Word: lehman
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...ongoing privatization of Japan's postal system, which for decades acted as a government-run banking system. Hiromichi Shirakawa, chief economist at Credit Suisse Japan, says that several regional banks have also been hurt by investments in securities sold by the bankrupt Wall Street giant Lehman Brothers, and by soured subprime-related securities holdings...
...billion. Och-Ziff Capital Management Group, which became one of the first hedge-fund companies to go public last November, recently reported that its Asia fund had fallen nearly 17% for the year. Even the fund of David Einhorn, who was one of the first to publicly say that Lehman Brothers could fail, is off nearly 13% this year. Also in the red are the funds of such well-known investors as Julian Robertson and Steven Cohen...
...Governments provided that for them with their collective rescue approach, which, it has to be said, was rolled out exceptionally well," says Mistral. Markets didn't want just a plan showing the way out, Mistral says, but also promises from governments that further failures like that of Lehman Brothers would not be allowed to happen. "We've avoided the worst and will probably see things returning to close to normal," Mistral says. "Still, we've got two to three months of anxious waiting to see how bad the wider economic outlook will...
Here's their take: it was a big mistake to allow Lehman Brothers to fail, because that just sparked panic in the banking world and led to a seizure of the global system. And they also believe that the $700 billion bailout plan was badly misdirected because it didn't set out to recapitalize the banks in a swift and clear fashion, but rather aimed to buy up the portfolios of toxic assets, which would be far more complicated and time-consuming. Paulson himself is now changing tack and looking to inject money directly into U.S. banks, too, which...
...been taking place anonymously, so as not to cause political ructions. But not all of it. France's Finance Minister Christine Lagarde told French radio shortly before last weekends G7 summit: "As soon as you let one domino fall, the rest risk crashing down." She didn't exonerate Lehman - "there were certainly bad decisions taken by that bank, bad management," she said. But under the present panicky conditions, no bank should be allowed to go under. That's the motto the Europeans have adopted as part of their plan...