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  • Tue, Oct 7 2008
  • 10:01 AM » Deregulate/Reregulate
    Published Tue, Oct 07 2008 10:01 AM by The Big Picture
    Click Here to Read the Full Article

    Source: The Big Picture
  • 10:01 AM » Roubini: Fed Fiddles While Rome Burns
    Published Tue, Oct 07 2008 10:01 AM by feeds.feedburner.com
    We that neither the signing of the much-touted bailout bill, nor the dramatic increase in size of the already bulked-up Term Auction Facility (it has been enlarged six-fold in a mere two weeks) has had any impact on conditions the money markets, which are barely functioning. We noted earlier and reiterated that the Fed's latest liquidity moves have in fact been counterproductive, reinforcing the propensity of banks to rely on central banks rather than each other. We also affirmed a notion voiced by John Jansen, that the Fed and other central banks need to guarantee commercial paper and interbank loans, rather than continue to engage in indirect measures that have proven useless. The general mood is reflected in the stock markets, where the Dow took a dive to 700 points down, although (as of this wriiting) it had rebounded to a mere just shy of 500 points in negative territory, but has resumed its downward path, now 551 points down. One spur for the depth of the move was normally relentless bull pre-opening, on the Today Show, that, “Whatever money you may need for the next five years, please take it out of the stock market right now, this week." The yen has rallied nearly 4% in a mere week, another sign of an accelerated retreat from risk. Brent crude is below $85 and gold has rise $36 per ounce so far today. ( Update : reader Dwight pinged that the stock market staged a monster recovery immediately before the close, from a low of just over 9500 to 10,000. What gives? The trigger may have been the request by France for an emergency G8 meeting, but no one has even agreed!] Nouriel Roubini has weighed in even more forcefully on these issues in "" (hat tip reader Dwight). Last Friday I pointed out in my “” that we were at the point of a risk of a systemic financial meltdown with the beginning of the mother of all bank runs: stock markets gave a vote of no confidence to the Senate passage of the TARP legislation (equities down 4% on Thursday) and to the...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:01 AM » Lenders Lost More than $500 per Loan Last Year
    Published Tue, Oct 07 2008 10:01 AM by www.thetruthaboutmortgage.com
    Mortgage lenders lost an average of $560 on each loan they originated in 2007, up from a loss of $50 per loan in 2006, according to the latest Cost Survey from the MBA. The group noted that loan origination and ancillary fees increased on a per-loan basis, but soft volume couldn’t hold off rising production operating [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 9:45 AM » Credit Crisis: LIBOR Rate Increases
    Published Tue, Oct 07 2008 9:45 AM by Calculated Risk Blog
    From Bloomberg: Libor for Overnight Dollar Loans Jumps as Credit Freeze Deepens The London interbank offered rate, or Libor, that banks charge each other for such loans rose 157 basis points to 3.94 percent today, the British Bankers' Association said. The corresponding rate for euros climbed 22 basis points to 4.27 percent, the highest in four days. The Tokyo interbank rate stayed at the highest
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:45 AM » A Glimpse Into the Abyss
    Published Tue, Oct 07 2008 9:45 AM by feeds.feedburner.com
    I must confess a certain fondness for the apocalyptic sort of financial writer, provided they don't lose anchoring with reality and fall into the tinfoil hat category. Nouriel Roubini is the case example of an economist who favors a baroque, melodramatic style, and despite sounding more than a tad unhinged at points, he has proven to be the most accurate seer of our unfolding financial mess. Another writer who almost seems to relish describing how bad things can get is Ambrose Evans-Pritchard of the Telegraph. Pritchard has been proven correct, despite catcalls on this blog, in his assessment that the oil price runup was overdone and his early recognition that deflation, the product of deleveraging, and not inflation, was the pressing economic risk. Evans-Pritchard put up two articles this week, the first "" and "." Both are suitably bone chilling, First, excerpts from the EU piece: During the past week, we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train. The Netherlands has just rushed through a second, more sweeping nationalisation of Fortis. Ireland and Greece have had to rescue all their banks. Iceland is facing an Argentine denouement. The US commercial paper market is closed... The interbank lending market has seized up..... Healthy companies cannot roll over debt.... As the unflappable Warren Buffett puts it, the credit freeze is “sucking blood” out of the economy. “In my adult lifetime, I don’t think I’ve ever seen people as fearful,” he said. We are fast approaching the point of no return. The only way out of this calamitous descent is “shock and awe” on a global scale, and even that may not be enough.... Yves here. That turn of phrase is not off target. Paul Krugman has said that interventions in large liquid markets are too small to force a change in valuation by virtue of the sheer weight of buying. They instead serve as a slap in the face, to (hopefully) make investors realize that they...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • Mon, Oct 6 2008
  • 8:13 PM » Fed, Treasury mulling commercial paper support
    Published Mon, Oct 06 2008 8:13 PM by Reuters
    WASHINGTON (Reuters) - The U.S. Treasury Department and the Federal Reserve are considering additional steps to support strained commercial paper markets, a source familiar with the discussions said on Monday.
