[Ang]

$this->bbcode_second_pass_quote('burtonridr', '')$this->bbcode_second_pass_quote('Ang', 'I') think LEH just filed BK.

[IndigoMoon]

Lehman Brothers may be forced to seek an orderly unwinding of its businesses. All potential buyers walked away after the U.S. Treasury refused to budge on its refusal to provide any takeover aid, as it had done six months ago when Bear Stearns faltered and earlier this month when it seized Fannie Mae and Freddie Mac.

Expectations that the 158-year-old Lehman would survive dimmed after Barclays PLC withdrew its bid to buy the investment bank. Barclays and Bank of America were considered front-runners to buy Lehman, which is foundering under the weight of $60 billion in soured real estate holdings.

Employees emerging Sunday night from Lehman's headquarters near the heart of Times Square carried boxes, tote bags and duffel bags, rolling suitcases, framed artwork and spare umbrellas. Many were emblazoned with the Lehman Brothers name.

TV trucks lined Seventh Avenue opposite the building, while barricades at the building's main entrance attempted to keep workers and onlookers from gumming up the steady flow of pedestrians flowing in and out of Times Square.

Some workers had moist eyes while a few others wept and shared hugs. Most who left the building quietly declined interviews.

Link

[copious.abundance]

CNBC just said Lehman has just filed for Chapter 11.

Surprised they didn't file for Chapter 7.

EDIT: Press release here:
Lehman Press Release

[jdmartin]

It's on breaking news on CNBC - Lehman filed for Chapter 11.

[cipi604]

$this->bbcode_second_pass_quote('', 'A')SX Suspends Lehman Brothers Australia As Market Participant
September 15, 2008: 12:29 AM EST



MELBOURNE -(Dow Jones)- The Australian Securities Exchange Monday suspended the local arm of Lehman Brothers Holdings, Inc. (LEH) from trade, as the U.S. investment bank teeters on the brink of collapse.

[jdmartin]

$this->bbcode_second_pass_quote('OilFinder2', 'C')NBC just said Lehman has just filed for Chapter 11.

Surprised they didn't file for Chapter 7.

EDIT: Press release here:
Lehman Press Release

[Cashmere]

$this->bbcode_second_pass_quote('jdmartin', 'I')t's on breaking news on CNBC - Lehman filed for Chapter 11.

[Cashmere]

$this->bbcode_second_pass_quote('jdmartin', '')$this->bbcode_second_pass_quote('OilFinder2', 'C')NBC just said Lehman has just filed for Chapter 11.

Surprised they didn't file for Chapter 7.

EDIT: Press release here:
Lehman Press Release

[Snowrunner]

$this->bbcode_second_pass_quote('Cashmere', '')$this->bbcode_second_pass_quote('jdmartin', '')$this->bbcode_second_pass_quote('OilFinder2', 'C')NBC just said Lehman has just filed for Chapter 11.

Surprised they didn't file for Chapter 7.

EDIT: Press release here:
Lehman Press Release

[Cashmere]

$this->bbcode_second_pass_quote('Snowrunner', '<')/div>

Great link SR!

I was unaware that special rules applied to financials.

The part that is fascinating is that, apparently, the 05 BK code changes include the following:

$this->bbcode_second_pass_quote('', 'M')oreover, changes to the bankruptcy code mean that counterparties to Lehman’s credit-default swaps can seize their collateral at any time, posing an enormous potential risk to the entire financial markets. Investment banks, hedge funds and other financial players labored throughout Sunday to offset their exposure to Lehman, moving their contracts to other firms.

[ReverseEngineer]

I realize this is Small Potatoes in the grand scheme of things, but consider here what just happenned to the Condo market on the Upper East Side of NY and out in the Hamptons.

Overnight, quite a few stockbrokers making 6 or 7 figures just lost their jobs. One also has to suspect they hold most of their personal wealth in the form of the same kind of crap they were selling. In any event, they aren't making 6 figures tomorrow, and one suspects also they have mortgage payments due on the condo and the beach house. If they put them up for sale tomorrow, who is gonna buy them, and who could get a mortgage to buy them? How long do you suppose these folks will be sitting tight and hunkering down in the Townhouse? When do they send in the Jingle Mail and head off in the Yacht to Europe assuming they have part of their investments in Euros?

