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Economy - Economics USA

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Financial Times.com

The largest unsecured creditors include Citigroup and Bank of New York Mellon, who have around $138bn of exposure to Lehman’s bond debt as indenture trustees.

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Washington Post

The U.S. financial system this weekend faced its gravest crisis in modern times, as regulators resorted to triage on Wall Street to contain the spreading damage from a meltdown in the housing and mortgage market.

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NY Times

A bankruptcy by Lehman Brothers may prompt the sale of its $32.6 billion of commercial real estate investments, and that just may be the jolt the U.S. property market needs to get sales started again, some real estate executives said.

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Washington Post

Lehman Brothers said early Monday it will file for bankruptcy, becoming the largest financial firm to fail in the global credit crisis, after federal officials refused to help other companies buy the investment bank by putting up taxpayer money as a

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NY Times

[blame game] In May, David Einhorn, one of the most vocal short sellers on Wall Street, made no secret he was betting against Lehman Brothers. Now, some investors are afraid that fund managers like him will take advantage of the climate of fear stirr

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NY Times

The big insurance company, the American International Group, was seeking a $40 billion bridge loan Sunday night from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on th

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Washington Post

Bank of America struck a $50 billion deal yesterday to buy Merrill Lynch, a merger that will unite the nation's largest consumer bank with one of its most celebrated investment banking firms, according to sources familiar with the negotiations.

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CNN

Gas prices are poised to shoot back toward record highs after Hurricane Ike's direct hit to the heart of the nation's oil refineries, analysts said. The average price of gasoline nationwide has already shot up 12 cents in the past two days

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Washington Post

Shares of American International Group, the nation's largest insurance company, plunged yesterday on fresh fears that it will have trouble remaining on firm financial footing as a result of the turmoil in the mortgage market.

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Washington Post

The White House budget office said yesterday that it has decided not to incorporate mortgage-finance giants Fannie Mae and Freddie Mac into the federal budget, citing the temporary nature of the Treasury Department's takeover and "the level

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Slate

Lehman's shares had slid 41 percent as investors voted with their feet. Lehman's best hope now is an outside buyer: Bank of America and Barclays are interested but only if the U.S. government offers assurances to help shield them from further

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CalculatedRisk.blogspot.com

In Riverside County, total foreclosure-related filings were up 58 percent from a year ago and 39 percent from July, while in San Bernardino County, total filings increased 98 percent from August 2007 and 34 percent from the month before.

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Washington Post

The Federal Reserve and Treasury Department are actively helping Lehman Brothers put itself up for sale, and officials are hoping a deal will be in place this weekend before the Asian markets open on Monday, according to sources familiar with the mat

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LewRockwell

In his piece today, Lew Rockwell points out that the F/F bailout simply postpones the inevitable bust, but also ensures that the bust will be more severe in the long run than it would have been had the two faux "mortgage giants" been permit

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