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 今晚这事会编入金融史册。实话说，李曼倒了，接下来就是 |
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今晚这事会编入金融史册。实话说，李曼倒了，接下来就是 -- ceo/cfo - (465 Byte) 2008-9-15 周一, 11:46 (2268 reads) |
雨林
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作者：雨林 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By MarketWatch
Last update: 1:40 a.m. EDT Sept. 15, 2008Comments: 697SAN FRANCISCO (MarketWatch) -- Lehman Brothers Holdings Inc. said early Monday that it will file for Chapter 11 bankruptcy protection and continue business while it explores the sale of its broker and investment-management units and other strategic alternatives.The announcement came after a frantic weekend of negotiations in which potential acquirers backed away from a deal and federal officials balked at committing taxpayer funds to help save the Wall Street giant.
In a statement on its Web site, Lehman said the filing in U.S. Bankruptcy Court for the Southern District of New York would affect only the parent, Lehman Brothers Holdings, and that its subsidiaries, including Neuberger Holdings LLC, would continue to operate and customers could make trades.
Neuberger assets are separate from Lehman Brothers and won't be subject to Lehman creditors' claims, the company said.
The company said its board approved the bankruptcy filing " ... in order to protect its assets and maximize value."
Lehman said it would file motions Monday to allow it to continue operating and pay its employees during the bankruptcy reorganization.
Lehman did not say it was filing under the section of federal bankruptcy law that would have led to liquidation.
The company said it is exploring the sale of its broker-dealer operations and will continue exploring the sale of its investment-management division. It will also "consider other strategic alternatives."
The move into bankruptcy came after last-minute talks with Barclays PLC (BCS:Barclays PLC
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Last: 25.18+0.73+2.99%
4:00pm 09/12/2008
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BCS 25.18, +0.73, +3.0%) (UK:BARC: news, chart, profile) and Bank of America (BAC:bank of america corporation com
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Last: 33.74+0.68+2.06%
4:02pm 09/12/2008
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BAC 33.74, +0.68, +2.1%) faltered Sunday, leaving few options for the 158-year-old firm. See related story
The failure of one of Wall Street's oldest firms came as the fallout from the U.S. housing collapse and global credit crunch intensified more than a year after problems first surfaced.
The International Swaps and Derivatives Association organized a special trading session to reduce financial risk in the event of a bankruptcy filing Sunday. See related story.
Federal officials have been struggling to organize an acquisition or private-sector bailout of Lehman (LEH:Lehman Brothers Holdings Inc
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Last: 3.76-0.46-10.90%
4:00pm 09/12/2008
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LEH 3.76, -0.46, -10.9%) because of fears that a bankruptcy could cause severe problems in the already fragile financial markets.
But they are anxious not to commit any more taxpayer dollars given the massive bailout of mortgage giants Fannie Mae (FNM:Fannie Mae
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Last: 0.74-0.04-5.13%
4:00pm 09/12/2008
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FNM 0.74, -0.04, -5.1%) and Freddie Mac (FRE:Freddie Mac
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Last: 0.46-0.13-22.03%
4:00pm 09/12/2008
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FRE 0.46, -0.13, -22.0%) last month and the guarantees offered to facilitate the rescue of Bear Stearns (JPM:JPMorgan Chase & Co
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Last: 41.11-0.54-1.29%
4:01pm 09/12/2008
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JPM 41.11, -0.54, -1.3%) last spring. See related First Take commentary
Even as Lehman's rescue efforts faltered, Merrill Lynch (MER:Merrill Lynch & Co., Inc
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Last: 16.96-2.47-12.71%
4:00pm 09/12/2008
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MER 16.96, -2.47, -12.7%) agreed to acquire Bank of America. Read the Wall Street Journal article.
Insurance giant AIG (AIG:American International Group, Inc
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Last: 12.14-5.41-30.83%
4:01pm 09/12/2008
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AIG 12.14, -5.41, -30.8%) was set to announce major restructuring plans on Monday as well. See related story
AIG also reportedly petitioned the Federal Reserve for a $40 billion bridge loan.
And Wall Street analysts remain concerned that mortgage lender Washington Mutual (WM:Washington Mutual Inc
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Last: 2.73-0.10-3.53%
4:05pm 09/12/2008
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WM 2.73, -0.10, -3.5%) , which saw its shares plunge last week, could also be at risk.
Lehman's roots
From its start as a cotton trading firm in Montgomery, Ala., more than 150 years ago, Lehman grew into the third-largest U.S. brokerage firm behind Morgan Stanley (MS:morgan stanley com new
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Last: 37.23-1.48-3.82%
4:00pm 09/12/2008
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MS 37.23, -1.48, -3.8%) and Goldman Sachs (GS:Goldman Sachs Group, Inc
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Last: 154.21-2.82-1.80%
4:00pm 09/12/2008
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GS 154.21, -2.82, -1.8%) . It was a fixed-income powerhouse and the largest mortgage underwriter.
The firm's mortgage business, while hugely profitable during the recent housing boom, proved its undoing as home prices slumped, foreclosures surged and the commercial real estate market began to crack.
In its latest quarter, Lehman reported a net loss of almost $4 billion after more than $5 billion of new write-downs, mostly on soured mortgage exposures. Read full story.
The firm unveiled plans to sell businesses and jettison at least $25 billion of troubled commercial real estate assets, but investors and trading partners continued to desert the firm, leaving it rushing to find buyers for the whole company. See full story.
Lehman had survived near-death experiences before and longtime Chief Executive Richard Fuld had always rejected selling the firm. However, the current credit crunch is the worst crisis to hit Wall Street in more than two decades, according to one former Lehman executive.
"No one, currently working on Wall Street, has ever experienced a credit event like the one we are currently facing," Bernstein Research analyst Brad Hintz, a former Lehman chief financial officer, wrote in a note to investors earlier this month. "The credit events the market has lived through since 1980 ... appear like ripples in a pond compared to the plunge we are currently experiencing."
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Comments: 697
Turns out that lending money to people with no jobs and no assets, so they can buy an overpriced house, isn't a very good idea after all. Who would have known? Surely the best brains in the world in the investment banks coulnd't be expected to forese...
- Pondus
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作者：雨林 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 今晚这事会编入金融史册。实话说，李曼倒了，接下来就是 -- ceo/cfo - (465 Byte) 2008-9-15 周一, 11:46 (2268 reads) - Lehman plans to file for bankruptcy protection-------Finally -- 雨林 - (7768 Byte) 2008-9-15 周一, 14:29 (284 reads)
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