■[経済]救済テトリス | | | A | | I | | W G | Level 11 | a | Score 3,352,053,192 | M Lehman Brothers | Next: Wachovia | u GM | | Fannie Mae Freddie Mac | | Bear Stearns | | Country Wide | +--------------------------+
目下の重要協議事項は ・公的資金の投入の可否 (hurdle in the discussions, which is whether any government funding will be provided to help engineer a rescue )
・買い手の不安(公的資金のバックアップの有無が不透明) Potential bidders, worried about the risk of buying an ailing financial institution like Lehman, want the government to step in with a package similar to what was offered to J.P. Morgan when it bought Bear Stearns Cos.
・結局どうなるのか?まだ手の内は見せてない Most of the Wall Street executives present at the meeting listened and asked questions, "but didn't show their hands" as to what they thought, this person said.
Lehman employees prepare for exit By Aline van Duyn in New York
Published: September 15 2008 02:50 | Last updated: September 15 2008 02:50
A steady stream of employees carrying boxes and bags came out of Lehman Brothers’ mid-town Manhattan headquarters as darkne ss fell on Sunday evening and bankruptcy loomed for the 158-yea r-old Wall Street institution.
Its neon-lit facade still flashing brightly, employees coming out of the building said they had been told to come to work on Monday, but that it could be their last day there.
“I got a call from a senior executive and was told I should come in tomorrow, but that I should be prepared to pack my ba gs,” one investment banker leaving the building said. “No one knows what they are going to do, from kids in their first year out of college to senior managing directors, they are all in the same boat. It is just grim.”
Numerous employees were working until late in the night, with deliveries of pizza and Chinese food arriving at the buildin
g, where Lehman moved after the 9/11 attacks destroyed its do wntown offices.
A bankruptcy filing by Lehman would be likely to cause thousan ds of job losses among the investment bank’s 25,000-strong st aff. With lay-offs at many other Wall Street firms, and growin g numbers of hedge funds making losses, bankers said they did not know where they would find new jobs.
“There are no jobs anywhere,” said one Lehman employee. “I’
m alright, because I have saved a lot of money, but I know peo ple who are really going to be in trouble.”
Many of the departing employees - some with their kids, some carrying potted plants and paintings but most just lugging a couple of bags full of documents - refused to talk to the pr ess and tried to avoid the crowd of curious onlookers that Ne w York cops later dispersed.
Some were angry at colleagues who did speak to reporters.
When asked what people were taking out of the building, one banker who climbed into a yellow taxi with three big bags, said: “Not enough level three assets. I just can’t b elieve this.”
Lehman employees prepare for exit By Aline van Duyn in New York
Published: September 15 2008 02:50 | Last updated: September 15 200 8 02:50
A steady stream of employees carrying boxes and bags came out of Le hman Brothers’ mid-town Manhattan headquarters as darkness fell on Sunday evening and bankruptcy loomed for the 158-year-old Wall Str eet institution.
Its neon-lit facade still flashing brightly, employees coming out o f the building said they had been told to come to work on Monday, bu t that it could be their last day there.
“I got a call from a senior executive and was told I should come in tomorrow, but that I should be prepared to pack my bags,” one inve stment banker leaving the building said. “No one knows what they ar e going to do, from kids in their first year out of college to senio r managing directors, they are all in the same boat. It is just grim .”
Numerous employees were working until late in the night, with delive ries of pizza and Chinese food arriving at the building, where Lehma n moved after the 9/11 attacks destroyed its downtown offices.
A bankruptcy filing by Lehman would be likely to cause thousands of job losses among the investment bank’s 25,000-strong staff. With lay-offs at many other Wall Street firms, and growing numbers of hedge funds making losses, bankers said they did not know where they would find new jobs.
“There are no jobs anywhere,” said one Lehman employee. “I’m al right, because I have saved a lot of money, but I know people who a
re really going to be in trouble.”
Many of the departing employees - some with their kids, some car rying potted plants and paintings but most just lugging a couple of bags full of documents - refused to talk to the press and trie
d to avoid the crowd of curious onlookers that New York cops late r dispersed.
Some were angry at colleagues who did speak to reporters.
When asked what people were taking out of the building, one bank er who climbed into a yellow taxi with three big bags, said: “No t enough level three assets. I just can’t believe this.”
That triggered expectations the investment bank was heading int o bankruptcy and prompted a rare emergency trading session to al low Wall Street dealers in the $455 trillion derivatives market to reduce their exposure to the firm.
