North Fork Agrees to Buy GreenPoint for $6.3 Billion Nov 19, 2009
"I'm not sure the deposit drain people are anticipating is imminent,'' he said. Mr. Kanas, 57, will remain chief executive of the combined company and GreenPoint's chief executive, Thomas S. Johnson, 63, will become a director. Bharat B. Bhatt, currently president and chief operating officer of GreenPoint, will be joining the senior management team of North Fork as senior executive vice president and will also become a director. North Fork was advised on the purchase by Sandler O'Neill &... (Yahoo News -- Banking & Financial Services)
Moonlight Basin files for Chapter 11 bankruptcy Nov 19, 2009
Moonlight Basin Ranch said Wednesday the ski and golf community has filed for Chapter 11 bankruptcy protection after Lehman Brothers decided to foreclose on an outstanding loan ... Lehman Brothers moved to foreclose on Moonlight Basin in September, saying the resort owed the bank $86. (Montana Standard, MT)
Brazil Bank Bond Sale Plan to Flop Unless Incentives Provided, Gavea Says Nov 19, 2009
The need for banks to issue bonds locally has grown after the collapse of Lehman Brothers Holding Inc. in September 2008 shut down international credit markets and made it difficult to access capital, said , vice-president of the Brazilian association of capital markets, known as Anbima. Anomaly. (Bloomberg -- Latin America)
Business briefs Nov 19, 2009
Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said ... Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said. (New York Post -- Business)
Investing in range-bound markets Nov 19, 2009
In the bull market that preceded the collapse of Lehman Brothers and the ensuing financial crisis, equity valuations reached some very frothy levels. You have viewed your allowance of free articles. (FT.com -- Markets)
Hedge Fund "King" Griffin Rebounding From Losses: Report Nov 19, 2009
The report said Griffin is launching four new funds and expanding in investment banking -- hoping to fill the profitable hole left by the collapse of Lehman Brothers. "Nothing is more important to me as we approach (Citadel's) 20th anniversary than striving to earn back the losses of '08 and move forward," the newspaper quoted Griffin as saying. (ABC News -- Wire)
Brazil Choice of Central Bank Director `Surprising' to Vieira da Cunha Nov 18, 2009
Toros resigned after Valor Economico published an interview with him on Nov. 13 in which he said Brazilian President da Silva initially opposed using record foreign currency reserves to stem capital flight as the real tumbled 28 percent in the two months following the September 2008 collapse of Lehman Brothers Holdings Inc. in New York. Toross departure heightens uncertainty about the entire high rank of the central bank, Vieira da Cunha said. (Bloomberg -- Latin America)
Jones Day, Boies to Battle Over Lehman-Barclays Deal Nov 18, 2009
Lehman Brothers and its counsel at have filed suit against Barclays, claiming the bank got an undeserved windfall of at least $5 billion when it purchased much of Lehman's North American operations after Lehman went bankrupt last September. The suit was expected. (Law.com)
House Dems Sharpening "Too Big to Fail" Plan Nov 18, 2009
Others, such as Lehman Brothers, were allowed to go into bankruptcy, while still others were forced into government-engineered mergers. 1. (ABC News -- Business)
Labor Group Unveils Plan to Tackle Joblessness Nov 18, 2009
The TARP fund was created in the depths of the 2008 financial crisis to shore up banks after investment bank Lehman Brothers failed. The AFL-CIO's proposal comes as the White House considers whether some of the TARP fund's remaining $210 billion should be used to help debt-burdened families and small businesses. (Newsmax)
KDB Financial's Min Rues `Very Good Opportunity' He Missed to Buy Lehman Nov 18, 2009
Nov. 18 (Bloomberg) -- Chairman said his failed attempt to buy Lehman Brothers Holdings Inc. last year was a missed opportunity for the Korean bank and the global financial system. Lehmans bankruptcy less than a week after talks between state-owned KDB and the Wall Street firm broke down sparked a worldwide financial panic, and Min was publicly scolded by Korean lawmakers for attempting the deal. (Bloomberg -- Asia)
