Lehman Brothers: declares bankruptcy as credit crunch takes its toll

It could be all over for Lehman Brothers, as the Wall Street bank have announced it would declare itself bankrupt after failed talks this weekend with the US Treasury, led by Henry Paulson.

As the end of Lehman Brothers drew closer, its larger rival bank Merrill Lynch secured a sale for $44 billion to Bank of America.

Lehman Brothers own an investment bank, a fund management business, and a $30 billion portfolio of real estate assets, and control $600 billion of assets; the collapse of Lehman is expected to send shock waves across New York and London stock and debt markets. Lehman brothers told customers today that they can use their accounts as normal, as they will be taking actions today to enable the US banking giant to continue its operations.

Read the full article in the times

Related Articles

• Lehman Brothers Update: plans to sell broker-dealer operation
• Lehman Brothers sells Neuberger Berman division
• Lehman Brothers: possible sale of $32.6 billion of commercial properties
• Barclays is moments away from a deal with Lehman Brothers
• Bank of Japan: benchmark Nikkei slid to a 3 year low

No Comments
»

Leave a comment

Name (required)

Mail (will not be published) (required)

Website

Notify me of followup comments via e-mail

Recent News

• Government may force Northern Rock to issue more mortgages
• 2009 the right time to buy property in the US?
• Credit Suisse pumps $164 million into India unit
• Citigroup: Britain is heading for a lengthy and deep recession
• Lloyds TSB: Advises to check your home insurance in the big freeze
• 25 percent of all mortgage loans require 40 percent deposit
• Nationwide: No further cuts to tracker mortgage interest rates