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)
LEHMAN’S CARCASS RIPE FOR PICKING (NY Post)

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)

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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.

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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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