Federal officials and Wall Street leaders were at loggerheads all weekend over the critical issue of government involvement in the transactions. Treasury Secretary Henry M. Paulson Jr. But Wall Street executives had little reason to put their own scarce capital into saving a competitor or backing its bad loans.
The ordinary cost of financial change has winners and losers. Democratic presidential candidate Sen. Barack Obama said he is opposed to any government intervention to save Lehman and advocates a private-sector solution.
Republican presidential candidate Sen. John McCain has not taken a public position on the Lehman matter. In the clearest sign that Lehman is headed for the bankruptcy courts in what would be the biggest Wall Street financial failure in decades, the International Swaps and Derivatives Association called for a special session Sunday to try to purge the intricately interconnected credit-default swaps market of insurance deals that would become worthless if Lehman goes bankrupt.
The broader stock and credit markets also may react negatively. Peter Kenny, managing director at Knight Equity Markets in New Jersey, said the financial world is on the verge of a complete reorganisation. And Bill Gross, chief investment officer at Pacific Investment Management, warned of an "imminent tsunami" as dealers are forced to unwind complicated derivative and swap-related positions.
Alan Greenspan, the respected former chairman of the Fed, warned yesterday that other big institutions could yet be vulnerable; a shocking situation for Wall Street where the big investment banks had for so long enjoyed an air of invincibility. Greenspan described the credit crisis as a "once-in-a-century" type of event.
Banking crisis: Lehman Brothers files for bankruptcy protection. Sub-prime woes Merrill Lynch and Lehman both expanded aggressively into property-related investments, including so called sub-prime mortgages - loans to people on low incomes or with poor credit histories.
Topics Lehman Brothers Credit crunch Market turmoil. Reuse this content. Following his victory, Ali retired from boxing, only to make a Sign up now to learn about This Day in History straight from your inbox. In the wake of the Battle of the Marne—during which Allied troops halted the steady German push through Belgium and France that had proceeded over the first month of World War I—a conflict both sides had expected to be short and decisive turns longer and bloodier, as Allied and Taft was born into a politically active family; his father had served as President Ulysses S.
He attended college at Yale University, graduating second in his class. He then attended On September 15, , the new Overland Mail Company sends out its first two stages, inaugurating government mail service between the eastern and western regions of the nation.
With California booming, thanks to the Gold Rush, Americans east and west had been clamoring for Her mother and her older sister Madge also made up The famous picture of Marilyn Monroe, laughing as her skirt is blown up by the blast from a subway vent, is shot on September 15, during the filming of The Seven Year Itch. The scene infuriated her husband, Joe DiMaggio, who felt it was exhibitionist, and the couple divorced Although the town detective talked to everyone who lived on the path between the two houses, no one admitted to having seen Benoit.
Soon afterward, the Nikita Khrushchev becomes the first Soviet head of state to visit the United States. Khrushchev came to power in the Soviet Union The Federal garrison inside Harpers Ferry was vulnerable to a Confederate attack Live TV.
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