Wikinvest Wire

Not too big to fail ... apparently

Sunday, September 14, 2008

There's a nice interactive graphic over at the Wall Street Journal where reporters have apparently put in long hours over the weekend watching the Lehman story develop.
Only three of the seven yellow dots in the graphic contain information about the firm which pop up when you "mouse over" the dots. They are:

  • Jan 18 - Lehman cuts 1,300 jobs in residential mortgage business
  • Jun 02 - President Joseph M. Gregory and CFO Erin Callan are removed
  • Sep 08 - Talks fail on a capital infusion for Lehman Brothers from a Korean bank
This graphic will likely be updated with the addition of one more yellow dot sometime before 11:59 PM tonight when Lehman is expected to file for bankruptcy.

There's lots more on the latest development in this New York Times piece by Andrew Sorkin, "In Frantic Day, Wall Street Banks Teeter", which begins ominously, "In one of the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis".

Looks like Lehman is already old news, even before their bankruptcy filing.

ooo

This week's cartoon from The Economist:
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2 comments:

Anonymous said...

I still have to commend Bernanke & Paulson if they allow LEH to die. The bailouts offered by Fed/Treasury so far to financial industry is quite less than what I expected. While BSC guarantee is bad, at least they had courage to stop it there. No company ever is too big to fail.

vanilla ice said...

Poor Lehman Brothers.

"While BSC guarantee is bad, at least they had courage to stop it there. No company ever is too big to fail."

Have you been in a coma the last two weeks?

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