http://www.freerepublic.com/tag/lehmanbrothers/ en-us Fri, 4 Dec 2009 23:43:47 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2400605/posts Even Timmy is slowly realizing that the Administration will need to find a way to deflect Main Steet's anger at Goldman and keep it focused exclusively on Wall Street instead of equating it with Obama et al. The problem is - you make some very serious, tentacled enemies in the process. Geithner also flip flops on his prior position on the transaction tax. While before he was more opposed to the transaction tax than even Marla, his new "windsocked" position on the topic may now provide a challenge even to Nitric Oxide inhibitors. But here is the clincher for the... Zero Hedge http://www.freerepublic.com/focus/f-news/2400605/posts#comment Fri, 4 Dec 2009 23:43:47 GMT http://www.freerepublic.com/focus/f-chat/2286227/posts If you haven't read Matt Taibbi's recent Rolling Stone piece on Goldman Sachs, make sure to get your hands on it ASAP. It's a must read on how Goldman Sachs and the U.S. government work hand in glove to produce giant investment bubbles... bubbles that allow Goldman to work over investors for hundreds of billions of dollars. We don't think you can lay all the blame for the housing bubble and the tech bubble at Goldman's feet... but we do find it suspicious that a ton of high level government posts are staffed by Goldman employees. It's close to a... Rolling Stones http://www.freerepublic.com/focus/f-chat/2286227/posts#comment Mon, 6 Jul 2009 01:47:07 GMT http://www.freerepublic.com/focus/f-news/2397463/posts “I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank... Trueslant.com http://www.freerepublic.com/focus/f-news/2397463/posts#comment Tue, 1 Dec 2009 10:18:30 GMT http://www.freerepublic.com/focus/f-news/2091845/posts 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,... Various http://www.freerepublic.com/focus/f-news/2091845/posts#comment Sat, 27 Sep 2008 17:08:08 GMT http://www.freerepublic.com/focus/f-news/2339396/posts 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... Economic Policy Journal http://www.freerepublic.com/focus/f-news/2339396/posts#comment Mon, 14 Sep 2009 17:07:09 GMT http://www.freerepublic.com/focus/f-news/2339463/posts JOHN KING (host): If you pick up Maureen Dowd's column in The New York Times this morning, she goes through Congressman (Joe) Wilson's statement, some of the other things, and she says in her -- she has come to the conclusion, quote: "Some people just can't believe a black man is president and will never accept it." Does the president believe that some of these attacks are based on his race? WHITE HOUSE PRESS SEC. ROBERT GIBBS: I don't think the president believes that people are upset because of the color of his skin. I think people are upset because... CNN transcript via Washington Post http://www.freerepublic.com/focus/f-news/2339463/posts#comment Mon, 14 Sep 2009 18:31:27 GMT http://www.freerepublic.com/focus/f-news/2338976/posts LONDON (Reuters) – The former deputy Governor of the Bank of England said he was "astounded" the U.S. government let Lehman Brothers go under, and that the bank's collapse marked a clear moment when people lost confidence in the markets. Sir John Gieve said in an interview with Sky News he had fully expected U.S. authorities to step in this time last year to rescue the stricken investment bank, as it had done earlier with peer Bear Stearns. The Federal Reserve put up $29 billion in March 2008 to underwrite JP Morgan Chase's (JPM.N) rescue of Bear Stearns, and was... Reuters on Yahoo http://www.freerepublic.com/focus/f-news/2338976/posts#comment Mon, 14 Sep 2009 02:25:27 GMT http://www.freerepublic.com/focus/f-news/2222345/posts WASHINGTON (AFP) – The top White House economic adviser Lawrence Summers received more than five million dollars last year from the hedge fund D.E. Shaw and collected 2.7 million in speaking fees from Wall Street firms benefiting from government bailout money, The New York Times reported Saturday. Citing new financial information about top