Buffett %26 Goldman

Buffett %26 Goldman - Buffett & Goldman One...

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Unformatted text preview: Buffett & Goldman One Year Later A. Gubin FIN 4504 Backstory March 2008 JPM Chase acquires Bear Stearns for pennies on the dollar June 2008 Bank of America acquires Countrywide Financial July 2008 IndyMac Bank fails Federal Reserve Board authorizes NYFed to lend to Fannie & Freddie Mac if necessary Backstory September 2008 September 7 Fed Housing Finance Agency places Fannie & Freddie in government conservatorship September 15 Bank of America buys Merrill Lynch for $50 B Lehman Brothers files for bankruptcy protection September 16 Fed authorizes up to $85 B in lending to AIG September 17 Ban on short-selling financial stocks Goldman Sachs Consider their position Basically all of their US competitors imploded Lehman bankrupt Merrill acquired Bear Stearns acquired Morgan Stanley would need outside investment Who would lend them cash?...
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Buffett %26 Goldman - Buffett & Goldman One...

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