Credit Writedowns » Lehman

Can Greece CDS Trigger A European Lehman?

Edward Harrison — Tue, 14 Jun 2011 01:51:04 +0000

In my view, a CDS trigger could be a Lehman-style event, yes. Moreover, only a hard restructuring – meaning principal reduction would actually have any meaningful impact on peripheral CDS or interest rates. So, I expect the euro zone periphery to continue to remain under stress until we reach that point

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Freddie Mac: Tone Deaf at the Top

William Black — Fri, 11 Feb 2011 12:50:34 +0000

By William K. Black Freddie Mac made a terse announcement Wednesday in a securities filing about the resignation of its chief operating officer, Bruce Witherell. Freddie said that Witherell resigned "for personal reasons." His departure was effective immediately and he received no termination benefits. He had been receiving several millions of dollars in annual compensation

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Why was AIG rescued after Lehman had failed?

Edward Harrison — Wed, 22 Sep 2010 21:48:53 +0000

According to former German finance minister Peer Steinbrück, AIG’s rescue had a lot to do with European pressure. Steinbrück: The investment bank Lehman Brothers collapsed on Sept. 15, 2008, and the world’s largest insurance company, AIG, was threatened with the same fate. I’m convinced that if AIG had gone under, the financial sector would have

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Bill Black: Lehman’s demise is "a story of fraud"

Edward Harrison — Wed, 21 Apr 2010 01:08:05 +0000

Veteran regulator believes Lehman Brothers is a case of fraud and believes the Feds need to bring charges. But, more than that, Black hones in one the mortgage fraud which underlies much of the speculative fervour in the market by citing the 60% of GSE eligible Citi loans which Citigroup executives indicated did not conform

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Vicky Ward: On Lehman "we really do need prosecutors to get people into a courtroom"

Edward Harrison — Thu, 15 Apr 2010 17:16:05 +0000

Vicky Ward, author of "The Devil’s Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers," told Bloomberg that prosecutors need to get going if we are going to get any answers regarding why Lehman Brothers collapsed in a heap in the largest bankruptcy in US history and revealing a massive $150 billion

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Links: 2010-04-13 Greek Bailout, Lehman Deceit and Peak Oil

Edward Harrison — Tue, 13 Apr 2010 14:36:24 +0000

Are ‘Austrians’ Self-Hating Keynesian Economists? – Coordination Problem Greek Bailout, Lehman Deceit, And Tim Geithner – The Baseline Scenario Lehman Used ‘Alter Ego’ to Transfer Risks – NYTimes.com World oil demand to hit record high this year: IEA | Reuters Peak Oil is Soooo …. May of 2008 – Paul Kedrosky Tim Duy’s Fed Watch:

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Chanos: Where are the perp walks?

Edward Harrison — Wed, 24 Mar 2010 17:20:33 +0000

The New York Observer has a wonderful interview with Jim Chanos out today. In it, he talks about probable fraud and criminality at Lehman. I want to use his comments as a lead-in to a wider discussion about fraud and criminality in financial services. The Chanos interview reads: The Observer: Did anything surprise you about

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Lehman chief warns of more big bank failures

Edward Harrison — Wed, 24 Mar 2010 10:56:50 +0000

Lehman Head Bryan Marsal has warned that Wall Street had not learned its lesson in the credit crisis and that another megabank bankruptcy is likely. Marsal made the remarks while in Berlin for a bankruptcy conference in an interview with German business daily Handelsblatt, which I have translated below. A link to the full German

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Lehman Scandal: Where’s the Follow Up?

Edward Harrison — Tue, 23 Mar 2010 15:26:04 +0000

This is a post which originally appeared at New Deal 2.0 by Eliot Spitzer and Joshua Rosner. Eliot Spitzer is former governor of New York. He blogs for Slate.com. Joshua Rosner is managing director of an independent financial services research firm. It doesn’t take a rocket scientist — and certainly not an accountant — to

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A quick video primer on Repo 105

Edward Harrison — Fri, 19 Mar 2010 13:00:00 +0000

Here is a good video from Marketplace Senior Editor Paddy Hirsch explaining the mechanics of the now infamous Lehman Brothers 105 transactions. One or two tidbits, first. Even though Hirsch mentions Lehman undertook these transactions to pretty itself up during the credit crisis, evidence shows they had been doing these sale Repo agreements since 2001.

