Word: lehman
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Dates: during 2000-2009
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...Sept. 16 a money fund marked its net asset value below $1 - sacrilege for an investment meant to be the same as cash. After the Reserve Primary Fund "broke the buck" because of debt it held that was issued by the now-bust investment bank Lehman Brothers, institutional investors scrambled to withdraw their money. Sept. 18 brought additional worries: Putnam Investments said it would be shutting down one of its money market funds, and the ratings agency Moody's warned it might downgrade 13 of Lehman's funds. (Lehman's asset management subsidiary was not part of the bankruptcy...
...bank. The FDIC insures that amount should your bank fail--plus $250,000 for retirement accounts that hold bank products like CDs. On Sept. 16, however, there was an event in the normally unexcitable world of money-market funds. Because of a loss on Lehman debt, a money fund marked its share value below $1--sacrilege for an investment meant to be akin to cash. A mass redemption followed. If more money funds "break the buck," you may be tempted to move to FDIC-insured accounts. Just keep in mind that they might yield less, and only one money market...
...would be akin to “taking the foundation stone out of a skyscraper.” That said, these bailouts highlight major issues with our current financial system at large. The risk-laden, unregulated environment in which these companies—such as Bear Stearns, Lehman Brothers, and a host of other Wall Street firms—have been operating is completely unacceptable. While we do not support unbridled regulation of the market, in some instances it is indeed necessary. Government oversight is particularly important in sectors and for companies that have a broad and direct impact...
...market’s downward spiral reflects a larger atmosphere of worry in light of the collapse and liquidation of Lehman Brothers and the sale of Merrill Lynch to Bank of America at the beginning of the week...
...Blackstone.” The relationship between Light and Schwarzman extends back to their first year at the Business School, when new faculty member Light taught a decision theory class taken by first-year student Schwarzman. After graduating from the Business School, Schwarzman worked at Lehman Brothers, where he rose to chair Lehman’s mergers and acquisitions committee before leaving to start Blackstone with former Lehman chief executive Peter G. Peterson in 1985 with a $400,000 balance sheet. As of June 30 of this year, Blackstone had a total of $119.4 billion of assets under management. Light...