SubscribeAll Posts Tagged With: "leh"
Goldman Weathers Storm, Barclays Bargain Hunts
Goldman Sachs Group Inc. (GS) and Barclays PLC (BCS) yesterday (Tuesday) continued to avert the perils posed by the economic catastrophe that has ensnared the financial sector, as the former reported earnings that, again, topped Wall Street estimates and the latter endeavored to pick apart the remains of the languishing Lehman Bros. Holdings Inc. (LEH).
Third-quarter profit at Goldman Sachs fell 70% to $845 million, or $1.81 a share, from $2.85 billion, or $6.13 a share, a year earlier. The three months ended Aug. 29 amounted to the worst quarter for the firm since it went public in 1999, but results still managed…
17Sep2008 | Money Morning | Comments Off | ContinuedWe Live In Interesting, Incompetent Times
Epics and Ongoing Busts in the Financial Sector
There may be a major hurricane battering the oil rigs and refineries in the Gulf of Mexico and Texas, but an even bigger one is crushing many of the key banking firms in America.
One is a natural disaster — you can’t blame people for Hurricane Ike unless they’re too stupid to heed storm warnings and get themselves and their families out of danger. But you can definitely blame people — specifically executives and regulators — for the man-made disaster currently engulfing investment banks and the financial sector as a whole.
Hundreds of billions of…
16Sep2008 | Oxbury Research | Comments Off | ContinuedBuyout of Merrill and Bankruptcy of Lehman Heightens Worry of U.S. Credit Crisis Pain Still to Come
After a weekend in which the deepening U.S credit crisis sent one top investment bank to bankruptcy court and a second into the arms of a “White Knight†suitor, U.S. stocks yesterday (Monday) recorded their worst day since the 9/11 terrorists attacks seven years ago. Indeed, the Dow Jones Industrial Average plunged more than 504 points, its biggest one-day point decline since Sept. 17, 2001 – the day the markets reopened for trading after the attacks on New York and Washington.
Wall Street entered last weekend anticipating a government bailout of Lehman Brothers Holdings Inc. (LEH), but exited with Merrill Lynch…
16Sep2008 | Money Morning | Comments Off | ContinuedWith Buyout of Merrill, Bankruptcy for Lehman, Wall Street Plays “Let’s Make a Deal”
In one of its wildest and weirdest stretches ever, Wall Street entered a weekend awaiting a government bailout of Lehman Brothers Holdings Inc. (LEH) and exited with Merrill Lynch & Co. Inc. (MER) agreeing to sell itself to Bank of America Corp. (BAC) for nearly $50 billion, and Lehman announcing it will seek bankruptcy in a bid to avoid a total liquidation after it was unable to find a buyer.
And this real-life version of the game show Let’s Make a Deal is far from over: Like a once-great prizefighter who’s clawing for the ropes after being staggered by a shot to the…
16Sep2008 | Money Morning | Comments Off | ContinuedECB and BOE Inject Billions, Bank of China Cuts Rates as Central Banks Cope with Lehman Fallout
Central banks around the world, including the European Central Bank (ECB), the Bank of England (BOE) and the People’s Bank of China, scrambled yesterday (Monday) to shore up liquidity and protect domestic markets against the fallout from the collapse of Lehman Bros Holdings Inc. (LEH).
The Bank of England and the European Central Bank injected billions of dollars into global money markets and the Bank of China cut interest rates for the first time in six years and lowered capital reserve requirements for its smaller banks.
The ECB allotted roughly $43 billion (30 billion euros) in a one-day money-market auction that…
16Sep2008 | Money Morning | Comments Off | ContinuedLehman Brothers Raises Capital After $2.8 Billion Quarterly Loss
Lehman Brothers Holdings Inc. (LEH) was forced to raise fresh capital yesterday (Monday), evidence that the subprime-fueled credit crisis is still far from over.
“I am very disappointed in this quarter’s results,†Chairman and Chief Executive Officer Richard S. Fuld, Jr. said in a company statement released yesterday. “Notwithstanding the solid underlying performance of our client franchise, we had our first-ever quarterly loss as a public company.â€
The fourth-largest U.S. investment bank announced it would raise $6 billion to offset an expected $2.8 billion loss in its fiscal second quarter. Lehman said it expects a loss of $5.14 per share in the period…
10Jun2008 | Money Morning | Comments Off | Continued
Loading ...