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Links: 2010-03-17 – China, Lehman and more

Edward Harrison — Wed, 17 Mar 2010 11:52:47 +0000

Lehman Brothers Lehman Hid Money With Help of Global Rules – DealBook Blog – NYTimes.com The Lehman Report: Is It Time for a Special Prosecutor?: Rational Irrationality : The New Yorker Lehman: Regulators Chose to Deny, Extend and Pretend « naked capitalism Another Disturbing Finding in Lehman Bros. Report | The Huffington Post Investigative Fund

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Links: 2010-03-13 – Fed’s Lehman Repos, States may hold onto tax refunds 13 Mar 2010
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Links: 2010-03-16 – More on Lehman’s accounting fraud

Edward Harrison — Tue, 16 Mar 2010 12:00:00 +0000

Lehman Lehman Whistle-Blower’s Fate: Fired – WSJ.com Blogs Beat the Press on the Lehman Brothers Scandal : CJR ABN Amro hielp Lehman bij manipulatie – Het Financieele Dagblad Dealbook Column – At Lehman, Watchdogs Saw It All – NYTimes.com Lehman’s Repo 105: More Than You Ever Wanted to Know – MarketBeat – WSJ Financial News

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Links: 2010-03-13 – Fed’s Lehman Repos, States may hold onto tax refunds

Edward Harrison — Sat, 13 Mar 2010 13:53:28 +0000

Tea Party Avoids Divisive Social Issues – NYTimes.com What’s Happening to China’s Migrant Workers? A New Generation Coming and Going – The China Sourcing Blog States may hold onto tax refunds for months – USATODAY.com Fed Helped Bank Raise Cash Quickly – NYTimes.com U.S., Europe at odds over global financial reform – washingtonpost.com China May

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Citigroup can limit demand deposit withdrawals and money funds can too

Edward Harrison — Sun, 21 Feb 2010 14:52:18 +0000

Apparently, some of the ‘best reforms’ now being instituted in the U.S. to prevent a liquidity crisis in the future include limitations on demand deposits (hat tip Karl Denninger). What financial institutions are trying to prevent is a bank run in whatever form it can take – via depositors in the case of IndyMac and

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Greek financial debacle threatens Swiss banks

Edward Harrison — Thu, 11 Feb 2010 00:40:17 +0000

There are a lot of interlocking threads in the Greek saga. One consistent theme that ties all of the different threads together is the fragility of complex systems. In our globalized and complex world of finance and banking, every major actor has innumerable ties to other major actors such that devastating collapses in one entity

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Obama backs Volcker regulatory plan in dramatic about face

Edward Harrison — Thu, 21 Jan 2010 14:04:05 +0000

Today President Obama is set to propose wide-ranging moves on bank regulation first proposed by his economic advisor Paul Volcker, the former Federal Reserve Chairman. Details of the proposal have yet to be released. However, the focus is expected to center on strict bank size limits and a limitation on proprietary trading at regulated banks

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Geithner urged AIG to withhold information

Edward Harrison — Thu, 07 Jan 2010 13:51:58 +0000

Damaging e-mails have revealed that Treasury Secretary Timothy Geithner urged AIG to withhold crucial information about the deterioration of its financial condition in the lead up to its demise. This will put further political pressure on Geithner, who has already been exposed for his dubious role in the Lehman Brothers bankruptcy. Bloomberg leads into the

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Citibank Belgium to pay ‘duped’ savers 128mn for bad Lehman deal

