Word: lehman
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...traumatic day for financial firms - Lehman Bros. declared bankruptcy, Bank of America swallowed Merrill Lynch, and AIG scrambled to prevent becoming the next casualty. What does it all mean to you? Here are some questions worried investors and homeowners might be asking...
...What if I have investment accounts at Lehman Bros...
...your money, not theirs. When Lehman Bros. filed for bankruptcy on Monday, it was careful to spell out that its investment management division - including Neuberger Berman and Lehman Brothers Asset Management - were not subject to the parent company's bankruptcy filing. Fully paid securities of customers of Neuberger Berman are not subject to the claims of creditors...
...bunk that firms like Lehman and Bear Stearns were serving upabout having adequate capital to cover losses on their unsellable inventories of CDOs? Perhaps you remember when Bear tried to take its pile of garbage, dress it up and dump it wholesale on the suckers in a public offering. That one got laughed off the market...
...Department that bailing out Fannie Mae and Freddie Mac was not a precedent, and that the Federal Government would not be lender of last resort to Wall Street? The public did, but Wall Street didn't. If the bank was open for Bear and Freddie and Fannie, why not Lehman and AIG? It took a high noon showdown over the weekend for Treasury Secretary Hank Paulson - one of Wall Street's own - to convince the Street's gunslingers that he wasn't kidding about the moral hazard issue...