Wall Street Reorg: Impact on Real Estate?
After a weekend spent huddling together, Wall Street chieftains were unable (or, more precisely, unwilling) to come up with a plan to save faltering Lehman Brothers, which is now expected to file for bankruptcy. Merrill Lynch, which had seen its shares drop along with Lehman’s in recent days, agreed to be acquired by Bank of…
After a weekend spent huddling together, Wall Street chieftains were unable (or, more precisely, unwilling) to come up with a plan to save faltering Lehman Brothers, which is now expected to file for bankruptcy. Merrill Lynch, which had seen its shares drop along with Lehman’s in recent days, agreed to be acquired by Bank of America for close to $50 billion. Meanwhile, questions about giant insurer AIG’s ability to weather its own set of mortgage-related problems continued to mount. My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I’ve ever seen, said Peter G. Peterson, co-founder of the private equity firm the Blackstone Group, who was head of Lehman in the 1970s and a secretary of commerce in the Nixon administration. The big question is whether these moves will increase investor unease or, by removing a few of the major question marks, hasten its recovery. The same can be said for the local real estate market. While many of Merrill’s remaining 60,000 employees will undoubtably be kept on, the same can’t be said for Lehman’s workforce of 25,000; on the other hand, market’s hate uncertainty, and maybe this just helps ensure that New York market is on target to meet Jim Cramer’s projected turnaround date of June 30, 2009.
Two Major Wall Street Banks Falter [NY Times]
Crisis on Wall Street [WSJ]
Photo by huachen
“remind me not to look at my 401k for a while”
What makes you think the taxes and penalties will be greater than even the pretax losses?
Prodigal–while it is true that internet threats rarely can be physically dangerous, don’t you think that this community like any other should have a code of decency that is at least moderately adhered to?
All Dow stocks open at the -330 level…so watch it from that level. The bond markets though are getting truly annihilated and will be the source of even further pain to institutions that own them
This day may wind up being the new beginning our country needs. If all the crazies that have leveraged up on Wall Street get hit and their assets sold off us who have had the smarts to not over leverage our own balance sheets will be rewarded with that great broolyn heights townhouse we have always coveted…
This day may wind up being the new beginning our country needs. If all the crazies that have leveraged up on Wall Street get hit and their assets sold off us who have had the smarts to not over leverage our own balance sheets will be rewarded with that great broolyn heights townhouse we have always coveted…
Ditto! That’s exactly what I was saying on his mutant asset thread in the forum. On this of all days he could afford to be a gracious “winner” (hilarious term for such a circumstance) but this just proves that his intentions from the start were rotten. Super ironical indeed.
wasder…its a technical thing….happens all the time…the shares won’t open until there are buyers at a certain price for everything thats for sale…more or less.
Like Sullivan in the Staties, Goldman’s got Hankie Paulie. They’ll be fine, for now.
Not to be a rabble rouser but just how do physical threats on the Internet amount to anything, except for scenario swhere people’s addresses have been outed: Brownstoner, Barbara Corcoran and Sandra Oh.
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If I told the What online that I was going to kick his ass, should he be afraid of me?