The Lehman Brothers

H. Lehman started as a small shop founded in 1844 Henry Lehman when he was only 24 years old, shortly after he joined his brothers and the company changed its name to Lehman Brothers. In 1858 began trading with cotton and becoming one of the largest brokers of this raw material that helped in the creation of the cotton market in New York. The civil war years were hard, but helped them settle in the market and even finance the reconstruction of Alabama, their accounts were sufficiently robust to survive the crack of 29 and after the 2 world wars. In 1984 became difficult times in which the company was sold to American Express 10 years after which he got rid of it in an IPO to go back to being independent.

On September 11, 2001, Lehman Brothers occupied three floors of the Word Trade Center (North Tower) in addition to its headquarters at Hudson River in Jersey City, who were able to recover their operation in 48 hours and fully operational c hen returned to open markets values of the Sept. 17, 2001.

As you can see, we speak of a large bank with revenues of 53 billion (European) dollars, which has survived 2 world wars, a civil war, the crack of 29 and the attacks of 7 years ago, but today faces the most serious crisis in its history as it expected to record losses of 3927 million dollars (2,782 million euros) at the end of the third quarter, compared with 887 million dollars (628 million euros) profit in the third quarter of 2007.

We may seem that what happens to Lehman pilla us very far, which is a financial institution from which we can not see or offices or branches in Spain, as you said Quito (president of the Spanish Confederation of Savings Banks) crisis Now is the worst since the Great Depression.

'What matters is that having passed one of the worst periods of global turmoil, the savings banks have returned to give the best economic result of history, "said Juan Ramon Quintas. The chairman of the ECSC, warned that 'we are going through a period that is unknown to us,' and described the situation as the 'worst crisis of the last seven decades', comparable only with the Great Depression. However, he wanted to be positive and assured that 'if we do well, we will be in an expansionary phase. "

It is shocking to see that the numbers presented in the light that is falling. Will be keeping the bad results for next year?. The lack of transparency shown by financial institutions is really worrying. A clear example is this news from 1 year ago "Lehman denies its exposure to the subprime crisis" and similar statements could see in the UBS and Bear, where their numbers showed that were not true.

Meanwhile, for Europe to which we are in crisis is the Euro which is already below 1.4 dollars, The reason? to the contrary by the rose in the past, parachute that the U.S. is doing relatively well.

In Spain we have to harmonized inflation drops to 4.9% in August, this being the first decline experienced after four consecutive months of repuntes. Having an oil below $ 100 is starting to notice, some attributed this drop to speculators.

The president of hedge fund Masters Capital Management, Michael Masters, yesterday released a report which says that financial investors or speculators have withdrawn from the oil futures markets 39,000 dollars (27,857 million euros) over the past two months , Causing the price of a barrel have fallen from the historic 146 U.S. dollars from July 3 until now contribute around $ 100.

'These big financial players have become the main source of the recent volatility in oil prices, dramatic and harmful effects, "says Masters in his report.

And to end a name more to add to the list of banks with problems: Washington Mutual. We do not stop, hey.

Written by Carlos Lopez on Sept. 11, 2008 with 143 points.
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# 1 Every day different

September 11, 2008, at 9:31.

I do not understand anything ... On the one hand experts talk about the crisis but in 7 decades, politicians say it is not for both, business ... because according to them is, etc, etc.

Conclusion: As always with the same pay, all these speculators have no trouble reaching the end of the month, YO SI

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# 2, Dani --

September 11, 2008, at 9:33.

Buenos dias,
The first .... : P

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# 3, Dani --

September 11, 2008, at 9:33.

Noppp the second ... damn refresko browser ;)

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# 4, King Quinito

September 11, 2008, at 9:34.

The crises are like general strikes. The number of protesters much fluctuation depending on the point of view.

To find out whether or not there is not look the current account balance at the end of the month and compare it with previous years. The rest are just ramblings from politicians.

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# 5, condonacion_jeje

September 11, 2008, at 9:38.

who are watching this plume to the top in this crisis is to trade unions ... ... q quiet walk MAS impudence!

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# 6, condonacion_jeje

September 11, 2008, at 9:39.

only did this pathetic strike in Telemadrid ajjaajaj just ask them miss 3 months of vacation .... MAS impudence!

