unofficially won the...
  • Report says Democrat takes last Senate seat (Wisconsin Senate can reconvene early...

    06/06/2012 8:52:13 AM PDT · by Laissez-faire capitalist · 60 replies
    Leader-Telegram ^ | 6/6/2012 | Staff
    Democrats appeared to have assumed control of the state Senate with results posted early Wednesday showing former Sen. John Lehman (D-Racine) in a tight race defeating incumbent Van Wanggard, the Milwaukee Journal Sentinel is reporting...
  • Recall politics is old hat in Racine, where no incumbent is safe (WI)

    05/24/2012 4:55:02 AM PDT · by afraidfortherepublic · 4 replies
    JS Online ^ | 5-20-12 | Craig Gilbert
    Racine – If there’s a battleground within the battleground in Wisconsin’s recall wars, this is it – a political no man’s land where the two parties have spent a quarter-century trading control of the same tenuous turf. This is the only state Senate district in America whose voters have forced two recall elections. It’s a district unique in Wisconsin for its volatility and thirst for change. It has changed partisan hands five times in 22 years. It has re-elected its state senators only twice since 1990, and booted them four times, a tally that could rise to five on June...
  • Is Wells Fargo a Lehman in the Making?

    05/03/2012 6:36:11 AM PDT · by SeekAndFind · 3 replies
    Naked Capitalism ^ | 05/03/2012 | Yves Smith
    Banking maven Chris Whalen has a must-read piece on the reckless real estate risk taking underway at Wells Fargo, the sanctimonious #4 bank. While I sometimes take issue with Chris on his readings on capital markets related businesses, he is solid on his knowledge of traditional banking and also has access to very good intelligence in that arena. Thanks to the crisis just past, we tend to think of banks as creating danger to bystanders via their over-the-counter trading operations: securitizations, CDOs, derivatives, all that stuff that is now loosely termed as “shadow banking.” But the US crisis prior to...
  • Lehman rocks Navy with complaints about political correctness

    09/19/2011 11:55:47 AM PDT · by buccaneer81 · 44 replies
    The Washington Times ^ | 18 September 2011 | Rowen Scarborough
    The Navy’s former top civilian has rocked the service in a military journal article by accusing officials of sinking the storied naval air branch into a sea of political correctness. Former Navy Secretary John Lehman, himself a former carrier-based aviator, wrote that the swagger and daring of yesterday’s culture has given way to a focus on integrating women and, this year, gays.
  • Gordon Brown: Euro Crisis Is Even Worse Than Lehman

    09/16/2011 3:11:56 PM PDT · by blam · 18 replies
    TBI ^ | 9-16-2011 | Nick Jardine
    Gordon Brown: Euro Crisis Is Even Worse Than Lehman Nick Jardine Sep. 16, 2011, 4:34 PM Brown says things are worse now than they were in 2008. Former British Prime Minister, Gordon Brown says that the current financial woes are worse than they were in 2008, reports the Telegraph. Speaking at the World Economic Forum in Dalian, China, Brown said he believes that the world's economy could fall into a 1930-like slump if matters continue in the same vein. He told the audience: "The European banks as a whole are grossly under-capitalised: they have liabilities far in excess of American...
  • Obama's fundraising pal: Civil rights hero/Lehman banker/agent of Chinese arms dealer

    05/17/2011 1:24:25 PM PDT · by Qbert · 4 replies
    Washington Examiner ^ | 5/17/2011 | Timothy P. Carney
    President Obama spent last night the way he spends many nights: hustling for $30,000 and $50,000 checks from wealthy donors at a fancy hotel. CNN passed along this detail from the White House: helping to introduce Obama is Ernie Green, a member of the "Little Rock Nine," a group of African-Americans who in 1957 were the first black students ever to attend classes at Little Rock Central High School in Little Rock, Arkansas. Truly impressive. But CNN didn't include other seemingly relevant facts about Ernie Green. He was a director at Wall St. giant Lehman Brothers, where he worked on...
  • Ernst & Young Sued by NY for Fraud over Lehman

