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  1. #1
    Join Date
    May 2007
    Location
    Wellington
    Posts
    1,520

    Default Financial Armageddon!!

    http://www.cnbc.com/id/26709718

    Lehmann bankrupt, crash possible on Wall St tonight

  2. #2
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,757

    Default

    Some more commentary, here.

  3. #3
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,084

    Default

    Anyone know how much our Aussie banks are tied up with Lehman/Meryll Lynch/AIG?
    DFTBA

  4. #4

    Default

    Quote Originally Posted by cube View Post
    Anyone know how much our Aussie banks are tied up with Lehman/Meryll Lynch/AIG?
    Well we know the Aussie banks have spread the risk, but we don't know to what extent that the Aussie banks have their risk spread in debt instruments. My bet is that it's quite substantial. Macquarie is down about 10% today. The big miners look relatively unscathed. Naturally, gold has reacted. It's a national holiday in Japan so the Nikkei hasn't set the tone in Asia.

  5. #5
    Join Date
    Aug 2003
    Posts
    7,608

    Default

    Yep it has happened - Lehman Brothers has filed for bankruptcy protection (chapter 11) - failed to secure a rescue package.

    Cheers,

    Donna
    Last edited by donna; 15-09-2008 at 06:39 PM.
    PropertyTalk Blog - property articles

    BusinessBlogs - the best business articles are found here



  6. #6
    Join Date
    Aug 2003
    Posts
    7,608

    Default

    Merrill Lynch said to have agreed to be taken over by Bank of America.

    Geez!

    Cheers,

    Donna
    PropertyTalk Blog - property articles

    BusinessBlogs - the best business articles are found here



  7. #7
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,737

    Default

    Quote Originally Posted by donna View Post
    Merrill Lynch said to have agreed to be taken over by Bank of America.

    Geez!

    Cheers,

    Donna

    Suggest you change the wording under your username for a little while Donna.

  8. #8

    Default

    oh my goodness, I'm just reading a PDF of their official bankruptcy papers!! There are a few Aust/NZ banks listed on there as creditors, and lots of Asian ones - ANZ (Australia) in particular to the tune of more than $25 mil. Tiny compare to the $138b for City bank!

  9. #9
    Join Date
    May 2007
    Location
    Wellington
    Posts
    1,520

    Default

    Quote Originally Posted by Ethtre View Post
    oh my goodness, I'm just reading a PDF of their official bankruptcy papers!! There are a few Aust/NZ banks listed on there as creditors, and lots of Asian ones - ANZ (Australia) in particular to the tune of more than $25 mil. Tiny compare to the $138b for City bank!
    Can you paste the pdf file in here?

  10. #10
    Join Date
    Jun 2005
    Location
    Wellington
    Posts
    1,112

    Default

    Don't you think the term 'armageddon' is a little severe for this situation?


 

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