Word: lehman
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...says that some small businesses have also been harmed by their investment in so-called "mini-bonds," complicated structured financial products marketed throughout the world by now-failed Lehman Brothers. Hong Kong banks allegedly sold investors the mini-bonds as a relatively low-risk alternative to fixed-income investments. When Lehman Brothers collapsed in mid-September, the derivatives lost much of their value. Companies that invested their deposits in them now find themselves unable to cover the difference, Lau says...
...economic crisis tightens the screws on the city, both individual investors and Hong Kong businesses are appealing to the government for help. Pensioners who invested in Lehman mini-bonds have staged a series of protests during the last three weeks. And on Sunday, a group of business owners, organized by Hong Kong's pro-business Liberal Party, appealed to the government to increase loans for small businesses to cover short-term operational costs. "In Korea, Japan, even Singapore, they have lots of support from the government if you're running a new business. They'll back you up," says...
...incurred at just one state-run bank, Credit Lyonnais. The German state's track record in banking isn't much better. Regional governments own some of the dogs of the industry, like WestLB, and even the federal government isn't a brilliant manager. Last month, on the very day Lehman Brothers filed for bankruptcy, state-owned KfW sent a check to Lehman in New York for $466 million - earning itself the title "Germany's dumbest bank" bestowed by the biggest circulation tabloid, Bild-Zeitung...
...MetLife and The Hartford, two well known insurance giants, had experienced huge losses on their investments and were seeking billions in private investment to keep up their reserves. Their stocks have dropped by at least half in just a month. After all, wasn't this the way Bear Sterns, Lehman Brothers, Washington Mutual, and Wachovia started their slides into oblivion...
...assign a single cause to the behavior of stock markets - which are aggregations of thousands of companies - is at best difficult and at worst foolish. Nonetheless, there were events that were hard to ignore. Insurance contracts tied to the debt of the now defunct Lehman Brothers were finally settled up, and - after much breath-holding - no other firms unraveled. In Washington, black SUVs and town cars of the G-7's central bankers and Treasury officials rolled into town, bringing with them the hope that the people with the power to fix things - assuming there are such people - will collectively...