Edward Harrison — Sat, 24 Oct 2009 23:18:05 +0000

This is my translation of a Dutch-language article which appeared today in Belgian daily De Tijd. Let’s see if this news is picked up in the U.S. Citibank Belgium never should have recommended the controversial Lehman Brothers investments to its customers. So states the writ of the Brussels public prosecutor on the case. The collapse

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A quick note on corporate bankruptcy and bailouts

Edward Harrison — Fri, 02 Jan 2009 18:57:58 +0000

Bankruptcy is a necessary part of a free market. I certainly believe this to be so. Rick Newman, who writes the blog "Flow Chart" over at U.S. News, is putting forward the provocative idea that failure is exactly what we needed more of in 2008 and what we should want in

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My best and worst calls of 2008: a credit crisis retrospective

Edward Harrison — Mon, 29 Dec 2008 07:00:33 +0000

This is the time of year when everyone tends to look back and sum up the year in one way or another. I have been doing much of the same. In keeping with that theme, I have taken a good look through my nearly 1400 posts to get a better sense of what I got right and what I got wrong and how knowing that can help me going forward. Call it an exercise in intellectual honesty. This exercise has given me a good understanding of where things went wrong in the past year and why. It may also give me some thoughts as to where we need to go in 2009. Let me share a little of what I learned with you. This is a long but thoughtful post, so take a few minutes. It should be worth it. On the whole my predictive powers were working pretty well this year. But, I made a few lousy calls and some controversial ones along the way. Below is my view of how the year went, on some of those calls and links to the relevant posts. At the end, I'll wrap it up with a few thoughts about where that leaves my thinking for

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Law firm confirms the disaster at Lehman

Edward Harrison — Wed, 12 Nov 2008 18:00:00 +0000

Many will suffer at the hands of Lehman Brothers. That is the verdict by white-shoe law firm Wachtell, Lipton, Rosen & Katz – a firm I had the pleasure of working with during my previous life in finance. They are very good. Apparently, the bankruptcy laws will not be a protection for creditors as clent

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Lehman was bankrupt

Edward Harrison — Wed, 15 Oct 2008 18:00:00 +0000

Just moments ago Federal Reserve Chairman Ben Bernanke gave a speech in which he said the following about Lehman Brother: “there was not enough collateral to support the lending.” This was Bernanke’s response to a question about whether the Fed erred in letting Lehman fail the way it did. I am on record for saying

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Lehman Brothers: a primer on Credit Default Swaps

Edward Harrison — Sat, 11 Oct 2008 17:10:00 +0000

The bankruptcy of Lehman Brothers was a credit event which triggered a massive liability to participants in the large and potentially dangerous Credit Default Swaps (CDS) market. This is a market that represents the “weapons of financial mass destruction” label which Warren Buffett gave to the derivatives. Below, I will attempt to explain, with much

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Initial results of Lehman CDS auction

Edward Harrison — Fri, 10 Oct 2008 15:31:00 +0000

This comes via Credit Fixings. The auction process to settle Credit Default Swap trades on Lehman Brothers bonds put the value of the debt at 9.75 cents on the dollar. That is much lower than one would have expected (12 cents on the dollar was the expected rate according to Market Beat). While this is

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Did JP Morgan cause Lehman’s bankruptcy?

Edward Harrison — Sun, 05 Oct 2008 08:00:00 +0000

According to the Times of London, that’s what Lehman’s creditors seem to suggest in Lehman’s bankruptcy filings. Apparently, JP Morgan cut Lehman off the night before it filed for bankruptcy and creditors are blaming this action for Lehman Brothers failure. RUUUBBISH! I don’t buy it one bit — Lehman was bankrupt all on its own.

