CEO Fuld. Next stop? My guess, Gstaad, Switzerland.
Bloomberg.com: Worldwide — This venerable institution is now toast thanks to current greedy management practices. Does anyone ever go to jail for this sort of mess? CEO Richard Fuld made 0ver $70 million last year for this fine job he has done. This is a joke, right?
Bank of America Corp. abandoned talks to buy Lehman Brothers Holdings Inc., according to a person with knowledge of the matter, less than three hours after Barclays Plc said it wouldn’t buy the faltering investment bank.
Bank of America, the biggest U.S. consumer bank, and Barclays, the U.K.’s third-largest lender, had been among the leading candidates to acquire all or parts of New York-based Lehman.
The two potential bidders pulled out amid a third day of emergency negotiations led by the U.S. Treasury and Federal Reserve, Leigh Bruce, a spokesman for London-based Barclays, said in a phone interview today.
The U.S. government is racing to find a solution for Lehman before markets open tomorrow, two people familiar with the situation said. Barclays walked away because it couldn’t get guarantees from the government or agree on a private-sector deal to mitigate what it called Lehman’s “open-ended” trading obligations.
Led by Chief Executive Officer Richard Fuld, Lehman may be forced to liquidate unless buyers step up for all or part of the 158-year-old company
Forbes profiles.
Compensation and “Best Bosses” List.
America’s Richest Men List
Just in: BofA to buy Merrill Lynch for $44 billion.
If only the government would just step out of the way and allow the free market to…they did what? they did? Oh, never mind.
I keep thinking of Russell Crowe in Gladiator, “Are you not entertained?” Why isn’t this leading every news show every night?
Keep watching The Two Coreys, everybody. As the late great Bill Hicks used to say, “Go Back to Bed, America-Your Government Is In Control.”
Just don’t be surprised when you show up for work tomorrow morning and there’s a padlock on the door.
It’s officially posted on the Lehman Brothers Website, and the Australian Stock Exchange (the only one open right now) has halted trading in it’s stock.
Poof! There goes 100’s of billions of $$$ in equity… you think it was getting tough to take out a home loan, wait until tomorrow, when Merrill Lynch goes away, followed shortly by AIG and WAMU.
Quite a few guys would come on CNBC in Feb 08 and say, I think this banking problem will all be over by summer. Those guys have been crushed.
WM and AIG are next.
I’m not sure where we will see a bottom, but it looks like 2009 at best.
CNN this morning stated the golden parachutes for Freddie and Fannie will not be honored by the U.S. government.
#39 “Marx was a nutjob. Not to mention the nutjobs that used his work to build communism.”
Yes, but that doesn’t invalidate the fact that taking capital out of a system without producing anything is system breaking.
Speaking of jail…good to see my old boss, Mr. Taubman, still on the Forbes list. They threw him in jail unjustly. Watch – this Lehman guy won’t even see the inside of a cell…and he deserves to…
I remember meeting Steve on the Forbes yacht…he was friendly and believed in the flat tax…I think that would solve a lot of these problems in the future.
I think CEO’s have a secret game among themselves where they see who can f^@k up a company the most and walk away with the most money.