The New York Times was reporting on Sunday that the bankruptcy of Wall Street investment firm, Lehman Brothers, was imminent and would likely be the biggest investment bank to fail in ov er 18 years.
In one the most extraordinary days in Wall Street's in histo ry, Merrill Lynch is near an 11th-hour deal with Bank of Ameri ca to avert a deepening financial crisis while another storie d securities firm, Lehman Brothers, hurtled toward liquidation , according to people briefed on the deal.
The news was likely to set the markets into a tailspin.
Lehman Brothers was a 7/4 favorite to fail at online gambling websites offering these odds back in March.
Lehman Chief Financial Officer Erin Callan acknowledged the di fficult market conditions at that time.
"Given the challenging environment and our previously stated vi ew that it will likely continue the balance of the year, issuin g convertible preferred is appropriate as it optimizes our fu nding and accelerates our plan to reduce leverage, and at the s ame time minimizes dilution to our shareholders," Ms. Callan s aid.
She added: "We also felt this was the right time, as there was a window of opportunity in the market as we have received sig nificant interest from several key institutional investors who have been strong supporters of the firm over time."
According to the New York Times, the weekend's once unthinkabl e outcome came after a series of emergency meetings at the Fed eral Reserve building in downtown Manhattan in which the fate of Lehman hung in the balance.
In the meeting Federal Reserve officials and the leaders of m ajor financial institutions were trying to complete a plan to rescue the stricken investment bank.
But as the weekend unfolded, Barclays and Bank of America, which had both considered buying all or part of Lehman, decide d that they could not reach a deal without financial support f rom the federal government or other banks.
As a result, people briefed on the matter said late Sunday that Lehman Brothers would file for bankruptcy protection, in the largest failure of an investment bank since the coll apse of Drexel Burnham Lambert 18 years ago.
The New York Times was reporting on Sunday that the bankruptcy of W all Street investment firm, Lehman Brothers, was imminent and would likely be the biggest investment bank to fail in over 18 years.
In one the most extraordinary days in Wall Street's in history, Mer rill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Le hman Brothers, hurtled toward liquidation, according to people briefe d on the deal.
The news was likely to set the markets into a tailspin.
Lehman Brothers was a 7/4 favorite to fail at online gambling websites o ffering these odds back in March.
Lehman Chief Financial Officer Erin Callan acknowledged the difficul t market conditions at that time.
"Given the challenging environment and our previously stated view that it will likely continue the balance of the year, issuing convertible p referred is appropriate as it optimizes our funding and accelerates our plan to reduce leverage, and at the same time minimizes dilution to our shareholders," Ms. Callan said.
She added: "We also felt this was the right time, as there was a windo w of opportunity in the market as we have received significant interest from several key institutional investors who have been strong supporters of the firm over time."
According to the New York Times, the weekend's once unthinkable outco me came after a series of emergency meetings at the Federal Reserve bui lding in downtown Manhattan in which the fate of Lehman hung in the bal ance.
In the meeting Federal Reserve officials and the leaders of major fina cial institutions were trying to complete a plan to rescue the stricken investment bank.
But as the weekend unfolded, Barclays and Bank of America, which had b oth considered buying all or part of Lehman, decided that they could no t reach a deal without financial support from the federal government or other banks.
As a result, people briefed on the matter said late Sunday that Lehman Brothers would file for bankruptcy protection, in the largest failure o f an investment bank since the collapse of Drexel Burnham Lambert 18 y ears ago.
Lehman Brothers Holdings Inc. (LEH) employees, some saddened and some panicked, fear the w orst for what Monday morning has in store for them.
Executives and traders spent long hours at the office on Saturday preparing Lehman's books for a buyer or for a liquidation.
After the news became more dismal on Sunday that there was no buyer for the troubled secur ities firm, employees headed to the office to gather personal belongings and information o ff their desktops fearing that Monday might bring heightened security, some employees said.
A conference call held Sunday with one department within Lehman reiterated to employees th at doors would not be locked and they should show up for work Monday.
Even before the weekend, as officials scrambled to find a buyer for the firm, some employ ee s were already preparing for the worst.
On Friday, trading desks were preparing to close up shop and sending notes to clients usin g phrases such as "it's been an honor working with the professionals in these rows" and "I personally want to thank the accounts for all your support."