Toyota Oct car sales up 5% Nov 18, 2009
Toyota executives had said sales in the United States would likely start picking up around October due to easier comparisons from the year before, when sales began to tank after the collapse of Lehman Brothers. Toyota's shares were littled changed on the news, down 1. (India Times)
NEC Sells $1.3 Billion in Shares to Fund New Businesses and Pay off Debt Nov 18, 2009
in pursuing sales as equity markets rebound from the rout caused by Lehman Brothers Holdings Inc.s bankruptcy last year. The company will sell as many as 537. (Bloomberg -- Japan)
Melting The Argument Against Cap-and-Trade Nov 18, 2009
But, by 2007, the kinks were getting smoothed out, and, as a Lehman Brothers analysis concluded, the system "succeeded, and fairly quickly, in imposing a price on carbon.". That carbon price appears to have had an impact. (CBS News -- Politics)
Griffin Picking `Juggernaut' Edsparr to Run Bank Means Do-Over at Citadel Nov 18, 2009
He earned the nickname juggernaut during his first job at Lehman Brothers Holdings Inc., where one of his tasks in the research unit was to collect daily price data from senior traders, one of the people said. Most of his predecessors failed because they were too intimidated to interrupt the traders, who would shout at them. (Bloomberg)
Check out experts' views on Cox & Kings IPO Nov 18, 2009
Of the total issue, the offer for the sale of shares by the existing stakeholders (including Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana, SA, SV) constitutes around 30 lakh shares. The remaining fresh issue of 1. (India Times)
Bovespa Rises to 17-Month High on Faster Growth Outlook, Mexico Advances Nov 18, 2009
World economies have to prepare for an end to government stimulus that helped them recover from the financial crisis sparked by the bankruptcy of Lehman Brothers Holdings Inc. in September 2008, Itau Unibanco Holding SA Chief Executive Officer said yesterday. Fiscal Stimulus. (Bloomberg -- Latin America)
Reinet posts interim profit of R4.5bn Nov 18, 2009
In the review period Reinet, controlled by South African tycoon Johann Rupert, acquired an interest in the fund management business formerly known as Lehman Brothers, with an initial investment of $10m (R74m). The group then made investments of e2. (Business Report, South Africa)
Apartments set for foreclosure? The Belmont at Cowan Place apartment complex on Cowan Boulevard in Fredericksburg could be heading to foreclosure, but residents there shouldn't be affected. Nov 18, 2009
The financing for the 2004 Belmont purchase was done through a real estate mortgage investment conduit (REMIC) loan originated by now-bankrupt Lehman Brothers. It was then securitized, placed into a commercial mortgage-backed security with other loans and sold to investors. (Fredericksburg.com, VA)
Nomura Extends Lead in Managing Asian Share Sales With Hitachi, MUFG Deals Nov 18, 2009
The Tokyo-based company remains a laggard in markets such as Hong Kong, even after buying the Asian operations of Lehman Brothers Holdings Inc. last year, according to Bloomberg data. Nomura didnt miss opportunities to arrange share sales as Japanese firms increasingly boost capital, said , a senior analyst at MDAM Asset Management Co., which has about $2. (Bloomberg)
Ex-BofA Exec Says Had No Role in Merrill Bonuses Nov 17, 2009
The Merrill deal, forged the same September weekend that Lehman Brothers collapsed, was first questioned after Bank of America disclosed that the investment bank would post 2008 losses of $27. 6 billion far more than expected. (ABC News -- Wire)
NY Fed Failed to Negotiate AIG Concessions Nov 17, 2009
The report said that in the rush to rescue AIG -- just two days after the failure of Lehman Brothers -- the New York Fed adopted terms that were based on an aborted commercial rescue effort. This would necessitate another bailout just weeks later. (ABC News -- Wire)
Banks Sense Danger, Warn Congress on Breakup Power Nov 17, 2009
The goal is to prevent another debacle like last year's, when Lehman Brothers collapsed, triggering a credit crisis, and taxpayers bailed out AIG , Citigroup and Bank of America , among others. 1. (ABC News -- Wire)