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Lehman gets $2.15 billion for Neuberger Berman

Edward Harrison — Mon, 29 Sep 2008 19:17:00 +0000

The price tag was less than one would have liked, but these are desperate times for sellers of financial assets. Lehman Brothers secured a sale of its crown jewel investment management division for $2.15 billion in a sale to private equity buyers. When Lehman Brothers first proposed a sale weeks ago while still a solvent

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The Dummy’s Guide to the US Banking Crisis

Edward Harrison — Thu, 25 Sep 2008 00:00:00 +0000

Whenever I wade into a new topic like digital photography, gardening or what have you, I visit the local bookstore and get a "For Dummies" book to guide me. I figure that it’s the best way to get up-to-speed quickly without actually looking like a dummy. So, for those of you who want the 3-minute

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Lehman pension shortfall is a foreshadowing

Edward Harrison — Tue, 23 Sep 2008 17:48:00 +0000

Apparently Lehman not only failed, it left a gaping hole its accounts. The UK pension scheme is missing £100 million. UK regulators certainly need o investigate whether the shortfalls are the result of criminal activity. However, pensions are certainly something lurking in the background that I have failed to discuss. As the stock market falls

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The $700 billion Paulson Plan is dead on arrival

Edward Harrison — Tue, 23 Sep 2008 15:00:00 +0000

I have taken my time to let the basics of the Paulson Plan seep in before I rushed to judgment. But, the time to judge has come and the plan comes up short on all counts. His plan is geared more toward Wall Street and protecting the financial services than toward main street and protecting

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Paulson and Bernanke got it wrong on Lehman

Edward Harrison — Mon, 22 Sep 2008 17:00:00 +0000

FT Alphaville has two posts today that mirror my view on the Lehman Brothers bankruptcy. They basically say it was a huge mistake to let Lehman fail. Lehman was, in fact, too big to fail and the blow up in the markets since its failure is a direct result of the bankruptcy. Does this mean

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Disappearance of capital sources is true cause of Lehman failure and AIG rescue

Edward Harrison — Fri, 19 Sep 2008 16:30:00 +0000

Why did Lehman really fail? The equity window is effectively closed for most financial services companies. This fact was the true trigger for the meltdown in AIG and Lehman and the problems at WaMu, HBOS and Merrill Lynch. Moreover, it will be the trigger for a lot of the financial services bankruptcies going forward

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Chart of the day: the largest bankruptcies in US history

Edward Harrison — Thu, 18 Sep 2008 23:25:00 +0000

The bankruptcy of Lehman Brothers, with assets of over $600 billion is the largest in U.S. history. Wikipedia has catalogued the list of the largest U.S. bankruptcies of all time. (Hat tip: Börsennotizbuch) Drum roll, please. The current Bankruptcy Code was enacted in 1978 by § 101 of the Bankruptcy Reform Act of 1978[34], and

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Chart of the day: the largest bankruptcies in US history originally appeared on Credit Writedowns

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Dick Fuld feels horrible about Lehman collapse

Edward Harrison — Thu, 18 Sep 2008 10:30:00 +0000

Dick Fuld, the Chief Executive of the beleaguered and now bankrupt investment bank Lehman Brothers, finally addressed staff after the worlds largest bankruptcy in history. He told staff he felt horrible for their personal and financial loss. Below is Bloomberg’s summary of the event. Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld told the

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Desperate Housewives – UK style

Edward Harrison — Wed, 17 Sep 2008 14:10:00 +0000

Update 04 Mar 2009: Marshall Auerback sent me a story about Dresdner bankers suing to get tens of millons in bonuses. Obviously the house in Kent and the private clubs and schools have to be paid for. His story here reminded me of this article which I am re-posting.

The headline of an article in the Times of London caught my eye this morning. It read: After Lehman Brothers: desperate City wives. The article makes for interesting reading. People who used to live in the lap of luxury go from gazillionaire to being penniless overnight as their entire net worth is wiped out.

Love them or hate them, investment bankers are taking a shock to the system

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Why Lehman failed

Edward Harrison — Wed, 17 Sep 2008 11:52:00 +0000

It’s been bothering me for some time — the fact that Lehman failed and Merrill was taken out at a deal time value that was a significant premium to both book value and the prevailing price of its shares in the market. It seems rather unfair. You’ve got Lehman on the one side, swept into

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