    12/21/2010 12:16:25 PM PST · by camerongood210 · 6 replies
    Fox Business Online ^ | December 21, 2010 | Reuters
    Accounting firm Ernst & Young was sued by New York state prosecutors Tuesday, accused of helping to hide financial risks at Lehman Brothers Holdings Inc before the Wall Street firm's 2008 collapse. The civil fraud case seeks $150 million in fees that the accounting firm collected, New York Attorney General Andrew Cuomo said in a statement. The lawsuit also seeks investor damages and other relief in what is one of the biggest government cases involving an accounting firm since Arthur Andersen was criminally indicted in 2002 over the Enron scandal. Ernst & Young was Lehman's outside auditor from 2001 until...
  • BofA must return $500 million seized Lehman deposits

    12/14/2010 12:52:09 PM PST · by longtermmemmory · 24 replies ^ | November 17, 2010 | Santosh Nadgir and Jonathan Stempel
    U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money. "It is difficult to understand how Bank of America could have thought that taking the money was the right thing to do without first seeking permission from the court," Peck wrote in a Tuesday opinion filed in Manhattan bankruptcy court. "The actions taken were surprising and, quite frankly, disappointing for a leading financial institution that should care a great deal about its reputation," he wrote....
  • Al-Qaeda Threat in Philadelphia?

    06/27/2002 3:53:38 PM PDT · by all4one · 225 replies · 3,822+ views
    ABC Channel 6 Action News - Philadelphia ^ | June 27, 2002 | David Henry
    Al-Qaeda Threat in Philadelphia? Philadelphia, PA June 27, 2002 — David Henry reports from the Action Newsroom. An Action News investigation reveals that a chain of jewelry stores operating in the Delaware Valley is being investigated by the FBI for possible connections to the Al Qaeda terror network. A series of raids were carried out yesterday in Philadelphia and across the state of Pennsylvania. The stores are mostly kiosks in shopping malls operating under the name "Intrigue Jewelers." They are all owned by Pakistanis under franchise agreements with a company called Gold Concepts, based in Pennsacola, Florida. Intrigue operates stores...
  • Was the 2008 Panic Preventable? (What if the Government had saved Lehman?)

    09/13/2010 6:43:04 AM PDT · by SeekAndFind · 13 replies
    Wahsington Post ^ | 09/14/2010 | Robert Samuelson
    It's been two years since Lehman Brothers failed (Sept. 15, 2008), and we still can't conclusively answer this question: What if the government had saved Lehman? Its bankruptcy was pivotal. Until then, deteriorating housing and mortgage markets had triggered what seemed a serious -- but not unprecedented -- recession. Once Lehman failed, the economy went into a frenzied free fall. It's hard not to wonder whether some of the ensuing turmoil could have been avoided. Consider what happened after Lehman: -- Credit tightened. Banks wouldn't lend to each other, except at exorbitant interest rates. Rates on high-quality corporate bonds went...
  • Could Panic Of '08 Have Been Averted?

    09/10/2010 6:25:48 PM PDT · by Kaslin · 25 replies
    IBD Editorials ^ | September 10, 2010 | ROBERT J. SAMUELSON
    It's been two years since Lehman Bros. failed (Sept. 15, 2008) and we still can't conclusively answer this question: What if the government had saved Lehman? Its bankruptcy was pivotal. Until then, deteriorating housing and mortgage markets had triggered what seemed a serious — but not unprecedented — recession. Once Lehman failed, the economy went into a frenzied free fall. It's hard not to wonder whether some of the ensuing turmoil could have been avoided. Consider what happened after Lehman: • Credit tightened. Banks wouldn't lend to each other, except at exorbitant interest rates. Rates on high-quality corporate bonds went...
  • CRAMER: If You Don't Get A Lehman Brothers II In Europe In 48 Hours, Financial Stocks Will Go Up

    05/19/2010 1:59:41 PM PDT · by blam · 8 replies · 1,252+ views
    The Business Insider ^ | 5-19-2010 | Joe Weisenthal
    CRAMER: If You Don't Get A Lehman Brothers II In Europe In 48 Hours, Financial Stocks Will Go Up Joe Weisenthal May. 19, 2010, 2:41 PM Image: CNBC He just said to to Amanda Drury during his STOP TRADING segment. "The market is prepared for Lehman II... and if you don't get a Lehman II, and all you get is a slowdown, our stocks may not be so horrible." He specifically cited a 48-hour window for this to happen. Otherwise, it's time to buy the financial stocks. As for the risk from financial regulation, Jim Cramer says that's over. Dodd...
  • Ohio pensions took $480M hit after Lehman collapse