One such note, reviewed by Dow Jones Newswires, closed saying, "the salesforce here deserv es a lot of credit in developing the markets and ideas that our clients care about through out the best and worst trading environments. We fought to the end of this story, but we'll back in a different form or location to fight again. Again many thanks."
Lehman pre-announced earnings last Tuesday and laid out a plan to shore up its balance sheet. The plan included selling off a 55% stake in its investment- management unit, whic h includes Neuberger Berman, and spinning off toxic commercial real estate assets.
But investors and clients lost confidence in the 158-year investment bank. Lehman's stock was down 14.93% Friday at $3.59. It's down more than 90% in 12 months.
Lehman Brothers finally turned to the solution CEO Richard Fuld had long rejected-find
The Federal Reserve said it was not going to backstop a deal. Some analysts and market participants and potential bidders for Lehman expected that the Fed might step in the w
ay it had with Bear Stearns and Fannie Mae and Freddie Mac. Monday, employees, who al ays had a sense of pride for having worked at Lehman, were set to unwind and terminate positions.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important bu siness and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=O1rk xyt00PT35iRvpuBpwQ%3D%3D. You can use this link on the day this article is published an d the following day.
September 14, 2008: 10:23 PM EST 2008年9月14日: 10:23 pmのは
Lehman Brothers Holdings Inc.リーマンブラザーズホールディングズ社 (LEH) employees, some saddened and some panicked, fear the worst for what Monday morning has in store for them. (楽)従業員数は、いくつかの悲しみに包まれた、いくつかのパ ニックになり、最悪の事態を恐れるためにはどのような月曜日の朝にストアします。
Executives and traders spent long hours at the office on Saturday preparing Lehman's books for a buyer or for a liquidation.使用済みの役員やトレーダーは、オフィスで長 時間の書籍土曜日のリーマンブラザーズは、買い手の準備や、清算します。
After the news became more dismal on Sunday that there was no buyer for the troubl ed securities firm, employees headed to the office to gather personal belongings an d information off their desktops fearing that Monday might bring heightened securi ty, some employees said.他の暗いニュースの後になったことはない日曜日の買い手は、経 営難の証券会社、従業員に向かっ事務所への個人的な持ち物や情報を収集する恐れが月曜日 から姿を消してデスクトップの厳重警備もたらすかもしれない、いくつかの従業員と述べた。
A conference call held Sunday with one department within Lehman reiterated to empl oyees that doors would not be locked and they should show up for work Monday.日曜 日に行われたコンファレンスコールを1つの部門にあらためてリーマンブラザーズの従業員 がドアをロックされ、彼らにはない仕事は、詳細を明らかにした。
Even before the weekend, as officials scrambled to find a buyer for the firm, som e employees were already preparing for the worst.週末の前にも、買い手として職員に スクランブルを検索する企業は、従業員はすでにいくつかの準備を、最悪のです。
On Friday, trading desks were preparing to close up shop and sending notes to cl ients using phrases such as "it's been an honor working with the professionals in these rows" and "I personally want to thank the accounts for all your support." 上金曜日、取引の机が閉店の準備をし、店舗やノートをクライアントに送信するなどの表 現を使用して"これは専門家が作業を光栄にこれらの行"と"私は個人的にすべてのアカウ ントをしたいお客様のサポートに感謝する。 "
One such note, reviewed by Dow Jones Newswires, closed saying, "the salesforce here deserves a lot of credit in developing the markets and ideas that our cli ents care about throughout the best and worst trading environments. We fought t o the end of this story, but we'll back in a different form or location to figh t again. Again many thanks." 1つのようなメモは、ダウジョーンズの見直しをnewswir es 、閉鎖と述べ、 "ここsalesforceに値する、多くの発展途上与信て、当社のお客様の 市場やアイデアを気にして最良と最悪の取引環境です。私たちは、次の話を最後まで戦っ た、しかし、私たちが先頭に、別のフォームや場所を再び戦う。再び多くのおかげです。 "
