pam916 - Lehman bros bankruptcy -lehman bros an investment...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Lehman bros bankruptcy -lehman bros an investment bank founded in 1850 -helps companies issue stock-including helping private companies “go public” -helps companies and govts issue debt (bonds) -converted mortgagesinto mortgage-backed securities-still owns thirteen billion dollars of these bonds, which are now worth much less because of higher than expected rates of defaults on the mortgages -assists with firms’ mergers and acquisitions -trades -does research-80 billion dollar settlement in 2003 for misleading investors about dot- com stocks -lehman bros files for bankruptcy on sept 15, 2008 -federal reserve bank of ny tried to arrange a sale but couldn’t find a buyer, us government was unwilling to bear any risk -chapter 11(bankruptcy)-likely will be liquidated-cease to exist -stock now 26 cents-was over sixty dollars a year ago -former big five-largest investment banks-merrill lynch, bear stearns, lehman brothers, morgan Stanley, goldman sachs -looming on the horizon: ---american international group-aig
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/27/2008 for the course PAM 2000 taught by Professor Evans,t. during the Fall '07 term at Cornell University (Engineering School).

Page1 / 2

pam916 - Lehman bros bankruptcy -lehman bros an investment...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online