Word: lehman
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...things on Wall Street? On the day after the day Lehman Bros. died, the Dow Jones average fell 504.48 points, to 10,917.51, its lowest close since 2006, while the S&P 500 dropped 58.74, to 1,192.96. The S&P decline worked out to 4.69%, the worst percentage fall since the day markets reopened after the Sept. 11, 2001, terrorist attacks, but nowhere near the severity of the crashes...
...Indeed, things could be worse. No other financial firms have expired, and even Lehman itself seems almost alive as its executives seek buyers for some of its more viable parts. Overall, there is plenty of bad news - but so far it's not a catastrophe...
...York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request but, according to the Wall Street Journal, asked Goldman Sachs and Lehman Bros. to organize a $70-billion to $75-billion rescue loan. There's no word yet on whether they'll actually do it, which means AIG's woes are likely to ripple through the market for some time...
...Should we be confident? Lehman's first day in Chapter 11 bankruptcy actually held some encouraging signs, as markets avoided chaos and the company itself appeared close to selling its asset management arm to a private equity firm. There were also reports that Barclays, which had decided over the weekend not to bid for Lehman as a whole, might still be interested in buying the core of Lehman's business, its broker-dealer operation...
...question remains whether, as Lehman begins the forced selling of its more troubled assets, that will drive prices for some real estate securities down so far that other firms land in trouble as well. Merrill Lynch North American economist David Rosenberg predicts that Lehman's demise will begin a long, painful process of unraveling trillions of dollars in derivatives "to identify how big the potential losses are and where they are being held...