Lehman pre-announced earnings last Tuesday and laid out a plan to shore up its b alance sheet.リーマンブラザーズの収益前火曜日と事前に発表する計画を打ち出したの 貸借対照表を強化する。 The plan included selling off a 55% stake in its investme nt- management unit, which includes Neuberger Berman, and spinning off toxic com mercial real estate assets.その計画に含まれるものの55 %の株式の売却管理単位の投 資が含まれてneubergerバーマン、および商業用不動産資産の分社有毒です。
But investors and clients lost confidence in the 158-year investment bank.しかし 、投資家や顧客の信頼を失ったの158年間の投資銀行です。 Lehman's stock was down 14 .93% Friday atリーマンブラザーズの株価はダウン14.93%金曜日の夜 $3.59 $ 3.59 .で す。 It's down more than 90% in 12 months. 90 %以上のダウンで12ヶ月間です。
Lehman Brothersリーマンブラザーズ finally turned to the solution CEO最後にして 解決策を有効社長 Richard Fuldリチャードfuld had long rejected-finding a buyer. 調査を拒否された買い手は長いです。 But by Sunday afternoon, it was apparent th at neither Barclay's PLC (BCS) norしかし、日曜日の午後、それは明らかにどちらの バークレイのリストではありません(六本木)も Bank of America Corp.バンクオブア メリカ社 (BAC) was willing to snatch up the beleaguered bank (バク)が喜んで買 いあさるの悩める銀行
The Federal Reserve said it was not going to backstop a deal.によると、米連邦 準備を補強することはないで決まりですね。 Some analysts and market participants and potential bidders for Lehman expected that the Fed might step in the way it had with Bear Stearns and Fannie Mae and Freddie Mac.いくつかのアナリストや 市場参加者と潜在的な入札者のリーマンブラザーズと期待されるようにして育ったのス テップに関連するかもしれないとベアスターンズは、ファニーメイとフレディマックで す。 Monday, employees, who always had a sense of pride for having worked at Lehman, were set to unwind and terminate positions.月曜日、従業員、 who 、常に 誇りを得ていた感が働いてリーマンブラザーズは、リラックスして終了位置が設定され ています。
Bank of America Agrees to Buy Merrill During Frenzied Weekend バンクオブアメリカ中に熱狂的に合意することを購入するメリルの週末
Special Report: Credit Crisis 特別報告書:信用危機
By Sunday night, a series of marathon negotiations over the weekend had faile d to produce a buyout of Lehman Brothers, and sources familiar with the talks said the firm could file for bankruptcy before markets open Monday morning. され、日曜日の夜、一連のマラソン交渉に失敗しました、週末にはリーマンブラザーズ の買収を生成する、との交渉に詳しい筋によると、この会社が破産申請する前に市場の 開放を月曜日の朝です。
After galloping to the rescue of other major financial institutions in recent months, the federal government drew the line with Lehman Brothers, ignoring ple s from would-be buyers who insisted on receiving federal backing for the compan y's troubled assets. 駆け足のを救助した後、他の大手金融機関の最近のか月の間に、連邦政府のリーマンブ ラザーズドリューの行に、訴えを無視したいと思っているのバイヤーからのwhoを主張 して連邦政府の支援を受け、同社の経営難の資産です。
Leaders of the Federal Reserve and Treasury Department decided that Lehman w as unlike the investment bank Bear Stearns, whose sudden collapse in March thr eatened the global financial system, or Fannie Mae and Freddie Mac , whose pot ential insolvency did the same.
In betting that Lehman, the nation's fourth-largest investment bank, could be allowed to fail without catastrophic consequences, New York Federal Reserve President Timothy F. Geithner, Fed Chairman Ben S. Bernanke, and Treasury Sec retary Henry M. Paulson Jr. were making it clear that struggling financial f irms cannot count on a bailout. リーマンブラザーズは賭けには、国の第4位の投資銀行が破局失敗することができるように、 ニューヨークの連邦準備制度理事社長ティモシー女性geithner 、ベンs. bernanke育った委 員長、および財務長官のヘンリーポールソンジュニア男性がメーカー悪戦苦闘ことを明らか にした金融会社の救済措置を当てにすることはできません。
Fed and Treasury policymakers stepped aside to allow a wrenching transformation of Wall Street to proceed. FRBと財務省の政策立案を踏ん脇を向いて胸が痛むような変換を許可するウォールストリート を続行します。
The decision not to intervene carries the risk that the ripples of Lehman's failure could prove impossible to contain. 運ぶの意思決定に介入しないように波紋を広げるのは、リーマンブラザーズの危険性の失敗 が証明不可能に含まれています。
The multitrillion-dollar market for "credit default swaps," obscure contracts that act as a form of insurance against corporate failures, could be tested as never befo re. multitrillion ドルの市場を"クレジットデフォルトスワップ、 "あいまいな形で契約が保険の役割を果たす 企業倒産、テストとしてはこれまでです。
