Sunday, September 14, 2008

Lehman Brothers, now served with Jam

Because it's TOAST!

Yep so Lehman Brothers is filing for bankruptcy protection, and the parent company, Lehman Brothers Holdings is filing as well. The Fed couldn't talk anyone into buying it, so thankfully it's just going to crash and burn.

Meanwhile, Merrill Lynch, is about to go belly up. A chunk of Merrill Lynch will be bought by Bank of America. Bank of America was going to bail out Lehman Brothers Holdings with Barclays, but they were not going to do it without help from Uncle Sugar. I have no idea why, but the Fedgov has said no public money will go into the bailout. I have to ask myself, why stop now? So Barclays & Bank of America are trying to get a bunch of wall street banks to fund the bailout.

I just saw one article that BoA dropped $44B to buy all of Merrill Lynch. Well, Monday will be interesting. AIG is about to shit the bed. Then the market will certainly flip out for at least the morning session.

So hold on to your socks, because I think it's going to be a rough one monday.

Stay Frosty!

No comments: