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The Governments, US & UK, giving a blank cheque to the banks and taking over their problems, is, to me, a recipe for even more problems in the future.

 

However, I doubt that governments, any of them, are interested in my opinion!

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http://news.yahoo.com/s/ap/20080920/ap_on_...hers_bankruptcy

 

A bankruptcy judge approved a plan just after midnight Saturday under which Lehman Brothers will sell its investment banking and trading businesses to Barclays.

 

The deal was said to be worth $1.75 billion earlier in the week but the value was in flux after lawyers announced changes to the terms on Friday. It may now be worth closer to $1.35 billion, which includes the $960 million price tag on Lehman's Midtown Manhattan office tower.

 

Lehman filed the biggest bankruptcy in U.S. history Monday, after Barclays declined to buy the investment bank in its entirety.

 

The British bank will take control of Lehman units that employ about 9,000 employees in the U.S.

 

"Not only is the sale a good match economically, but it will save the jobs of thousands of employees," Lehman lawyer Harvey Miller of Weil, Gotshal & Manges said.

 

Apparently, before the approval which would make the bankruptcy complete, Lehman Brothers along with 3 subsidiaries were allowed to be purchased by Barclays saving 9,000 employees. However, many of the people who are holding bonds in Lehman Brothers will not prevail. One person interviewed in the article holds $9 billion in bonds, but the accounts have been transferred and if they are lucky, they will end up with something which is always better than nothing. Its a good thing that sky scrapper windows are made a lot stronger today then they were back in the 1930's. I don't know what I would do if I lost $9 billion over night :wt-hell:

 

-Nick

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I don't know what I would do if I lost $9 billion over night

 

I guess that would depend upon whether or not is was your last $9 billion. :wt-hell:

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I don't know what I would do if I lost $9 billion over night :wt-hell:

 

-Nick

 

Many of the management types at Microsoft used to complain about that from time to time when the stock did poorly.

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