I'm trying to figure out how the mega rich are going to try to escape this whole thing. Any ideas here?

Reverse Engineer

[Snowrunner]

$this->bbcode_second_pass_quote('Cashmere', '')$this->bbcode_second_pass_quote('Snowrunner', '<')/div>

Great link SR!

I was unaware that special rules applied to financials.

The part that is fascinating is that, apparently, the 05 BK code changes include the following:

$this->bbcode_second_pass_quote('', 'M')oreover, changes to the bankruptcy code mean that counterparties to Lehman’s credit-default swaps can seize their collateral at any time, posing an enormous potential risk to the entire financial markets. Investment banks, hedge funds and other financial players labored throughout Sunday to offset their exposure to Lehman, moving their contracts to other firms.

[Armageddon]

Just wait until the commercial loans start hitting.

[TheDude]

`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold

$this->bbcode_second_pass_quote('', 'B')y Christine Harper

Sept. 15 (Bloomberg) -- In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.

New York-based Lehman, founded 158 years ago, said early today that it plans to file for Chapter 11 bankruptcy protection after failing to find a buyer. Merrill Lynch, 94 years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal hashed out yesterday.

``The tectonic plates beneath the world financial system are shifting, and there is going to be a new financial world order that will be born of this,'' said Peter Kenny, managing director at Knight Capital Group Inc., the Jersey City, New Jersey-based brokerage that handles about $1 trillion worth of stock transactions a quarter. ``It's an ugly and painful process.''

The engines that powered record growth in the financial industry over the last decade -- cheap credit and surging property values -- have been thrust into reverse. Companies that once thrived on making real estate loans and holding assets bought with borrowed money are now under siege, giving the upper hand to those less reliant on leverage and holding the fewest assets tied to property.

[drgoodword]

Sad Little Article On CNN About The Ground-Level Drama At Lehman HQ

$this->bbcode_second_pass_quote('', 'N')EW YORK (Fortune) -- The last hours, minutes really, of one the world's largest investment banks make for a pretty unusual spectacle.

I'm standing outside Lehman Brothers headquarters on 7th Ave and 50th street in New York City watching Lehman Brothers die.

Employees, some in suits, others in casual clothes, are filing out with all they can carry as time runs out.

They are walking down the sidewalk past police barricades as scores of New Yorkers and tourists gawk, some asking, "Which star is coming out?" - not knowing what's going on.

A big cop issues the standard "keep moving" line to those of us who stop to gaze. He tells the crowd, "Go home. There is no one famous coming out. You are looking at a whole bunch of people who just lost their jobs."

[ReverseEngineer]

$this->bbcode_second_pass_quote('drgoodword', '[')url=http://money.cnn.com/2008/09/14/news/companies/lehman_workers.fortune/index.htm?cnn=yes]Sad Little Article On CNN About The Ground-Level Drama At Lehman HQ[/url]

$this->bbcode_second_pass_quote('', 'N')EW YORK (Fortune) -- The last hours, minutes really, of one the world's largest investment banks make for a pretty unusual spectacle.

I'm standing outside Lehman Brothers headquarters on 7th Ave and 50th street in New York City watching Lehman Brothers die.

Employees, some in suits, others in casual clothes, are filing out with all they can carry as time runs out.

They are walking down the sidewalk past police barricades as scores of New Yorkers and tourists gawk, some asking, "Which star is coming out?" - not knowing what's going on.

A big cop issues the standard "keep moving" line to those of us who stop to gaze. He tells the crowd, "Go home. There is no one famous coming out. You are looking at a whole bunch of people who just lost their jobs."

[Cashmere]

[web]http://finance.yahoo.com/intlindices?e=europe[/web]

[TheDude]

Suggested name for BofA/ML amalgam: Lynch America.

[ReverseEngineer]

$this->bbcode_second_pass_quote('TheDude', 'S')uggested name for BofA/ML amalgam: Lynch America.

[Cashmere]

$this->bbcode_second_pass_quote('TheDude', 'S')uggested name for BofA/ML amalgam: Lynch America.