Lehman Bros files for bankruptcy Police have cordoned off the bank's headquarters in New York The fourth-largest investment bank in the US, Lehman Brothers, says it will file for bankruptcy protection, amid a growing global financial crisis. Lehman had incurred losses of billions of dollars in the US mortgage market. The move threatens to deal a further blow to the global financial system, as banks unwind their deals with Lehman. Merrill Lynch, also stung by the credit crunch, has agreed to be taken over by Bank of America in a dramatic weekend of events for Wall Street. Stock markets in Asia opened sharply lower and the dollar tumbled against the euro and the yen as Lehman's failure raised fears about the strength of the global financial system. European markets and Wall Street are also expected to open lower in what is likely to be a tense day of trading. Onlookers The chance that Lehman Brothers could collapse increased sharply after the strongest potential buyers pulled out at the weekend. Barclays and Bank of America had been in talks to rescue the bank. Greg Wood, the BBC's North America business correspondent, said that police had cordoned off the bank's headquarters in New York and staff were leaving with cardboard boxes as onlookers gathered to watch the bank's demise. The bank employs around 25,000 worldwide, including 5000 in the UK. Lehman Brothers said it intended to file for Chapter 11 bankruptcy protection, which allows a company time to reorganise and devise a plan to pay creditors over time. It said that its broker-dealer division and asset management division Neuberger Berman Holdings would not be included in the filing. Bank of America said it had agreed to buy investment bank Merrill Lynch for $50bn, in a deal that will create the world's largest financial services company.
On 9/15/08, Naiyer <[EMAIL PROTECTED]> wrote: Dear All, Can any member throw some light on short-term perspective of the market? IIP numbers are good, inflation is cooling down and oil has came below 100$/b mark, still SENSEX is falling and shedding weight everyday. Thanks Mallick -- Regards. ------------------ Views given herein above are purely personal of the author (except in case of view given frm third party with disclosed name). While utmost care has been taken in making the view, no responsibility can be or is assumed for any consequences resulting out of acting on it, since nothing is charged inturn. Before acting, it is advised to take view of your financial advisor -- Posted By Ronald Chisley to Investor Forums at 9/15/2008 11:37:00 AM --~--~---------~--~----~------------~-------~--~----~ Get latest market updates & search internet right from your browser-download our toolbar here- http://investorline.ourtoolbar.com/ Visit our site at – http://investorline.co.in/ Newsroom: http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Newscatcher- http://catcher.investorline.co.in/ Interested in Financial Planning-Let us Contact you- http://spreadsheets.google.com/viewform?key=pb_z4f1_zGMg4iBBFT3-SWQ&email=true If you like the site then promote it here- https://www.freetellafriend.com/tell/?url=http://investorline.co.in/blogs/news Create your own free blog on- http://investorline.co.in/blogger Visit this group at http://groups.google.com/group/india-investor -~----------~----~----~----~------~----~------~--~---
