Word: lehman
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Even as the carnage at Lehman Brothers left thousands of employees stranded, the next generation of Wall Street hopefuls began filing back to class this month at business schools across the country. The storied banking giant's demise was an illustrative lesson for the industry and for academics - one that may lead to lasting changes in business-school curriculums. "I predict that people will spend a lot more time than they used to learning about risk management and understanding the subtleties," says Awi Federgruen, chair of the Decision, Risk and Operations Division at Columbia Business School...
...time. In 1994, for example, amid the bankruptcy of Orange County, Calif., more than 20 money market funds were bailed out by their corporate parents. Only one fund was liquidated. And even then, investors received 96 cents on the dollar. The reason Moody's is considering downgrading 13 of Lehman's money markets isn't because of what they own, but because the ratings agency isn't sure the parent company, which is in bankruptcy, would be able to step in if needed...
...starters, look at the yield on your money market fund and compare it to the sector. Naturally, you want the highest return on your money. Except that maybe you don't. Higher yields usually mean riskier investments - more commercial paper, say, as opposed to Treasuries. Last Friday, before the Lehman implosion, Reserve Primary Fund was the second highest-yielding fund of the 100 largest tracked by Crane Data. For months before that, it was in the No. 1 slot. "You want to act like the smart caribous and stand in the middle of the pack," says Crane. And, of course...
...terms of the discussions, one senior Hong Kong-based banker said today, are likely to be very harsh for any potential recipient of capital: "You're basically looking at structuring a deal at this point in which there is no downside - none. Even if a company goes under, like Lehman, you're first in line to get paid a return on your assets. Take it or leave...
McCain, John • asserts, amidst upheaval at Lehman Brothers and Merrill Lynch and the stock market's worst day in seven years, that "the fundamentals of our economy are strong" •concedes, an hour after asserting that "the fundamentals of our economy are strong," that "the American economy is in a crisis - in a crisis!" •concedes Obama didn't call Palin a "pig" while defending his ad implying Obama called Palin a "pig" •confusion about Spain of •declares, inaccurately, that Palin took no earmarks as govenor of Alaska •regulation, after decades of opposition to, unconvincingly embraced...