The Financial Times reports that an agreement has been reached for Barclays to buy parts of Lehman Brothers, though certain details like which parts* and for how much remain unclear. Contingent liabilities related to the ego of Institutional Investor's #1 Brokerage and Asset Manager of 2006, Dick Fuld, were hopefully offset by the $1 billion+ tied up in the Times Square Headquarters building. Barclays is totally screwed otherwise. Sources tell Dealbreaker Coffee Cart Man was thrown in last minute to sweeten things for the Brits.
*Though most certainly US broker-dealer operations.
Posted by guest , Sep 16, 2008 10:35AM
The coffee vendor outside Lehman is going to have to switch to tea and crumpets.
Posted by cheesedog , Sep 16, 2008 10:35AM
I hope this means good things for at least a bunch of LEH employees. Good luck to all of you.
Posted by guest , Sep 16, 2008 10:35AM
clearly the filing was no surprise to Barclays, which was apparently told, with a wink, "come back in a coupla days, I make ya a deal."
Posted by guest , Sep 16, 2008 10:35AM
Already up 20% on my LEH options (er shares).
Posted by guest , Sep 16, 2008 10:35AM
haha ... soon to be laid off (with severance!) lehman employees will be partying tonight.
Posted by guest , Sep 16, 2008 10:36AM
@ 1 a masterpiece of understated wit. Brilliant. Far to good for this crowd.
Posted by guest , Sep 16, 2008 10:37AM
@4 o kin wee git yer oddergraf?
Posted by guest , Sep 16, 2008 10:39AM
@1 - The sign will now read "Bugger off, Reporters, and quit taking the piss on Lehman, yeah?".
Posted by guest , Sep 16, 2008 10:40AM
Barclays - First...all the lawyers.
Posted by guest , Sep 16, 2008 10:40AM
#1 -
hahahahhahah, nice.
Posted by guest , Sep 16, 2008 10:42AM
So, hypothetically, if LEH owes me money on energy trades...I'm still phucked?
Posted by guest , Sep 16, 2008 10:45AM
Ahh yes...I have the same same hypothetical question as 11
Posted by guest , Sep 16, 2008 10:51AM
@9 Just so that line will have the desired punch when you deliver it at lunch later:
It would be "...quit taking the piss out of Lehman" rather than on Lehman. Otherwise, good effort.
Posted by guest , Sep 16, 2008 10:56AM
Good for Barclays and the LEH employees.Barclays will now have to adopt new North American generally accepted dental standards ;-)
Posted by guest , Sep 16, 2008 11:05AM
so basically many of those traders might get saved after all? oops, shouldn't have done that interview on cnbc. now back to my tea and strumpets.
Posted by NG , Sep 16, 2008 11:37AM
@11 / 12
Are you doing deals with Eagle Energy or Lehman proper?
Posted by guest , Sep 16, 2008 11:43AM
Not sure, 13 - I'd probably say 'stop taking the piss out of Lehman' rather than 'quit' - the latter sounds rather Americanised to me.
Amusingly, I do actually have a cup of Earl Grey in front of me. Flapjack rather than a crumpet though. Crumpets are a bit breakfasty.
Wharfer
Posted by guest , Sep 16, 2008 12:27PM
@ 16
Lehman
Posted by guest , Sep 16, 2008 12:32PM
Who was the fool at DWA Access that thought timber was a sensible investment. Imagine he/she's been sacked by now!
Tough to tell. They don't like the english language.
www.dwsaccess.de/start/start.aspx
Posted by guest , Sep 16, 2008 1:07PM
ft.com now says 'nears' deal, rather than seals deal..
Posted by guest , Sep 16, 2008 1:39PM
Is www.Barclayhman.com taken?
Posted by guest , Sep 16, 2008 1:44PM
barclehs
Posted by NG , Sep 16, 2008 3:03PM
@ 18 we are "assessing our exposure" to lehman as I type also no firm phys otc trades with Eagle for the time being. I also see that Constellation is getting hammered.