  • 8:12 PM » Roundtable discussion on the financial crisis
    Published Mon, Oct 06 2008 8:12 PM by www.econbrowser.com
    I participated on Friday with several other UCSD faculty members (including Nobel laureate Harry Markowitz) in a discussion about the current economic crisis. If you have , you can view the discussion , though I recommend fast-forwarding to skip the first 8 introductory minutes to get to the actual discussion.
    Click Here to Read the Full Article

    Source: www.econbrowser.com
  • 8:12 PM » BofA Cuts Dividend in Half, Sees Further Weakening
    Published Mon, Oct 06 2008 8:12 PM by Calculated Risk Blog
    From BofA: Bank of America Announces Third Quarter Earnings and Capital Raising Initiatives Bank of America Corporation today reported third quarter 2008 net income of $1.18 billion, or $0.15 per share, down from $3.70 billion, or $0.82 per share, a year earlier. ... The company intends to sell common stock with a target of raising $10 billion. In addition, the Board of Directors has declared a
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:12 PM » More Than 9,000 Mortgage Layoffs in Third Quarter
    Published Mon, Oct 06 2008 8:12 PM by www.thetruthaboutmortgage.com
    Mortgage industry layoffs doubled from the second quarter to the third quarter, but still remained well below the massive number of layoffs seen during the same period a year earlier, MortgageDaily reported today. During the July 1 to September 30 quarter, a total of 10,131 mortgage industry employees lost their jobs, while 996 were reported to [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 4:53 PM » Mall Vacancies Grow as Retailers Pack Up Shop
    Published Mon, Oct 06 2008 4:53 PM by WSJ
    Vacancy rates at U.S. malls and shopping centers continued their steep rise in the third quarter as slumping sales forced retailers to close stores.
