Word: lehman
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...dreaded: the futures market in free fall. Bernanke, Treasury Secretary Henry Paulson and New York Fed president Timothy Geithner had spent the past year staving off one disaster after another, for the most part working behind the scenes. Earlier in the month, they had let investment bank Lehman Brothers slide into oblivion and then ushered another, Merrill Lynch, into the arms of Bank of America. Just the night before, the trio had wrapped up a deal to rescue insurance giant American International Group and gone to bed praying it would halt the panic and worrying it wouldn...
...them together in August 2007. They bring contrasting--and sometimes contentious--styles to their countless strategy sessions, all-nighters and weekends spent away from their families. Paulson is profane and direct and talks in anecdotes. He is also the bearer of bad news, having been the one to let Lehman Brothers' chiefs know they were going down without a helping hand. Checking in from his tomblike suite of offices at the Federal Reserve on Constitution Avenue, where he monitors two computers and a TV while chewing on Necco Wafers, Bernanke is calmer, quieter and prone to offering up a fourth...
...recent market turmoil has directly affected the career paths of Harvard undergraduates who spent their summers interning at many of the global financial firms whose balance sheets have deteriorated in the last few weeks. A number of these students, who interned at investment banks such as Lehman Brothers, have seen their full-time offers enter a state of limbo. The Lehman offers extended to seniors who interned last summer are still under deliberation, according to Matthew P. Bresnahan ’09 who interned in Lehman’s Global Consumer/Retail Group. Bresnahan received an offer for full-time employment...
...hasn't just been Japanese companies that have been looking greedily West. Before Lehman Brothers filed for bankruptcy it was in negotiations with the state-owned Korean Development Bank, which was contemplating an investment of up to $6 billion. But partly due to political pressure at home, KDB backed off. Koreans questioned why the country's investment arm should bail out a failing Wall Street firm. Asked an Internet blogger: "Didn't we see what happened to the Chinese...
...Controller Kenneth Molinaro told the News that the increase is costing the school about $8,000 per day. With nearly eight times as many variable-rate bonds issued, Harvard could potentially be losing significantly more. The rate increases at Princeton can be partially attributed to the bankruptcy of Lehman Brothers, the investment bank that underwrote the bonds issued by the New Jersey university. Harvard refused to disclose the name of the firm that underwrote their outstanding public debt, but the University has had at least two fixed-rate bond issuances in 2008, both announced Jan. 23 at sums...