Investment Banks

Morgan, Goldman Now Banks, Wachovia Left Out in the Cold

admin_huliq — Mon, 22 Sep 2008 13:39:35 -0500

Both Morgan Stanley and Goldman Sachs lobbied the Federal Reserve to become bank holding companies over the weekend. Their bid was approved by the Fed, ending the era of the independent investment bank.

Lehman to file bankruptcy by midnight tonight?

admin_huliq — Sun, 14 Sep 2008 16:13:40 -0500

News agencies are reporting that Lehman may file for bankruptcy by midnight tonight.

Work on Lehman Brothers’ rescue to continue over weekend

admin_huliq — Sat, 13 Sep 2008 15:36:14 -0500

Lehman Brothers, a major American investment firm, is spending the weekend trying to find an investor that would save the firm from complete collapse. The company has lost 80 percent of its stock value since Monday, when it announced that it had not secured a deal with the Korean Development Bank, which was widely expected to occur.

UBS to Split Units As Customer Defections Point To Loss of Confidence

admin_huliq — Tue, 12 Aug 2008 15:17:47 -0500

UBS reported a second-quarter loss of 358 million francs ($331 million) and announced a separation of its investment banking and wealth management units.

Merrill Lynch and Citigroup Agree To Buy Back Auction-Rate Bonds

Odur Joe — Thu, 07 Aug 2008 18:32:55 -0500

Merrill Lynch & Co and Citigroup have issued statements saying that they are taking serious steps towards reaching an agreement with US regulators.

Washington Mutual: What's Another $3.3 Billion?

admin_huliq — Wed, 23 Jul 2008 10:20:52 -0500

Washington Mutual proved yet again that it could extract more value from its operations by firing everyone except a few beefy guys to shovel deposits into an incinerator. Can a handful of former bankers work fast enough to incinerate $3.3 billion in a quarter? It seems unlikely.

Bernanke Wants More Control of Investment Banks

admin_huliq — Tue, 08 Jul 2008 09:39:12 -0500

In a speech delivered this morning, Federal Reserve Chairman Ben Bernanke stated that the Fed may extend the direct lending facility to investment banks into 2009 as long as emergency conditions "continue to prevail".

Auction Rate Securities Failures Lead to Lawsuits and Deja Vu

admin_huliq — Mon, 30 Jun 2008 12:31:37 -0500

Last Thursday, Massachusetts regulators filed a lawsuit against UBS alleging that the bank gave conflicted advice to customers in the auction-rate securities market.

Erin Callan, Joe Gregory Demoted From Lehman Top Positions

admin_huliq — Thu, 12 Jun 2008 10:05:39 -0500

In a desperate move to regain credibility from investors, Lehman has demoted Erin Callan from the CFO position and removed Joseph Gregory from the COO post. Dick Fuld will remain as CEO. Herbert McDade will succeed Mr. Gregory and Ian Lowitt will take over for Ms. Callan.

UBS Losses, Executives Selling Rights to Buy Shares

admin_huliq — Tue, 10 Jun 2008 11:02:41 -0500

UBS is scheduled to take more losses on its mortgage holdings, as prices for these securities have worsened dramatically in the past few weeks.

Lehman Ups Capital Raising Plan to 6 Billion After Loss

admin_huliq — Mon, 09 Jun 2008 09:09:16 -0500

Lehman Brothers announced that it expects to report a $2.8 billion ($5.14 a share) loss and increased the amount of capital it will raise to $6 billion.

Lehman Brothers Providing Books To Garner Investment

admin_huliq — Thu, 05 Jun 2008 10:47:17 -0500

The Wall Street Journal reports that Lehman is offering to open its books to at least one US pension fund in the hopes of garnering an equity investment.