Lehman Brothers

  • News

    Lehman Aftershocks

    It looks like $5 billion of Lehman bonds priced at around $0.0975 in the fire sale auction today. That is somewhat dire for anyone who wrote credit default swaps for Lehman and now has to cover the difference, or $0.9025 on the dollar. The Street Sweety had it essentially right earlier (I know, hard to […]

    / Oct 10, 2008 at 1:21 PM
  • News

    As Predicted: UK Lehman Employees Totally Screwed

    You have to wonder if the 750 Lehman employees just canned would have gotten anything at all but for the UK law that mandates Lehman to pay them GBP 800. As for the rest? “They’ve been told they will get their pay for the last month and they take their place with all other unsecured […]

    / Oct 1, 2008 at 2:31 PM
  • News

    If We Are Lucky, Timmay! Used Lehman

    Sure, your friends told you that the days of 20-something Wall Street riches were over, but you knew you were better than that. Particularly when you diversified out of Investment Banks last year and branched over to hedge funds. Specifically, your own hedge fund. You know, like that truck driver commercial that used to run […]

    / Oct 1, 2008 at 8:58 AM
  • News

    Checking It Twice

    Bear Stearns IndyMac Lehman Brothers Washington Mutual Wachovia National City National City Drops 52% as Market Wonders Who’s Next [CNBC]

    / Sep 29, 2008 at 11:45 AM
  • News

    That Explains The Fuld Flight

    Lehman head Dick Fuld has been personally named as an individual defendant in a suit brought by a Lehman preferred investors, or so says Reuters. Fogel Capital Management is trying to turn the matter into a class action suit to boot. Uh oh. The lawsuit contends that the prospectus issued ahead of the offering was […]

    / Sep 26, 2008 at 3:59 PM
  • News

    Totally Unfounded Rumors: Morning Edition

    A source close to the matter indicates that Lehman Brothers had retained service providers to facilitate “massive asset sales” as early as mid-August. This may or may not mean anything, as firms facing even a possibility of bankruptcy often prepare contingency plans early, but it would be interesting to go back and look at Lehman’s […]

    / Sep 24, 2008 at 7:52 AM
  • News

    Nomura Buys Brothers?

    Nomura Holdings has apparently agreed to buy the European operations of Lehman Brothers. Supposedly management just held a meeting with IBD, and announced that 500 out of the roughly 700+ person staff will be retained, with one month of severance offered to those left of the deal.

    / Sep 23, 2008 at 9:15 AM

    I Know Nuh-zing. NUH-ZING.

    To explain the resentment executives in the rest of the modern world feel on occasion when forced to look at the United States on the map hanging in the conference room of their “European Headquarters Building,” you have to look no farther than the story in yesterday’s New York Times describing the absolute schooling a […]

    / Sep 19, 2008 at 1:30 PM
  • News

    On Reputation Capital

    There is an old adage that the currency you bank by keeping your vessel tidy and ship-shape can be withdrawn again in times of need, drawn off against the foibles of inclement weather. Leave that line tangled on the bow and the next time you have to go up there with the deck pitching in […]

    / Sep 19, 2008 at 9:19 AM
  • News

    Can I Use ‘CDO’ As A Verb Here?

    As a regulator, what do you do when you have absorbed massive amounts of encumbered or otherwise distressed former CDO assets from a bunch of blown out former financial institutions? Well, if anyone here is old enough to remember the Resolution Trust Corporation, you already know. You make another CDO out of it, but this […]

    / Sep 18, 2008 at 4:05 PM
  • News

    No Wonder They Went Under

    “We are delighted to extend you a Summer Analyst position in the Corporate Advisory Division of Lehman Brothers (“The Firm”). We anticipate your employment under this agreement to be on or about June 2, 2008 through August 8, 2008. Your compensation will be a (bi-weekly) base salary of $55,000.” Real? Typo? Forgery? Who are we […]

    / Sep 17, 2008 at 1:43 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
  • News

    Barclays and Lehman Seal Deal

    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+ […]

    / Sep 16, 2008 at 10:22 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
  • News

    Gasparino: Neuberger Talks Now Serious

    [Click to view

    / Sep 8, 2008 at 4:56 PM
  • News

    Lehman Brothers: No Plan, But Thinking About One

    Charlie Gasparino reports that over at Lehman Brothers…nothing much is happening. But! There is heresay and speculation that something might happen, namely that LEH will sell off the family jewels, a dead giveaway that other harebrained schemes to come up with the necessary scratch have failed. As for the 18 percent drop, Felix Salmon reports […]

    / Sep 8, 2008 at 12:22 PM
  • News

    Charlie Gasparino Thinks You (r Bosses) Are All Pussies

    Charlie Gasparino’s latest column for Trader Monthly is about everyone’s favorite topic/bank that just won’t die: Lehman Brothers. Specifically, the fate of LEH CEO Dick Fuld. Friends say he’s “tiring out” and many believe his days at the firm are numbered, whether or not the institution goes under or gets broken up or bought out, […]

    / Sep 3, 2008 at 3:11 PM
  • News

    Good Luck, Credit Suisse

    As many of you are aware, today marks a very momentous occasion. I am not referring to Jorge Soros finally being appointed to the NAMBLA executive committee, though it is indeed cause for celebration and we’ll have more on that later. Right now we’re talking about a lady named Erin Callan, who rejoins the workforce […]

    / Sep 2, 2008 at 10:23 AM
  • News

    Lehman Brothers: Now Hiring

    Anyone need a job? You’d think the matter of canning 1,500 employees yesterday would’ve meant LEH not being up for much in the way of new hires for a while but you’d think wrong. They are back in the saddle and eager to have you and yours, Thursday afternoon’s gutting having created more than enough […]

    / Aug 29, 2008 at 11:29 AM
  • News

    Lehman Brothers Sorry, For Everything

    The Wall Street Journal reports that Lehman Brothers recently apologized to clients for ripping off parts of a Sanford Bernstein research report without attribution back in March. In a note sent last week, the bank admitted that the research in a paper on the semiconductor industry “closely resembled” that of analyst Toni Sacconaghi. A Bernstein […]

    / Aug 28, 2008 at 11:12 AM
  • News

    KDB To Buy Brothers?

    Reuters reports that woodland creature Dick Bove may have been on to something yesterday when he upgraded Lehman Brothers to a buy due to a possible takeover. A spokesman from state-run Korea Development Bank confirmed today that they are “studying a number of options and are open to all possibilities, which could include (buying) Lehman.” […]

    / Aug 22, 2008 at 9:50 AM
  • News

    Bove Upgrades Lehman To Buy, Hostile Takeover “Possible”

    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 […]

    / Aug 21, 2008 at 1:52 PM
  • News

    Dick Fuld Shot Down

    Turns out the rumblings in Charlie Gasparino’s stomach were correct–the Lehman Brothers CEO has been fired.

    / Aug 20, 2008 at 10:15 AM
  • News

    Gasparino: Dick Fuld Is Racing To Save His Job

    Charlie Gasparino reports that Lehman Brothers’s probable sale of the family jewels is the first in a series of escalating dares the conclusion of which will be Dick Fuld looking for a new job.

    / Aug 19, 2008 at 1:23 PM

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