Archive for the 'Economy' Category
Lehman, AIG, Merrill: Is this December 1930?
September 15th, 2008Via: BBC: I am writing this in Washington at 3.33 am GMT. There’s been a dramatic day on Wall Street and it’s not even open (actually they had to open trading this afternoon to clear the decks for tomorrow’s potential meltdown). Here’s what we know so far: 1. The US government has refused to put […]
AIG, FACING LIQUIDITY CRISIS, SEEKS FED LIFELINE
September 15th, 2008Via: Reuters: Insurer American International Group Inc, working to stave off rating downgrades and shore up the capital of its holding company, has made an unprecedented approach to the Federal Reserve seeking $40 billion in short-term financing, the New York Times said. Chief Executive Robert Willumstad reached out to the Fed late on Sunday, according […]
BANK OF AMERICA BUYS MERRILL LYNCH
September 15th, 2008Via: Wall Street Journal: In a rushed bid to ride out the storm sweeping American finance, 94-year-old Merrill Lynch & Co. agreed late Sunday to sell itself to Bank of America Corp. for roughly $44 billion. The deal, which was being worked out in 48 hours of frenetic negotiating, could instantly reshape the U.S. banking […]
LEHMAN PREPARES BANKRUPTCY FILING
September 15th, 2008Teamwork. Via: Bloomberg: Lehman Brothers Holdings Inc. prepared to file for bankruptcy after Barclays Plc and Bank of America Corp. abandoned talks to buy the U.S. securities firm and Wall Street prepared for its possible liquidation. Lehman and its lawyers are getting ready to file the documents for bankruptcy protection tonight, said a person with […]
EUR/USD Near Term Bottom
September 14th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. As you know, fooling around with Forex systems is one of my hobbies. I happened to be fiddling with something when I noticed that, last week, EUR/USD put in a near term bottom on the morning of 9/11. On the 10:06 […]
Financial Elite Deciding Lehman’s Fate During Emergency Meetings in New York
September 14th, 2008Monday could be weird. Via: MarketWatch: The forced breakup of Lehman Bros. or even its liquidation became a possible scenario over the weekend as talks dragged on unsuccessfully Saturday between top U.S. financial officials and executives at major Wall Street firms trying to forestall the collapse of the investment firm and to keep weakness among […]
Fed Holds Emergency Meeting on Market Developments (Lehman)
September 13th, 2008Via: Reuters: The Federal Reserve Bank of New York held an emergency meeting on Friday evening with top financial market representatives to discuss recent market developments, a Fed official said. “Senior representatives of major financial markets met at the Federal Reserve Bank of New York Friday evening to discuss recent market developments,” a Fed official […]
Washington Mutual: Junk
September 12th, 2008Via: Reuters: Washington Mutual Inc shares fell on Friday after the largest U.S. savings and loan projected another big write-down for soured loans and was downgraded to “junk” status by a leading credit rating agency. At least four analysts cut their price targets for the thrift, though Goldman Sachs & Co raised its rating to […]
Bank of America, JC Flowers, Chinese Considering Lehman Purchase
September 12th, 2008Via: Washington Post: Concern that Lehman Brothers Holdings Inc may fail to find a buyer because the U.S. government is reluctant to provide financial backing sent the investment bank’s shares tumbling to a nearly 14-year low on Friday. Lehman’s bonds also dropped ahead of what is expected to be a series of frantic calls this […]
UK: Farmers Fear Harvest Could Be The Worst Since 1968
September 11th, 2008Worst grain harvest in 40 years, but bread prices won’t rise? Ok. Via: Times Online: Britain is facing its worst harvest for at least 40 years as 30 per cent of the country’s grain lies in waterlogged or sodden ground. Hilary Benn, the Rural Affairs Secretary, is expected to give the go-ahead today for farmers […]
