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There's been talk of a potential failure of Lehman Bros. for months, and the investment bank already had a near-death experience in 1998. Merrill Lynch has been labeled takeover bait for two decades. Insurers do go under from time to time...
...chain of events over the weekend went something like this: Efforts to find a buyer for struggling Lehman Bros. collapsed in the face of government resistance to any kind of bailout and the refusal of all potential purchasers (UK-based Barclays was reportedly the one that came closest to making an offer) to sign a deal without government backing. With Lehman headed for bankruptcy, Merrill Lynch was the next- most-vulnerable-looking Wall Street firm, so its CEO, John Thain, quickly inked a $29 a share sale to Bank of America that values Merrill at $50 billion. Meanwhile, AIG asked...
...things on Wall Street? On the day after the day Lehman Bros. died, the Dow Jones average fell 504.48 points, to 10,917.51, its lowest close since 2006, while the S&P 500 dropped 58.74, to 1,192.96. The S&P decline worked out to 4.69%, the worst percentage fall since the day markets reopened after the Sept. 11, 2001, terrorist attacks, but nowhere near the severity of the crashes...
Those economics are very different from the ones now governing the major studios, including Warner Bros. Pictures, which made $67 million off the domestic box office of Heat. (TIME and Warner Bros. are both subsidiaries of Time Warner). Warner Bros. Pictures Group President Jeff Robinov told the Wall Street Journal recently that the studio is "focusing on bigger films that require a bigger commitment." Translation: they're making fewer under-$50 million movies starring men with Oscars and more over-$200 million movies starring men with capes. This summer Warners closed its specialty divisions that handle smaller-budget films, Picturehouse...
...also yet another episode in a now year-old financial crisis that shows no signs of abating. Paulson's announcement briefly rallied stock markets around the world. But jittery investors kept running for the exits at Seattle-based thrift Washington Mutual and the investment bank Lehman Bros.--although Lehman's earnings announcement on Sept. 10 sent the stock up slightly, despite the revelation of a $3.9 billion quarterly loss...