Morning News Dump

September 15, 2008 5:55am by Barry Ritholtz

I hope y’all got a good night sleep, cause today is going to be a busy day. Here’s a quick snap of what happened why you were slumbering:

Futures trading: Dow off 375, S&P500 off 53, Nasdaq off 55; Oil is down to $95, Gold up $15.

Morning Headlines

• Lehman Files for Biggest Bankruptcy as Suitors Balk (Bloomberg)
• Ultimatum by Paulson Sparked Frantic End (WSJ)

• What, No Lehman Aid? (Newsweek)

• ‘Tectonic’ Shift on Wall Street as Lehman Fails, Merrill Sold (Bloomberg)

• After Frantic Day, Wall St. Banks Falter (NYT)
• Lehman plans to file for bankruptcy protection (Marketwatch)

• Wall Street crisis: Is this the death knell for derivatives? (Guardian)
• The Japan Lesson: U.S. Must Own Up To Its Bank Crisis (WSJ)

• Federal Reserve Offers No Cash but Loosens Standards on Emergency Loans (NYT)

• Banks roll out $70 billion loan program (AP/Yahoo)
• World’s biggest banks join forces (FT)

• Where’s The Ref? (Forbes)
• Lehman’s dying hours (Fortune)
• Financial turmoil as top bank collapses (CNN)
• Fed Expands Lending Facilities in Bid for Stability (WSJ)
• LEHMAN’S CARCASS RIPE FOR PICKING (NY Post)

• 5 Days of Pressure, Fear and Ultimately, Failure (NYT)

• A.I.G. Seeks $40 Billion in Fed Aid to Survive (NYT Dealbook)
• Jittery Road Ahead (NYT)
• Bank of America to Buy Merrill for $50 Billion as Crisis Widens (Bloomberg)
• Goldman, Morgan Grasp at Bitter Prize (WSJ)

• China Cuts 1-Year Lending Rate; Reduces Lending Curb (Bloomberg)
• Banks Fear Next Move by Shorts (NYT)
• A Chaotic Sunday Opens Wall Street’s Week (WSJ)

~~~

Intrade now has futures trading where you can bet on what US Bank will fail next; Incidentally, the US also has a similar financial mechanism — they are called Puts.

~~~

Related Blog Posts
• Data Factoid: Securities Industry Employment (Infectious Greed)
• WaMu Failure Could Trigger Extension of Deposit Guarantees (Naked Capitalism)
• Greenspan’s Black Swan (iTulip)

• A Sunday Without a Bailout? How Novel ! (Big Picture)

• Investing in Financial Stocks is Tough (Aleph Blog)

• Is a Volatility ETF a Good Idea? (Condor Options)

• The end of banking as we know it – and another US rate cut (Eurointelligence)

• Disaster in the Derivatives Market Redux (Financial Armegeddon)

• Why Lehman Brothers Is Not Bear Stearns (MarketBeat)

• Fed’s PDCF, TSLF Pawnshop Limits Increased; Section 23A Rules Violated (Global EconomicTrend Analysis)
• Lehman 2007 Bonuses? (Credit Slips)

• If Lehman collapses expect a run on all of the other broker dealers and the collapse of the shadow banking system (RGE)

• Blame the Short-Sellers (Infectious Greed)

• How Washington Failed to Rein In Fannie, Freddie (Big Picture)

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