  • 1:07 PM » Treasuries and Gold Rise as Global Credit Freeze Prompts More Bailouts
    Published Mon, Oct 06 2008 1:07 PM by feeds.feedburner.com
    In a sea of red, government bonds and are gold both rising as the world's banking system cracks under the weight of the biggest debt expansion in history. Credit Freeze Prompts New Bailouts Bloomberg is reporting . Government bonds around the world rose as stocks tumbled and the freeze in credit markets prompted new bailouts of Hypo Real Estate Holding AG and Fortis, stoking demand for the safest assets. U.S. Treasuries climbed for a fourth day, sending two-year notes to their longest winning streak in six weeks, and gains for German two-year notes drove yields to their lowest levels since March. Japanese 10-year bonds advanced for a second day, pushing yields down to the lowest level since April. Investors are piling into government bonds on concern the bailouts will fail to stem further bank failures, driving the world's biggest economies into a recession. At the same time, the short-term debt markets that provide financing to the global economy have frozen. The Libor-OIS spread, a gauge of the scarcity of cash among banks, widened to a record today. The prospect of a global economic slump has caused investors to raise bets the biggest central banks will cut interest rates. Futures on the Chicago Board of Trade show a 60 percent probability the Fed will slash its benchmark interest rate by a half-percentage point at its Oct. 29 meeting. The odds were zero a month ago. The chances of the European Central Bank reducing its main refinancing rate next month are 100 percent, up from 21.5 percent a week ago, according to a Credit Suisse Group index of derivatives. Inflation expectations as measured by the difference in yield between regular bonds and index-linked bonds fell around the world, giving added cause for policy makers to cut borrowing costs. Banking Crisis In Europe Widens For more on the European banking crisis and how it is affecting the US dollar, please see . Deflation Models In I presented my model of how I see things. Here is a small snip: Deflation...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:04 PM » Modern Subprime Finance 101
    Published Mon, Oct 06 2008 12:04 PM by Seeking Alpha
    submits: Nice, useful figure from The Deal on how modern finance worked to create the subprime mess, or at least how it worked up until there stop being a functioning capital market.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:42 AM » Fed to Begin Paying Interest on Reserves, Expands Loan Program
    Published Mon, Oct 06 2008 9:42 AM by Calculated Risk Blog
    From the Fed: Board announces that it will begin to pay interest on depository institutions required and excess reserve balances The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions' required and excess reserve balances. ... The Financial Services Regulatory Relief Act of 2006 originally authorized the Federal Reserve to begin paying interest
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:42 AM » Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers
    Published Mon, Oct 06 2008 9:42 AM by loanworkout.org
    Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1 Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1 CALABASAS, Calif., Oct. 6 /PRNewswire/ — Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal [...]
    Click Here to Read the Full Article

    Source: loanworkout.org
  • 9:42 AM » Lehman Asked to Become a Bank, Rebuffed by Fed
    Published Mon, Oct 06 2008 9:42 AM by feeds.feedburner.com
    In light of the Fed's decision to grant Goldman Sachs and Morgan Stanley banking licenses, and the breathtaking damage of the Lehman bankruptcy, the central bank may have a bit of explaining to do as to why it turned down Lehman's petition to become a bank in July. The other side of the coin is that Lehman badly overplayed its hand in all of its efforts to stave off collapse. If they had cut a deal with the Korean Development Bank, their last, best hope of raising hard cash, the Fed might have looked more favorably upon their petition. From the: Lehman Brothers lobbied the US Federal Reserve this summer to be given access to much-needed liquidity, but was unable to convince the regulators, just two months before the Fed endorsed similar proposals from Goldman Sachs and Morgan Stanley, the Financial Times has learnt. Lehman held talks with regulators over a plan to convert to a traditional bank holding company in July. At the same time it asked the Fed to loosen the rules by which it extends credit in order to include more types of collateral, according to sources close to the firm’s discussions with the Fed. Lehman also held a round of meetings that month with Bank of America over a potential takeover and considered selling itself to other banks including Morgan Stanley, HSBC and Nomura before it eventually filed for bankruptcy. It held extensive merger talks with AIG in 2006, and solicited potential minority investors ranging from General Electric to the Abu Dhabi Investment Authority, other Middle Eastern and Asian partners and private equity firms. Yves here. This story is clearly from Lehman insiders, and some details are pretty, um, unconvincing. Considered selling itself to Morgan Stanley? That's like saying you considered dating Sharon Stone. "Considering" doesn't get you very far in the money raising game. Ditto soliciting General Electric et. al. So they made calls? Sent out a memo? If they didn't get beyond a polite meeting to...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:25 AM » Fannie Mae forgives mortgage debt of woman who shot herself
    Published Mon, Oct 06 2008 9:25 AM by news.yahoo.com
    Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her.