    04/20/2010 6:53:10 AM PDT · by TigerLikesRooster · 8 replies · 398+ views
    AP ^ | 04/19/10 | JULIE CARR SMYTH
    Ohio pensions took $480M hit after Lehman collapse By JULIE CARR SMYTH, AP Statehouse Correspondent Mon Apr 19, 7:13 pm ET COLUMBUS, Ohio – State records show that Ohio's public pension funds took a $480 million hit to investments managed by Lehman Brothers as the banking giant collapsed. Calculations on the shrinking values of the pension funds' Lehman-managed holdings were released to U.S. Rep. Mary Jo Kilroy of Columbus in advance of Tuesday hearings on the collapse. The Public Employees Retirement System saw the biggest impact to its portfolio of Lehman Brothers holdings. They declined in value from $441.4 million...
  • How Washington Abetted the Bank Job

    04/04/2010 1:56:59 PM PDT · by neverdem · 11 replies · 693+ views
    NY Times ^ | April 4, 2010 | SUSAN P. KONIAK, GEORGE M. COHEN, DAVID A. DANA and THOMAS ROSS
    A FEW weeks ago, two Republican House members asked Ben Bernanke, the chairman of the Federal Reserve, whether the Fed knew — before Lehman’s bankruptcy examiner revealed it — about the bookkeeping scam at Lehman known as “Repo 105.” This scam allowed Lehman to disguise how much debt it was carrying, right up until it collapsed. Lehman got new loans to pay off old loans, pretended the new loans were “sales,” and through a complicated series of steps made both the old and new loans disappear just in time for its quarterly reports. Mr. Bernanke said the Fed had known...
  • Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions ....

    03/19/2010 8:14:01 PM PDT · by TigerLikesRooster · 30 replies · 838+ views
    NYmag ^ | 03/17/10
    * 3/17/10 at 10:58 AM Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions of Dollars Is a Big Deal How do you think former Lehman Brothers executives felt about the recently released report on the firm's failure that reveals, among other things, the firm used a weird accounting practice known as "Repo 105" to move $50 billion of toxic mortgage assets off its books in order to make its balance sheet look healthier? Embarrassed? Regretful? Are they thinking to themselves Wow, in retrospect, that does look pretty bad. What were we thinking? Not really, no. This morning's Post...
  • Merrill staffers reportedly warned SEC over Lehman

    03/19/2010 3:18:05 PM PDT · by TigerLikesRooster · 4 replies · 216+ views
    Market Watch ^ | 03/19/10 | Simon Kennedy
    March 19, 2010, 7:05 a.m. EDT Merrill staffers reportedly warned SEC over Lehman By Simon Kennedy, MarketWatch LONDON (MarketWatch) -- Former Merrill Lynch officials warned the Securities and Exchange Commission and Federal Reserve that Lehman Brothers was incorrectly calculating its liquidity position months before its collapse, according to a published media report. Separately, Lehman also reportedly renewed its efforts to have the sale of assets to Barclays (LSE:UK:BARC) (NYSE:BCS) reexamined by a court, claiming that the U.K. bank had earned a windfall of over $11 billion from the deal. Former staffers at Merrill, which was later acquired by Bank of...
  • The "Repo 105" Scam: How Lehman Fooled Everyone

    03/12/2010 6:45:38 AM PST · by Beave Meister · 20 replies · 966+ views
    Zero Hedge ^ | 3/11/2010 | Tyler Durden
    Presenting a detailed look at "Repo 105" - the next soundbite sure to fill the airwaves over the next weeks and months, as more and more banks are uncovered to be using this borderline criminal accounting gimmick to make their leverage ratios look better. This is the first time we have heard this loophole abuse by a bank, be it defunct (Lehman) or existing (everyone else). There should be an immediate investigation into how many other banks are currently taking advantage of this artificial scheme to manipulate and misrepresent their cap ratio, and just why the New York Fed can...
  • In Lehman’s Demise, Some Shades of Enron (Repo 105 scam--Enron type of scam)

