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27

Nov

Lehman Brothers collapse

Posted by admin as stock prices

Sep. 15, 2008.
Global markets were reeling Monday after a convulsive day on Wall Street that saw a leading U.S. investment bank file for bankruptcy and other institutes scramble to merge as the credit crunch claimed one of its biggest victims yet.

Stock prices plunged in Asia and Europe in the wake of investment bank Lehman brothers announcing its collapse and Bank of America’s $50 billion buyout of ailing brokerage Merrill Lynch.

This crisis is clearly deeper than anybody had imagined only a short time ago,” Peter Stein, an ociate editor at the Wall Street Journal in Asia, told CNN.

The Dow Jones Industrial Average fell 330 points or 2.9 percent to around 11091 in early trading. In Europe, FTSE index in London declined 3.37 percent while the Paris CAC 40 was down 4.47 percent.

Major Asian indexes were closed but India’s Sensex fell 5.4 percent, Taiwan’s benchmark dropped 4.1, Australia’s key index dropped 2 percent and Singapore fell 2.9.

The turmoil followed a roller-coaster weekend for a Wall Street already concussed by woes at other major financial firms and mortgage-financing titans Fannie Mae and Freddie Mac.

At one point the U.S. Federal Reserve was forced to step in, announcing plans to loosen lending restrictions to the banking industry in an effort to calm markets, while a consortium of 10 leading domestic and foreign banks agreed a $70 billion fund to lend to troubled financial firms.

In an effort to calm market jitters, the European Central Bank on Monday said it has pumped $42.6 billion into money markets. The Bank of England in London also took steps, offering nearly $9 billion in a three-day auction.

Duration : 0:3:59


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9 Comments »
kenton888kkk says November 27th, 2008 at 9:32 pm

should of got Ron …
should of got Ron Paul in the white house

Silberdachs says November 27th, 2008 at 9:32 pm

Well surprise, …
Well surprise, surprise! Republicans turn out to be the biggest socialists the USA has ever known. Corporate socialists that is. They don’t blink when bailing out their cronies in the banks with trillions of US$’s, but when it comes to looking after the people – you know, the taxpayers, those who are gouged by these corporate bailouts – then Republicans throw a hissy fit, wrap themselves in the flag, and scream ‘You communists!’ at the Democrats.

GOP – beyond hypocrisy, beneath contempt!

strongcat3236 says November 27th, 2008 at 9:32 pm

I dont even know …
I dont even know why people give a about lehman brohters collapse. They are a banking system and all banking systems are greedy, malicious bloodthirsty scum.

Their entire banking empire is built on blood and now they got what they deserve.
U are right, they made satan their friend and now, god is striking them.

dowtoplunge says November 27th, 2008 at 9:32 pm

its getting bad, go …
its getting bad, go watch myspacesecrets here on youtube his stuff rocks.

lebanesegun says November 27th, 2008 at 9:32 pm

That’s what happen …
That’s what happen when you make satan your friend,,,,,, satan = jews,,,,,

bubbubeta says November 27th, 2008 at 9:32 pm

Good bye USA. Thank …
Good bye USA. Thank you Israel.

funnyfacevdo says November 27th, 2008 at 9:32 pm

Asian money …
Asian money devalued a decade ago is just a rainny storm, but Lehman brother is indeed a TSUNAMI in financial world!

Those devalued month, a few people I knew make 100% profit shift dollar to baht and make 100% profit in a day so some lost, some gain… but with Lehman chapter 11… you can feel the ground tremble!

I’m in Bangkok and already feel the chill!

elektrikcity says November 27th, 2008 at 9:32 pm

Yeah and they …
Yeah and they devalued their currency the Baht so much it affected Indonesia, Hong Kong, Malaysia, and practically all of Asia. My friend went to Thailand last year, stayed somehwhere with hundreds of new high rise condominiums, most were unfinished, and most units were still empty

Nasdaq7 says November 27th, 2008 at 9:32 pm

Didn’t a major bank …
Didn’t a major bank in Thailand fail about a decade ago … which led to the Asian financial crisis?

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