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....
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.
April 27, 2012 |
Calls for reforming Wall Street pay packages reverberated across Washington and the financial district following the disclosure that 50 Lehman Bros. employees were awarded nearly $700 million in the year before the investment bank collapsed. Lawmakers and other experts said disclosure at major banks and other financial institutions should be beefed up significantly, in part to spotlight potential risks that employees may be taking in their pursuit of super-sized paychecks. The Times reported Friday that dozens of lesser-known traders and others at Lehman were allotted pay ranging from $8.2 million to $51.3 million in 2007, including one person who earned more than the chief executive and 42 people who were awarded at least $10 million.
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.
June 13, 2008 |
For the last six months, Erin Callan was the public face of Lehman Bros. Holdings Inc., making frequent TV appearances to defend the firm against critics who said it was in financial trouble. On Thursday, Callan was the one in trouble, removed as finance chief three days after Lehman disclosed huge losses stemming from the sub-prime mortgage crisis. Lehman also dumped longtime executive Joseph Gregory as president and chief operating officer.
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.