Posted on 09/14/2008 7:39:42 PM PDT by HAL9000
The possible collapse of one of world's biggest investment banks could be "catastrophic" and lead to the "implosion" of the banking sector, Sky sources say.British bank Barclays had appeared to be the frontrunner to take over the struggling Lehman Brothers but has pulled out of the bidding, a source close to the deal said.
And a consortium led by the Bank of America is reported to have also dropped out.
~ snip ~
(Excerpt) Read more at news.sky.com ...
I think it going be bloody day on Wall Street
Will be fun to see how expert in prediction the “experts” were by COB tomorrow.
Thought this was entirely “contained”?
Dow futures are down 273 points.
Bank of America bought Merrill Lynch....
Lehman is looking at a bankruptcy filing in the morning...
And AIG is in deep shine-ola.
It’s going to be a wild day Monday.
The futures are finally available and are sitting at -252 right not. It's going to be bloody - especially in the derivatives market.
Savings and Loan Bailouts part due
http://economics.about.com/od/governmenttheeconomy/a/savings_loan.htm
The Sky (News) is falling!
Not.
There was a trading session today to unwind many of derivatives involving Lehman. The transactions are conditioned upon Lehman filing for bankruptcy within the next 72 minutes. They’re set up for a fairly orderly wrap-up if (when?) it goes through.
paulson said no more federally-funded bail outs.
I already get up at 4am to get to eork by the opening. Looks like I should hit the sack now. :(
Yup and I am in banking as a profession. Tomorrow should be real fun at work.
Bank Of America is showing that companies that have made the right decisions are going to profit from this in the long run by buying good assets cheep. The best thing the government did this weekend was taking a step back and showing their would be no more bail outs. Lets just hope they stick to it.
Where does Citi fall in all this?
I’m a little freaked as TPG & Goldman own my employer right now, and they are in the process of selling it - it’s in the hands of the FCC & DOJ...this could screw that up. I hope not...
BBC Link:
We’ll see if the BK filing for Lehman comes through - if not....
Hopefully they don't fall.
... equities trader here ...
That special trading session may help some, but...
Lehman going bankrupt, Bank of America overpaying to buy Merrill Lynch, AIG going hat-in-hand to the Federal Reserve for a $40 billion bridge loan...
The one thing this isn’t going to be is orderly.
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