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# 7, condonacion_jeje

September 11, 2008, at 9:43.

U.S., q both were criticized, if they take strong action, while aki ZP not only takes the hair to citizens but to tb gentlemen q ago to go to a full repeat business as usual ... if subprime q q if .. qa think oil is going to repeat basis of casting! ajajjaja q nose he misses MAS impudence!

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# 8, condonacion_jeje

September 11, 2008, at 9:48.

and you are laughing measures "social PROGRESIT" q been taken and Kieran take ... 400 and for those who need it least for the poorest ZERO ZAPATERO, 3000 million euros in our pockets for the real estate ... that if the bulbs that ... Kitaro if the Night (a rip-off of state-wide rule to the citizen) etc etc etc MAS shamelessness !!!!!!!!!!!

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# 9, condonacion_jeje

September 11, 2008, at 9:51.

ah, and if it goes on forever bobo q if this is not the FAES and is not q roll ... I'm not in any party Cansinos! lol

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# 10, Rascanalgas

September 11, 2008, at 9:55.

Who is the tiresome ???.. No comments

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# 11, outraged

September 11, 2008, at 9:56.

because I would like Mr cobbler me clarify myself as becoming the same as last year (about 22mil euros gross adding extra hours per year) have me removed from January to June, a 15% IRPFen instead of a 13% since 2004, then back in June for 200 euros and supposedly lower the personal income tax to 13.45% from July 2008 ... if I really returned 400 euros which I think should have removed from January to June by 13% as every year, back in June 200 turkeys and take off from June to December by 11.5%. ACLAREMELO PLEASE DO NOT THAT WE ARE ALL IN SPAIN BORREGO Mr Zapatero ... What a shame!!

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# 12, blincalindes

September 11, 2008, at 9:57.

Crisis, whether or not ....
It is the first time I write in this forum. I am not a defeatist thing, and I have a decent job, I feel fortunate. But the bank is increasingly empty while maintaining the same pace of life than before (nothing spectacular by the way).
I got increasingly clear is that nobody knows anything about the current crisis but we are all affected to a greater or lesser extent.
Greetings,

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# 13, La Leti with € 2,500

September 11, 2008, at 10:01.

Crisis of that?

Not only do I hear talk of crisis, of bunch of doom, I do not see the crisis forgive me:
Crisis that crisis? As I read that you have not learned the slogans of misrule.
Telling us since before erections that there is no crisis and that to the contrary is that 'It is not patriotic. "
Look for the sociatas Di-bitch-of Cadiz: salaries have risen some (like the father of menistra) until 3000 and peak euros per month.
It appeared shortly this is the fifth subidilla.
Sevilla are plugged in all amiguetes of suciatas with sueldecillos reportedly up to € 100,000 for doing nothing.
Where is the crisis?
--
You can see every day on TV, the royal family on vacation in their mega-mansions and rag to all the nice gentleman in his new yacht Rogue, Where is the crisis?
--
The soccer teams to sign players for fighting, spent upwards of 100 kilos. Where is the crisis?
--
Niñatos do not stop with Bmw maqueados up music to the ears and across Reviews, which have paid while studying and working in a telepicha, and in summer vendimia.Por not going to talk about my neighbor who operated a business in a humble estate do nothing and moved to a superchalet of tropecientosmil M2, chatica Romanian and Cayenne that proudly walks about the neighborhood. Where is the crisis?
--
When it has stolen best in Spain now? How come the rumanillos recently finished studies with drawings of all the jewelry and jutecos Madrid either learned to do what we can do in their countries of origin? Is it easy to make a bridge to a high-end car with new technology they bring, think that it is easy to learn and flat streets of a country you do not know neither the language? Quejais that he still does not come from a qualified hand?. Spain is not right, Spain is going to bitch mother. Where is the crisis?.
--
Do not let fool you ... keep doing leaves excel, to see if you can remove 50 € for lunch and within 2 anita buy plasma or make the trip to the Caribbean, that the crisis is nothing more than a pantomime.

In God We Trust

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# 14, condones_sisi

September 11, 2008, at 10:01.

