Potential buyers apparently include: "A bank in Canada, Great Britain or Japan." Bove's reason for upgrading the stock was not tied to better performance, or rumors of Einhorny joining the board, but, he said, management's unwillingness to sell out for a ten-spot and a bag of Cheetos.
At this juncture, the higher-ups at Lehman are probably confused as to how they should feel about all this. On the one hand, thanks for moving our anvil of a stock with the buy. That was a $$$ call. On the other, "management is unwilling to sell out at a deeply distressed value...[setting] the stage for a hostile bid to take over the whole company"? S a D, old man. Will they fly off the handle and sue RXB for defamation a la Bank Atlantic? Our fingers are certainly crossed. That shit would undoubtedly be hilarious.
Posted by guest , Aug 21, 2008 2:01PM
FIRST
Posted by guest , Aug 21, 2008 2:11PM
second
Posted by guest , Aug 21, 2008 2:13PM
no kidding
Posted by guest , Aug 21, 2008 2:15PM
4th
Posted by guest , Aug 21, 2008 2:27PM
5th
Posted by guest , Aug 21, 2008 2:27PM
So Elmer "Lazar Dick" Fuld doesn't have a case of the munchies, unlike Jimmy "Roach Clip" Cayne used to get after hot boxing his executive suite?
Posted by guest , Aug 21, 2008 2:32PM
takeout bid would be a lot more attractive if they threw in a jar of mayo.
Posted by guest , Aug 21, 2008 2:36PM
@7 - agreed, but what kind?
Posted by guest , Aug 21, 2008 2:41PM
8- don't be a stupid asshole. we all know what kind.
Posted by guest , Aug 21, 2008 3:04PM
Once when I was in the Hamptons, I saw a drunk girl slather mayo all in her hair and jump into the pool.
Posted by guest , Aug 21, 2008 3:08PM
I don't go near the place, but my understanding is that saying "Hamptons" brands you as the wrong kind. The type of person that would go to Vegas. The preferred terminology is to say a specific hampton ("East Hampton") or throw out somthing casual like "out at the beach" or "out east". What say you all?
Posted by asiankida , Aug 21, 2008 3:12PM
was this a pity buy rating?
Posted by guest , Aug 21, 2008 3:13PM
agreed - people who say "hamptons" are the same no-class cretins who watch ultimate fighting...subhuman mongoloids
Posted by guest , Aug 21, 2008 4:01PM
Whereas those who say "out east" are the type who watch polo.
(And the type who should be beaten to death with a polo mallet, but anywho...)
Posted by guest , Aug 21, 2008 4:08PM
Do you think Dickie Bove and Dickie Fuld secretly IM each other to see who’s really the biggest dick on Wall Street?
Posted by guest , Aug 21, 2008 4:44PM
14 Unless you play polo yourself, where would you get the mallet for such beating?
Posted by Anal_yst , Aug 21, 2008 4:48PM
Whats wrong with UFC (or MMA in general)? Its at least 20x as entertaining as boxing
Posted by guest , Aug 21, 2008 8:58PM
Not to slam Bove because at least he gets out there and takes a stand, but this is like his recommendation Purcell should run Wachovia -- possible in theory, debateable as to whether it should happen and CERTAINLY not possible. There are no hostile takeovers in I Banking; only hostile takeunders.
Posted by guest , Aug 21, 2008 11:04PM
19th
Posted by guest , Aug 21, 2008 11:13PM
This is a load of bullshit. No Board of Directors at ANY financial institutions in the whole wide world would let their CEO go near Lehman Brothers with a barge pole.
Not the Chinese, not the Korean, and certainly not the Japanese. The Middle Eastern funds aren't interested in a firm like Lehman given it's historical background.
Just remember when we talk about any M&A in the financial sphere, the credit rating of any combination is the most important issue. A takeover of Lehman by any Sovereign Wealth Fund WILL NOT enhance the shitty credit rating of Lehman.
Simply put, Lehman, and all other brokerages for that matter, are too undercapitalised and we have not seen the worst of the crisis.
Posted by guest , Aug 21, 2008 11:44PM
LEH layoffs in 2-3 weeks.
All you overpaid bitches who have been doing nothing over the last six to nine months should be quaking in your shoes for your $250-$350k associate jobs (serious overcompensation considering your value add).
The graaaaaaavy train is over beyaaaatches. But thank god you didn't get roped in for your whole life with restricted stock and generous options grants, marry the trophy wife you met while buying bottles at a club only to have her divorce your ass when she found out that your jaunts to "exotic" places like St. Thomas and her crack cocaine like shopping habits left you barely able to pay rent on your $10,000 per month penthouse loft.
I'll bet you wish you could do it differently if you had the chance but be sure to tip the doorman as you move out, chances are he didn't win the lotto and has kids to put through school.
The_Truth_Teller
Posted by guest , Aug 22, 2008 12:49AM
15, you're funny. 18, 20 and 21 -- there is truth to what you say. Maybe not all of it. But the "takeunder" remark; insightful. If Lehman survives, I'll be very surprised.
Posted by guest , Aug 22, 2008 4:17AM
Really creative p.r. on Lehman's part...as for lay-offs, they have held on to people as if a turnaround were around the corner since March. Most of the mortgage bankers, risk managers and credit officers who got them into this mess are still on-board...waiting for the rebound I guess!
Posted by guest , Aug 22, 2008 8:24AM
good call dick - timing could not have been much better
Posted by guest , Aug 23, 2008 12:30AM
Chinese NOT interested in LEH.
Finally they have come into realization that there are other good investments around the world and inside China than sticking their guts with US junks and protectionist CIFIUS.
Travelling around ASEAN, Chinese owned banks and businesses dominate the region.