UK
It may sustain 25,000 people, but with a market capitalisation somewhere in the region of $6bn, Lehman is now smaller than Bear Stearns during its final death throes. What’s more, it’s not as big a CDS counterparty as Bear was, and anyone doing business with it has had more than enough time to hedge against default. The upshot? In the wider scheme of things, Lehman Brothers no longer matters (Wall Street Journal).
Lehman default swaps now pricier than Bear’s ever were (Financial Week).
For sale: one investment management division, going cheap (FT Alphaville).
Lehman takes huge loss, does nothing (Clusterstock).
“It’s not enough in the long term and if they don’t organise more funding shortly it’s going to be even more difficult to get . . . The bottom line is they are going to need to sell about $15 billion of new common or preferred shares, which they have only a minimal chance of doing.” (The Times).
Lehman will be debt financing the new entity, and it has its own rating to think about… It now has perhaps six months to complete its reinvention (Financial Times).
Japanese-style accounting essential to Lehman’s plan (FT Alphaville).
Communists gloat over Lehman’s troubles (Moneyistheway).
Horrible surprise coming soon to an economy near you (The Times).
Son of the Special Liquidity Scheme (Guardian).
Blame the Olympics for high oil prices (Naked Capitalism).
Eating oysters might make you rich (The Times).
Our respected CEO has fallen in the turmoil of finacial markets, the struggle is over. We followed and obeyed him to the very end. Counterparts showed we were wrong. Finally I wont be able to see anymore the beloved golden sign of LEHMAN BROTHERS, while presenting my badge to share the business with comrades in arms.
I hope our spirit will prevail and we can revive it in a new organization.
Lehman forever!