Word: lehmans
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...going to have a global credit collapse," said Simon Johnson, a former chief economist of the International Monetary Fund who teaches at the Massachusetts Institute of Technology and whose blog, Baseline Scenario, has become essential reading for crisis buffs. The Federal Reserve and Treasury left creditors at Lehman Brothers adrift in September, and the repercussions were so dire that regulators resolved not to let such a thing happen again...
...FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no more Lehmans, then inevitably you wind up guaranteeing the banks' debts," said John Hempton, a money manager and former Australian treasury official whose Bronte Capital blog has become another crisis must-read. That is, an orderly reorganization of the financial system in which creditors make sacrifices would be great...
...lives. We did that last week with "So You Think You're Insured?" and the week before that with our special economic package "Holding On for Dear Life." And we've been defining this economic crisis since our signature cover story "How Wall Street Sold Out America" the week Lehman Brothers went under. We captured the mood of the nation with our "The New Hard Times" cover in October, not to mention channeling a sense of the public anger in our much discussed "25 People to Blame" package last month...
...general manager. “We used to do a lot of private dining with financial firms,” Law said, adding that one firm in particular has been on a leave of absence. “We don’t see as much of Lehman Brothers.” At Chez Henri, it’s been business as usual. “Our recruiting has been okay,” said dining room manager Christy Leveroni. The restaurant still hosts a few recruiting events, including some for Harvard Law School students. But for establishments that rely...
...early last September you'd parked outside Lehman Brothers' Manhattan headquarters with a cell-phone scanner and listened only to some of the "chatter" coming out of Lehman's front office, you almost certainly would have realized that Lehman was going under. But to understand the wider consequences, how capitalism was about to do a somersault into the watery abyss, you would have needed to understand how Lehman fit into the global financial system. (Of course, listening to cell-phone conversations with a scanner in this country is flatly illegal. And you need a sophisticated decrypting device to listen...