Consumerist
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dick fuld
Lehman Brothers CEO "Sold" $14 Million House To His Wife For $100
Dick Fuld is in the news again — this time for selling a $14 million Florida house to his wife for $100. No one is quite sure why he felt he needed to do this, but some are speculating that he may be trying to hide assets from Lehman Brothers shareholders in case they are getting ready to sue to him. More » -
explainers
Video: Oil Speculators To Blame For Record Gas Prices After All
If you thought oil speculators as the reason behind the historic gas prices spikes of this summer was debunked, think again. From '07 to when the price of oil collapsed, supply increased and demand dropped. According to basic economic theory, this should've meant the price went down. But all of a sudden an influx of capital, an infusion that brought the total at play from $13 billion to $300 billion, brought to market by large investment bankers, exploiting de-regulation and trading in black box private exchanges made possible by Enron, drove the price of oil from $69 to almost $150. A new 60 Minutes report explores the issue. Video inside. More » -
lehman brothers
How An Ex-Lehman Brothers ibanker Fills His Days
What does an ex-Lehman Brothers i-banker do now that he has no reason to live? This brilliant, amusing, well-put-together, and NSFW video explores the answer. "I've been waking up 5:40 every morning, not waking up for Lehman Brothers necessarily, but when I wake up, I put on a suit." I know there's a lot of so-called "funny videos" on the internet, but seriously, this is a good one. Watch it inside. More » -
lehman
Days Before Bankruptcy, Lehman Brothers Approved $100 Million Parachute
The Times of London says that a mere three days before Lehman Brothers went bankrupt, the firm approved $100 million in payouts to departing executives. More » -
money meltdown
5 More Wall Street Dudes Who Deserve A Punch In The Face
WallStreetFighter has listed 5 more Wall Street dudes that deserve the old "Dick Fuld" right in the face. Guess which Wall Street loser is most punchable? More » -
dick fuld is punched
Lehman Brothers CEO Got Punched In The Face
Dick "It Wasn't My Fault" Fuld, the CEO of bankrupt investment bank Lehman Brothers, (seen here being heckled after testifying on Capitol Hill) was apparently punched in the face while working out in Lehman gym on the Sunday following the bankruptcy, according to CNBC's Vicki Ward. More » -
wall street meltdown
Lehman Brothers Headquarters Is Now The Barclays Capital Building
Times are changing. Flickr pool member jamesmarino alerts us to the fact that the Lehman Brothers headquarters in Times Square is now broadcasting its new ownership. More » -
nonwealthy americans
Treasury Says It Will Agree To Cap Wall Street Executive Pay
One of the major sticking points of the inevitable Wall Street bailout was executive pay — but the New York Times says that Treasury Secretary and former CEO of Goldman Sachs, Henry M. Paulson Jr., has agreed to compensation caps for the executives of firms that benefit from the bailout. More » -
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fbi
FBI Investigating Failed, Bailed, Financial Firms
The FBI has launched a fraud probe into Fannie Mae, Freddie Mac, Lehman Brothers and AIG. Sounds kinda like a move to placate the masses. "We're on it." No doubt in response to the seething outrage sweeping the nation over the size and audacity of the bailouts, however needed they might be. Sounds like an easy job. Sorta like dipping your hand in a barrel of ink and trying to pull up black stuff.
FBI probing bailout firms [CNNMoney]
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mortgage meltdown
Two Economists From The University Of Chicago Explain What The Hell Just Happened
It's one thing to understand what just happened to the financial markets, and yet another to actually be able to explain what just happened. Thankfully, Steven Levitt from Freakonomics walked down the hall and found two economists from the University of Chicago (Doug Diamond and Anil Kashyap,) who gave him the best explanation I've been able to find about what the hell just happened. More » -
fdic
Nobody Gave A Crap About The FDIC Until Fairly Recently
Spend a little time looking at Google trends and you'll notice that no one really gave a crap about the FDIC until fairly recently. More » -
lehman brothers
Feds Didn't Bail Out Lehman, They Just Loaned Them $87 Billion
Effectively, the Feds loaned the global financial firm Lehman Brothers $87 billion Monday as it filed for bankruptcy and sent Wall Street into even more of tizzy, CNBC reports. In order to "to avoid disruption of financial markets," the feds asked JP Morgan Chase to advance Lehman the 87 really big ones, then the Federal Reserve Bank of New York repaid Chase. Wait, wasn't everyone patting the government on the back for not bailing out Lehman? Looks like that was only half of the story. Your tax dollars at work.
Fed Repaid JPMorgan $87 Billion for Lehman Financing [CNBC] (Thanks to The Larsons!)
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lehman brothers
The 10 Biggest Chapter 11 Bankruptcies In US History
CNBC has put together a quick slideshow list of the top 10 largest Chapter 11 bankruptcy filings in US history based on the pre-bankruptcy assets of the companies in question. It really gives you a sense of the incredible scale of the Lehman Brothers filing — the next closest bankruptcy was Worldcom, which had $103.9 billion in assets before the filing — 535.1 BILLION DOLLARS less than Lehman Brothers. Damn. More » -
money market funds
Signs Of The Apocalypse: Even Money Market Funds Are Losing Money
In the history of money market funds, says the NYT, only one had ever "broken the buck" or actually lost money... before yesterday. On Tuesday, the managers of a multi-billion dollar money market fund announced that their customers might lose money in the fund— a type of investment that is considered as safe as a savings account. More » -
merrill lynch
What Merrill, Lehman, And AIG Customers Need To Know
NYT's Ron Leiber breaks down what you need to know and do if you are or were a customer of Merrill Lynch, Lehman, or AIG... More » -
lehman brothers
Lehman Brothers Did Business With Mortgage Fraudsters Back In 2000
The Lehman Brothers collapse is shocking! Unless you remember a little story from 8 years ago... More » -
lehman brothers
"Years Of Silliness" Unwound Over Single Weekend
This is my favorite quote of the morning about what the bankers did this weekend:
``I've been on Wall Street for many years, and I've never seen a weekend like this one,'' said Michael Holland, 64, chairman and founder of New York-based Holland & Co. ``We are unwinding what has been years of silliness in the financial markets, and the silliness is being vaporized as we speak, unfortunately with the stock price of a number of companies involved in it.''
Oh, you frivolous fellows with your silly option-ARMs and silly derivatives and silly off-the-books assets and silly securitized mortgages. No more funny hats for you. Consider all funny hats atomized.
`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold [Bloomberg]
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bank of america
Lehman Files For Chapter 11, BoA Buys Merrill Lynch
Bankers worked hard over the weekend to prevent the American financial system from imploding.
- Lehman filed for Chapter 11
- Bank of America bought Merrlil Lynch
- A special trading session was opened Sunday from 2-6pm to allow traders to try to unwind their positions
- The Fed is expected to temporarily make it easier for banks to borrow from the government
- European Central Banks stand ready to pump billions into the global market
- Washington Mutual's new CEO's disclosure of further writedowns and setting aside of capital calmed investors and stemmed the massive selloff of its stock
Should be an exciting day to watch the stock market.
(Photo: Getty)
lehman brothers
New York, 11:30 AM
Sat Nov 21
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