The Lehman Disaster and Why It Matters Today
On September 15, 2008, Lehman Brothers, a giant investment bank, filed for bankruptcy. The shock was profound; world markets melted down.
Read more...Category Archives: Investment banks
Wolf Richter: End of Easy Money: Financial Conditions Loosen Again for Junk-Rated Companies. But Some that Long Teetered Finally Go Over the Bankruptcy Cliff
Tightening is a slow process, and there is still a flood of excess liquidity chasing after yield.
Read more...Climate Risk Stress Tests Underestimate Potential Financial Sector Losses
Given the complexity of the link between climate shocks and financial sector outcomes, the authors argue that current methods have several key limitations that may lead to significant underestimation of potential financial sector losses.
Read more...Mammoth RICO Lawsuit Targets Credit Suisse, Many of its Directors and Execs, and KPMG for Over a Decade of Fraudulent, Reckless Conduct
Credit Suisse, or more accurately, buyer UBS, some execs/board members, and KPMG are targets in a monster RICO suit.
Read more...How Precision Scheduled Railroading at Norfolk Southern Caused a Toxic Vinyl Chloride Mushroom Cloud Over East Palestine, Ohio
I certainly hope Norfolk Southern’s owners are happy!
Read more...The Russia-Ukraine War, European Financial Integration, and Crises
Fragmentation of euro area financial markets has been relatively limited, as policymakers have benefitted from reforms after and experiences with past crises, European countries and authorities reacted with quite some unity, and direct financial exposures to Russia and Ukraine are relatively small
Read more...Michael M. Thomas, R.I.P
I am very much saddened by the death of Michael M. Thomas, from old money and high finance, and vocally unimpressed by them.
Read more...Latest Filings in Devastating Lawsuit Against Bank of America, Credit Suisse, and Bayer Board Members and Executives Over Disastrous Monsanto Acquisition
More artful lawyering in the derivative case against Bayer management, its board and financial advisers over the disastrous Monsanto purchase
Read more...Wolf Richter: Historic Mania in SPACs, IPOs. Huge Fees for Wall Street Banks. Mega Paydays for Insiders. Disdain for Valuations. Blind Faith that “This Time It’s Different”
SPAC mania, with billions raised: this time it’s different, everyone is saying again – another sign that the zoo has gone nuts.
Read more...Goldman Gets Off Easy in 1MDB Scandal Despite Further $2.9 Billion in Payments, Criminal Charge Against Malaysian Sub
Despite the big numbers, Goldman gets the kid glove treatment relative to the severity of its 1MBD misconduct.
Read more...Apollo’s Leon Black, Found in Serial Child Rapist Jeffrey Epstein’s Black Book, Patronized Strip Club in Russia With Trump
Apollo’s Leon Black needs to develop better taste in friends.
Read more...‘Uninsurable and Unhedgeable’: Central Banks Warn of Financial Crisis from Climate Change
The world’s most powerful financial institutions are sounding the alarm that “a new global financial crisis triggered by climate change would render central banks and financial supervisors powerless.”
Read more...Felix Rohatyn, an Icon of an Older Wall Street, Is Dead
Why Felix Rohatyn was and wasn’t typical of his industry.
Read more...Book Review: Chris Arnade’s “Dignity”
Chris Arnade’s 150,000-mile, multi-year photograhic journey through unthriving America—urban and rural, black and white, from Lewiston, Maine, to Bakersfield, California, with many stops in between.
Read more...Double Whammy: Implicit Subsidies and the Great Financial Crisis
Follow the subsidies, and you will understand why we had the crisis and why not enough has been done to prevent a recurrence.
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