    Click Here to Read the Full Article

    Source: news.yahoo.com
  • 1:54 AM » Asia's Banking System Remains Healthy 
    Published Mon, Oct 06 2008 1:54 AM by CNBC
  • 1:53 AM » Darling plans 'big steps' to aid UK banks
    Published Mon, Oct 06 2008 1:53 AM by www.ft.com
    The chancellor is considering a dramatic taxpayer-funded recapitalisation of Britain's banks, amid signs of cross-party and central bank support for an effective part-nationalisation of the sector
  • 1:52 AM » Lehman failed to convince Fed on survival plan
    Published Mon, Oct 06 2008 1:52 AM by www.ft.com
    The US bank lobbied the Fed this summer to be given access to liquidity, but was unable to convince regulators, just two months before the Fed endorsed similar proposals from Goldman Sachs and Morgan Stanley
  • 1:51 AM » Fed under pressure to do more on credit crunch
    Published Mon, Oct 06 2008 1:51 AM by www.ft.com
    The Federal Reserve and US Treasury were on Sunday night under increasing pressure to follow passage of the $700bn financial rescue plan with further measures to shock the ailing credit markets back to life
  • 1:50 AM » Funds dry up in Golden State
    Published Mon, Oct 06 2008 1:50 AM by www.ft.com
    California's economy, which would be the eighth biggest in the world if the state was a separate country, is teetering on the brink of a financial crisis intensified by the credit crunch
  • 1:49 AM » Investors relieved - but nervous
    Published Mon, Oct 06 2008 1:49 AM by CNN
    Read full story for latest details.
  • 1:49 AM » For Most Cities, Recession Has Arrived
    Published Mon, Oct 06 2008 1:49 AM by The Big Picture
    Nice depiction of where the pain is being felt most: click for ginormous version This is obviously having a political effect: click for ginormous version Sources: BILL MARSH NYT, October 4, 2008 http://www.nytimes.com/2008/10/05/weekinreview/05marsh.html ADAM NAGOURNEY and JEFF ZELENY NYT, October 4, 2008 http://www.nytimes.com/2008/10/05/us/politics/05map.html
    Click Here to Read the Full Article

    Source: The Big Picture
  • 1:49 AM » Fannie Mae and the Financial Crisis
    Published Mon, Oct 06 2008 1:49 AM by The Big Picture
    The has a very interesting article on Fannie Mae and the current financial crisis. They do a decent job at delving into the complexities of the GSEs, and the many factors that went into the decision making at the senior level of the company. This includes pressure from clients such as Coutrywide CEO Angelo Mozilo, pressure from Congress, and the demands from investors for the company to be more aggressive. Most of all, it looks at the ongoing competitive demands of the market place that Fanny was in. The key to understanding the GSE story is grasping their role within the bigger picture of the economy and housing sector. While there are some pundits who prefer talking points over reality (, , , and all toed the GOP line) I prefer to keep all of my analyses based on the data and facts. Rather than creating historical revisions for partisan reasons, I prefer to keep it reality based. (I'm an independant, and that's how I roll). The current housing and credit crises has many, many underlying sources. Its my opinion there were two primary causes leading to the boom and bust in Housing: A nonfeasant Fed, that ignored lending standards, and ultra-low rates. This nonfeasance under Greenspan allowed banks, thrifts, and mortgage originators to engage in all manner of lending standard abrogations. We have detailed many times the I/O, 2/28, Piggy back, and Ninja type loans here. These never should have been permitted to proliferate the way they did. The most significant element were the 2/28 APRs, and their put back provision. Just about all of these gave the securitizer/repackager the right to return the loans within 6 (or 12) months if they went into default. Hence, our that the 2002-07 period was unique in the history of finance. If any of these mortgages went bad within 6 months, the undewriter was on the hook. HOW DIFFERENT WERE LENDING STANDARDS IF YOU ONLY NEED TO ENSURE THE BORROWER WOULDN'T DEFAULT FOR 6 MONTHS VERSUS FINDING BORROWERS WHO WOULDN'T DEFAULT...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 1:44 AM » Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia
    Published Mon, Oct 06 2008 1:44 AM by www.nytimes.com
    The epic battle engulfed two courts and pitted a cast of bankers, lawyers and federal regulators against one another.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 1:43 AM » Citigroup Obtains Temporary Court Order Blocking Wells Fargo
    Published Mon, Oct 06 2008 1:43 AM by Calculated Risk Blog
    Press Release: Citi Granted Emergency Injunctive Relief Extending Exclusivity Agreement between Citi and Wachovia Citi tonight was granted emergency injunctive relief extending the Exclusivity Agreement between Citi and Wachovia Corp. until further order of the court. This relief was granted over the objection of Wachovia. Justice Charles Ramos of the Supreme Court of the State of New York issued
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:42 AM » Wachovia Battle: Appellate Court Rules for Wells Fargo
    Published Mon, Oct 06 2008 1:42 AM by Calculated Risk Blog
    The AP is reporting tonight that the Appellate Division of the New York State Supreme Court threw out the lower court order favoring Citigroup (to temporarily halt the Wells Fargo acquisition of Wachovia). (hat tip Kevin) The AP is also reporting that documents filed with the court reveal that the FDIC had informed Wachovia that the bank would be seized last Monday if a deal wasn't reached
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:41 AM » Mall Vacancies Grow
    Published Mon, Oct 06 2008 1:41 AM by WSJ
    Vacancy rates at U.S. malls and shopping centers continued their steep rise in the third quarter. The apartment market remained healthy.