South Korea's recovery: Leaning experience Nov 17, 2009
It is now bigger than it was before Lehman Brothers collapsed. Technically, it did not even suffer a recession. (The Economist)
Wall Street Lost Fewer Jobs Than Expected, New York State Comptroller Says Nov 17, 2009
in March 2008; the failure of Lehman Brothers Holdings Inc. in September 2008; purchase of Merrill Lynch & Co. in December; and the conversion of and into commercial banks from investment banks. The changes required the comptrollers office to narrow its annual survey of pretax profits to four firms from seven, the report said. (Bloomberg -- US)
Wanted: gutsy leader to sip from poisoned chalice Nov 17, 2009
The same sort of pricing weaknesses have been apparent in the market for toxic assets since the collapse of Lehman Brothers 18 months ago. When it comes to perceived value there is no accounting for individual appetites. (Business Report, South Africa)
Stocks Fall From 14-Month High; Kazakhmys, Rio Tino Decline as Metals Slip Nov 17, 2009
U.K. stocks yesterday rallied to the highest level since Sept. 12, 2008, the last trading session before Lehman Brothers Holdings Inc. filed for the worlds biggest bankruptcy three days later. Since March 3, the FTSE 100 has rebounded 53 percent from the lows of this year. (Bloomberg -- UK)
Lehman Sues Barclays Over Windfall Profits Nov 17, 2009
(Reuters) - Lehman Brothers Holdings Inc has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its U.S. brokerage business a year ago, court documents show ... The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555. (ABC News -- Business)
ECB exit ahead Nov 17, 2009
Central bankers are poised to begin unwinding a range of monetary loosening measures launched after last Septembers collapse of Lehman Brothers. Buoyed by the return to normality in interbank lending, where banks fund themselves by borrowing and lending to each other for periods ranging from overnight to up to a year, exit strategies are now firmly on the agenda. (FT.com -- Markets)
Meirelles Taps Mendes to Replace Toros as Director at Brazil Central Bank Nov 17, 2009
on Nov. 13 cited an interview with Toros that revealed how President da Silva initially opposed using record foreign currency reserves to stem capital flight that led to a 28 percent drop in the real in the two months following the September 2008 collapse of Lehman Brothers Holdings Inc.. It was somehow expected in light of the very controversial interview for the Valor Economico newspaper last Friday where he presented a much worse picture of the Brazilian financial system conditions during the... (Bloomberg -- Latin America)
Itau Seeks Chile Growth While Mexico, Peru Are `Attractive,' Setubal Says Nov 17, 2009
World economies have to prepare for an end to government stimulus that helped them recover from the financial crisis sparked by the bankruptcy of Lehman Brothers Holdings Inc. in September 2008, Setubal said. We are living in a world of where economies have gotten back to growth with a lot of stimulus, and were not sure how they will react when the stimulus is reduced, he said. (Bloomberg -- Latin America)
Lehman in $12B feud with Barclays Nov 17, 2009
Lehman Brothers yesterday sued Barclays Capital to get back nearly $12 billion of what Lehman alleges were excess assets improperly transferred to the British bank last year ... Lehman Brothers yesterday sued Barclays Capital to get back nearly $12 billion of what Lehman alleges were excess assets improperly transferred to the British bank last year. (New York Post -- Business)
Cox & Kings IPO band at Rs 316-330 Nov 16, 2009
45 lakh equity shares by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merill Lynch Capital Market Espana. The IPO would also reserve up to two lakh equity shares of Rs 10 each for the eligible employees. (India Times)
3 banks prepared to pay record $29.7B in bonuses Nov 16, 2009
Like all major institutions, they were the recipients of capital injections following Lehman Brothers Holdings Inc.'s collapse in September 2008. Average bonuses for employees at financial firms worldwide will rise about 35 percent to 40 percent this year, according to an annual report from Options Group, a New York-based executive search and compensation consultant firm. (Honolulu Advertiser)
