Morning News Dump

I hope y’all got a good night sleep, cause today is going to be a busy day. Here’s a quick snap of what happened why you were slumbering:

Futures trading: Dow off 375, S&P500 off 53, Nasdaq off 55; Oil is down to $95, Gold up $15.

Morning Headlines

Lehman Files for Biggest Bankruptcy as Suitors Balk (Bloomberg) 
Ultimatum by Paulson Sparked Frantic End  (WSJ)

What, No Lehman Aid?  (Newsweek)

• ‘Tectonic’ Shift on Wall Street as Lehman Fails, Merrill Sold  (Bloomberg)

After Frantic Day, Wall St. Banks Falter (NYT)
Lehman plans to file for bankruptcy protection (Marketwatch)

Wall Street crisis: Is this the death knell for derivatives? (Guardian)
The Japan Lesson: U.S. Must Own Up To Its Bank Crisis (WSJ)

Federal Reserve Offers No Cash but Loosens Standards on Emergency Loans  (NYT)

Banks roll out $70 billion loan program (AP/Yahoo)
World’s biggest banks join forces (FT)

Where’s The Ref? (Forbes)
Lehman’s dying hours (Fortune)
Financial turmoil as top bank collapses (CNN)
Fed Expands Lending Facilities in Bid for Stability (WSJ)

5 Days of Pressure, Fear and Ultimately, Failure (NYT)

A.I.G. Seeks $40 Billion in Fed Aid to Survive (NYT Dealbook)
Jittery Road Ahead (NYT) 
Bank of America to Buy Merrill for $50 Billion as Crisis Widens (Bloomberg) 
Goldman, Morgan Grasp at Bitter Prize (WSJ)

China Cuts 1-Year Lending Rate; Reduces Lending Curb (Bloomberg) 
Banks Fear Next Move by Shorts (NYT)
A Chaotic Sunday Opens Wall Street’s Week (WSJ)


Intrade now has futures trading where you can bet on what US Bank will fail next; Incidentally, the US also has a similar financial mechanism — they are called Puts.


Related Blog Posts
Data Factoid: Securities Industry Employment  (Infectious Greed)
WaMu Failure Could Trigger Extension of Deposit Guarantees (Naked Capitalism)
Greenspan’s Black Swan (iTulip)

A Sunday Without a Bailout? How Novel ! (Big Picture)

Investing in Financial Stocks is Tough (Aleph Blog)

Is a Volatility ETF a Good Idea?  (Condor Options)

The end of banking as we know it – and another US rate cut  (Eurointelligence)

Disaster in the Derivatives Market Redux (Financial Armegeddon)   

Why Lehman Brothers Is Not Bear Stearns (MarketBeat)

Fed’s PDCF, TSLF Pawnshop Limits Increased; Section 23A Rules Violated (Global EconomicTrend Analysis) 
Lehman 2007 Bonuses? (Credit Slips)

If Lehman collapses expect a run on all of the other broker dealers and the collapse of the shadow banking system (RGE)

Blame the Short-Sellers  (Infectious Greed)

How Washington Failed to Rein In Fannie, Freddie (Big Picture)

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