    03/13/2010 9:22:52 AM PST · by Ernest_at_the_Beach · 3 replies · 267+ views
    The New York Times ^ | March 12, 2010, 8:00 pm | Peter J. Henning
    March 12, 2010, 8:00 pm The bankruptcy examiner’s report filed by Anton R. Valukas on the 2008 demise of Lehman Brothers discusses some accounting gimmicks that are eerily reminiscent of how Enron tried to prop up its balance sheet back in 2001 before it collapsed. Both companies appear to have played right along the edge of properly accounting for transactions designed to make them appear much stronger than they turned out to be, becoming steadily more aggressive as they teetered on the brink of ruin. Peter J. Henning, writing for DealBook’s White Collar Watch, is a commentator on white-collar crime...
  • Lehman autopsy shows evidence of problems (Repo 105 Scam)

    03/13/2010 8:58:59 AM PST · by Ernest_at_the_Beach · 4 replies · 313+ views
    MarketWatch ^ | March 12, 2010, 3:51 p.m. EST | MarketWatch
    Examiner says legal claims possible against CEO Fuld, J.P. Morgan, Citi, others LOS ANGELES (MarketWatch) -- Bankrupt financial giant Lehman Bros.' former top officers, its auditor and several rival brokers could face legal claims, a court-appointed examiner said in a report released Thursday.In a 2,200-page report, examiner Anton Valukas said that while Lehman's directors at the time of the collapse weren't necessarily responsible, some of its top executive management might be held liable, according to reports of the findings. Lehman is currently undergoing court-supervised liquidation to pay off creditors. Valukas mentioned ex-Chief Executive Dick Fuld and chief financial officers Chris...
  • Examiner: Repo 105 helped disguise Lehman's ailing health

    03/13/2010 8:48:55 AM PST · by Ernest_at_the_Beach · 3 replies · 228+ views
    MarketWatch ^ | March 12, 2010, 10:31 a.m. EST | Simon Kennedy, MarketWatch
    LONDON (MarketWatch) -- An accounting maneuver known as "Repo 105" was a "drug" that helped maintain a veneer of health on Lehman Brothers' crumbling balance sheet in the months running up to its bankruptcy, a report from a court-appointed examiner shows.The firm began using the Repo 105 as far back as 2001, but its use picked up sharply toward the end of 2007, even in the face of concern from some staff, as banks worldwide came under more and more pressure to cut their leverage. Responding to an April 2008 email asking if he was familiar with the transaction, Bart...
  • Bond Vigilantes Set Sights on Sovereign Debt

    02/26/2010 6:25:01 AM PST · by george76 · 2 replies · 255+ views
    Seeking Alpha ^ | February 25, 2010 | Gary Dorsch
    The collapse of Lehman Brothers ...triggered one of the biggest corporate debt defaults in history, and also ignited the biggest stock market meltdown in decades. When the smoke had finally cleared, LehmanÂ’s bonds attracted bids of 8 cents on the dollar, resulting in staggering losses of $365 billion. Worse yet, about 350 banks and investors were thought to have insured $400 billion of LehmanÂ’s bonds through complex derivatives, known as credit default swaps (CDSs), causing even deeper losses and mayhem in the markets. A fifth was wiped off London Footsie shares. In Tokyo the Nikkei-225 index lost 10% of its...
  • Two Days That Upended Wall Street

    02/01/2010 6:27:33 PM PST · by GOP_Lady · 29 replies · 681+ views
    The Wall Street Journal ^ | 01-31-10 | HENRY M. PAULSON JR.
    Former Treasury Secretary Paulson's New Book Details Tense Hours Leading Up to Lehman Brothers' Bankruptcy The following account of the tense 48 hours preceding the bankruptcy of Lehman Brothers is excerpted from former Treasury Secretary Hank Paulson's new book, "On the Brink." Early Saturday morning, I left the Waldorf-Astoria Hotel in Midtown Manhattan, climbed into a car, and sped down a deserted Park Avenue, arriving at the New York Fed just after 7 a.m. We rode the elevator up to the 13th floor, where Tim Geithner had arranged for me to work in an office just down the hall from...
  • Lehman: Clueless Obama (Check THIS out!!)

