March 12, 2010 |
In the months before Lehman Bros. collapsed in late 2008, setting off the global financial crisis, the investment bank used an accounting trick to make it appear to have greater liquidity than it did, a court-appointed examiner alleges in a report unsealed Thursday. A number of top Lehman executives, including former Chief Executive Richard Fuld, knew of the alleged manipulation and could be held liable for it, according to the report by Anton Volukas, who was appointed by the federal judge overseeing Lehman's bankruptcy to investigate the causes of the firm's demise.
September 19, 2001 |
Lehman Bros. Holdings Inc., driven from its quarters across the street from the World Trade Center, is taking over the Sheraton Manhattan Hotel. The securities firm booked 650 rooms in the Starwood Hotels & Resorts Worldwide Inc. property at 52nd Street and 7th Avenue to give its investment bankers, led by Bradley Jack, a place to work. The firm won't provide the new guests in the $199-a-night rooms keys to the minibar or access to pay-per-view movies.
September 11, 2008 |
Amid mounting worries about its viability, Lehman Bros. Holdings Inc. said it would unload a chunk of troubled assets, sell a majority stake in its money-management unit and slash its dividend 93%. The investment bank announced the moves as it reported a $3.9-billion fiscal third-quarter loss -- far bigger than its $2.8-billion second-quarter hit. The loss came after the Wall Street firm wrote down the assets on its books by $7.8 billion....
September 3, 2010 |
Federal Reserve Chairman Ben S. Bernanke said Thursday that there was no way for the government to rescue Lehman Bros. from failure in 2008 without a huge loss of taxpayer money, and that he should have been "more straightforward" when explaining the decision to Congress shortly afterward. Appearing before the federal panel investigating the financial crisis, Bernanke said his vague congressional testimony less than two weeks after Lehman's collapse had helped feed what he called a myth that the investment bank could have been saved.
April 20, 2010 |
Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in U.S. history, violated its own risk-management rules with the knowledge of the U.S. Securities and Exchange Commission, a bankruptcy examiner said Monday. "We found that the SEC was aware of these excesses and simply acquiesced," Anton Valukas, the Lehman examiner, said in testimony to be presented in Washington tomorrow on policy issues arising from his 2,200-page report on Lehman‘s downfall. Valukas is scheduled to testify before the House Committee on Financial Services.
February 9, 2011 |
The nation's largest public pension fund accused Lehman Bros. Holdings Inc., its former top executives and numerous bond underwriters of fraud and making materially false statements about losses from mortgage-backed securities during the financial crisis of 2007 and 2008. The claims are part of a lawsuit that the California Public Employees' Retirement System, which oversees a pension fund now valued at $229 billion, filed late Monday in U.S. District Court in San Francisco. While the lawsuit did not specify damages, it noted that CalPERS owned 3.9 million shares of Lehman common stock and about $700 million worth of Lehman bonds at the time that Lehman filed for bankruptcy protection in September 2008.
March 17, 1999 |
The U.S. Securities and Exchange Commission may bar companies from disclosing market-moving information to securities analysts before releasing it to the general public, SEC officials said Tuesday. "Our goal is to figure out a way to level the playing field," SEC corporation finance director Brian Lane said in an interview.
April 19, 2008 |
Stocks powered ahead Friday, lifting the Dow index to a three-month high on growing optimism that the worst of the credit crisis is past. A $5.1-billion quarterly loss by Citigroup Inc. provided the unusual spark for a "relief" rally -- relief that the news from the world's biggest bank wasn't even worse and that it appeared to be addressing its problems aggressively. Citigroup said it had written down $12 billion of bad investments, half of it mortgage-related, and would cut 9,000 more jobs.
April 4, 2001 |
On a day when the Nasdaq composite index fell to a 30-month low and the broad market dived as well, some traders were willing to take another crack at calling a bottom. It's been a popular refrain during an almost 13-month decline that has erased $5.3 trillion in market value, equal to half the U.S. gross domestic product. "We're seeing seven-figure sell orders in quality stocks--and that's people throwing things out the window," said Tom Heekin, head trader at Thomas Weisel Partners.