Posted on 03/17/2008 4:29:10 AM PDT by jimbo123
Lehman Brothers Holdings Inc. Monday said the bank's liquidity position remains strong, as the fire sale of Bear Stearns to J.P. Morgan to prevent bankruptcy increased speculation that other big U.S. brokerages would come under pressure.
"Our liquidity position is and continues to be strong," said Matthew Russell, head of corporate communications for Lehman Brothers Asia Pacific.
His statement came after people familiar with the situation said DBS Group Holdings, Southeast Asia's biggest bank by market capitalization, has asked several traders not to enter new transactions with Lehman Brothers.
(Excerpt) Read more at online.wsj.com ...
I seem to remember the CEO of Bear Sterns saying the exact same thing on Friday.
Yeah, they could be next.
Here's what he really meant to say: "Were in cash right now protected from an equities crash. Let the little guy, stuck in a 401K that he has no control over, take the fall as usual."
Lehmen falls to the wolves by Friday.
I guess that means Lehmans will sell for 5 cents on the dollar—as opposed to 2 cents for Bear Stearns.
They are just hoping the crocodiles will eat them last.
Somebody said this elsewhere: if you have to STATE your liquidity position is strong, you’re already toast.
~faith.
The broker business model is dead. The only one who doesn’t seem to get that is Bernake.
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