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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.
By early 2008 asset-backed and financial-sector commercial paper made up 56% of its portfolio. 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 ...
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 ...
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 ...
In the book and your coverage in The New York Times since, it's clear you think Lehman should have been bailed out. Yes, but it's unclear to me that it could have been saved -- that's one of the ...
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 ...
Some theater history buffs think "break a leg" might be a cousin of the German phrase "Hals- und Beinbruch," which means "neck and leg break." Others connect it to the Hebrew blessing "hatzlakha u ...
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.