For condonacion_jeje,
As you type I do not think you are those who feel the crisis ... And if so, that I doubt that much more, try to work, instead of typing all day spouting nonsense in this forum.
That the world has not been finished yesterday, despite having said before yesterday, as did not end tomorrow as much as we insist today.
We do not worry so much by the loss of banks, the macro numbers, and look at our situation.

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# 15, Nick

September 11, 2008, at 10:02.

In Spain are not taken strong action but not of anti-state seriously because the political class only takes measures to remain in power.
In our country should deal with a serious energy policy (if I talk about nuclear) not to be so terribly independent of the speculation of energy and also much more actively fight against tax fraud which would relieve the tax burden of all citizens and companies that if they meet and activate the economy.
Only with this (there's a lot more to improve social coverage, control of competition, anti-corruption measures) will improve a lot, but they will not do so because they lack the courage and conviction and mainly because such measures could be removed from their rich silloncitos.

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# 16, condonacion_jeje

September 11, 2008, at 10:06.

condones_sisi:

to begin to see whether we think a nickname already own and if that type ... m da XDDD that many do not think q type jets, write truths as fists .. you are the the FAES not? XDDD silly walks go to the bathroom to plant a pine tree is not progressing well desertification XDDDD

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# 17, Strange

September 11, 2008, at 10:06.

I still have the strange feeling that something is hidden behind all this amount of information that we do not see well, but that will give us squarely to the Currito in a short time.

- If ZP said that hard times come (who eye has this man, with 9 months late);
- Solbes, who do not work with the hypothesis of the recession (this man loves television, radio and all media because, as Gallardón, is in all Sara and leaves every other day saying different things, that man );
- The ECB maintains its thirteen of not lowering the price of money (knife, looking askance at the U.S. and neighbors to collect the pantalaones, as they say, that move in Terre unknown);
- Banks are giving benefits to cascoporro (at the expense of cutting plan among the subcontractors, to do business with governments and ability to move in the markets);
- The boxes conceal their numbers so nobody knows that you people (the clarity is on them, for when someone forces them to really say that you people and force them to give the real numbers of their situations?);
- Queues at the INEM full of people who want to collect unemployment benefits (many of them come just to collect points for the grant to search for a new Curr. I know that many are pointing and that while they charge the state , Are with their quick, less than 1 year ago but gaining in black);
- The match analysts that unless Aramis Fuster and Rapel together (that good life should be hitting these people: If you match, was linings; if you fail, is lining)

In the end, it remains something that is rare atmosphere, as has been saying around here a lot, "are waiting to be resolved and that is just reset the system naturally."

Well, anything that Currito pay the excesses of a few and that we continue feeding (pobrecillos) to all those who suck from the teat: governments, deputies, advisers, trade unions, analysts ....

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# 18, Fer

September 11, 2008, at 10:14.

Good morning everyone:

Faced with such diverse views, a proposal. A survey. Do you suffer you to the crisis in their meat, or you do not care how much it costs to fill the tank of his BMW?.

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# 19, ernesto

September 11, 2008, at 10:34.

Hey, let's see if someone can solve a doubt. Sign the contract for the purchase of a home in which pony to be delivered in June. At the end have now signed the deeds in September. I should somehow compensate for the delay? How?

Thanks in advance.

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# 20, K50

September 11, 2008, at 10:37.

Because they have no indemnizarte, also depends on the clauses that have signed the contract. Typically, when meets the delivery date without having finished Echarte back and you can not stay home devolviendote the money plus interest. And I say it depends on what you've signed it only what you know!

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# 21, Copero

September 11, 2008, at 10:39.

# 13, La Leti with € 2,500

Good morning, I just wanted something matizarte: the salary of the father of the member has raised € 3,000 a year, not a month (as well has made public note of the rectification of LD on the front page yesterday, which could take such other media) . At Caesar what is Caesar's ... (albeit an obscenity climb the salary by 5% in times of crisis and with his government preaching the wage freeze for senior positions.

A cordial greeting from an unpatriotic, tinplate patriot, hypocritical, cynical, and other lindezas with that gift to our beloved leader who leads the counter and by his eminence is crispa.

