Lehman Deal May Come Over Weekend

[lib2DaBone]

Source: MarketWatch

SAN FRANCISCO (MarketWatch) -- Lehman Brothers is for sale as Wall Street and financial regulators rush to salvage a once-thriving brokerage firm that's threatened by a potential exodus of clients and trading partners.

Potential buyers remain wary about troubled assets on Lehman's balance sheet and are increasingly looking to the U.S. government to help backstop any future losses, the Journal said.



Read more: http://www.marketwatch.com/news/story/lehman-sale-rush-try-salvage/story.aspx?guid=%7BFCC7C56E%2D2D56%2D4DF6%2D96BD%2DABA290608E6F%7D

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Watch.. this will be announced late Friday or Early Saturday once the newscycle is closed. All bank failures in the Bush WH are now "secret". "If a tree falls in the forest..."

[kurth_]

1. What the hell happened to bankers' hours?

Bankers sure love to work on Sundays now

[mrJJ]

2. The GOP Screwed America

Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".

The FDIC DOES NOT have enough funds to cover the 100's of Banks that WILL go under. The taxpayer is going to be left holding the bag of debt again.

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

[SOS]

3. CEO will receive $63 million

No more taxpayer bailouts for Wall Street thieves!