[Ferretlover]

Guess McCain's son already found another job?

[coyote]

An interesting twist for this thread...

Lehman's common stock was little changed Thursday by The Wall Street Journal report, shortly before markets closed, that Bank of America Corp. (BAC) may buy the woebegone, 158-year-old Lehman. And the common shares actually moved nominally lower in recent after-hours trading.

Its preferred shares, on the other hand, staged a staggering rebound in the minutes before Thursday's closing bell. Issues that were earlier down 29% to 39% finished up between 11% and 33%, and the ones that couldn't breach positive territory were down just a fraction of what they had been earlier in the session.

CNN Money

Perhaps they're not going down after all...

[smallpoxgirl]

Too many lehman going down threads. Maybe they can be consolidated?

No way. Too late for that. But even if they do somehow become merged with a, GS for instance, it won't be Lehman anymore. Thus they are no more.

I think he was talking about consolidating the threads, not consolidating Lehman. And it's a good point.

[nobodypanic]

An interesting twist for this thread...

Lehman's common stock was little changed Thursday by The Wall Street Journal report, shortly before markets closed, that Bank of America Corp. (BAC) may buy the woebegone, 158-year-old Lehman. And the common shares actually moved nominally lower in recent after-hours trading.

Its preferred shares, on the other hand, staged a staggering rebound in the minutes before Thursday's closing bell. Issues that were earlier down 29% to 39% finished up between 11% and 33%, and the ones that couldn't breach positive territory were down just a fraction of what they had been earlier in the session.

CNN Money

Perhaps they're not going down after all...

or maybe someone's trying to pump it. it's all so darned tricky at the moment.

[FreedomSlave]

Garbage in, garbage out...

Of course, the money with it.

Both ways.

[idiom]

x.x

Its not an Onion article!

Doo0000oooommmmmm

[drgoodword]

Yeah, that says it all, Ludi.

The bigwigs running these bankrupt companies even get to keep their bloated compensation packages.

Socialism for the rich. That's what we have.

And the poor average dummies out there with the flag stickers on their cars play right along.

Another +1

The greatest propaganda coup ever accomplished is by the American establishment in convincing America's working class to support corporate welfare without question while simultaneously despising social welfare. Edward L. Bernays would be proud. (And Goebbels would be jealous.)

[Roccland]

If you are a thinking individual this instantaneously calls into question the safety and capability of the FDIC to pay your "up to $100,000" should the bank where your money is immolate itself, especially as the FDIC is now losing over 20% of the assets for each bank it takes over. The historical average, by the way, was in the single digits until this last year. What happens when the FDIC's money runs out? One single large bank and their entire fund is gone. And before you say "Congress will just give them more money" (of course they will) please understand that Congress doesn't actually have any money - the government gets its funds from you via taxes, so in effect you are stealing yet more of your own money in order to pay yourself back when your bank goes under! In other words, there is in fact no insurance since the party paying the check is, in fact, you once the FDIC fund runs out - and run out it will.

rumor of course...FDIC is broke...

[Tyler_JC]

A friend of mine texted me this morning to ask if LEH at $4 was a good short term investment.

I sent him back a string of LOLs that filled the entire screen.

With this next bailout/buyout there will be NO shareholder equity left at all.

[Specop_007]

Yeah, that says it all, Ludi.

The bigwigs running these bankrupt companies even get to keep their bloated compensation packages.

Socialism for the rich. That's what we have.

And the poor average dummies out there with the flag stickers on their cars play right along.

Another +1

The greatest propaganda coup ever accomplished is by the American establishment in convincing America's working class to support corporate welfare without question while simultaneously despising social welfare. Edward L. Bernays would be proud. (And Goebbels would be jealous.)

Say WHA?

I dont know ANY "We thepeople" who are happy with these bailouts and handouts!

This goes beyond any propaganda and goes straight to a hijacking of our Treasury and tax dollars for uses outside of what the people want.

[Cid_Yama]

CNBC reporting employees at Lehman saying goodbyes and showing video of people carrying boxes out of the building. If you didn't have the sound on, you would think they were showing old video of Bear Sterns.

Talk is that B of A will be playing the role of JP Morgan in this one.

After close on Bank Failure Day is said to feature WaMu being taken over by the FDIC.

Bet they are figuring it's better to take the hits simultaneously rather than it coming as 2 seperate events.

[Cid_Yama]

Treasury Secretary Henry Paulson is against any use of government money to bail out Lehman Brothers Holdings Inc., a person familiar with his thinking said Friday.

The person said Paulson, who played a major role in engineering the government-back Bear Stearns bailout in March, believes the Lehman situation is different in two critical aspects. The person spoke on condition of anonymity given the sensitivity of negotiations.

The person said Paulson believes that financial markets have been aware of Lehman's troubles for a long time and have had time to prepare.

A second difference is that the Federal Reserve is now allowing investment banks to borrow directly from the Fed just as commercial banks can do.

"Given those two things, he is adamant that there be no government money in the resolution of this situation,'' the source said.
link

[Cid_Yama]

CNBC just announced as breaking news that Lehman will not open on Monday if a deal isn't struck by Sunday.

[heroineworshipper]

The agents are pressing their suits & shining their sunglasses outside Lehman.

[TommyJefferson]

Lehman's bad debts will be shifted to the U.S. taxpayer and the company will be sold to a bigger fish.

Congratulations. You just got looted.

If you don't like it, Vote Obama/McCain '08.

[ohanian]

Here is an idea! Why don't Lehman Brothers change the nature of their business and bank on their current reputation

They should reopen on Monday as a House of ill Repute. After all, it's a place where thousands of people has already got screwed!

[jdmartin]

Man, this is some crazy shit - like an accelerating snowball.

Lehman/WaMu on their deathbeds in the same weekend. Just read over on CNBC that JPM is going to wait for WaMu to go under before they consider picking them up - no shit sherlock. Why would you buy a bank that's about to go to pieces, when you can wait for the FDIC to come in, deal with the worst of the losses, and then pick up the decent carcass pieces?

[AlexdeLarge]

There is always Biden's boy!

[EnergyUnlimited]

I think, taxpayers will pay. What else they can do? We shall see on Monday.

[coyote]

Fed holds crisis talks as Lehman hunts for buyer

Lehman executives, potential buyers and government officials struggled through Friday to craft a buyout plan as investors anticipated a weekend of last-ditch efforts to limit fallout from the latest victim of the global credit crunch.

Not too happy with the banks or our government as of late. No, not too happy at all.