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# 22, Juan

September 11, 2008, at 10:43.

"And after the 2 world wars"

Let's see if we look a little more history, the two world wars were after the crack 29? Is it that there has been a third and we have not heard? Less criticism and more study.

Instead of talking so much that if Zapatero Zapatero as this one, because to go tufo Peperes is in the comments. But that was quickly forgotten by the people who was before the PSOE in government and the barbarities they did ... ..

I completely agree with the comment # 18.

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# 23, I

September 11, 2008, at 10:44.

Speaking of boxes:
Late payments on the boxes will come to 6.5% in 12 months and triggered the forced mergers.
Starts dancing. The Bizkaia Kutxa BBK and Guipuzcoa have kick-started the process of mergers of Spanish savings banks. A development sung before the wave of delinquencies and defaults are looming sopbre the Spanish financial sector as a consequence, first, the real estate debacle, which has been intensified in the last year by the international crisis.

http://www.cotizalia.com/cache/2008/09/11/cajas_de_ahorro_fusiones_morosidad.html

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# 24, King Quinito

September 11, 2008, at 10:46.

# 15, Nick

Unfortunately, any measure that would be unpopular, such as reducing public spending and increasing investment in infrastructure, it would be quickly exploited by the various pressure groups and would unfeasible.

None want to tighten their belts, look what happened to Schroder, when he suggested containment of public spending in Germany ...

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# 25, ernesto

September 11, 2008, at 10:50.

# 20, K50

Thanks for your reply. The contract is that if I have to be indeminazdo except force majeure.

The cause of the delay has been the subject of paperwork and that he has been second in August in the midst of them, if pk floors were completed at the time. The theme of paperwork is a force majeure?

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# 26, jrevego

September 11, 2008, at 11:06.

5.337

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# 27, I

September 11, 2008, at 11:07.

# 22, Juan
You say everything with your education ...

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# 28, Juan

September 11, 2008, at 11:11.

And you say everything with your ignorance. Sera of respect that I have I missed someone. Here it is read that does not criticizing Zapatero and praises the articles of the author is out of place.

Pathetic ....

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# 29, Larry Lurex

September 11, 2008, at 11:14.

Did you read what the "Do not feed the Trolls"?
as that.
Investment funds are speculative, they are legal. Therefore, what we shocked? Working with the futures market on raw materials from Chicago and it is they who provide liquidity to the market, whether it goes in our favor as if it is against. Those are the rules of the game, if you do not like, because that change.
The crisis originated, as it seems, in sub-prime mortgages in the U.S. He finished sprinkling throughout the world and in Spain, for its high exposure due to a strong growth based on the construction, we are going to suffer. I've been proactive and, unless I break my business and miss, I muuuuuy quiet with my mortgage. Tele less and more to worry about things that matter. I am convinced that most of this blessed country knows what he said any tart / or in which he Telecinco that goes up the quota if the Euribor goes to 7%. Well, garlic and water.
For the rest, to my shame that I feel is like being mounted the platform. I refer to the discussion of these days in Congress. It is a circus and then hear the Government to the Opposition. I think a real tomadura hair all: puns, metaphors, jokes, chascarrillos, rumrumrum, paddling ... Frankly, I get sick. Democracy has shown as the "least bad", but has a defect ... The full Congress for not worth anything, it's just a media circus that feed the vultures that are repeated in ALL the television and radio talk shows (they are always the same, right-and left-wing). To work and less rhetoric, pussy.

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# 30, Nick

September 11, 2008, at 11:15.

# 24, King Quinito

The measures "anti" might cease to be explained and if you are reasonably convenient, but for this we must assume the risk of acquiring citizenship say a "majority of citizens" in the end is what makes a country a COUNTRY seriously in a country or banana.

I do not know fully what happened to Schroeder in Germany, but if I have to say that cost containment and the common effort can be welcome provided they serve to obtain concrete goals to improve situations such as energy dependence, the tax fraud or the problem of unemployment in Spain.

However, as I said before the political class they lack courage and conviction to address these issues.

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# 31, I

September 11, 2008, at 11:22.

# 28, Juan
Therefore, if one can criticize the author of the blog when it confuses (sometimes it does, like everyone else) can criticize also the chairman of the government huh?.

