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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 ...
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 ...
The collapse of Lehman Brothers (headquarters pictured), the fourth-largest U.S. investment bank, on September 15, 2008, is often considered the climax of the 2008 financial crisis. The TED spread, an indicator of perceived credit risk in the financial system, increased significantly during the crisis. It spiked sharply in August 2007, remained ...
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 ...
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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.
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.