LEHMAN has gone bust.
Lehman Brothers Holdings Inc today filed for bankruptcy protection, making it the largest casualty of the global credit crisis, and given its assets at the time of filing, Lehman surpassed WorldCom as the biggest U.S. Bankruptcy filing till date. The investment banker had close to $639 billion in assets at the time of filing, while WorldCom had about $107 billion when it did the same in 2002.
The Chapter 11 filing, however, did not include Lehman's broker-dealer operations and other units, such as asset management firm Neuberger Berman, and these will continue to operate, although Lehman is expected to liquidate them.
Lehman is among the biggest investment banks to collapse since 1990.
The Chapter 11 filing represented the end of a 158-year old company that survived world wars, the Asian financial crisis and the collapse of Long-Term Capital Management, though not the global credit crunch.
Financial institutions globally have recorded more than $500 billion of write-downs and credit losses as the U.S. subprime mortgage crisis has engulfed other markets.
Lehman had $600 billion of assets financed with just $30 billion of equity as of the end of August, which meant that a 5 percent decline in assets would wipe out the value of the company, which investors saw as a real risk thanks to the company's billions of dollars of mortgage securities.
The firm said that as of May 31, it owed about $110.5 billion on account of senior unsecured notes, about $12.6 billion on account of subordinated unsecured notes and about $5 billion on account of junior subordinated notes.
The company also disclosed that it owned stakes of 10 percent or more in a number of companies, including Imperial Sugar Co, Lpath Inc, Derma Services, Flagstone Reinsurance, GLG Partners, Ronco Corp, Pacific Energy Partners, Blount International, Pemstar Inc and Transmontaigne Inc.
The one time fourth-largest in the United States had expected to raise capital by selling off a stake in its investment unit, and use the amount as well as other funds to spin off some of its assets to shareholders.
But that plan did not satisfy investors, who pushed Lehman's share price to just a few dollars.
Lehman said the uncertainty, particularly among banks through which it clears securities trades, ultimately made it impossible for it to continue to operate.
The bankruptcy filing comes after plenty of heated negotiations among regulators and Wall Street firms about Lehman's fate. The U.S. government had refused to back Lehman's worst assets the way it did for Bear Stearns Cos Inc's sale to JPMorgan Chase.
http://www.thehindubusinessline.com/2008/09/16/stories/2008091659210100.htm
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Someone has just tried to post the link to this website on here, we have deleted it. WARNING 2008 list online WTF is going on at the BNP ? ...
18 comments:
Haha, how the mighty have fallen :)
Bring on the anarchy
5000 jobs will go in the UK due to this, and Gordon Brown is already lying. Last week he said we were headed to the worst recession in 60yrs. Today he claims Britain can ride it out. Rubbish, this is the beginning of the end.
When the ethnics have no jobs, and can no longer get the credit for their tacky bling, they will be back on the streets rioting and murdering like the scum they are. This time will be different, there will be no cash injections to prop up their communities. In fact, there are no longer any communities, and we can thank the leftwing bastards for that.
I think that this is really all about centralising the worlds banks just as small community banks were quashed and then centralised in the thirties in America.
The question is whether this credit crunch is a short term economic glitch or the beginning of the end of globalised capitalism.
I hope that Gri££in the spiv files for bankruptcy.
And just when the crash comes ... the crash that the NWO themselves admitted that they would engineer in order in usher in the global state ... the crash that NWO watchers foresaw and hoped to capitalise on .... the BNP is taken over by Gri££in ... and thereafter goes nowhere ...
Things will be different this time. The fuel is running out, food is running short.
The population in Britain, now means that to be sufficient in the food we need we would have to grow GM crops on a mass scale. That in turn would have a huge effect on global warming as we'd be replacing trees with crops. We'd get more flooding as crops don't absorb flood waters, trees do. Flood waters just destroy crops.
OVER THE COMING YEARS IT WILL BE SURVIVAL OF THE FITTEST
Has anyone read what Noel Edmunds has said?
TELLY favourite Noel Edmonds has astonishingly called for a total BAN on immigrants coming to Britain.
In a controversial interview which will spark a fierce nationwide debate, he said: “I’m very straightforward on immigration. The bus is full.”
http://www.newsoftheworld.co.uk/news/article25476.ece
"Has anyone read what Noel Edmunds has said?"
