Word: lehman
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...which oversees the common currency in the 15-nation Euro zone, slashed its main lending rate three quarters of a percentage point to 2.5%, following two half percentage point cuts in October. Since credit markets are all but locked up in the wake of the collapse of Lehman Brothers in September, the ECB has ratcheted down its main lending rate by a total of 1.75 percentage points. (Read " Will Europe's Bank Bailout Plan Really Work...
...Bringing up Wall Street’s role in the current financial crisis may seem dated. The two and a half months since Lehman Brothers collapsed have been rather eventful—a presidential election, A.I.G.’s bailout, Citigroup’s bailout, a 2,000 point decrease in the Dow, Iceland becoming insolvent, a requested bailout for the Big Three automakers, and as of Monday a bona fide, American-made recession. Because of all of this, it’s easy to forget what started this debacle—the subprime mortgage fiasco. If you?...
...There will likely be scant accountability following the recent extinction of banks like Lehman Bros. and Bear Stearns, the collapse and sale of Merrill Lynch, or he bailout of A.I.G. Richard S. Fuld, Jr., Lehman’s CEO, might not face any more discomfort than his public roasting by Rep. Henry Waxman, the new chairman of the House Committee on Oversight and Government Reform. No judge can sentence him to pay back the $300 million he took from the company in the last few years, because he did so legally—if unethically...
...financial meltdown has spurred the Office of Career Services to propose changes to the timeline of the interview process. Along with Yale, Harvard holds its recruiting season several weeks after most other law schools in the country. This year, several events including Lehman Brothers’ bankruptcy and the government bailout of AIG shook up financial markets in between the two recruiting seasons, causing firms that ordinarily reserve spots for Harvard students to reduce the number of hires...
While Summers has worked for almost every Democratic President or nominee for the past 20 years, Geithner's politics are more moderate. Once a registered Republican, he is now an independent, and his instincts are also more opaque. He tried and failed to arrange a private buyout for Lehman Brothers in September and led the $152.5 billion AIG bailout, which proved to be far more expensive than the current Treasury Secretary, Henry Paulson, had anticipated. But Geithner has withheld judgment in public on key issues, like an ambitious program to modify bad home loans that has run into opposition from...