officials in the administration of Barack Obama, the newspaper said Summers had made 40 paid appearances, including a speech to the investment firm Goldman Sachs, for which he was paid 135,000 dollars. Summers, a former president of Harvard University and treasury secretary in the Clinton administration, leads... AFP on Yahoo http://www.freerepublic.com/focus/f-news/2222345/posts#comment Sat, 4 Apr 2009 17:23:02 GMT http://www.freerepublic.com/focus/f-news/2222408/posts Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, disclosure forms released by the White House showed on Friday. Summers was also paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms. The disclosure documents on Summers and other White House officials advising Obama on the global financial crisis covered 2008 and the first few months of this year. Summers became an official adviser on January 20 when Obama took office. Summers, who was... Reuters UK http://www.freerepublic.com/focus/f-news/2222408/posts#comment Sat, 4 Apr 2009 19:25:27 GMT http://www.freerepublic.com/focus/f-news/2280141/posts Quietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006. As you know we already had three branches; they are: § The Judicial: the Supreme Court § The Executive: the President § The Legislative: Congress This pretty much has us covered in terms of political strategy… but what about financial issues? Everyone knows Congress has no clue how to allocate capital. And the Executive Branch doesn’t exactly have a great track record when it comes to financial matters either (we’ve run a deficit virtually every year since 1970). Shouldn’t... Seeking Alpha http://www.freerepublic.com/focus/f-news/2280141/posts#comment Fri, 26 Jun 2009 18:14:45 GMT http://www.freerepublic.com/focus/f-news/2215533/posts LONDON (MarketWatch) -- American International Group Inc has been forced to post more than GBP500 million as collateral to cover possible defaults on rental payments on properties in Canary Wharf leased by Lehman Brothers Holdings Inc. and Citigroup Inc. The move was triggered by a fall in the credit rating of AIG, which provides securitization to insure the leases. AIG posted cash collateral of approximately GBP224 million to cover Lehman's lease on 25-30 Bank Street and GBP276.3 million to cover Citigroup's rental obligations at 33 Canada Square. There is no suggestion that either tenant is likely to default, even though... Marketwatch http://www.freerepublic.com/focus/f-news/2215533/posts#comment Thu, 26 Mar 2009 20:23:56 GMT http://www.freerepublic.com/focus/f-news/2174743/posts The sudden crash in oil prices might be the smoking gun that shows speculation, rather than supply and demand, drove the huge run-up in oil futures last year. Daniel Fine of the New Mexico Institute of Mining and Technology’s Center for Energy Policy told participants at a forum in Albuquerque Jan. 16 that massive, speculative trading by investment banks like Lehman Brothers, hedge funds and others is what drove oil above $140 per barrel. New Mexico Business weekly http://www.freerepublic.com/focus/f-news/2174743/posts#comment Fri, 30 Jan 2009 04:56:46 GMT http://www.freerepublic.com/focus/f-news/2172300/posts Former Lehman boss sells mansion to wife for US$100 FALLEN Lehman Brothers chief executive Richard Fuld sold his $US13.3 million mansion to his wife for just $US100 last November, according to Florida real estate records. The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into bankruptcy proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show. The couple had jointly bought the home for $US13.75 million in March 2004, as first reported by Cityfile.com. Mr Fuld has been blamed for Lehman's collapse on September... FinancialPost http://www.freerepublic.com/focus/f-news/2172300/posts#comment Tue, 27 Jan 2009 00:09:17 GMT http://www.freerepublic.com/focus/f-news/2172237/posts January 26, 2009 Ex-Lehman chief sold $13m home to wife for $100 (Susan Walsh/AP) Christine Seib in New York Richard Fuld, the disgraced former chief executive of Lehman Brothers, sold his $13.3 