Barclays Ends Talks to Buy Lehman; BofA Still Involved
Topics:Henry Paulson | Banking
Sectors:Financial Services | Banks
Companies:Morgan Stanley | JPMorgan Chase and Co | Lehman Brothers Holdings Inc
By CNBC.com With Wires | 14 Sep 2008 | 01:26 PM ET
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Barclays of Britain has pulled out of talks to buy embattled Lehman Brothers, though Bank of America is still involved in the talks, according to several reports.

Bloomberg TV reported Sunday afternoon that Barclays was unable to agree on credit guarantees to shield them from potential losses.

Earlier Sunday, top Wall Street executives arrived for another round of talks to resolve the Lehman crisis, and sources said the group continued to work on how to handle the possibility of a deal not getting done before Monday.

By mid-morning, Federal Reserve Chairman Ben Bernanke was said to have been involved in several conversations by phone from Washington with officials meeting at the New York Federal Reserve. In addition, Bernanke was said to have made several calls already to foreign central bankers who are monitoring the proceedings carefully.

New York Federal Reserve President Tim Geithner and Treasury Secretary Hank Paulson were already at the New York Fed by the time executives from top Wall Street firms began to arrive.

Work went on through the night on a deal drafted Saturday to have a consortium of banks backstop Lehman’s bad assets and sell off the rest of the bank to Bank of America and Barclays. But sources said key parts of the deal remained controversial Sunday morning. As reported, the banks backstopping the bad loans were said to be balking at the amount of capital required of the banks and the sense that they were supporting a good deal for Barclays and Bank of America.

The Fall of Lehman Brothers

Current DateTime: 10:45:03 14 Sep 2008
LinksList Documentid: 26704433

* Is Merrill Lynch Next?
* WaMu Being Eyed by Banks
* AIG Seeks Capital to Avoid Downgrade
* Lehman Plungs on Doubts About Survival
* Who Would Want to Buy Lehman?

The larger group has been broken up into several working groups to devise responses to different possible outcomes. Among those, how markets can prepare for the possibility that Lehman might not find a buyer before Monday.

Sources said the possibility of some kind of deal being struck this weekend still existed.

Nije baš sve sjajno, ali valjda će nešto riješiti. Samo ne znam kako će tržište na sve ovo reagirat …

Ali barem je nafta ispod 100 $. [smiley]

Ajme bruke u Americi.
Izgleda da ne mogu više naći nijednog idiota koji bi kupio Lehman.
Jer svi idioti koji su već kupili ili financirali neku od posrnulih američkih banaka su u takvom minusu da im trnu zubi i nemogu više ući ni u minus na tekućem.
Morat će to ipak po zapovijedi kupiti neka američka banka.
Pojeo vuk magare [bye]

Opet istina, što kazati, … [bye] [lol]

baš ništa [bye] [lol]

Lupetate …
postoji nekoliko kupaca …

inače, opet je otvoreno trgovanje naftom izvan radnog vremena … posljedica je cijena nafte ispod 99$.

Past ce Lehman kako se cini.

Malo citam strane forume.

How can I sell LEH before it goes to zero?

Put them on ebay.
ahahaha

Tako bi mogla ova nasa ekipa staviti CROR, GIPK i ostale bisere.

Iako nije Lehman toliko otvoren (Bear Stearns je puno jaci igrac od Lehmana, tako barem pricu).
Ali da nije dobro, bogami nije…

Bank of America otpao.

Ako je istina ovo sto pisu na stranim forumima onda je to cisti show.

Brale moje, vidi ti naših susjeda kako tonu …
KD Viktorija – 42,02 % u 2008.

Može li bolje?

Ej "Knjigovođo" ostavimo se toga Lehmana.

Na tehničkoj još čekam tvoj komentar vladovog grafa za INDG. [wink]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNMh_8NRE6QM&refer=worldwide

Pa kaj se ovi pripremaju za bankrot …….

Međedi, evo vam još malo copy-paste crnila.

Wall Street Prepares for Potential Lehman Bankruptcy (Update1)

By Craig Torres

Sept. 14 (Bloomberg) — Wall Street prepared for a potential Lehman Brothers Holdings Inc. bankruptcy after Barclays Plc said it pulled out of talks to buy the firm and the government indicated it wouldn’t provide funds in a resolution.

Banks and brokers today held a session for netting derivatives transactions with Lehman, or canceling trades that offset each other, in case the New York-based firm files for bankruptcy before midnight New York time.

“The purpose of this session is to reduce risk associated with a potential Lehman Brothers Inc. bankruptcy filing,” the International Swaps and Derivatives Association said in a statement today. The ISDA includes 218 banks, brokerages, insurance companies and other financial institutions from the U.S. and abroad.

The step indicates that Wall Street lacks confidence that three days of talks to find a buyer for Lehman, held at the Federal Reserve Bank of New York, will be successful. Treasury Secretary Henry Paulson, who has led the talks with New York Fed President Timothy Geithner, was adamant two days ago against using taxpayer funds in a resolution.

The fourth-largest securities firm until the past week, Lehman has thousands of such trades in credit, equity, commodity, interest rates and currency derivatives.

“ISDA confirms a netting trading session will take place between 2 p.m. and 4 p.m. New York time for over-the-counter derivatives,” the ISDA said. “Trades are contingent on a bankruptcy filing at or before 11:59 p.m. New York time, Sunday, Sept. 14, 2008. If there is no filing, the trades cease to exist.”

The announcement came after Barclays, the U.K.’s third- biggest bank, said it abandoned talks to buy Lehman, contending it couldn’t obtain guarantees to protect against potential losses at the U.S. securities firm.

To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net