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The New Mexico Independent

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Lehman Bro’s problems include SunCal in the mix

Started by nmindependent · 9 months ago

Another bank is suffering from the mortgage crisis fall-out. Actually, the New York Times says Lehman Brothers is in an “all-out fight for its survival.”

The bank was a major underwriter of mortgage-related securities before the subprime crisis hit, and it’s s ... Continue reading »

1 comment

somerandomguy
9 months ago

Now the plan has been semi-announced by Lehman Bros. They intend to "spin-off" the SunCal holdings into an alleged company to be given to current shareholders. In reality, since there is no new value to those shareholders, this is probably a way to bankrupt that part of the company rather than the whole thing. Of course, the taxpayer is going to pay for some of this through the bailout. Q: What is the difference between the guy who robs the bank and the guys in suits who run the bank?
A: The suit.

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