million (£9.6 million) Florida mansion to his wife in November for $100, according to real estate records. Mr Fuld, who is widely blamed for the collapse of Lehman Brothers in September last year, bought the house with his wife, Kathleen, in March 2004 for $13.75 million. On November 10, the 62-year-old banker transferred the seaside mansion into Mrs Fuld's name in return for $100. Mr Fuld is expected... London Times http://www.freerepublic.com/focus/f-news/2172237/posts#comment Mon, 26 Jan 2009 22:22:51 GMT http://www.freerepublic.com/focus/f-news/2155955/posts As much as $75 billion of Lehman Brothers Holdings Inc. value was destroyed by the unplanned and chaotic form of the firm's bankruptcy filing in September, according to an internal analysis by the company's restructuring advisers. A less-hurried Chapter 11 bankruptcy filing likely would have preserved tens of billions of dollars of value, according to a three-month study by the advisory firm, Alvarez & Marsal. An orderly filing would have enabled Lehman to sell some assets outside of federal bankruptcy-court protection, and would have given it time to try to unwind its derivatives portfolio in a way that might have... Wall Street Journal (subscription) http://www.freerepublic.com/focus/f-news/2155955/posts#comment Tue, 30 Dec 2008 03:39:56 GMT http://www.freerepublic.com/focus/f-news/2147896/posts It's not easy being Alan Greenspan these days. As the former Federal Reserve chairman, he urged government regulators to take a light touch while banks like Bear Stearns and Lehman Brothers buried themselves—and the economy more generally—under a mountain of debt. Now that his reputation is plummeting faster than the stock market, he's been forced to admit a "flaw" in his hands-off ideology. Of course, things look entirely different to members of "free-market advocacy groups," as they like to be called. One such group is the Ayn Rand Institute, named after the matriarch of the movement, whose antigovernment and anti-regulation... Newsweek http://www.freerepublic.com/focus/f-news/2147896/posts#comment Fri, 12 Dec 2008 23:39:13 GMT http://www.freerepublic.com/focus/f-news/2147262/posts NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept... Reuters http://www.freerepublic.com/focus/f-news/2147262/posts#comment Fri, 12 Dec 2008 02:03:58 GMT http://www.freerepublic.com/focus/f-news/2103001/posts Executives passing the buck for failures win no sympathy. "They need to man up and take responsibility," said Warren Bennis, U of So California. "They kept believing in their own omniscience thinking they can get away with anything." CEO's summoned to Capitol Hill offered a variety of excuses for their failures. Lehman Brothers' Richard Fuld said that management did "everything we could to protect the firm." Fuld's 8-year compensation totaled $484.8M. Harvey Mackay, author of "Swim With the Sharks Without Being Eaten Alive: "They all have chapped lips from kissing the mirror too much." NY POST http://www.freerepublic.com/focus/f-news/2103001/posts#comment Sat, 11 Oct 2008 10:20:44 GMT http://www.freerepublic.com/focus/f-news/2102875/posts Democratic Presidential candidate Barack Obama was quick to blame the bankruptcy of Wall Street giant Lehman Brothers on Republicans’ “failed philosophy”. Obama’s September 15 comments were repeated throughout the media--yet reporters have not noted Obama’s glaring conflict of interest—the Lehman debt owed to a bank owned by the financier who loaned millions of dollars to Tony Rezko. Jockeying among the other debtors seeking repayment under Chapter 11 bankruptcy rules is BNP Paribas, a large French bank whose largest single private shareholder is Nadhmi Auchi’s General Mediterranean Holdings (GMH). BNP Paribas is owed $250 million by Lehman. Nadhmi Auchi is an... Canadian Free Press http://www.freerepublic.com/focus/f-news/2102875/posts#comment Sat, 11 Oct 2008 03:20:45 GMT http://www.freerepublic.com/focus/f-news/2102808/posts October 11, 2008 Lehman Brothers demise triggers huge default Tom Bawden in New York and Suzy Jagger in