    01/07/2010 4:18:29 PM PST · by SE Mom · 87 replies · 4,409+ views
    The Corner ^ | 7 January 2010 | Robert Costa
    <p>Commission, tells National Review Online that, “frankly, I’m pissed off.”</p> <p>“President Obama just doesn’t get it,” says Lehman. “I don’t think he has a clue. It’s all pure spin. He’s ignoring key issues and taking respectable professionals like John Brennan and turning them into hacks and shills. It’s beyond contempt.”</p>
  • An Overview Of The Fed's Intervention In Equity Markets Via The Primary Dealer Credit Facility

    10/25/2009 9:53:04 PM PDT · by crosstimbers · 2 replies · 276+ views
    ZeroHedge ^ | October 25, 2009 | Tyler Durden
    Recently, Zero Hedge presented a snapshot analysis of the various securities that made up the triparty repo agreement involving JPM, Lehman and the Fed. We uncovered numerous bankrupt companies' equities that were being pledged as collateral for what ultimately was taxpayer exposure. To our surprise, this discovery is not an exception... (snip) On two occasions last year: on March 16, 2008, and subsequently on September 14, 2008, the Federal Reserve first established what is known as the Primary Dealer Credit Facility (PDCF), and subsequently amended it, so that the Fed, in becoming the lender of last resort, would allow any...
  • Feds threatened to oust BofA execs over Merrill deal

    10/21/2009 7:19:50 PM PDT · by markomalley · 44 replies · 2,842+ views
    Washington Times ^ | 10/21/2009 | Kara Rowland
    Government regulators threatened to remove top Bank of America executives if they backed out of a buyout of failing brokerage giant Merrill Lynch, and offered to provide taxpayer funds to compensate for Merrill's poor performance, according to company records obtained by The Washington Times. The documents - e-mails between bank executives and their outside attorneys as well as board meeting "talking points" prepared for then-Bank of America Chief Executive Ken Lewis - offer new insight into the hardball tactics that produced one of the biggest deals negotiated during the late 2008 global financial crisis, one that is still reverberating on...
  • The Race to Save Lehman Brothers ("Too Big to Fail")

    10/21/2009 12:31:38 AM PDT · by CutePuppy · 3 replies · 566+ views
    CNBC / NYTimes ^ | October 20, 2009 | Andrew Ross Sorkin
    In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.Adapted from "Too Big to Fail: How Wall Street and Washington Fought to Save the Financial System — And Themselves." The book, being published Tuesday by...
  • How Harvard Nearly Went Bankrupt After A Rogue Interest Rate Swap Went Very Sour

    10/18/2009 6:13:00 AM PDT · by TigerLikesRooster · 34 replies · 1,692+ views
    Zero Hedge ^ | 10/16/09 | Tyler Durden
    How Harvard Nearly Went Bankrupt After A Rogue Interest Rate Swap Went Very Sour Submitted by Tyler Durden on 10/16/2009 17:45 -0500 The school that epitomizes the dangers of groupthink (especially by very intelligent people) and tends to get caught in both the virtues and vices of its own ingeniosity, saw just how expensive hubris can be in 2009. Harvard's endowment dropped 27.3% in 2009 to $27 after hitting roughly $10 billion higher the year before. /snip Yet most notable in the entire report is an interesting story for all those who claim that representing the $200 or so trillion...
  • McCain a booster as Romney works to win over skeptics [Romney convinced McCain to back TARP]

    09/30/2009 10:09:58 PM PDT · by rabscuttle385 · 80 replies · 3,691+ views
    The Boston Globe ^ | 2009-10-01 | Sasha Issenberg
    WASHINGTON - Mitt Romney had already sent out invitations for his Phoenix fund-raiser, offering supporters the chance to meet him in a Chase Field luxury box over a $300-per-person lunch or a $3,000 VIP reception. But when former rival John McCain called with an offer to be listed as host for the event in his hometown, Romney happily went back to the printer for a new invitation with McCain’s name emblazoned on it. Yesterday, McCain’s gesture helped Romney’s political action committee raise about $80,000. It also consummated an 18-month rapprochement between two competitors who battled for the 2008 GOP presidential...
  • When Obama /Jarrett and Rezko Faked The Poor Into Sub-standard Real Estate Deals

