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It’s going to be really interesting to see how this plays out … Lehman Brothers Holdings Inc.’s estate sued J.P. Morgan Chase & Co., alleging J.P. Morgan illegally siphoned billions of dollars from Lehman in the days before the troubled investment bank filed for the largest bankruptcy in U.S. history. The lawsuit alleges that [...] Ever wanted to know what causes a major investment bank to go belly-up? On January 29, 2008, Lehman Brothers Holdings Inc. (“LBHI”) reported record revenues of nearly $60 billion and record earnings in excess of $4 billion for its fiscal year ending November 30, 2007. During January 2008, Lehman’s stock traded as high as $65.73 [...] In news that’s sure to make A-Train happy; or at least allow him to say “I told you so”: SSRN-Shackling Short Sellers: The 2008 Shorting Ban by Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang In September 2008, the U.S. Securities and Exchange Commission (SEC) surprised the investment community by adopting an emergency order that temporarily banned [...] SEC to Look at Short-Selling Curbs – WSJ.com WASHINGTON — The Securities and Exchange Commission plans to unveil several short selling restriction proposals Wednesday. One includes reinstating the “uptick rule,” a Depression-era rule abolished by the SEC in 2007 that prevented traders from short selling unless the price of the stock from the most recent [...] BofA’s Mantra: We’re Not Citigroup – WSJ.com Bank of America Corp. [NYSE: BAC] Chief Executive Kenneth Lewis is eager to prove one thing above all else: His company isn’t Citigroup Inc. [NYSE: C] As shares of big banks have fallen in the face of speculation that they might be nationalized by the government, Mr. Lewis [...] Okay; I can honestly say that I didn’t see this happening. I figured that Citigroup, like Bank of America and JP Morgan Chase, would both be strong enough to weather almost anything the economy could throw at them, but their recent stock movements are highly precipitous. Citi Weighs Its Options, Including Firm’s Sale – WSJ.com [...] Richard Baldwin, Professor of International Economics at the University of Geneva, in Switzerland, has the following to say at Economist.com: Crisis roundtable: Which world are we in? | Free exchange | Economist.com It seems that banks and bank-like financial firms have two fundamental problems: 1) An investment problem. They have investments that cannot be traded [...] In a decision that ought to make the A-train happy … or at least happier: SEC Quickly Revises Short-Selling Rules – WSJ.com Shift on Financials, Hedge Funds Sends Traders Scrambling WASHINGTON — The Securities and Exchange Commission said shortly after midnight Monday that it would revise rules to curb short selling that it had issued [...] Here’s a thought. A $700-billion cost to the American taxpayer would come only if every single one of the mortgages that the government buys up defaults … that’s a lot of defaults. There’s a lot of people out there that will do whatever they can to keep their homes, which means a good chunk of [...] SEC bans short selling for financials – Sep. 19, 2008 Agency puts temporary halt to trading practice that ‘threatens investors and capital markets’ for 799 financial companies. NEW YORK (CNNMoney.com) — The U.S. Securities and Exchange Commission took what it called “emergency action” Friday and temporarily banned investors from short-selling 799 financial companies. The temporary [...] |
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