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Morning News Dump

Posted By Barry Ritholtz On September 15, 2008 @ 5:55 am In Bailouts,Corporate Management,Credit,Financial Press | Comments Disabled

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 [1]: 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 [2] (Bloomberg) 
Ultimatum by Paulson Sparked Frantic End [3]  (WSJ)

What, No Lehman Aid? [4]  (Newsweek)

• ‘Tectonic’ Shift on Wall Street as Lehman Fails, Merrill Sold [5]  (Bloomberg)

After Frantic Day, Wall St. Banks Falter [6] (NYT)
Lehman plans to file for bankruptcy protection [7] (Marketwatch)

Wall Street crisis: Is this the death knell for derivatives? [8] (Guardian)
The Japan Lesson: U.S. Must Own Up To Its Bank Crisis [9] (WSJ)

Federal Reserve Offers No Cash but Loosens Standards on Emergency Loans [10]  (NYT)

Banks roll out $70 billion loan program [11] (AP/Yahoo)
World’s biggest banks join forces [12] (FT)

Where’s The Ref? [13] (Forbes)
Lehman’s dying hours [14] (Fortune)
Financial turmoil as top bank collapses [15] (CNN)
Fed Expands Lending Facilities in Bid for Stability [16] (WSJ)
LEHMAN’S CARCASS RIPE FOR PICKING [17] (NY Post)

5 Days of Pressure, Fear and Ultimately, Failure [18] (NYT)

A.I.G. Seeks $40 Billion in Fed Aid to Survive [19] (NYT Dealbook)
Jittery Road Ahead [20] (NYT) 
Bank of America to Buy Merrill for $50 Billion as Crisis Widens [21] (Bloomberg) 
Goldman, Morgan Grasp at Bitter Prize [22] (WSJ)