    09/29/2009 10:48:43 PM PDT · by Shellybenoit · 2 replies · 811+ views
    Boston Globe/The Lid ^ | 9/30/09 | The Lid
    Just a few short weeks ago the President spoke to Wall Street CEOs on the anniversary of the Lehman Bros. collapse: Unfortunately, there are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman and the crisis from which we're still recovering, they're choosing to ignore those lessons. I'm convinced they do so not just at their own peril, but at our nation's. So I want everybody here to hear my words: We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this...
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...
  • Exclusive report: John Lehman, former Sec Navy, on the Lessons of 9/11

    09/18/2009 7:28:40 PM PDT · by clyde_m · 4 replies · 387+ views
    The Patriot Room ^ | September 18, 2009 | Clyde Middleton
    Former Secretary of the Navy under Reagan, and member of the 9/11 Commission, John Lehman spoke tonight on the campus of St. Joseph's University. His topic was "The Lessons of 9/11: What we have learned, what have we accomplished, and what remains to be done."
  • Lehman And Meritocracy (Why they pay outrageously well in Wall Street)

    09/15/2009 7:25:49 AM PDT · by SeekAndFind · 85 replies · 1,683+ views
    Forbes ^ | 9/15/2009 | Andy Kessler
    Part of the charm of Wall Street, and what scares most reasonable people away, is that it is as close to a meritocracy as exists on this earth. It's dog eat dog. It's sink or swim. You do a trade and it makes money, then you're a hero (for a moment anyway) and deserve a bonus. You bring in a deal, you get paid. You lasso more clients' assets under your firm's roof, you're a hitter. I once discovered some good news on the stocks I followed before the rest of the Street, and mentioned it to the sales force...
  • Why a Lehman deal would not have saved us

    09/14/2009 2:24:10 PM PDT · by BGHater · 2 replies · 514+ views
    FT ^ | 14 Sep 2009 | Niall Ferguson
    If only. Lawrence McDonald begins his insider’s account of the fall of Lehman Brothers with seven “what if” scenarios, speculating on how different decisions might have saved his former employer. If only Dick Fuld, Lehman’s chief executive, had listened to those who warned of impending losses on the bank’s property portfolio. If only Fuld had not antagonised Hank Paulson, the then Treasury secretary. And so on.* Mr McDonald is far from the only person who believes that the Lehman bankruptcy could have been avoided. Alan Blinder, the former Federal Reserve vice-chairman, has called the decision to let the bank fail...
  • The Last Days of Lehman Brothers

    09/14/2009 10:07:09 AM PDT · by FromLori · 32 replies · 1,662+ views
    Economic Policy Journal ^ | 9/14/09 | Robert Wenzel
    A BBC production of the last days of Lehman Brothers is a must see. You have to read between the lines a bit, but the production shows how Treasury Secretary Paulson treated Lehman different from the way he handled others that had just as many problems as Lehman. In a nice touch, the BBC hints that Paulson tipped off former Goldman man, and then Merrill CEO, John Thain, of the trouble ahead----which was behind Merrill's sale to Bank of America. The dramatization does a nice job of showing Thain's style in landing an incredible $29 per share for Merrill from...
  • Morning Market Report

    09/14/2009 6:15:38 AM PDT · by fiscon1 · 1 replies · 130+ views
    The Provocateur ^ | 09/14/2009 | Mike Volpe
    Equities fell on Friday however all three indices were up for the week. They are looking to open however a bit less than one percent down this morning. According to CNBC, the lower opening reflects a trade dispute between China and the U.S. Stock index futures were pointing to a lower opening for Wall Street as investors worried over a trade dispute between the US and China and reflected on the one-year anniversary of the Lehman Brothers collapse.
  • Who's Too Big to Fail? [Federal Reserve, FDIC rebuffing more FOIA requests]

    09/13/2009 11:46:27 PM PDT · by rabscuttle385 · 13 replies · 1,184+ views
    Regulators today won't define 'systemic risk,' unlike 25 years ago. With Congress back in session and the anniversary of the Lehman Brothers failure upon us, the Obama Administration is resuming its quest for greatly expanded authority to bail out American businesses. Under the Treasury reform blueprint, any financial company, whether a regulated bank or not, could be rescued or seized by the Federal Deposit Insurance Corporation if regulators believe it poses a systemic risk. If recent history is any guide, when the feds stage their next intervention, they will not define "systemic risk" and they will refuse to release the...
  • Lehman collapse: President Barack Obama to push banking overhaul