It is healthy to criticize those who send, whoever he is, because it is paid for and was elected.

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# 32, CARLOS

September 11, 2008, at 11:23.

Every week, 5.337, 5.336, 5.337 jejeje. 're Resting, I hope that is not to take carrerilla ...

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# 33, eltonto

September 11, 2008, at 11:25.

What is clear is this:

That the companies go bankrupt, but the employer is better.
That the government accounts in red, but the rulers are increased salaries (autonomous regions and municipalities idem).
That the low bank on the stock but has more gains.
That unions are so moderate that it would be better if they were not.
That socialism is so light that there is no better than that.
That the government has no idea of a bitch is nothing but comfortable way.

I repeat ... how can it be that break companies and is not responsible for them nervous?

We are stealing and we do not do a damn thing.

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# 34, imaginative solutions

September 11, 2008, at 11:28.

(I feel the insistence but I have been left this message as the last in the block above)

I have a solution that while not very popular, it might be interesting.
There are approximately 2,500,000 people who are generating enormous public spending, do not speak of other sector unemployed I talk about (very important indeed) of the active population: OFFICIALS.
One question: If you enroll 40% fewer cars, surprised nobody in the dismissals FORD, GM, Citroen ... but, at the headquarters of traffic? Not on individuals who were high before cars, permits movement, ...
Another question: if fewer houses are sold infinite, anyone surprised that the real estate closing (besides us regodeamos saying they had already won a lot), no one thinks that there will be government departments whose work has been drastically reduced because they are directly related High housing, lower, writings ...
Without wishing to be too controversial, I find it very strange that in the construction unemployment has risen X% Y% in industry, catering to Z%, and thus can be followed by all sectors least one civil service.
Is not it logical that in times of crisis should also be affected, since their work is decreased in some departments?
Do you not think that if they tried to be more efficient (as do companies that pay taxes) could be lower spending on salaries of public officials and thus reduce the tax burden?

PS: not all staff have free time, cops, firemen, health ...
PD II: who puts the bell the cat? Politician who is playing a losing such a high% of votes?.
PD III: when will our politicians to implement efficiency measures of work and workers who are in such great company to manage state also called? ¿Imagine the general manager of the Ford working to make more efficient the work in government?

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# 35, bender

September 11, 2008, at 11:30.

Recipes to the crisis:
-Lowering petrol taxes (mainly professional)
The result: low inflation, rising purchasing cars and so on.
-Follow-up to the value of prducctos and if necessary creation of state versus private competition.
The result: lower prices and employment.
-Lowering taxes to housing.
The result: the rescue of the building.
Sure that could give more with more time.
chao.

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# 36, K50

September 11, 2008, at 11:36.

* 25 ernesto

Culaquier used as a good excuse, as well if the licenses are delayed is not the fault of them, if it is considered more Cusa and can not do anything against them, have the shots.

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# 37, ernesto

September 11, 2008, at 11:37.

Thank you very much for the information K50

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# 38, Teresa

September 11, 2008, at 11:40.

Hello!, FAQs and what few days ago and the truth is that I'm really interested to know where you're going to come siguinete the cake, someone knows where you are or where to invest now "these major financial players?

Because if you get oil it will be putting in another site not?

If anyone knows what is grateful for the information

Greetings

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# 39, colors marginal

September 11, 2008, at 11:43.

The CPI is like that for 40 degrees and an impressive sun, the meteorologist said that we are at 5 degrees and snowing, all media publish it and draw conclusions because the temperatures have dropped so much.
You just think I'm crazy or liars or us, gentlemen !!!!!! that is not snowing! and that prices have not fallen on the contrary go up, if something is the low purchasing power that no longer arrive at the 10th.
Greetings

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# 40, eltonto

September 11, 2008, at 11:51.

Circuit of the scam.

1_Banco provides a company with assets overvalued.
2_Empresario takes half the money to tax haven (in Spain even needed).
3_Suspensíon of payments or bankruptcy of the company.
4_El state refinancing projects unfinished.
5_Empresario will buy back in times of crisis at half price.

Sounds like easy, but if it were not be doing.