  • 1:40 AM » Europe Races to Shore Up Banks
    Published Mon, Oct 06 2008 1:40 AM by WSJ
    Europe worked to shore up its financial system while Germany moved to guarantee bank deposits and planned a bailout for Hypo Real Estate. Luxembourg and Belgium worked on a Fortis rescue.
  • 1:39 AM » BofA in Settlement Worth Over $8 Billion
    Published Mon, Oct 06 2008 1:39 AM by WSJ
    Bank of America has agreed to settle claims brought by state attorneys general regarding risky loans originated by Countrywide, in a deal that could be worth more than $8.6 billion.
  • 1:38 AM » Pension Funds Look for Some Payback
    Published Mon, Oct 06 2008 1:38 AM by WSJ
    Public pension funds and other big investors are pulling out the stops, including filing suits, after taking hits in securities-lending programs.
  • 1:37 AM » Big Discounts Fail to Lure Shoppers
    Published Mon, Oct 06 2008 1:37 AM by WSJ
    As the financial crisis spread, some U.S. retailers began offering more generous discounts than they did at this time last year.
  • 1:36 AM » Eli Lilly set to buy ImClone for $6.1 billion-sources
    Published Mon, Oct 06 2008 1:36 AM by Reuters
    BOSTON (Reuters) - ImClone Systems Inc has agreed to be acquired by Eli Lilly and Co for about $6.1 billion after rebuffing a sweetened takeover offer from Bristol-Myers Squibb, sources familiar with the situation said on Monday.
  • 1:35 AM » AIG to sell Thai bank, consumer finance units
    Published Mon, Oct 06 2008 1:35 AM by Reuters
    BANGKOK (Reuters) - American International Group Inc (AIG) is to sell its Thai consumer finance businesses, including AIG Retail Bank and AIG Card, the head of the bank said on Monday.
  • 1:34 AM » Paulson to name adviser to oversee U.S. bailout: paper
    Published Mon, Oct 06 2008 1:34 AM by Reuters
    PHILADELPHIA (Reuters) - U.S. Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the $700 billion program to buy distressed assets from financial institutions, The Wall Street Journal reported on Sunday.
  • 1:33 AM » Regulator says Fannie, Freddie might sell bad assets
    Published Mon, Oct 06 2008 1:33 AM by Reuters
    WASHINGTON (Reuters) - Fannie Mae and Freddie Mac may sell some bad assets to the Treasury Department but a decision has not yet been made, the regulator of the two mortgage finance companies said on Sunday.
  • 1:33 AM » Lehman CEO Fuld to testify Monday at House hearing
    Published Mon, Oct 06 2008 1:33 AM by Market Watch
    Richard Fuld, the long-serving chief executive of Lehman Brothers Holdings who presided over the Wall Street investment bank during its collapse in September, will testify at a congressional hearing on Monday.
