I can hear the Chesapeake wolves howling from here.I hope they will be satisfied with americans.
On Sep 14, 9:35 pm, Frank <[EMAIL PROTECTED]> wrote: > Even Greenspan has realized the magnitude of the problem Gaar, when > will you? > > On Sep 15, 11:32 am, Frank <[EMAIL PROTECTED]> wrote: > > > > > Alan Greenspan: US mired in a "once-in-a-century" financial crisis > > > • Michael West > > • September 15, 2008 - 9:05AM > > > Wall Street has just held an unprecedented emergency Sunday trading > > session to seal off derivatives risks to the imploding Wall Street > > bank Lehman Brothers and now the pundits are saying the worse of the > > credit crisis is yet to come. > > > Lehman sources told BusinessDay this morning there was no indication > > of a rescue package and unless a white knight appeared before midnight > > New York time it was likely the bank would file for bankruptcy. > > Another besieged Wall Street bank, Merrill Lynch, which is said to be > > in rescue talks with Bank of America. Insurance giant AIG is also > > rumoured to have the wobbles as does savings and loans leviathan > > Washington Mutual. > > > Wall Street has recognised this week that corporate welfare is not the > > answer. Government has finite resources. There is no easy answer. > > > Very few people know what major counterparty risks may arise from the > > collapse of Lehman. This is the guts of the problem for markets and is > > precisely why US futures indices are plunging right now. What are its > > trading obligations in foreign exchange, swaps, bonds, credit default > > swaps? What is the magnitude of its distressed debt exposure? > > > The former Federal Reserve chief Alan Greenspan said in an interview > > yesterday that Lehman was unlikely to be the last major financial > > institution to fall, warning that the US was mired in a "once-in-a- > > century" financial crisis. > > On Wednesday last week, Lehman announced plans to sell assets to shore > > up its finances after it said it had lost an estimated $US3.9 billion > > in the third quarter thanks largely to write-downs on mortgage assets. > > Unless Barclays is playing brinksmanship and comes back to the > > negotiating table today the next announcement may be Chapter 11. > > > BusinessDay- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
