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Lehman

Posted: June 12th, 2008, 1:26 pm
by Siberian
another Bear or not another Bear?

Lehman

Posted: June 12th, 2008, 3:50 pm
by bilbo1408
Not

Lehman

Posted: June 12th, 2008, 4:06 pm
by tu160

Lehman

Posted: June 12th, 2008, 4:11 pm
by Siberian
i called for a bottom at around 20 yesterday, seems like it picked up at about 21 something, someone out there is more impatient that i am...

Lehman

Posted: June 12th, 2008, 4:29 pm
by TraderJoe
QuoteLehman Brothers removes finance, operating chiefsThursday June 12, 12:15 pm ET By Joe Bel Bruno, AP Business Writer Lehman Brothers shakes up top management as firm takes nearly $3 billion quarterly loss NEW YORK (AP) -- Lehman Brothers Holdings Inc. shook up its management Thursday, removing two top executives in a concession that attempts to quell Wall Street anger over recent losses have failed.The nation's fourth-largest investment bank said Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory have been removed from their positions, days after the investment bank announced a $3 billion quarterly loss.Investors were shaken after the company disclosed Monday it needed $6 billion of fresh capital to offset that loss, its first since going public in 1994."When you have a stumble of this magnitude, change is not a bad thing," said Lauren Smith, an analyst with Keefe, Bruyette & Woods. "I view the change, on the margin, as a good thing, but this runs a lot deeper then just changing a few high level managers."Since March, Callan had been taking on an increasingly more prominent profile as the face of Lehman during the credit crisis. She regularly met with analysts and appeared at investor conferences to talk up the company.On Monday, Callan again waved the flag -- telling analysts on a telephone call that Lehman's books were in order and that the fresh dose of capital would allow traders to pursue new opportunities. But her pep talk failed and shares began to plummet toward a record low.The lack of confidence in Lehman's leadership has been hanging over the company for weeks, and it was unclear if the management upheaval will be enough to satisfy critics.The uncertainty was compounded by the near-collapse of Bear Stearns under the weight of similar rumors last March. The Federal Reserve later stepped in to negotiate the investment bank's sale to JPMorgan Chase & Co.The company has been under intense pressure of late, particularly from short seller David Einhorn of Greenlight Capital, who has been an outspoken critic of the firm's financial health and its public disclosures.Einhorn declined to comment about the ousters.Callan and Gregory join a long list of executives who have lost their job since global banks and brokerages began writing down nearly $300 billion of bad investments stemming from bad bets on mortgage-backed securities.Others who have lost their jobs include Merrill Lynch & Co. CEO Stanley O'Neal, Citigroup Inc. CEO Charles Prince, and Morgan Stanley co-President Zoe Cruz.Callan will remain with Lehman in its investment banking division, where she previously ran a group that catered to hedge funds before taking the CFO spot last September. Gregory, who has been with Lehman for more than two decades, will also remain with the firm in an undetermined position.Herbert McDade, 48, will succeed Gregory. He was previously the global head of the company's equities division, a position he has held since 2005. Ian Lowitt, 44, the current co-chief administrative officer, will become Lehman's new CFO.A spokesman for Lehman would not comment on the changes to Lehman's top ranks.However, Chief Executive Richard Fuld said in a statement that removing Gregory from the COO job was "one of the most difficult decisions either of us has ever had to make." Fuld was unavailable for comment.Shares have lost more than 20 percent this week and were down nearly 2 percent at midday.AP Business Writer Ernest Scheyder contributed to this report from New YorkLehman Brothers tank.

Lehman

Posted: June 12th, 2008, 5:11 pm
by daveangel
TJ - tell us something we dont know.i think its another. Einhorn has got this one ...

Lehman

Posted: June 12th, 2008, 7:13 pm
by erstwhile
I think they might be bought, but I don't think they will become insolvent.I really hope Lehman people don't think that it is patriotic to keep their personal wealth in company shares.

Lehman

Posted: June 13th, 2008, 11:40 am
by TraderJoe
There is another thread, same name, same topic over here.

Lehman

Posted: June 17th, 2008, 11:45 am
by TraderJoe
QuoteOriginally posted by: daveangelTJ - tell us something we dont know.i think its another. Einhorn has got this one ...Could be right dave. David Einhorn - Hedge Fund guy.QuoteAmong other things, Lehman was taking advantage of a new accounting mechanism that allowed it to book revenue based on the declining value of its own debts. In other words, because of the increasingly risky state of Lehman, loans that other firms had made to Lehman had dropped in value, and under the new accounting, Lehman could count this as a gain. Lehman is not the only firm that employs this trick, but in Einhorn’s view, it was the least transparent about it. “Morgan Stanley announced their quarter and they did the same thing, although they were incredibly explicit about it. ‘We’re fair-valuing our liabilities, it creates a gain for us, here’s the amount of our gain.’ Lehman wouldn’t even tell you the amount of the gain. This is crazy accounting. I don’t know why they put it in. It means that the day before you go bankrupt is the most profitable day in the history of your company because you’ll say all the debt was worthless. You get to call it revenue. And literally they pay bonuses off this, which drives me nuts.” Einhorn almost sounded like he might be getting mad. But he kept his tone at the level of intense bemusement.In sifting out the worst companies in the basket, Einhorn understood where he could make the most money. “The world just broke apart. On the one side, you had Goldman, which obviously had it right, and Lehman, which said they were like Goldman. And then there was everybody else, who either had it wrong or massively wrong. As you looked, you could see where Goldman had it right, and you couldn’t really see it for Lehman, except they kept repeating it, louder and louder, and the media is going off, story after story about how Lehman got it right, how Lehman’s hedged. It just didn’t make any sense.”Sounds like another Enron.

Lehman

Posted: September 9th, 2008, 3:10 pm
by NicolasQuant
Gloomy gloomy...

Lehman

Posted: September 9th, 2008, 3:39 pm
by daveangel
they will be "bought" by someone ... that LEH takeunder trade is looking very good

Lehman

Posted: September 9th, 2008, 3:56 pm
by NicolasQuant
I have some difficulties calibrating my lehman option pricing model. I really don't understand my lognormal diffusion process doesn't fit at all...May be this comes from some calcultation error in my change of numeraire, stochastic calculus is so good and I feel so clever when I play with that but I am still making lots of mistakes... But regarding my lognormality hypothesis I don't understand why people laugh at me, come on guys, this is on the first page of the textbook!!Anyone here could do this job for me, I experience minor glitches as well with fnm and fre

Lehman

Posted: September 11th, 2008, 12:18 am
by TraderJoe
Another one bites the dust.

Lehman

Posted: September 11th, 2008, 11:49 am
by NicolasQuant
@4.20 in premarket...They are going to be made to let go their most valuable assets for a very very low price...Why don't they consider floating the thing instead of being potentially ripped off by other financial institutions if they sell only a large chunk to a single investor?

Lehman

Posted: September 11th, 2008, 12:06 pm
by Traden4Alpha
QuoteOriginally posted by: NicolasQuantThey are going to be made to let go their most valuable assets for a very very low price...That's a null-set solution. LEH must get a high price on its "good" assets if it is to compensate for the unbooked losses on its bad/impaired/level 3 assets.But now that blood is in the water, any buyers of LEH's higher quality stuff know that they will get a better price if they wait a few days for LEH's bankruptcy.