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The September 15, 2008 bankruptcy of Lehman Brothers raised concern about Reserve Primary's holdings of Lehman-issued paper, which then made up 1.2% of its portfolio, as well as its other financial-sector paper. Among money market funds, Reserve Primary was especially vulnerable due to its lack of a parent company that might be able to ...
Lehman quickly became a force in the subprime market. By 2003 Lehman made $18.2 billion in loans and ranked third in lending. By 2004, this number topped $40 billion. By 2006, Aurora and BNC were lending almost $50 billion per month. [2]:129. Lehman had morphed into a real estate hedge fund disguised as an investment bank.
Lehman had been in talks to be sold to either Bank of America or Barclays but neither bank wanted to acquire the entire company. [131] September 16, 2008: The Federal Reserve took over American International Group with $85 billion in debt and equity funding. The Reserve Primary Fund "broke the buck" as a result of its exposure to Lehman ...
On Sept. 11 -- right before the "Lehman Weekend," the final government push to save Lehman -- Fuld was surely further heartened by Geithner's and Baxter's request that Fuld resign from the New ...
According to bankruptcy examiner Anton Valukas, the seeds of Lehman's Sept. 15, 2008, bankruptcy were sown in 2006, aggressively fertilized throughout 2007 and 2008's first two quarters, and ...
New York Attorney General Andrew Cuomo has slapped Big Four audit firm Ernst & Young with civil fraud charges for its alleged role in the collapse of Lehman Brothers. The theory is simple: Lehman ...
If a fund's NAV drops below $1.00, it is said that the fund "broke the buck". [8] For SEC registered money funds, maintaining the $1.00 flat NAV is usually accomplished under a provision under Rule 2a-7 of the 40 Act that allows a fund to value its investments at amortized cost rather than market value, provided that certain conditions are ...
"Dear Buck" is completely different in that it's completely myself where "What the Buck" is kind of this a-hole person, trying to be funny. So I love "Dear Buck" and I love just giving people advice.