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On April 12, 2010, a story in The New York Times revealed that Lehman had used a small company, Hudson Castle, to move a number of transactions and assets off Lehman's books as a means of manipulating accounting numbers of Lehman's finances and risks. One Lehman executive described Hudson Castle as an "alter ego" of Lehman.
Lehman had been in talks to be sold to either Bank of America or Barclays but neither bank wanted to acquire the entire company. [125] 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 ...
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 ...
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 ...
Lehman + 5: The Fed wind-down begins now. The preceding graph shows that the monetary base has nearly quintupled since Lehman's bankruptcy, a result of the Fed's money-printing munificence (the ...
“The Lehman Trilogy” is a huge undertaking for a company of this size and everything, I suspect, will get better as this relatively long run (by Chicago standards) progresses.
Near the end Lehman had $700 billion in assets but only $25 billion (about 3.5%) in equity. Furthermore, most of the assets were long-lived or matured in over a year but liabilities were due in less than a year. Lehman had to borrow and repay billions of dollars through the "repo" market every day in order to remain in business.
Lehman Brothers Inc. (/ ˈ l iː m ən / LEE-mən) was an American global financial services firm founded in 1850. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.