Lehman

  • Lehman

    Lehman CDS Spreads Widen, Outpacing Wall Street Rivals

    The cost on insuring Lehman’s debt has climbed from 130 basis points in late April to 387.5 basis points today. The credit default swaps, which are contracts insuring Lehman’s senior debt, appear to show high levels of skepticism about the firm’s financial health, according to some traders. Yesterday the cost of insuring $10 million of […]

    / Aug 19, 2008 at 1:40 PM
  • Hedge Funds, Lehman, Morgan Stanley

    Goldman And Morgan Link Hedge Fund Lending To Their Own Financial Health

    Morgan Stanley and Goldman Sachs are linking their lending to hedge funds to the market’s assessment of the credit worthiness of the investment banks. Morgan Stanley will reportedly evaluate the amount of leverage it will supply to hedge funds based on the price of its own credit insurance pricing. Goldman is said to be linking […]

    / Aug 18, 2008 at 3:16 PM
  • Lehman

    Lehman Gets Murdered By Fannie And Freddie Fears

    Lehman is down is winning the race to the bottom today, down more than 19 percent while the Amex Securities Broker/Dealer index has dropped just 2.6 percent. Unlike other days, when stock declines could be blamed on rumor mongers, the rumor mill isn’t grinding away at Lehman today. What’s driving the stock down seems to […]

    / Jul 11, 2008 at 12:20 PM
  • Lehman

    The Scare At Lehman: Like A Dress Rehearsal For A Run On The Bank

    Today’s scare at Lehman Brothers showed us all what a bank-run would look like. The stock plunged 22% while credit default swaps blew out to deathwatch levels. The basis of the scare were a pair of rumors that started circulating yesterday, namely that Pimco and SAC Capital were pulling out of trades with Lehman Brothers […]

    / Jul 10, 2008 at 4:44 PM
  • Lehman

    Lehman Suspended From Oil Trading Platform Due To Credit Concerns, Sources Say

    So what the Hell is going on with Lehman’s commodities desk? In the wee hours of the morning Lehman was shut out of a key energy trading window. Platts, the energy pricing company, suspended Lehman from its oil pricing window in Singapore for unknown reasons. The move will reportedly make it impossible for Lehman to […]

    / Jul 7, 2008 at 1:35 PM
  • Lehman

    Lehman Brothers Sued In Shareholder Suit

    Last night we were drinking wine in Central Park. The New York Philharmonic was playing “Purple Haze” for their encore, and we’d had enough wine that we didn’t mind chatting over the music. The topic of our conversation was how Lehman Brothers had managed to improve the reputations of rumor mongers and short-sellers by consistently […]

    / Jun 25, 2008 at 9:18 AM
  • Lehman

    Tears For Lehman Brothers

    / Jun 19, 2008 at 11:56 AM
  • Lehman

    Lehman’s CEO May Have To Go

    Lehman Brothers chief executive Dick Fuld may be ousted from his position, according to senior executives at the securities firm. Fuld’s perceived resistance to selling Lehman Brothers is prompting executives within his firm to wonder if he will have to be removed if the firm is to be sold, a move seen as increasingly required […]

    / Jun 18, 2008 at 8:55 AM
  • earnings, Lehman, Merrill Lynch

    The Earnings Story Changes, The Actors Are Different, But The Spread Sheet Remains The Same

    While many on Wall Street focused on the second quarter earnings of Lehman Brothers, they may have overlooked something odd that occurred behind the scenes. In connection with this morning’s earnings report, Lehman issued a detailed financial appendix breaking down its balance sheet by various asset groups. But behind the numbers there was another story–the […]

    / Jun 16, 2008 at 3:03 PM
  • Lehman

    Lehman Brothers Releases Second Quarter Earnings

    At around quarter past eight this morning, Lehman Brothers released its second quarter earnings. Or, rather, its second quarter losses, which came in at $2.8 billion. This is the first time since the company went public in 1994 that Lehman has had quarterly loss. Our initial scan of the numbers shows that Lehman hit analysts […]

