Word: lehman
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There's been talk of a potential failure of Lehman Bros. for months, and the investment bank already had a near-death experience in 1998. Merrill Lynch has been labeled takeover bait for two decades. Insurers do go under from time to time...
...throw together the collapse of Lehman - the biggest-ever U.S. bankruptcy - the lightning takeover of Merrill Lynch by Bank of America, concerns that giant insurer AIG is now on the brink as well, and a financial crisis that has been rolling along for more than a year now, and you get a day that will be enshrined in the history books. Whether it will go down as an economy-shattering debacle or a near miss is something we'll only figure out over the coming days and weeks. The initial reaction of U.S. stock markets - down sharply but far from...
...chain of events over the weekend went something like this: Efforts to find a buyer for struggling Lehman Bros. collapsed in the face of government resistance to any kind of bailout and the refusal of all potential purchasers (UK-based Barclays was reportedly the one that came closest to making an offer) to sign a deal without government backing. With Lehman headed for bankruptcy, Merrill Lynch was the next- most-vulnerable-looking Wall Street firm, so its CEO, John Thain, quickly inked a $29 a share sale to Bank of America that values Merrill at $50 billion. Meanwhile, AIG asked...
...funds to rescue mortgage lenders Fannie Mae and Freddie Mac, have opted not to go the bailout route this time. The Fed did announce yet another expansion of its lending programs to banks and investment banks, but so far that's it. The hope seems to be that if Lehman's (and perhaps AIG's) liquidation transpires in an orderly enough fashion, a great load of fear and uncertainty will be lifted from markets...
...McCain campaign communications director Jill Hazelbaker said in an e-mail that the campaign would not comment on news stories about the transition process. Messages left at Timmons' office and home Thursday afternoon were not returned. A spokesman for Lehman referred questions to McCain campaign manager Rick Davis...