• Lehman

    Lehman And Barclays Announce Acquisition To Employees

    The chief executive of Barclays and the president of Lehman Brothers just announced an acquisition of a part of Lehman by Barclays, according to someone present. It was unclear exactly what Barclays was acquiring but earlier news reporters suggested it would be the broker-deal arm of Lehman. Barclays Bob Diamond and Lehman’s Bart McDade took […]

    / Sep 16, 2008 at 2:47 PM
  • Lehman

    Barclays – Lehman Deal Marks Bottom of Credit Crunch Panic

    Well, now that someone actually put their money where their leaks were and ponied up for something that Lehman owns, other troubled firms look to be buoyed by the lift in Lehman confidence. Lehman shares soared 9.00% on the news to $0.2276 per share and the rising tide of confidence that the assets in the […]

    / Sep 16, 2008 at 11:15 AM
  • Lehman

    The Debt That Lehman Dumped Pumped?

    Depending on how hungry investors were for debt today, they may or may not have been annoyed at the news that Lehman’s rumored BWIC for $800+ million of debt from issuers like Tribune, Visteon, Sabre Holdings and the like has been canceled. Perhaps Barclays is closing in for the kill after all? Yep, that was […]

    / Sep 16, 2008 at 10:05 AM
  • Lehman

    The Perils Of Reporting Live From Lehman Brothers

    These guys bleed green. (via BestWeekEver via VideoGum.)

    / Sep 15, 2008 at 2:54 PM
  • Lehman

    Barclays Balks Before Bluff Blows Bank Buy

    One of the most interesting developments in the Lehman debacle must be the abrupt departure and the return (which followed hard upon) of Barclays as a Lehman suitor. Hazarding a guess, one might think that Barclays was trying to stare down Paulson, pressing for federal backing of the potential toxic waste Barclays would have to […]

    / Sep 15, 2008 at 1:26 PM
  • Lehman

    Wall Street Character Arcs

    It is rather shocking (but not) to see how quickly the financial press turns on its former heroes. Truly, very fair weather friends, the press. To wit: Dick Fuld’s fall from grace with the Financial Times as seen in their headlines and prose. Smart survivors of the carnage “Dick Fuld, Lehman Brothers chief executive, has […]

    / Sep 15, 2008 at 11:27 AM
  • Lehman

    The Lehman Bankruptcy At A Glance

    Best observation: It might be a good idea to expand the maximum check-box answers on the form for: Estimated Number of Creditors (Over 100,000). Estimated Assets (More than 1 Billion). Estimated Liabilities (More than 1 Billion). Potential Inaccuracies: “Does the debtor own or have possession of any property that poses or is alleged to pose […]

    / Sep 15, 2008 at 10:48 AM
  • Commodities, Lehman

    Trading With Lehman: A Commodities Update

    Lehman Brothers continues to trade natural gas swaps in the US ICE market, but ICE Europe has shut them out its market for crude oil futures, a person familiar with the matter said. The CME group continues to allow them to trade agricultural futures, currencies and interest rate swaps, and on the NYMEX (which is […]

    / Sep 15, 2008 at 10:06 AM
  • Lehman

    Lehman Employees Brace For Liquidation

    Employees at the Lehman Brothers in midtown Manhattan are described as “crying, angry, distraught” by a witness. They’ve been filing out of the building this evening. The bank was said by a person familiar with the matter to be close to confirming that it will file under Chapter 7 of the bankruptcy code, which means […]

    / Sep 14, 2008 at 5:37 PM
  • Lehman

    Barclays Pulls Out From Lehman Deal

    Barclays has walked away from the negotiations on the fate of beleaguered Lehman Brothers, balking at the government’s refusal to provide guarantees that would shield Barclays from Lehman losses. Bank of America continues in talks, sources say. We hear that Lehman CEO Dick Fuld is complicating negotiations, saying at first thatthe deals being worked out […]

    / Sep 14, 2008 at 1:39 PM
  • Lehman

    We Have Reached A Deal For Lehman, Sources Say

    We understand that a deal has been reached to divide Lehman Brothers into two entities, with a “bad bank” taking the toxic, real-estate assets amounting to around $85 billion. The deal will be financed without any government backing. Lehman chief executive Dick Fuld will resign. Bank of America will take the lion’s share of the […]

    / Sep 14, 2008 at 2:43 AM
  • Lehman

    Could A Resolution On Lehman Be Reached Tonight?

    The Wall Street Journal reports that “people familiar with the situation” say a solution to the Lehman Brothers problem could be reached as soon as tonight. On Saturday, the main task ahead in discussions being led by the Federal Reserve is identifying whether a so-called “bad bank” structure could be designed to hold Lehman’s souring […]

    / Sep 13, 2008 at 1:26 PM
  • Lehman

    Lehman: Heavy Call Volume

    The phones at Lehman Brothers must be ringing off the hook. Callers to their offices this afternoon were greeted with a recorded message which said,”You have reached the offices of Lehman Brothers. Due to heavy call volume you may receive delays longer than usual. Please hold for the next available operator.” Heavy call volume? Oh, […]

    / Sep 12, 2008 at 4:08 PM
  • Lehman

    Lehman Hasn’t Tapped The Discount Window

    Whatever else is going wrong at Lehman Brothers, the firm hasn’t had to tap the Fed’s primary dealer credit facility. A few moments ago the Fed released the latest numbers showing that the discount window for investment banks hasn’t had any drawings at all. This news was somewhat telegraphed by the successful commercial paper offering […]