Eurozone emerges from recession Nov 15, 2009
The eurozone economy fared worse than that of the US after the failure of Lehman Brothers late last year, with the collapse of global economic confidence hitting its exports. But France and Germany both emerged from recession earlier. (CNN -- International)
Persecuting Palin? Nov 14, 2009
And it remains true that the only time during that entire campaign that John McCain was ahead in the polls was between his announcement of Sarah Palin as his running mate and then, of course, the bankruptcy of Lehman Brothers, which no one could stop. HANNITY: The worst part of this, though, became the attacks on her family. (Fox News)
BofA's Cuadrado Quits After Beker Returns to Run Latin America Research Nov 14, 2009
He was an employee of Merrill Lynch & Co. when it was bought by Bank of America in January to help it avoid becoming a casualty of the global credit crisis that pushed rival Lehman Brothers Holdings Inc. into bankruptcy. Cuadrado didnt immediately return calls seeking comment. (Bloomberg -- Latin America)
Retailers Gear up for Black Friday Nov 14, 2009
At that time, shell-shocked retailers, rattled by the collapse of Lehman Brothers, the crisis at AIG and upheaval in the credit markets, pushed the panic button. "I don't think anyone had ever lived through that big a swing in consumption, from double-digit growth to double-digit declines, in such a rapid period of time," says Stephen Sadove, chairman and chief executive of Saks Inc.. (Time.com)
* Taishin integrates Chinfon customers Nov 14, 2009
6 billion in provisions for its investments in loss-making convertible bonds and compensation for sales of structured notes linked to bankrupt Lehman Brothers. Before the provisions, the company yesterday said its earning performance in the third quarter had rebounded to NT$2. (Taipei Times, Taiwan -- World Business)
* Post office grilled over accounts Nov 13, 2009
Aside from the suspense accounts, Lo also questioned the post offices risk management abilities as it listed an accumulated loss of NT$1 billion after investing in Lehman Brothers bonds and three other securities that were now worthless. It seems to me that you have a preference for landmine stocks, she said. (Taipei Times, Taiwan -- World)
Briefing: Derivatives Nov 13, 2009
Its fetish for credit default swaps (CDSs), a type of derivative that insures lenders against borrowers going bust, led it to guarantee at least $400 billion-worth of other companies loans including those of Lehman Brothers ... When Lehman Brothers defaulted, LCH.Clearnet, the largest clearer of interest-rate swaps, processed its $9 trillion of OTC interest-rate derivatives seamlessly. (The Economist)
Dexia Posts $407 Million Third-Quarter Profit After Selling U.S. Bond Unit Nov 13, 2009
4 billion- euro bailout from France, Belgium and Luxembourg last year as short-term funding dried up after Lehman Brothers Holdings Inc.s bankruptcy. The progress achieved in one year is sizeable, Mariani, 53, said in the statement. (Bloomberg -- Europe)
Dan Pfeiffer: The Next White House Communications Boss Nov 13, 2009
"Shut up! He said what?" On hearing John McCain observe that "the fundamentals of the economy are strong" on Sept. 15, 2008 the day Lehman Brothers collapsed. (New York Times, Nov. 16, 2008). (Time.com)
Buffett, Gates Tell Students Worst Is Behind Us Nov 13, 2009
Buffett also commended the Bush administration's actions last September, saying "only the government could have saved things" after the collapse of Lehman Brothers triggered a freeze-up in credit markets and panic on Wall Street. 1. (ABC News -- Wire)
The Walt Disney Company Reports Earnings for Fiscal Year 2009 Nov 13, 2009
com, the favorable resolution of certain income tax matters, a bad debt charge for a receivable from Lehman Brothers, and an impairment charge, which collectively had no net impact on EPS. ... 01, while EPS for the prior-year quarter included the Lehman Brothers bad debt charge and an impairment charge, which together had a net adverse impact of $0 ... com and a bad debt charge for a receivable from Lehman Brothers, all of which were recorded in Other Income, the favorable resolution of... (Yahoo! Wire -- Entertainment News)