Washington Lehman Brothers, the bust investment bank, triggered one of the biggest corporate debt defaults in history yesterday as it emerged that the US Federal Reserve is harbouring grave concerns about whether Washington’s $700 billion (£413 billion) bailout fund will avert a financial meltdown. An auction of Lehman’s bonds yesterday determined that the bank’s borrowings were worth only 8.625 cents on the dollar. The valuation leaves the insurers of the debt a bill of about $365 billion. It is not clear whether... Times of London http://www.freerepublic.com/focus/f-news/2102808/posts#comment Sat, 11 Oct 2008 01:53:33 GMT http://www.freerepublic.com/focus/f-news/2099575/posts Journalists are trained to “follow the money” – to uncover who donates how much to what campaign, especially in the midst of a presidential election. When Lehman Brothers CEO Richard Fuld testified before the House Oversight Committee Oct. 6, the media criticized his wealth and spending amidst financial turmoil in his company and on Wall Street. But conspicuously missing was the story of Fuld’s political contributions. According to the Center for Responsive Politics, Fuld has donated to Democratic candidates over Republican candidates by a margin of almost 5-to-1 in the last 15 years. He has given $106,400 to Democratic candidates... businessandmedia.org http://www.freerepublic.com/focus/f-news/2099575/posts#comment Tue, 7 Oct 2008 14:19:04 GMT http://www.freerepublic.com/focus/f-news/2099634/posts FULD, RICHARD NEW YORK,NY 10285 LEHMAN BROTHERS/MANAGING DIRECTOR 4/9/07 $10,000 Democratic Senatorial Campaign Cmte (D) FULD, RICHARD NEW YORK,NY 10019 LEHMAN BROTHERS/CHAIRMAN AND CEO 1/28/08 $2,000 Reed, Jack (D) FULD, RICHARD S GREENWICH,CT 06831 LEHMAN BROTHERS/CHAIRMAN AND CEO 5/29/07 $2,300 Clinton, Hillary (D) FULD, RICHARD S JR GREENWICH,CT 06831 LEHMAN BROTHERS/CHAIRMAN AND CEO 10/19/07 $2,300 Clinton, Hillary (D) FULD, RICHARD S JR GREENWICH,CT 06831 LEHMAN BROTHERS/FIANCE 5/30/07 $2,300 Obama, Barack (D) FULD, RICHARD S JR GREENWICH,CT 06831 8/28/08 $-2,300 Clinton, Hillary (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 10/22/07 $10,000 National Republican Senatorial Cmte (R) FULD, RICHARD S MR... oen secrets http://www.freerepublic.com/focus/f-news/2099634/posts#comment Tue, 7 Oct 2008 15:40:49 GMT http://www.freerepublic.com/focus/f-news/2099108/posts WASHINGTON (AFP) — US lawmakers Monday grilled the head of Lehman Brothers demanding he justify some 500 million dollars he had earned since 2000, as well as huge bonuses sought for top executives even as the bank failed. Google http://www.freerepublic.com/focus/f-news/2099108/posts#comment Tue, 7 Oct 2008 00:01:52 GMT http://www.freerepublic.com/focus/f-news/2098990/posts Network verifies reports Richard Fuld was attacked for financial institution's bankruptcy. It seems anxiety from the financial crisis is reaching new highs, but the tipping point for one individual came at the Lehman Brothers gym in the midst of the company’s collapse. While former Lehman CEO Richard Fuld was testifying before the House Oversight Committee Oct. 6, CNBC reported he had been punched in the face at the Lehman Brothers gym after it was announced the firm was going bankrupt. CNBC and Vanity Fair contributor Vicki Ward said Fuld was attacked at the gym on a Sunday following the bankruptcy.... Business and Media http://www.freerepublic.com/focus/f-news/2098990/posts#comment Mon, 6 Oct 2008 21:40:49 GMT http://www.freerepublic.com/focus/f-news/2099005/posts WASHINGTON – The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout. The first in a series of congressional hearings on the roots of the financial meltdown yielded few major revelations about Lehman's collapse, and none about why government officials, as they scrambled to avert economic catastrophe, declined to rescue the flagging company while injecting tens of billions of dollars into others. But it allowed lawmakers still smarting from... AP on Yahoo http://www.freerepublic.com/focus/f-news/2099005/posts#comment Mon, 6 Oct 2008 22:03:13 GMT