    / Sep 11, 2008 at 4:33 PM
  • Bank of America, Lehman

    Bank of America In Preliminary Talks For Lehman Bid

    We’ve known for most of the day that Lehman Brother has been actively shopping itself in a desperate attempt to avoid catastrophe. Now names of potential buyers are starting to come in. The Wall Street Journal is reporting that Bank of America is in talks with Lehman. Perhaps most interesting is the Journal’s reporting on […]

    / Sep 11, 2008 at 4:10 PM
  • Fed, Lehman

    The Fed Walks The Line On Lehman

    We earlier reported that officials at the Federal Reserve and Treasury are scrambling to find a buyer for Lehman Brothers, perhaps going as far as bending or waiving rules that limit the ability of private equity firms to buy sizable stakes in investment banks. Part of the rationale for this may be because the Fed […]

    / Sep 11, 2008 at 3:38 PM
  • Lehman

    Lehman Brothers Taps Commercial Paper Market

    We don’t know enough about the commercial paper market to know what to make of a report from Reuters that Lehman offered $340 million in commercial paper and placed 75% of it as of late this morning. Is this good news? After all, it shows they can borrow. Or is Lehman scrambling for liquidity and […]

    / Sep 11, 2008 at 1:40 PM
  • Lehman

    Fed and Treasury Working On Solution For Lehman Purchase

    Well, that didn’t take long. As soon as we floated the rumor about an emergency rate cut, we heard from a “source familiar with the matter” who tells us that the New York Federal Reserve and Treasury are scrambling to find a buyer for Lehman Brothers. Our source says that one possible solution may be […]

    / Sep 11, 2008 at 1:15 PM
  • Lehman

    Lehman Brothers And The Other Moral Hazard

    Ever since the Federal Reserve arranged for the acquisition of Bear Stearns and opened the discount window to investment banks, the phrase moral hazard has been on everyone’s lips. The idea is that by relieving Bear Stearns investors and creditors of the full cost of Bear’s failure, the Fed encouraged more risky behavior. Today Michael […]

    / Sep 11, 2008 at 10:02 AM
  • Lehman

    After Lehman, Who Is Next?

    When we woke up this morning to await the news from Lehman Brothers we fully expected to spend the rest of the day exploring the question: who is next? Candidates such as Merrill Lynch, Wachovia and Washington Mutual would get batted around the same way attention turned to Lehman after Bear Stearns fell. But we […]

    / Sep 10, 2008 at 5:07 PM
  • Lehman, video

    Does Dick Fuld Dream Of Electric Sheep?

    Lehman Brothers likes to say it is “building vision.” We decided to give them a hand and design an advertising campaign for them. Earlier: “Citi Never Sleeps” ad campaign.

    / Sep 10, 2008 at 2:03 PM
  • Blackstone, KKR, Lehman

    Today In Lehman Brothers: Blackstone & KKR Looking To Buy Assets

    At this point maybe we should just keep a list of who isn’t buying Lehman Brothers. Earlier this week it was the Koreans and HSBC. Now “sources familiar with the situation” have told Reuters (who broke the story of the Korean Development Bank) that Blackstone and Kohlberg Kravis Roberts are looking to acquire pieces Lehman’s […]

    / Sep 5, 2008 at 3:18 PM
  • Lehman

    Dick Fuld: Still The Gorilla?

    Dick Fuld may have earned his nickname “the Gorilla” for the aggressive way he stalked the trading floor at Lehman Brothers but the CEO may now be recasting its meaning by holding on to the troubled investment firm and its assets, unwilling to let them go at a price would-be buyers are willing to pay. […]

    / Sep 3, 2008 at 3:18 PM
  • Layoffs, Lehman

    Lehman To Cut 1000 1500 Jobs

    For the last two weeks we’ve been hearing rumors of layoffs at Lehman. Last week people at Lehman were saying that layoffs were expected to come this week, before the Labor Day holiday. Now Bloomberg is reporting that “people familiar with the matter” estimate that Lehman will cut as many as 1,000 jobs. The good […]

    / Aug 28, 2008 at 2:19 PM
  • Lehman

    This Lehman KDB Story Is Fishy

    Shares in Lehman Brothers are skyrocketing this morning, up 14% as we write this, on word from Reuters that the Korean Development Bank is considering an acquisition of the “beleaguered” Wall Street firm. But could this story be a mistake? So far no one else has been able to confirm it. Bloomberg went with a […]

    / Aug 22, 2008 at 10:30 AM
  • Lehman

    Lehman Sheds Two Top Executives

    Two top executives are leaving Lehman Brothers. Rich McKinney, who was the head of American securitzed products business for Lehman, and Ted Janulis, the head of the mortgage capital division, plan to leave the firm, sources with knowledge of the matter said. Both men worked for divisions closely tied to some of the most precarious […]

    / Aug 21, 2008 at 11:28 AM
  • Lehman

    Asians Balk At Lehman Buy and The Fed Steps In

    The Financial Times reported this morning that Lehman Brothers held talks on a sale of up a fifty percent stake with China’s CITIC Securities and the state-owned Korea Development Bank, but both investors walked away because the price was too high. CITIC is denying that it held any talks with Lehman, while an unnamed KDB […]

    / Aug 21, 2008 at 8:08 AM
  • Lehman

    What Lehman Wants: Options, Warrants And Partial Stakes

    CNBC’s Charlie Gasparino, who broke the Neuberger Berman story that everyone else is pretending they broke today, is now reporting that Lehman CEO Dick Fuld and President Bart McDade are mulling a complex transaction that would involve Lehman selling a warrants for a 25 percent stake in itself as well as 70 percent of its […]

    / Aug 19, 2008 at 5:07 PM

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