Dear Valued Clients and Friends – I spent a significant portion of the last 48 hours looking deeper into the nature of the market sell-off we experienced Wednesday and Thursday of this week. Friday’s rebound notwithstanding, it was a particularly destabilizing week, made more so by the lack of real explanation or catalyst. By Thursday […]
It would be impossible to do justice to the financial crisis of 2008 in just ten parts, let alone a tenth part that ends on October 2. As a couple previous issues referenced, by October 2 the House had not even passed TARP yet (that was the 3rd). The week of October 6 became one […]
This 777 Was A Crash not a Landing I woke up in New York City Monday morning, Sept. 29, dreading what was to come. By now it had been two calendar weeks since Lehman Brothers had declared bankruptcy, yet those two weeks felt like two calendar years – not just for the markets and news […]
What a 20-Block Walk Can Mean to the Fate of a Gigantic Bank I arrived in New York City on the evening of Thursday, September 25, 2008, in time to take in the failure of banking giant, Washington Mutual. I also arrived without luggage (the one time in over 250 trips to New York City […]
WaMu, FDIC, and other Four-Letter Words When Bear Stearns went down in March of 2008, 100% of Wall Street was familiar with the venerable financial giant, but I suspect a very small percentage of Main Street was. And in September of 2008, again, 100% of Wall Street knew Lehman Brothers, but I doubt a large […]
By Any Means Necessary: The Fed’s Alphabet Soup is Born We last left off in this little “mini-series” on September 17, which in 2008 fell on a Wednesday. The four successive days of September 14-17 saw the fall of Lehman Brothers, then Merrill Lynch, then AIG, and on Wednesday, the 17th, the near-death experience of […]
Is Wall Street Dead? The Day Morgan Stanley and Goldman Sachs Looked into the Abyss If reading our series so far has given you the impression that September 14 (Lehman’s bankruptcy), September 15 (Merrill swallowed up, market down 500 points), or September 16 (AIG bailout, money markets collapsing) were stressful days, then I am […]
Bailout Bombs Begin The first article in our series replaying the horrific events of September 2008 (Getting Your Fannie Whipped) portrayed a government intervention, but it was an intervention into two companies (Fannie Mae and Freddie Mac) that most people viewed as quasi-government entities, to begin with. The second piece (Ground Zero: The Fall of […]
Mother Merrill Gets Adopted In the aftermath of the Lehman Brothers bankruptcy of September 14 (Ground Zero: The Fall of The House of Lehman) a rather obvious, but daunting question lingered: Who is next? In the aftermath of the Lehman bankruptcy announcement, the market closed down over 500 points (-4.4% ) on Monday, September 15, […]
Ground Zero: The Fall of the House of Lehman On Sunday afternoon, September 14, 2008, I had spent some time playing in our backyard swimming pool with my kids, when my blackberry began blowing up. Throughout the morning notices and alerts had been coming about a possible deal between Lehman Brothers and mega-UK bank, Barclays. […]
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