$$$ CNBC's special Lehman program will stay on the air until at least 11.
$$$ DealBook says AIG is seeking a $40 billion bridge loan from the Federal Reserve. Why the bridge loan? What happened to that gigantic balance sheet we keep hearing about. According to DealBook AIG "faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night." AIG apparently loomed large in this weekends discussions.
$$$ Here's the Fed statement on the broader collateral they'll take now in the emergency facilities.
$$$ We continue to hear from Lehman employees who are stunned at the news that their firm is heading toward bankruptcy and liquidation. Many are in denial, believing that a last minute rescue could still be mounted. Others say they have been told by their bosses to clear out their desks. Rumors are rife about the lack of severance due to bankruptcy and questions about benefits such as health care.
$$$ A parting Lehman executive pens a letter to his battered colleagues.
$$$ We're told that the attempt to net out Lehman derivatives trade was a mess. "No one trusts anyone and no one will swap," one trader told us.
$$$ The plan among banks to create some kind of private market discount window is moving forward, and the emergency funding pool is growing. The latest AP reports that the pool could be as large as $100 billion.
Posted by guest , Sep 14, 2008 10:33PM
FIRST
LEH SUCKS
BUY MAYO
ENTREPRENEURS RULE
Posted by guest , Sep 14, 2008 10:35PM
#1
Yeah go sell some more spring water bottles to cars on the streets mr. entrepreneur
Posted by guest , Sep 14, 2008 10:36PM
Barclays + AIG?
Posted by guest , Sep 14, 2008 10:37PM
hegdes will bleed on LEH CDS's even as they are bleeding on MER shorts.
Posted by guest , Sep 14, 2008 10:37PM
John:
If there was a Pulitzer for Web coverage of a breaking event, you should be on the short list.
Thanks for everything. Your impact is greater than you know: after I read up here, I called a few colleagues, who were not aware of how quickly things were moving - and I'm sure I'm not the only one who quoted you to others.
LEH people: my strongest piece of advice (having been there) - act quickly, don't "take a break" - just get out there, make the calls, call up your college and/or b-school buddies, your former work colleagues, anyone you think might help. Listen, even my MOTHER got me an interview with the son of a friend of hers. I know it seems bleak, but there will be something for you.
Posted by guest , Sep 14, 2008 10:39PM
Carney, good work on a late Sunday night. Kudos.
Posted by guest , Sep 14, 2008 10:39PM
Carney, good work on a late Sunday night. Kudos.
Posted by guest , Sep 14, 2008 10:41PM
@ 5 that must have been before you moved back in with her.
what are you gonna do now that lawn-mowing season is over?
Posted by guest , Sep 14, 2008 10:41PM
JC - Thank you so much for your work this weekend. Will you marry me?
Posted by guest , Sep 14, 2008 10:41PM
I seem to be out of beer and liquor. Maybe I'll check again one last time.
Really impressive coverage John. This weekend but also further back since this whole thing started. Well done.
Posted by Banana Stand , Sep 14, 2008 10:43PM
Quite a fantastic weekend of reporting Carney.
Posted by guest , Sep 14, 2008 10:44PM
carney I refuse to kiss your ass.
exemplary focus and deliver, however.
Posted by guest , Sep 14, 2008 10:45PM
y
Posted by guest , Sep 14, 2008 10:47PM
#8: #5 here. I'm female. Married. Moved out after college. Work at HF. Oh, and gardener does the lawn.
Posted by guest , Sep 14, 2008 10:50PM
Well, I guess this puts to rest the whole Glass-Stegall thing is outdated and needs to go.
In less than a decade we oblitrated over 100 years of financial dominance.
Firms that survived the great depression cant make it through this.
How bad are things and if we knew what Bernanke knows would our eyes bleed?
Posted by guest , Sep 14, 2008 10:53PM
@ 14 hows the weather in greenwich tonight?
lots of 4-sale signs on those McMansions?
Good deals on used Ferraris?
Forced your landscaper to file a lien so he can get paid lately?
Posted by guest , Sep 14, 2008 10:58PM
@ 14
"Oh, and gardener does the lawn."
Fucking gag me. Hedge funds are next. looked at your CDS book recently?
The hubby's probably still young enough to be a gardner himself. That's good -- something to fall back on.
And you can become a domestic.
Posted by guest , Sep 14, 2008 11:23PM
bet barclays steps up.
Posted by guest , Sep 15, 2008 12:07AM
I still have some baseball cards from back in the day. Think the Fed will take them as collateral?