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Financial sector scrambles as talks to rescue Lehman falter

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CHIMO Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-14-08 06:46 PM
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Financial sector scrambles as talks to rescue Lehman falter
NEW YORK and WASHINGTON — Talks to sell Lehman Brothers Holdings Inc. faltered Sunday, triggering concerns that the investment bank may be heading into bankruptcy and prompting banks to call an emergency trading session to unwind positions with the firm.

The crisis surrounding Lehman came as the Wall Street Journal and New York Times reported that Bank of America, which walked away from an possible acquisition of Lehman, was in merger talks with Merrill Lynch & Co. The New York Times reported that the talks were advanced, and the price for Merrill was in the range of $25 (U.S.) to $35 a share, or more than $38-billion in total.

Reports also said American International Group Inc. planned to unveil a huge restructuring by early Monday that likely would include a major asset sale, including that of its aircraft-leasing business.

Barclays PLC, which had appeared to be frontrunner to take over Lehman - excluding its toxic mortgage-related assets - said it pulled out of the bidding, as top bankers and regulators met for a third day to try to resolve the crisis.

http://www.reportonbusiness.com/servlet/story/RTGAM.20080914.wlehmanwrap09143/BNStory/Business/home

Lehman Brothers future dim after potential British buyer balks
http://www.cbc.ca/money/story/2008/09/14/lehman-brothers.html

Bank of America may buy Merrill Lynch: reports
http://www.cbc.ca/money/story/2008/09/14/bank-merrill.html

So now we are perhaps getting down to the nuts and bolts of why we are having an election.

I can't believe that Harper doesn't have a good relationship with the Bush government. He must have known that this was coming down the tube.

The law says that an election will be in four years and not called by the PM when it is an opportune time for him/her.

Especially when our PM is an economist. Not only an economist, but one of the Chicago school that is bringing this whole shitload of upheaval on the world.

Lets see some action on this in the campaign. How will it affect us? What consequences? What of the future with more libertarian policies out of Ottawa?

Leave it up to the rest to come up with more ideas.

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