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Lehman Brothers: the canary in the coal mine
in Sox First, on September 10, 2008
How quick was that? The rally in stocks following the bailout of Fannie Mae and Freddie Mac didn't last that long after after the Korean Development Bank confirmed it had ended talks to rescue U.S. investment bank Lehman Brothers. Lehman has announced it has lost $3.9 billion in the quar...
Banking squeeze
in Sox First, on June 10, 2008
Let's take yesterday's expected announcement by Lehman Brothers of a $2.8 billion loss and $6 billion capital raising in context. It coincides with the Bank of International Settlements issuing its latest quarterly financial report makes it quite clear that the banks simply don'...
Executive pay democracy distorts the market
in Sox First, on April 7, 2007
Disturbing revelations from Bloomberg's Graef Crystal on the new pay democracy among the Wall Street Five. His piece on pay being set in smoke-filled rooms goes pretty close to suggesting out and out collusion between Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers and bea...