Word: firms
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...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 the Federal Reserve for a $40 billion loan to tide it over - a loan it seems unlikely...
...focus now is on the insurance giant AIG, where fears are that losses in real estate investments will spark a credit-rating downgrade that could lead to the firm's unraveling. On Sunday AIG reportedly asked the Federal Reserve for a $40 billion bridge loan to tide it over. On Monday the firm initially got a special dispensation from the governor of New York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request...
...Should we be confident? Lehman's first day in Chapter 11 bankruptcy actually held some encouraging signs, as markets avoided chaos and the company itself appeared close to selling its asset management arm to a private equity firm. There were also reports that Barclays, which had decided over the weekend not to bid for Lehman as a whole, might still be interested in buying the core of Lehman's business, its broker-dealer operation...
Before he became the President, CEO and Chairman of Bank of America Corp. - and the man whose $50 billion purchase of brokerage firm Merrill Lynch & Co. was some of the only good news on one of Wall Street's worst-ever days - Kenneth Lewis was a Mississippi boy who lived in a town so small he once joked that you had to go one town over "just to be born." He went to Georgia State University and then to work at North Carolina National Bank (NCNB) in Charlotte as a credit analyst - his first banking job. That was back...
...Wall Street - the man who helped you stand when you could no longer do it on your own. If everything goes smoothly, the Merrill Lynch & Co. purchase - which some analysts called "too good an opportunity" to pass up - will make Bank of America into the nation's largest brokerage firm as well, and help Lewis to save yet another drowning company...