China Cuts 1-Year Lending Rate; Reduces Lending Curb [23] (Bloomberg) 
Banks Fear Next Move by Shorts [24] (NYT)
A Chaotic Sunday Opens Wall Street’s Week [25] (WSJ)

~~~

Intrade now has futures trading [26] 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 [27]  (Infectious Greed)
WaMu Failure Could Trigger Extension of Deposit Guarantees [28] (Naked Capitalism)
Greenspan’s Black Swan [29] (iTulip)

A Sunday Without a Bailout? How Novel ! [30] (Big Picture)

Investing in Financial Stocks is Tough [31] (Aleph Blog)

Is a Volatility ETF a Good Idea? [32]  (Condor Options)

The end of banking as we know it – and another US rate cut [33]  (Eurointelligence)

Disaster in the Derivatives Market Redux [34] (Financial Armegeddon)   

Why Lehman Brothers Is Not Bear Stearns [35] (MarketBeat)

Fed’s PDCF, TSLF Pawnshop Limits Increased; Section 23A Rules Violated [36] (Global EconomicTrend Analysis) 
Lehman 2007 Bonuses? [37] (Credit Slips)

If Lehman collapses expect a run on all of the other broker dealers and the collapse of the shadow banking system [38] (RGE)

Blame the Short-Sellers [39]  (Infectious Greed)

How Washington Failed to Rein In Fannie, Freddie [40] (Big Picture)


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2008/09/morning-news-dump/

URLs in this post:

[1] Futures trading: http://www.bloomberg.com/markets/stocks/futures.html

[2] Lehman Files for Biggest Bankruptcy as Suitors Balk: http://www.bloomberg.com/apps/news?pid=20601087&sid=aPTIdpST8HJ0&

[3] Ultimatum by Paulson Sparked Frantic End: http://online.wsj.com/article/SB122143670579134187.html

[4] What, No Lehman Aid?: http://www.newsweek.com/id/158615

[5] Tectonic’ Shift on Wall Street as Lehman Fails, Merrill Sold: http://www.bloomberg.com/apps/news?pid=20601087&sid=abVpg8xJDMWk&

[6] After Frantic Day, Wall St. Banks Falter: http://www.nytimes.com/2008/09/15/business/15lehman.html

[7] Lehman plans to file for bankruptcy protection: http://www.marketwatch.com/news/story/lehman-goes-bankrupt/story.aspx?guid={50D06AF4-0AD5-4B38-8206-D4C8D6E62EC7}&dist=msr_1

[8] Wall Street crisis: Is this the death knell for derivatives?: http://www.ritholtz.com/blog http://www.guardian.co.uk/business/2008/sep/15/lehmanbrothers.wallstreet

[9] The Japan Lesson: U.S. Must Own Up To Its Bank Crisis: http://online.wsj.com/article/SB122143765625334393.html

[10] Federal Reserve Offers No Cash but Loosens Standards on Emergency Loans: http://www.nytimes.com/2008/09/15/business/15fed.html

[11] Banks roll out $70 billion loan program: http://news.yahoo.com/s/ap/20080915/ap_on_bi_ge/banks_plan

[12] World’s biggest banks join forces: http://www.ft.com/cms/s/0/136a27d8-82d0-11dd-a019-000077b07658.html

[13] Where’s The Ref?: http://www.forbes.com/home/2008/09/12/lehman-greenspan-regulation-opinions-cx_br_0912ritholtz.html

[14] Lehman’s dying hours: http://money.cnn.com/2008/09/14/news/companies/lehman_workers.fortune/index.htm

[15] Financial turmoil as top bank collapses: http://www.ritholtz.com/blog http://edition.cnn.com/2008/BUSINESS/09/15/lehman.merrill.stocks.turmoil/

[16] Fed Expands Lending Facilities in Bid for Stability: http://online.wsj.com/article/SB122143939332934501.html

[17] LEHMAN’S CARCASS RIPE FOR PICKING: http://www.nypost.com/seven/09152008/business/lehmans_carcass_ripe_for_picking_129188.htm

[18] 5 Days of Pressure, Fear and Ultimately, Failure: http://www.nytimes.com/2008/09/16/business/16reconstruct.html

[19] A.I.G. Seeks $40 Billion in Fed Aid to Survive: http://dealbook.blogs.nytimes.com/2008/09/14/aig-seeks-fed-aid-to-survive/

[20] Jittery Road Ahead: http://www.nytimes.com/2008/09/15/business/15market.html

[21] Bank of America to Buy Merrill for $50 Billion as Crisis Widens: http://www.bloomberg.com/apps/news?pid=20601087&sid=aQFkDde.Z.5g&

[22] Goldman, Morgan Grasp at Bitter Prize: http://online.wsj.com/article/SB122143789674034377.html

[23] China Cuts 1-Year Lending Rate; Reduces Lending Curb: http://www.bloomberg.com/apps/news?pid=20601087&sid=aavFsUPoTuIc&

[24] Banks Fear Next Move by Shorts: http://www.ritholtz.com/blog http://www.nytimes.com/2008/09/15/business/15short.html

[25] A Chaotic Sunday Opens Wall Street’s Week: http://online.wsj.com/article/SB122142618132133687.html

[26] futures trading: http://www.intrade.com/aav2/trading/tradingHTML.jsp?evID=82903&eventSelect=82903&updateList=true&showExpired=false

[27] Data Factoid: Securities Industry Employment: http://paul.kedrosky.com/archives/2008/09/15/data_factoid_se.html

[28] WaMu Failure Could Trigger Extension of Deposit Guarantees: http://www.nakedcapitalism.com/2008/09/wamu-failure-could-trigger-extension-of.html

[29] Greenspan’s Black Swan: http://itulip.com/forums/showthread.php?p=47721#post47721

[30] A Sunday Without a Bailout? How Novel !: http://bigpicture.typepad.com/comments/2008/09/a-sunday-withou.html

[31] Investing in Financial Stocks is Tough: http://alephblog.com/2008/09/13/investing-in-financial-stocks-is-tough/

[32] Is a Volatility ETF a Good Idea?: http://www.condoroptions.com/index.php/options-education/is-a-volatility-etf-a-good-idea/

[33] The end of banking as we know it – and another US rate cut: http://www.eurointelligence.com/article.581+M546aee56a57.0.html

[34] Disaster in the Derivatives Market Redux: http://www.financialarmageddon.com/2008/09/disaster-in-the.html

[35] Why Lehman Brothers Is Not Bear Stearns: http://www.ritholtz.com/blog http://blogs.wsj.com/marketbeat/2008/09/11/why-lehman-brothers-is-not-bear-stearns/

[36] Fed’s PDCF, TSLF Pawnshop Limits Increased; Section 23A Rules Violated: http://globaleconomicanalysis.blogspot.com/2008/09/feds-pdcf-tslf-pawnshop-limits.html

[37] Lehman 2007 Bonuses?: http://www.creditslips.org/creditslips/2008/09/lehman-2007-bon.html

[38] If Lehman collapses expect a run on all of the other broker dealers and the collapse of the shadow banking system: http://www.rgemonitor.com/roubini-monitor/253567/if_lehman_collapses_expect_a_run_on_all_of_the_other_broker_dealers_and_the_collapse_of_the_shadow_banking_system

[39] Blame the Short-Sellers: http://paul.kedrosky.com/archives/2008/09/15/blame_the_short.html

[40] How Washington Failed to Rein In Fannie, Freddie: http://bigpicture.typepad.com/comments/2008/09/how-washington.html

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