PutVille
(Writing this Sunday evening, Sept 14.....)
Well, I guess now we know why Alan Greenspan went on Snuffalufagus earlier today to fling a little Doomsday Deflector Spin into the Wurlitzer:
Lehman Brothers, the 158-year-old Wall Street bank, has announced it would declare itself bankrupt after a weekend of rescue talks masterminded by Henry Paulson, the US Treasury Secretary, failed.
The end of Lehman Brothers, which owns an investment bank, a fund management business, and a $30 billion portfolio of real estate assets came as its larger rival Merrill Lynch agreed a sale of itself to Bank of America for $44 billion.
I could be wrong about this, but one thing I do now for sure.....
I am darned glad that I don't have to cash in the RRSP's anytime soon (and I pity the poor souls amongst us that do).
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Update, Midnight Sunday......CNN is says Wall Street is bracing for a big sell off......Robert Peston of the BBC says he's never seen anything like it.....Central banks are already starting to announce their injections and lifelines.....Me, I'm still waiting for Billmon to weigh in.
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