    09/13/2009 4:28:21 PM PDT · by blueyon · 61 replies · 3,580+ views
    drudge ^ | 9-13-09 | James Quinn
    On the eve of the one-year anniversary of Lehman's liquidation filing , the US President will on Monday warn that there remains much to be done to ensure the problems of the last 12 months do not happen again. Speaking just 10 days before the start of the G20 summit in Pittsburgh – at which world leaders are set to discuss curtailing bankers' bonuses among a raft of potentially restrictive reforms – he will also put the amount of capital banks hold on their balance sheets back at the top of the agenda, acknowledging that the demise of Lehman and...
  • Lehman is a footnote in the great East-West globalisation crisis

    09/12/2009 11:35:18 PM PDT · by bruinbirdman · 309+ views
    The Telegraph ^ | 9/12/2009 | Ambrose Evans-Pritchard
    You can see why markets and governments both like to blame Lehman Brothers for the "Great Contraction". Such wishful thinking shields investors from the nasty reality that deeper forces are at work: it absolves officialdom from its own destructive role in fixing the price of credit too low for 20 years, luring us into debt. As my colleague Jeremy Warner puts it, Lehman no more caused the economic convulsions of the last year than the assassination caused the First World War. There was the little matter of a rising Germany then, and rising China now. Both scrambled the international system,...
  • Jim Rogers: We Need More Lehmans

    09/10/2009 8:43:44 AM PDT · by george76 · 7 replies · 787+ views
    the Financial Times ^ | Sep. 10, 2009 | John Carney
    "Letting Lehman fail was perhaps the only thing governments have done right during this whole drama,". Rogers argues that the government's actions to rescue Long Term Capital Management ten years ago created systemic risk based on the assumption that the government would ride to the rescue. "Had the central bank allowed the failure of Long Term Capital Management to run its course, Lehman, Bear Stearns, et al would still be here,"

    09/09/2009 8:55:23 AM PDT · by bethybabes69 · 5 replies · 768+ views
    Web of Debt ^ | Sep 7th 2009 | Ellen Brown
    A year after the bankruptcy of Lehman Brothers on September 15, 2008, questions still swirl around its collapse. Lawrence MacDonald, whose book A Colossal Failure of Common Sense came out in July 2009, maintains that the bank was not in substantially worse shape than other major Wall Street banks. He says Lehman was just “put to sleep. They put the pillow over the face of Lehman Brothers and they put her to sleep.” The question is, why?
  • How the collapse of Lehman Brothers pushed capitalism to the brink

    09/04/2009 9:27:58 AM PDT · by lowbuck · 10 replies · 554+ views
    Guardian (London) ^ | 4 September 2009 | Andrew Clark
    The game was up. Gathered in a first-floor conference room at the Federal Reserve Bank of New York, a huddle of senior Lehman Brothers executives realised that their firm was bust. A last-ditch effort to get Barclays to buy the 185-year-old Wall Street bank had failed. The British were not coming. Bankruptcy was the only card left to play.
  • Lehman downfall triggered by mix-up between London and Washington

    09/04/2009 9:24:31 AM PDT · by lowbuck · 4 replies · 412+ views
    Guardian (London) ^ | 3 September 2009 | Larry Elliott and Jill Treanor
    A breakdown in communications at the highest level between the US and the UK led to the shock collapse of the investment bank Lehman Brothers in September last year, a Guardian/Observer investigation has revealed. The downfall of Lehman, which triggered the biggest banking crisis since the Great Depression, came after a rescue bid by the high street bank Barclays failed to materialise.
  • Fed didn’t save the economy

    08/23/2009 3:37:35 PM PDT · by 1rudeboy · 95 replies · 1,767+ views
    AJC ^ | August 22, 2009 | Thomas Oliver
    As consensus builds that the recession is over, some are crediting Federal Reserve chairman Ben Bernanke’s stewardship and all but re-nominating him by acclamation. But others worry that declaring the recession over is a tad premature. “I would be hesitant to declare the recession over while unemployment remains so dire,” said George Selgin, professor of economics at the Terry College of Business at UGA and a senior fellow at the Cato Institute, a libertarian think tank. Even if the recession were ending, Selgin thinks it would be a mistake to credit the Fed with the recovery. (It’s not a religious...