  • 1:33 AM » SEC charges 5 L.A.-area brokers over subprime-mortgage fundings
    Published Mon, Oct 06 2008 1:33 AM by Market Watch
    The Securities and Exchange Commission charged that five Los Angeles-area brokers “put their customers at risk by refinancing their homes with subprime mortgages that they could not afford.”
  • Sun, Oct 5 2008
  • 9:47 AM » The Paulson Plan = MLEC Version 2.0
    Published Sun, Oct 05 2008 9:47 AM by feeds.feedburner.com
    I can be painfully slow to see things sometime..... Long-standing readers and finance junkies may remember the Treasury's structured investment vehicle fiasco of last fall. By way of background, banks had created off balance sheet entities called structured investment vehicles (SIVs) which contained subprime (and sometimes other) assets, funded by commercial paper and short-term debt. Like a regular bank, the economics worked because the assets were of longer maturity (3-5 years) than the funding sources, and short term money is generally cheaper than long-term funding. Then the subprime crisis hit, lenders became very leery of funding subprime related assets, and the SIVs looked pretty certain, as it indeed played out, to produce losses. The banks had assumed they could simply let the SIVs fail, but were told in no uncertain terms by the debt investors that There Would Be Consequences if the SIVs went bust. Suddenly an off balance sheet exposure was not off balance sheet at all. Hank Paulson attempted to ride to the rescue with an idea, the so called Master Liquidity Enhancement Conduit, that we said . He wanted to set up a vehicle, to be managed by a third party that would buy the junky SIV holdings, which included risky real estate assets and murky stuff like collateralized debt obligations, and be funded by private investors. The problem was that there was no price which would solve the basic conundrum: investors were not willing to pay above market prices, and the banks were unwilling to sell at market. Paulson & Co. wasted nearly two months trying to breathe life into this stillborn idea, then abandoned the effort. Ah, but the MLEC lives! It's been retooled into the Paulson plan We still have a fund that will be managed by third parties. We still have the buying of drecky, hard to value assets, with emphasis on mortgage-related paper. And the taxpayer is being told that it is an investor, that it might actually make a profit on this venture. And as...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:46 AM » More on the Charge That JP Morgan Withheld $17 Billion From Lehman, Triggering Collapse
    Published Sun, Oct 05 2008 9:46 AM by feeds.feedburner.com
    Reader Saboor passed along the day's updates on the case filed by Lehman creditors last week, alleging that JP Morgan, Lehman's clearing bank, refused to give Lehman access to $17 billion of excess funds held at the bank, precipitating the firm's failure. I did not see an link to the case yet in a quick Google search, and I suspect Gretchen Morgenson will have her teeth into this one post haste. But the latest stories did provide more detail on the court filings. One thing we need to stress: Lehman was a goner. Before it went under, many observers labored under the mistaken belief that if the firm, say, managed to sell Neuberger & Berman for $10 billion, or got a nice chunk of change form the Koreans, it could soldier on for a while, and in the unlikely event that the real estate and LBO paper quit deteriorating in value, the firm might pull through. But there was a reason none of the last-minute prospective buyers (Barclays and Bank of America) came forward with a bid. The firm had a gaping hole in its balance sheet, vastly bigger than what the public at large believed. But that said, JP Morgan was not entitled to stick a knife in and twist, if that is what it effectively did. From : JP Morgan has been accused by its Wall Street rivals of dealing the final hammer blow that forced Lehman Brothers into collapse in a sensational claim that threatens to spark a colossal legal battle. The giant American bank is alleged to have frozen $17 billion (£9.6 billion) of cash and securities belonging to Lehman on the Friday night before its failure. According to Lehman’s biggest creditors, this was what precipitated the liquidity crisis that embroiled the firm, forcing it into Chapter 11 bankruptcy protection on the morning of Monday, September 15.... The funding lines provided to Lehman to finance its everyday operations amount to $188 billion, according to court filings. The creditors are now demanding that JP Morgan open up its books to the bankruptcy court to...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
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