Warren Buffett: Financial panic is over Nov 13, 2009
Buffett also commended the Bush administration's actions last September, saying "only the government could have saved things" after the collapse of Lehman Brothers triggered a freeze-up in credit markets and panic on Wall Street. In the future, however, Buffett said "there should be more downside to the head of any institution that has to go to the federal government to be saved for reasons of the greater society.". (MSNBC -- Business)
Japan Town Hopes to Revive `Obama Effect' By Seeking Talks With President Nov 13, 2009
The growth in visitors was subsequently stemmed by the effects of the global downturn, starting with the collapse of Lehman Brothers Holdings Inc. in September 2008, said Fujiwara. The U.S. president is scheduled to speak in Tokyo tomorrow morning. (Bloomberg -- Japan)
XSEL Announces Financial Results for the Third Quarter 2009 Nov 12, 2009
0 million principal protected note issued by Lehman Brothers Holdings Inc., which matured in January 2009. In August 2008, the Company borrowed $14. (Yahoo! Wire -- Entertainment News)
North Fork Agrees to Buy GreenPoint for $6.3 Billion Nov 12, 2009
"I'm not sure the deposit drain people are anticipating is imminent,'' he said. Mr. Kanas, 57, will remain chief executive of the combined company and GreenPoint's chief executive, Thomas S. Johnson, 63, will become a director. Bharat B. Bhatt, currently president and chief operating officer of GreenPoint, will be joining the senior management team of North Fork as senior executive vice president and will also become a director. North Fork was advised on the purchase by Sandler O'Neill &... (Yahoo News -- Banking & Financial Services)
Stelios, Who Thwarted EasyJet Expansion, Calls Ryanair Growth Plan Folly Nov 12, 2009
When the debate started, it was last September, right after Lehman Brothers collapsed. Who knew how bad this would get. (Bloomberg -- Europe)
So much gained, so much to lose Nov 12, 2009
But when historians come to write about the past quarter-century, Lehman Brothers and Sir Fred the Shred Goodwin will account for fewer pages than the 500m people dragged out of absolute poverty into something resembling the middle class. Their success is not just a wonderful thing in itself the greatest leap forward in economic history. (The Economist)
Alaska showcase in New York needs money Nov 12, 2009
Rogoff said she never intended to carry the operation herself and that her plan was to raise around $1 million a year for its operation, but the house opened the same day Lehman Brothers went under and the financial industry collapsed. Share this page. (Juneau Empire)
Feds may change tactics after Bear Nov 12, 2009
Others who have been accused of failing to warn investors of the impending losses include Angelo Mozilo, former CEO of Countrywide Financial, and Dick Fuld, former CEO of Lehman Brothers ... Others who have been accused of failing to warn investors of the impending losses include Angelo Mozilo, former CEO of Countrywide Financial, and Dick Fuld, former CEO of Lehman Brothers. (New York Post -- Business)
Rs 50K cr investments coming soon Nov 12, 2009
After the collapse of US investment bank Lehman Brothers in September last year, risk-averse investors had parked large sums of their savings and surplus cash in term deposits floated by banks. In their bid to attract money from investors, banks were offering interest rates in the range of 10-11% for deposits spanning 1-3 years. (India Times)
Bear Stearns acquittals may force prosecutors to rethink cases Nov 12, 2009
The investigations also are targeting government-owned mortgage financers and and Lehman Brothers, a casualty of the crisis. The Bear Stearns case was the second to go to trial, following the conviction in August of a former Credit Suisse broker on conspiracy and securities fraud charges in connection with a $1 billion subprime mortgage fraud. (Boston Globe)
China's factory output at 19-mth high Nov 12, 2009
