News
Merrill Lynch proposed its own sale to Bank of America, says CEO
Merrill Lynch approached Bank of America regarding its possible acquisition, its chief executive has confirmed, as both companies provided more detail around the merger. They also sought to quash concerns the hastily thrashed out deal did not provide…
Lehman Brothers bankruptcy to be largest in history
The liquidation of Lehman Brothers will be the largest bankruptcy in history, with the defunct investment bank holding consolidated assets of $639 billion and liabilities of $613 billion as of May 31, 2008, according to court documents.
AIG secures £20 billion bridge loan, but still downgraded
Struggling US insurance giant American International Group (AIG) was granted permission yesterday to access assets from its own subsidiaries, enabling it to raise around $20 billion in additional capital.
Bank CDS spreads widen dramatically following Lehman collapse
The cost of protection on credit default swaps (CDSs) referenced to the world’s largest financial institutions has skyrocketed as Lehman Brother’s bankruptcy has heightened counterparty credit risk concerns.
Lehman Brothers Japan seeks bankruptcy protection
Lehman Brothers Holdings Japan started bankruptcy protection proceedings in Tokyo today. Under Japanese law, Lehman Japan will be “prohibited from payment of obligations based on the causes [that] arose on or before September 15, 2008, excluding certain…
US enhances enforcement and investor protection
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Delays and confusion threaten Sepa
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FSA insider dealing cases under threat
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Lehman Brothers files for bankruptcy
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Lehman Brothers files for bankruptcy protection
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Almost 1.3 MBD US Gulf oil output still down
Some 99.6% of the US Gulf of Mexico’s oil output of 1.3 million barrels a day remained down Sunday, according to the US Minerals Management Service (MMS), following hurricane Ike which hit the Houston area on Saturday.
CFTC report on swap dealer and index trader activity
Following an unprecedented survey of off-exchange swap dealers and commodity index funds carried out in June 2008, the Commodity Futures Trading Commission has made some recommendations on activities of swap dealers and commodity index traders.
Lehman unwind could take years, says PWC
Unwinding the hundreds of billions of dollars worth of assets and liabilities held by Lehman Brothers could take years, according to Tony Lomas, a partner at PricewaterhouseCoopers (PWC), which has been appointed administrator to Lehman Brothers…
Lehman Brothers files for bankruptcy protection
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
Bank of America buys Merrill Lynch for $50 billion
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
CEBS publishes supervisory delegation paper
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German banking association chief warns against over-regulation
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FSSCC R&D Committee out with new agenda
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No respite for Lehman after loss warning
Chief executive Richard Fuld’s plan to rescue Lehman Brothers by selling off many of its operations has failed to stem a fall in market confidence, after the bank predicted record losses in the third quarter of this year.
RBS names head of Japanese credit trading
Royal Bank of Scotland (RBS) has appointed Theodore Lo as head of credit trading in Japan.
Virtual heists expose gaps in bank security
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Reliance establishes new trading arms
India’s oil & gas company Reliance Industries, part of Reliance Group, is to set up two new trading subsidiaries in London and Singapore.
Interdealer brokers’ merger talks break down again
Stock prices of interdealer brokers Tullett Prebon and GFI Group plummeted on Tuesday, as a failure “to reach acceptable economic terms” halted ongoing merger talks.