Required reading - What happened when Lehman failed

[John Ranalletta]

Esquire This is a real page-turner. Reality makes for more interesting reading than fiction.

As our financial system entered free fall last September and the people who ran Wall Street struggled to avert a complete economic collapse, an epic battle for power and, above all, cash was being waged between Barclays and JPMorgan Chase. The inside story of how Bob Diamond walked away with everything he wanted.

 

By Tom Junod

[Lawman]

 

"Through mergers and the failure of Lehman Brothers, the mammoth banks whose near-collapse prompted government rescues have gotten even bigger, increasing the risk they pose to the financial system. And they still make bets that, in the aggregate, are worth far more than the capital they have on hand to cover against potential losses."

 

http://finance.yahoo.com/news/Risktaking-is-back-for-banks-apf-3400806176.html?x=0&sec=topStories&pos=4&asset=&ccode=

[steve.foote]

John, that's just too damned long to read. Plus, I really don't want to revisit last fall.

 

And, it will probably be a consolation to nobody that after a year, and having shotguned trillions of dollars, we're right back at square one.

 

Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

 

Maybe this time around we'll give capitalism a try.

[John Ranalletta]

Just thought the interplay between the parties was interesting to read. Just imagine shifting billions back and forth by rearranging electrons on a screen.

 

Who cares whether the banking system is corrupt or broke, it's the only one we have and it's the best of the worst, currently.

[steve.foote]

Just thought the interplay between the parties was interesting to read. Just imagine shifting billions back and forth by rearranging electrons on a screen.

 

No, I hear what you're saying, John. I read about three pages and the background dialog of how these things work out is interesting. Time is a limited commodity for me right now and I'm still a little peaved about how all this went down and where we are. Consider me a bit of a grumpy old man. :-D

[Lawman]

John, that's just too damned long to read. Plus, I really don't want to revisit last fall.

 

And, it will probably be a consolation to nobody that after a year, and having shotguned trillions of dollars, we're right back at square one.

 

Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

 

Maybe this time around we'll give capitalism a try.

 

 

"The Federal Reserve faces a “quandary” in ending its monetary stimulus programs because doing so may drive up the cost of borrowing for the U.S. government, he said.

“The question then is who is going to finance the U.S. government,” Stiglitz said. "

 

That may turn out to be the 64 trillion dollar question?

 

[Matts_12GS]

Consider me a bit of a grumpy old man. :-D

 

Done.

 

We need a BBQ intervention to get back on track with our secret evil plans for world domination....

 

When's good?

[yabadabapal]

Thank you for posting the article. I read every word of it.

I thought I was tough, but this is beyond tough.

An amazing story. I always say the only way you get hurt on a roller coaster is if you jump off. Apparently, these guys invented the roller coaster, and they are also the ones that stayed on.

What an education. Thanks again!

[John Ranalletta]

You ain't seen

yet. Is JPMorgan really bigger than the Fed?

[Albert]

Consider me a bit of a grumpy old man. :-D

 

Done.

 

We need a BBQ intervention to get back on track with our secret evil plans for world domination....

 

When's good?

 

Combine that with a good old fashioned beer summit and now you're talking stimulus!!

[Nice n Easy Rider]

Consider me a bit of a grumpy old man. :-D

 

Done.

 

We need a BBQ intervention to get back on track with our secret evil plans for world domination....

 

When's good?

 

Combine that with a good old fashioned beer summit and now you're talking stimulus!!

 

And if you say you're going to work on a plan for capturing and burning those "waste gases" you're sure to generate you can probably get federal funding for it.

[Matts_12GS]

Done.

 

We need a BBQ intervention to get back on track with our secret evil plans for world domination....

 

When's good?

 

Combine that with a good old fashioned beer summit and now you're talking stimulus!!

 

And if you say you're going to work on a plan for capturing and burning those "waste gases" you're sure to generate you can probably get federal funding for it.

 

You guys ain't right..

 

 

Maybe that's what I like about you!

[Lawman]

Esquire This is a real page-turner. Reality makes for more interesting reading than fiction.

As our financial system entered free fall last September and the people who ran Wall Street struggled to avert a complete economic collapse, an epic battle for power and, above all, cash was being waged between Barclays and JPMorgan Chase. The inside story of how Bob Diamond walked away with everything he wanted.

 

By Tom Junod

 

 

John,

Lehman saw your post and now they want their money back...........

http://finance.yahoo.com/news/Lehman-Barclays-took-82B-more-apf-3106327173.html?x=0&sec=topStories&pos=3&asset=&ccode=

[yabadabapal]

now it gonna get interesting. Theres a diamond involved in this somewhere and its not the kind of diamond you wear on a ring.