    / Jun 16, 2008 at 8:22 AM
  • Fed, Lehman

    Government Officials Worry About Bond Market’s Muted Reaction To Lehman News

    Investors bid up Lehman Brothers’ bonds yesterday after news broke that the company was replacing two top executives. The price of protection on Lehman bonds also declined. This reaction–which starkly contrasts to the decline in Lehman’s share price yesterday–has government officials concerned. Government officials who spoke to DealBreaker on the condition of anonymity said they […]

    / Jun 13, 2008 at 4:10 PM
  • Blackrock Group, Hank Greenberg, Lehman

    Are Lehman Investors Confident In Fuld Or In A Sale?

    When Lehman announced it was firing chief financial officer Erin Callan and president Joseph Gregory yesterday, there was a lot of speculation about whether investors in its recent $6 billion sale of common stock and preferred shares might try to pull out. Couldn’t these top level changes trigger some sort of material adverse change that […]

    / Jun 13, 2008 at 12:05 PM
  • Bear Stearns, Credit Suisse, Lehman, Sports

    The Bear Stearns Name Lives On…At Least On The Lacrosse Field!

    A few weeks after it was revealed that Bear Stearns would be acquired by JP Morgan Chase, the Wall Street Journal’s Kelly Evans reported on the unwritten fate of Bear Stearns champion lacrosse team. “Among the remaining questions hanging over Bear Stearns Cos. is this: What happens to its lacrosse team?” Evans wrote. “Bear Stearns […]

    / Jun 9, 2008 at 4:17 PM
  • Bear Stearns, Fed, Lehman

    Is The Federal Reserve Going To Close The Investment Banking Window?

    Widespread expectations that the borrowing window opened to investment banks in the midst of the Bear Stearns collapse last March will be made permanent may be misplaced, according to a longtime Fed watcher and banking expert we spoke with today. It may also explain why Lehman was so eager to shore up its balance sheet. […]

    / Jun 9, 2008 at 4:07 PM
  • Lehman, Reader Poll

    Were You Impressed With Erin Callan?

    Lehman Brothers chief financial officer Erin Callan this morning faced what was perhaps the biggest challenge of her career: explaining Lehman’s losses and need to raise capital to the markets. She began by lowering expectations–saying the Q&A on this morning’s conference call would be limited because this was a preliminary announcement and more granular numbers […]

    / Jun 9, 2008 at 1:07 PM
  • Lehman

    Are There Any Buyers For Lehman Brothers?

    Lehman Brothers might have ended the “chatter” about the brokerage going the way of Bear Stearns–meaning towards an uncontrolled bankruptcy–but it hasn’t stopped talk about whether or not it will–or needs to be–bought up by someone with deeper pockets. UBS analyst Glenn Schorr said in a research note today: “We think some would have preferred […]

    / Jun 9, 2008 at 12:55 PM
  • Banks, Bear Stearns, Blackstone, Citadel, JC Flowers, Lehman

    Is There A Market Gap In Post-Bear Investment Banking World?

    David Ellis asks who might “fill the hole” in the investment banking world left by the collapse of Bear Stearns. The usual names get bandied about: Blackstone, JC Flowers and Citadel are the top contenders. All three have expanded into areas traditionally dominated by investment banks. And, as Ellis points out, in the not-so-distant past […]

    / Jun 9, 2008 at 12:27 PM
  • Lehman

    Lehman Shares Set To Price At 9 AM

    The pricing on Lehman’s common and preferred is set to happen right now. David Faber reported on CNBC’s SquawkBox that the common would be issued at $28 per share. The Convertible Preferred shares will have an 8.75% coupon and an 18% conversion premium, Faber reports. It’s still not clear who the buyers will be or […]

    / Jun 9, 2008 at 8:55 AM
  • Lehman

    Lehman Brothers: Losses Worse Than Expected, Raising Even More Capital

    Lehman Brothers said this morning that it plans to raise $6 billion through the sale of common and preferred stock. It projects a second-quarter net loss of $2.8 billion. Both the extent of the capital raising and the losses are even higher than indicated by reports and rumors circulated this morning. It’s very strange that […]