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# 41, Emilio

11 de Septiembre de 2008, a las 11:53.

#38 Teresa
Ay,amiga,si lo supiéramos…lo que está claro, es que han salido de las materias primas, pues al igual que el petróleo, el oro ha pasado de costar casi 1.000$ la onza, a estos momentos estar alrededor de los 750 y cayendo.
Puede que ante las turbulencias tengan el dinero guardado, o tras las ganancias, se tomen un año sab´tico, quien sabe!!
Lo que sí se, es que espero que se arruinen en la próxima inversión que hagan, o inviertan en terrenitos en Marte, que lo mismo me da, que me da lo mismo si hay especulacion allí

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# 42 , Copero

11 de Septiembre de 2008, a las 11:54.

No os hagáis ilusiones con que el petróleo baje, y menos en tiempos de crisis. Ni interesa a la OPEP, ni interesa a nuestros políticos, que ante la bajada de ingresos por recaudación, la quieren compensar con impuestos en las gasolinas, que como sabéis son mayormente proporcionales (a mayor precio, mayor recaudación) y muy pocos fijos.
Ni a petroleras ni a gobiernos interesa un precio bajo, y los ciudadanos….los ciudadanos a jod.er.nos, que tragamos con todo.

Un cordial saludo.

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# 43 , Copero

11 de Septiembre de 2008, a las 11:56.

Ups, una errata, no me refería a que el petróleo no pueda bajar, sino a las gasolinas, que para contentarnos bajarán algún centimillo y dejarán el resto.

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# 44 , Purificación

11 de Septiembre de 2008, a las 11:57.

# 42 , Copero

Los impuestos de los carburantes son fijos en su mayoría, salvo el IVA que sí es proporcional.

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# 45 , Asunto Turbio

11 de Septiembre de 2008, a las 11:57.

Si no se hubiera construido a lo bestia durante años, que se veía venir que era imposible vender todas las viviendas (vease Vicenç Grande en Mallorca) tanta puñetera especulación, todo el mundo ha querido hacerse rico construyendo, y el que lo paga somos nosotros, los que tenemos una hipoteca de por vida, y como ahora no dan hipotecas por la crisis, suben los intereses ya pagar mas. Es indignante pagar una hipoteca de 998€ mensuales de los cuales solo se amorticen 135€
Por dios!!

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# 46 , Emilio

11 de Septiembre de 2008, a las 11:57.

Mucho hemos criticado la “solución” del gobierno de prestar mediante una línea ICO, cantidades ingentes de dinero a las inmobiliarias. Como sabeis, irá sin intereses. No sería una solución que prestara CON intereses? Pensad que si quiebra una inmobiliaria/constructora, el jefaso tiene su cuenta en las caimán, los proveedores no cobran y la gente se queda con su piso a medio hacer y con dinero puesto, y el banco,entrampado ya hacer provisiones. Pensais que esto pasaría si el acreedor fuera el Estado? Je, lo primero que haria Hacienda sería meter en la cárcel al constructor, y luego investigar. No?

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# 47 , Larry Lurex

11 de Septiembre de 2008, a las 11:59.

Copero: Pues para tu información, futuro de diciembre del Brent, ha bajado de 150$ a 101$ en dos meses. Te guste o no. Y no tiene nada que ver ni con políticos ni con petroleras. El mercado es más amplio que eso.

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# 48 , fonta

11 de Septiembre de 2008, a las 12:00.

La grafica de los ultimos valores del euribor me recuerda a un encefalograma plano pero no recuerdo de quien, alguien me puede ayudar?
Saludos

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# 49 , Flyk

11 de Septiembre de 2008, a las 12:02.

#34 Soluciones imaginativas

Y por qué no te preguntas también por qué cuando todos esos sectores económicos aumentaban sus ingresos sin parar, los de los funcionarios permanecían congelados en el mejor de los casos, cuando no reducidos en términos reales (descontada la inflación)?

Qué facil es meterse con los funcionarios, eh?

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# 50 , Carlos Lopez

11 de Septiembre de 2008, a las 12:02.

Me preocupa y me extraña la relación causa efecto que ha habido entre la bajada del Euro y la del petróleo…

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