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Bank Collapse Catastrophe Warning
Sky News (excerpt) ^ | September 14, 2008

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: aig; bankofamerica; banks; barclays; economy; finance; housingbubble; lehman; mortgagecrisis; subprime; subprimelending; wallstreet
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1 posted on 09/14/2008 7:39:43 PM PDT by HAL9000
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To: HAL9000

I think it going be bloody day on Wall Street


2 posted on 09/14/2008 7:43:23 PM PDT by SevenofNine ("We are Freepers, all your media belong to us, resistence is futile")
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To: HAL9000

Will be fun to see how expert in prediction the “experts” were by COB tomorrow.


3 posted on 09/14/2008 7:44:46 PM PDT by Names Ash Housewares
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To: HAL9000

Thought this was entirely “contained”?


4 posted on 09/14/2008 7:44:52 PM PDT by Attention Surplus Disorder (Congrasites = Congressional parasites.)
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To: SevenofNine

Dow futures are down 273 points.


5 posted on 09/14/2008 7:45:22 PM PDT by stockstrader (CHANGE YOU CAN BELIEVE IN-- 2 northern liberal, Washington insider, lawyer career bureaucrats/s)
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To: HAL9000

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.


6 posted on 09/14/2008 7:46:18 PM PDT by Keith in Iowa (Screw the media - Vote McCain-Palin.)
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To: SevenofNine
It's going to be really bad. Did anyone else see the delay before they would even quote DOW futures for tomorrow?

The futures are finally available and are sitting at -252 right not. It's going to be bloody - especially in the derivatives market.

7 posted on 09/14/2008 7:46:33 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: HAL9000

Savings and Loan Bailouts part due

http://economics.about.com/od/governmenttheeconomy/a/savings_loan.htm


8 posted on 09/14/2008 7:46:48 PM PDT by Flavius (war gives peace its security)
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To: HAL9000

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.


9 posted on 09/14/2008 7:47:05 PM PDT by ArmstedFragg
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To: HAL9000

paulson said no more federally-funded bail outs.


10 posted on 09/14/2008 7:47:18 PM PDT by ken21 (people die and you never hear from them again.)
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To: stockstrader

I already get up at 4am to get to eork by the opening. Looks like I should hit the sack now. :(


11 posted on 09/14/2008 7:47:56 PM PDT by BunnySlippers (PALIN-MANIA ... I haz it!)
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To: Keith in Iowa

Yup and I am in banking as a profession. Tomorrow should be real fun at work.


12 posted on 09/14/2008 7:48:49 PM PDT by MissyMa
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To: HAL9000

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.


13 posted on 09/14/2008 7:49:09 PM PDT by Conservative Actuary
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To: Keith in Iowa

Where does Citi fall in all this?


14 posted on 09/14/2008 7:49:53 PM PDT by eyedigress
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To: MissyMa

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...


15 posted on 09/14/2008 7:51:07 PM PDT by Keith in Iowa (Screw the media - Vote McCain-Palin.)
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To: HAL9000
CNBC is running Special Programing tonight...

BBC Link:

Lehman set to go into insolvency

16 posted on 09/14/2008 7:52:40 PM PDT by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: ArmstedFragg

We’ll see if the BK filing for Lehman comes through - if not....


17 posted on 09/14/2008 7:52:54 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: eyedigress
Where does Citi fall in all this?

Hopefully they don't fall.

18 posted on 09/14/2008 7:53:20 PM PDT by LikeLight (http://www.believersguidetolegalissues.com)
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To: MissyMa

... equities trader here ...


19 posted on 09/14/2008 7:53:53 PM PDT by BunnySlippers (PALIN-MANIA ... I haz it!)
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To: ArmstedFragg

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.


20 posted on 09/14/2008 7:54:02 PM PDT by javachip
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