Search results
Results From The WOW.Com Content Network
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 ...
In order to meet increasing redemptions, the fund was forced to sell a certificate of deposit at a 3% loss, triggering a restatement of its NAV and the first instance of a money market fund "breaking the buck". [11] The Community Bankers US Government Fund broke the buck in 1994, paying investors 96 cents per share.
As Lehman Brothers teetered, a public debate raged: Would the U.S. government save it the way it saved Bear Stearns and AIG? The official line from the government was no. But many couldn't believe ...
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 ...
As part of his wide-ranging investigation into the collapse of Lehman Brothers Holdings, bankruptcy examiner Anton Valukas focused a lot attention on the business Lehman Brothers did with all the ...
The Reserve Primary Fund "broke the buck" as a result of its exposure to Lehman Brothers securities. [ 126 ] September 17, 2008: Investors withdrew $144 billion from U.S. money market funds , the equivalent of a bank run on money market funds , which frequently invest in commercial paper issued by corporations to fund their operations and ...
Apparently, Lehman had to route Repo 105 transactions through a British affiliate because no law firm in the United States would offer a legal opinion on the accounting treatment Lehman wanted to use.