    / Jun 9, 2008 at 8:44 AM
  • Lehman

    Today In Lehman Brothers Rumors

    So here’s what everyone is chattering about right now. Lehman Brothers is supposedly set to raise $5.5 billion from sovereign wealth funds. The deal is said to be split between common and preferred or hybrid shares. Lehman isn’t talking right now but there’s a lot of weird specificity about this, including the word that some […]

    / Jun 5, 2008 at 10:53 AM
  • Fed, Lehman

    Lehman Denies Fed Window Borrowing

    The Fed worked mightily to get rid of the stigma attached to banks going to its discount window. But for its newly minted investment banking fund window, the stigma perseveres. Today Lehman Brothers’s treasurer spoke to CNBC to deny speculation that it accessed the Fed’s borrowing window, and this denial seems to have lifted the […]

    / Jun 3, 2008 at 4:35 PM
  • Lehman

    Lehman Brothers: Raising Capital Or Not?

    Lehman Brothers seems to be fighting back after a Wall Street Journal report that it might be planning a new round of capital raising hammered its shares in futures trading. Reuters now has a report attributed to “a source familiar with the matter” that denies the Journal’s story. Lehman does not need to raise capital […]

    / Jun 3, 2008 at 9:02 AM
  • Lehman

    Is Lehman Brothers CEO Dick Fuld Next?

    The news that Lehman brothers may have to raise another $3billion to $4 billion could be bad news for Dick Fuld. After months of trying to reassure investors that the worst of the Wall Street downturn was behind the firm, the need to return to the capital markets to shore up Lehman’s balance sheet seems […]

    / Jun 3, 2008 at 8:29 AM
  • Banks, Lehman, Merrill Lynch, Morgan Stanley, Ratings Agency, Standard & Poor's

    S&P Slashes Ratings On Lehman, Merrill and Morgan Stanley

    So maybe trouble at Lehman Brothers isn’t just short-sellers spinning a web of financial panic after all. Standard & Poor’s cut the ratings of Lehman Brothers, as well as Merrill Lynch and Morgan Stanley today. Counterparty credit ratings, which have been getting a lot of attention lately, were one prong of the S&P credit analyst […]

    / Jun 2, 2008 at 1:59 PM
  • Fed, Goldman Sachs, Lehman

    What’s Behind Wall Street’s Rift Over Fed?

    As we pointed out the other day, a rift has developed on Wall Street over whether access to funds from the Federal Reserve is worth the price of increased regulation. Lehman Brothers is reportedly willing to accept the regulation while Goldman Sachs is said to oppose it, and is willing to give up access to […]

    / May 30, 2008 at 2:42 PM
  • Lehman, rumors

    Lehman Brothers Getting Ugly

    At the end of last week we saw something of a bear run at Lehman Brothers, with traders pushing the stock down 6.2% on Friday. Options traders bought heavily in out of the money puts, including some heavy buying in some really far out of the money options that bet the stock will drop at […]

    / May 27, 2008 at 8:44 AM
  • Heard On The Street, Lehman

    Lehman’s Hedges Backfire

    Are we in for another round of write-offs from Wall Street? That’s what Susanne Craig argues in the Wall Street Journal’s “Heard On The Street” column today. This time the losses are coming from a rebound in the mortgage markets. Banks that had shorted mortgages to hedge their long exposures are now finding their shorts […]

    / May 21, 2008 at 4:11 PM
  • CFOs, Lehman

    Erin Callan: CFO As Media Celebrity

    The Wall Street Journal ran a profile over the weekend of Erin Callan, the 42-year old chief financial officer of Lehman Brothers, just in time for the six months semi-versary of her promotion to the c-suite. Many on Wall Street were skeptical of Callan stepping into the role. She started out with several strikes against […]

    / May 19, 2008 at 4:36 PM

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