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
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