Because global trade fell off a cliff last November after the shock to confidence delivered by the bankruptcy of investment bank Lehman Brothers, economists still think exports will resume positive year-on-year growth by December at the latest. This will make it more difficult for Beijing to resist international pressure to let the yuan appreciate and also make it easier for policymakers to justify a stronger currency to domestic audiences, said Brian Jackson, a strategist at Royal Bank of... (India Times)
Zell: Predictions of commercial real estate crash 'greatly exaggerated' Nov 12, 2009
David Einhorn, the head of Greenlight Capital and best known for making profitable bets against Lehman Brothers before its bankruptcy last year, urged buying Vodafone Group PLC because, he said, none of the 40 analysts who cover the U.K. company realize the cash-flow potential of its stake in Verizon Wireless. Delta Lloyd, a Dutch life insurer, was his second pick. (Crain's Chicago Business)
Shinsei Posts Profit on Cost Cuts, Reduced Losses Ahead of Aozora Merger Nov 11, 2009
Nov. 11 (Bloomberg) -- , the Japanese lender merging with smaller Aozora Bank Ltd., reported a second quarter profit helped by costs cuts and the absence of losses related to Lehman Brothers Holdings Inc.s collapse. Tokyo-based posted net income of 5. (Bloomberg -- Japan)
New AIG CEO Ready to Walk Nov 11, 2009
Ralph Cioffi and Matthew Tannin, the ex-Bear Stearns managers on trial for securities fraud, were acquitted on Tuesday, in "its first major criminal trial spawned by the financial crisis," the WSJ reports, adding the loss may impact the Fed's ongoing criminal investigations into Lehman Brothers and AIG. BusinessWeek in its "Unstructured Finance" blog argues that Cioffi and Tannin may have won this round, but the damage the duo allegedly did in is hardly disputed on Wall Street and damaging... (Slate)
Fixing Too Big To Fail Nov 11, 2009
When regulators pointed this out to financial institutions, such as Lehman Brothers, they had little regulatory power to force any preventive actions. So once a financial firm is considered to be a target of extra scrutiny by the Financial Oversight Council, what happens. (CBS News)
Dodd Seeks More Muscle in U.S. Financial Reforms Nov 11, 2009
The late 2008 collapse of ex-Wall Street giant Lehman Brothers and massive taxpayer bailouts of firms such as AIG and Citigroup sparked a flood of concern over the risks of firms considered "too-big-to-fail," exotic investment instruments and other areas. 1. (ABC News -- Business)
Is the NSA spying on U.S. Internet traffic? Nov 10, 2009
The fall of the Berlin Wall, 9/11 and the collapse of Lehman Brothers: Each ushered in a new American era By Michael Lind. Inside the elaborate, disturbing and downright riveting world of child-beauty pageants By Amanda Fortini. (Yahoo News -- Online Privacy)
Meet the man who changed Glenn Beck's life Nov 10, 2009
" Yes, yes, I'm aware of the "" line from the Simpsons. But it's not like Obama is French, and the discussion on Beck's show at the time didn't generally have anything to do with surrendering at all. I'm willing to concede this might be perfectly harmless, just a case of me being oversensitive. In general, though, you'd think that when referring to the first black U.S. president, people might want to avoid monkey metaphors. (Just ask how well they've worked out for him.) Seems like there are... (Salon)
Record Bonuses Return to Wall Street as Big Three May Award $29.7 Billion Nov 10, 2009
While banks may change the way they structure pay, they probably cant avoid disclosing the money as compensation, said Steven W. Rabitz, a former compensation lawyer at Goldman Sachs and Lehman Brothers Holdings Inc. who now works as a partner at law firm in New York. One way or another theres going to be some kind of disclosure, Rabitz said. (Bloomberg)
The bitter tears of Johnny Cash Nov 10, 2009
" It was "I'm lowlier than you are" -- and with this, he handed them back some of their dignity. Cash sang in defense of the poor, the downtrodden, the unjustly punished. But he also sang in defense of the humanity of murderers. For that fact alone, I hope that the God Johnny Cash so believed in is right there to greet him. If anyone deserves to find peace in the valley, he does. Related Stories Johnny Cash never killed a man just to watch him die, but he forged a career of love, God and murder.... (Salon)