So would the market for "triparty repo," a form of debt that funds all sorts of f inancial firms and is held in the money market mutual funds of ordinary Americans, which would also be looking at potential losses from a Lehman bankruptcy. これは、市場の" tripartyレポは、 "フォームの負債が資金とは、あらゆる種類の金融会社で開 催されたマネーマーケットミューチュアルファンドの普通のアメリカ人、これを見ても潜在的 な損失が破産リーマンブラザーズからです。
"Bankruptcy is a perfectly natural thing, but you hope that the firm is in a positio n so that it can be an orderly bankruptcy and not cause other problems," said Susan Phillips, dean of the George Washington University School of Business and a forme r Federal Reserve governor. " 破産は、ごく自然なのだが、その会社を期待しては、という立場を行うことができます秩 序に破産ではなく、他の問題の原因だ"と語るスーザンフィリップス、ディーンは、ジョージ ワシントン大学スクールオブビジネスと元連邦準備理事会です。
Indeed, as negotiations for a takeover foundered Sunday, government officials set a bout trying to bolster those and other markets, calculating the implications a Leh man Brothers failure might have on the rest of the financial system. 実際のところ、買収交渉を沈没さ日曜日、政府関係者とそれらの設定については、他の市場 を強化しようとして、計算してリーマンブラザーズの失敗を意味するかもしれない、金融シ ステムの残りの部分です。
The International Swaps and Derivatives Association facilitated a four-hour ses sion Sunday during which traders could sort out positions on credit, equity, int erest rate, foreign exchange and commodity derivatives in which Lehman is a party. 国際スワップデリバティブ協会の促進、 4時間のセッション中には日曜日のトレーダーがポ ジションを並べ替えてクレジット、エクイティ、金利、外国為替およびデリバティブ商品で はリーマンブラザーズは、党のです。
The results would stand only if Lehman filed for bankruptcy by midnight Sunday, t he association announced. リーマンブラザーズの結果はスタンドに破産申請をした場合にのみ真夜中の日曜日、同協会発表した。
Government officials drew sharp contrast with the threat posed by the difficult ies of Bear Stearns. ドリュー著しい対照を成して政府関係者がもたらす脅威を、ベアスターンズの難しさです。
In that situation, Fed and Treasury leaders were convinced that the company's brupt demise would have caused extensive damage across the financial system resu lting in economic distress in the United States and beyond. その状況では、 FRBと財務省の指導者が確信して、同社の突然の崩壊が原因大規模な被害が全 体の経済、金融システムの結果として、米国および苦痛を超えています。
For that reason, senior federal officials strongly encouraged JP Morgan Chase to bu y Bear Stearns and backed $29 billion worth of its risky assets to make the deal happen. そのために、連邦政府当局のシニア強く推奨JPモルガンチェースと支持を購入するベアスターン ズの二九〇 〇 〇 〇 〇 〇 〇 〇 〇ドル危険資産の価値の契約を発生します。
Several firms, especially Bank of America and the British bank Barclays, wanted control of Lehman's investment banking and asset management businesses. いくつかの企業、特にバンクオブアメリカとイギリスの銀行バークレイズ、指名手配の制御 リーマンブラザーズの投資銀行業務や資産管理企業です。
However, they wanted no part of billions in shaky real estate and other investments on Lehman's books, and wanted either taxpayers or other financial firms to assume p rt of that risk. しかし、彼らが不安定な指名手配のいかなる部分も、数十億の不動産リーマンブラザーズの書 籍およびその他の投資をし、納税者の指名手配のいずれかまたはその他の金融会社にリスク の一部であると仮定します。
But other companies decided they didn't want to take on the distressed assets, lea ving only the good ones for Bank of America or Barclays. しかし、他の企業を取ることを決定していないの不良資産は、良いものだけを残し、バンクオ ブアメリカやバークレイズです。
They concluded they would rather risk potential problems in the financial markets on Monday than plow their limited cash into a venture that would be expected to ha ve poor returns. むしろ彼らの結論彼らは、金融市場のリスクを潜在的な問題よりも除雪車に限られた現金を月 曜日のベンチャーそれは非常に悪い戻り値が期待されています。
And the Fed and Treasury refused to make government money available. FRBと財務省と政府を拒否してお金を入手可能です。
"The only thing we could do here is just sit until we hear some thing more definitive. And almost certainly that would have to ha ppen, I would have thought, before New York opens."
Michelle Sprod, a Lehman spokeswoman in Sydney, said the firm was d eclining any comment.