Jim Davidson the comedian is also saying similar things. Something is going on in this country, and the working class are always the last to find out, and feel it.
Interestingly the Jewish Lehman brothers originally made their fortune selling cotton before the American Civil War. I wonder if they made any compensation payments to negroe slaves after the civil war.
Germany is still making compensation payments to Jews in Israel and around the world for Jewish slave labour during world war 2, 63 years later.
AIG looks like it might fall. That would be millions of pensions up the spout!
"Interestingly the Jewish Lehman brothers originally made their fortune selling cotton before the American Civil War. I wonder if they made any compensation payments to negroe slaves after the civil war."
Fuck them, let the lot fall, and then we'll show the world whose boss.
http://watchmenmovie.warnerbros.com/
Anonymous said...
"Interestingly the Jewish Lehman brothers originally made their fortune selling cotton before the American Civil War. I wonder if they made any compensation payments to negroe slaves after the civil war. "
Well, of course they were fully intending to, but since their company has gone down the tubes they will not now be able to do so. LOL
Anonymous said...
"Fuck them, let the lot fall, and then we'll show the world whose boss.
http://watchmenmovie.warnerbros.com/"
You let me down!
I didn't really think there were any active readers of this blog who would really believe that members of the Jewish founders’ family or for that matter any Jewish members of the board of directors of that company would have actually come to any harm. They would have either been in on or have been pre-warned about the imminent destruction of the company and been able to personally profit from the knowledge, for instance by covertly selling the company short.
The Chinese are also worried now.
China paper urges new currency order after "financial tsunami"
Wed Sep 17, 2008 1:45am EDT
BEIJING (Reuters) - Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
more at...
http://www.reuters.com/article/ousiv/idUSPEK4365020080917?sp=true
The only way out of this would be for the private financial institutions to start deleveraging, but as they are selfish wankers, and it would mean their own possible bankruptcy, it ain't likely, is it?
Its simple, write off the debt, or your country dies, and next time think long and hard about who CONTROLS THE MONEY.
Noel Edmonds.
He is speaking for con and lab as they both prepare to play the race card.and he is aware of this.
Do you think he would really vote BNP not in a million years deal or no deal! he is just preparing the ground for the above con party's.
Thatcher did it in 1979 CON YOU that is,but they will both CON YOU this time by playing the same tune IMMIGRATION in 2009/10 if they need to.
It's called,
The old Potomac two step ! do you agree.
But The BNP is the only game in town weather you like it's leader or not it's still the only one to VOTE for as to all the others there is only one the National Front.
The BPP have not yet got off the starting blocks yet have they.
And as to the England First they made it to the council house door and then blew it big time...they should ask themselves as to why they bothered to get two councilors elected and then both of them to resign ,what a Disaster.
Now if you believe all the hype by celeb's and the media then you are about to be conned not once not twice but thrice.
1.BY THE CELEB'S AND
2. BY THE OLD GANG PARTY'S lab AND con.
Its called in American parlance ,THE old' Potomac Two-Step.
3.By griffin suggesting that we are going to win possibly two but one for sure E.U seat,so keep sending in the CASH ££££££££ .
WELL,
IT'S THE PARLIAMENTARY ELECTION THAT NATIONALISM MUST CONCENTRATE ON AND NOT THE E.U ,BUT YOU WILL NOT BE TOLD WILL YOU!.
THE old' Potomac Two-Step.
The term was picked up by journalists and used, e.g., in the following contexts
Popularization
* numerous promises to cut gasoline taxes while they quietly gradually increase them.
* the government creates what is advertised as strong anti illegal immigration legislation, but when the public is pacified, even available enforcement measures are ignored.
Keith Axon.
The Zionists now CONTROL 80% of AIG.
Who was it that said the Muslims are the cause of the worlds woes? Oh yeah, it was GRIFFIN LMFAO
There's one thing that's difficult to deny. Islam and the Muslims are not behind this credit crunch the the financial swindle of the City and Wall Street.
Sadly once the recession sets in, Gri££in and his cronies will continue to bash Islam whilst completely ignoring the real economic issues and devise workable solutions to problems facing ordinary people.
Some nationalists are inspired by certain aspects of Islamic banking such as prohibiting interest and usury, but the BNP goes ballistic when a bank offers Sharia compliant mortgages despite non-Muslims being able to access them.
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