Word: lehman
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...Morgan Stanley, which Mack heads, and Goldman Sachs - the only stand-alone U.S. investment banks left after the collapse of Lehman Brothers and the sale of Merrill Lynch - saw their shares plunge by 24% and 14%, respectively. Morgan Stanley and Goldman haven't been without their problems, but they are viewed as the two most conservatively run investment banks - ones that have largely avoided the souring mortgage-related assets that have seized up the global financial system. Both firms reported better-than-expected, but by no means stellar, earnings just the night before...
...UCLA's Anderson School of Management, says it might also be about the state of financial markets. Mergers and buyouts, he notes, often come in waves. "The first merger tells the market something, and then other companies, to be competitive, try to make a move," he says. First Lehman, then Merrill, then ... But does this mean the stand-alone investment bank is no longer viable? "In the short term, it doesn't seem like it is," Martos-Vila says. "But when confidence is restored in the market and they move to another type of risk, who knows...
...Merrill go down as well," said the voice from inside Lehman Brothers this week as he pondered his own future. "But at least they screwed the shorts. That was good...
...also, at least in the minds of many angry investment bank CEOs, a long time coming. In the months leading up to the current market chaos, the short sellers have been on the prowl. But now the witch hunt has begun. The shorts nailed Lehman and Bear Stearns by betting that their shares would continue to fall. And now they have Morgan Stanley and Goldman Sachs in their sights, sparking speculation that the last two remaining go-it-alone investment banking giants may have to find a deep-pocketed commercial bank to partner up with. "What's happening out there...
...sell it, essentially betting that the price of their target company will fall before they have to replace the borrowed shares. They have been disparaged as vultures, rumor mongers, cheats and criminals. But they have not, by and large, been wrong in their choice of targets. Bear and Lehman died because they were undercapitalized. Merrill's own mismanagement helped to chase it into the arms of B of A. Yet in the case of AIG, the argument is that the company would have remained afloat had its stock price not been driven down, which triggered a credit downgrading that then...