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To: philman_36
They've got the collapse happening even earlier!
The crisis: A timeline - Monday, Sept. 15 - The collapse
As traders sold off stocks on the weekend's dour news, rumors began to circulate that AIG was struggling to raise enough capital to fend off a downgrade.


Ah, yes. But if the “weekend's dour news” - which you quote as having affected the investors on Monday! - was the CAUSE of the collapsing pile of dominoes the rest of the week, then we have to look EARLIER than the weekend of 9/14 (Sunday) and 9/13 (Saturday) to discover what the “dour news” that was bubbling in the witches cauldron on Thursday (9/11) and Friday (9/12).

Which plays back to the original suspicion of a “triggering” event on Thursday (9/11).

62 posted on 02/13/2009 3:15:09 AM PST by Robert A Cook PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: Robert A. Cook, PE
And I'm coming close to the 550 billion figure...
Fed to Provide Up to $540 Billion to Aid Money Funds (Update6) Oct. 21
The $62.5 billion Reserve Primary Fund announced Sept. 16 that losses on debt issued by Lehman had reduced its net assets to 97 cents a share, making it the first money fund in 14 years to break the buck, the term for falling below the $1 a share that investors pay.
Institutional investors have since pulled $341 billion from funds that can invest in corporate debt, or 28 percent of assets in those funds.

...which is reported here on Oct. 21 yet Kanjorski was on C-Span on the 27 of Sept. and gave a number even higher than the one listed here.

65 posted on 02/13/2009 3:28:41 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Robert A. Cook, PE
Lehman Brothers Holdings Inc.
On Sept. 10, the investment bank said that it would spin off a majority of its remaining commercial real estate holdings into a new public company. And it confirmed plans to sell a majority of its investment management division in a move expected to generate $3 billion. It also announced an expected loss of $3.9 billion, or $5.92 a share, in the third quarter after $5.6 billion in write-downs.
By the weekend of Sept. 13-14, it was clear that it was do or die for Lehman. The Treasury had made clear that no bailout would be forthcoming. Federal officials encouraged other institutions to buy Lehman, but by the end of the weekend the two main suitors, Barclays and Bank of America, had both said no.

LEH stock September 11, 2008
Stocks pulled off their lows Thursday but fluctuated in choppy trading as investors, still anxious about financials, pumped money into the materials and transportation sectors.
Investors dumped Lehman Brothers Holdings Inc. (LEH) stock and some other financial names, worried that it is becoming harder for them shore up their balance sheets.

67 posted on 02/13/2009 3:42:12 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Robert A. Cook, PE; All

well add into all of this Obama’s quote on 9/15, which struck me as extremely odd, in hindsight, almost a Biden-moment - as I’ve asked before, how would he know, at that point in time, to use the phrase ‘great depression’?:

U.S. Democratic presidential candidate Barack Obama said eight years of Bush “brought us the most serious financial crisis since the Great Depression.”

source: CNN 9/15/08
http://edition.cnn.com/2008/BUSINESS/09/15/lehman.merrill.stocks.turmoil/index.html


68 posted on 02/13/2009 3:45:58 AM PST by blueplum
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