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By Greg Burns and Greg Burns,Chicago Tribune | September 16, 2008
Wall Street's meltdown sent the stock market reeling and left Main Street with one sobering thought: It isn't over yet. The record bankruptcy filing of Lehman Brothers yesterday and fire sale of Merrill Lynch to Bank of America raised the specter of further blowouts threatening the stability of an already-battered financial system in the months ahead. Unlike a stock market crash that hits all at once, the "agonizing and deep-seated" drumbeat of trouble seems certain to drag on, said market veteran Phil Hummer of Chicago's Wayne Hummer Investments.
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NEWS
January 28, 2014
Outgoing Federal Reserve Chairman Ben Bernanke, 60, probably won't win many popularity contests. He's frequently been vilified by the political left for doing too little and by the right for doing too much. Most Americans probably have no idea what he does - and, whether in full-blown crisis or too-slow growth, the U.S. economy, his chief responsibility as head of the nation's central bank since 2006, has been underwhelming for most of his tenure. But he will be remembered as being the right man for the times.
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NEWS
September 16, 2008
Wall Street responded to the forced bankruptcy of a 158-year-old investment leader and the self-initiated sale of a household name in the brokerage business with predictable pessimism - the Dow plunged big-time yesterday. But it's not as though the fates of Lehman Brothers and Merrill Lynch came as a surprise. Rather, their predicaments reinforced the latest fallout of the ongoing U.S. financial crisis: More institutions are likely to falter, and they can't all expect the federal government to come to their rescue.
NEWS
October 9, 2013
The latest out of the extreme conservative wing of the Republican party is that a failure of the U.S. government to take the steps necessary to pay all its bills on time would be no biggie. They say we could juggle things around and avoid missing any payments on the debt, which they figure is the only thing our creditors really care about. Some, such as Sen. Rand Paul, go a step further and say failure to raise the government's borrowing limit might be a blessing: "If you don't raise the debt limit," he told the New York Times, "all you're saying is, 'We're going to be balancing the budget.'" Um, no. What you're saying is that the federal government is going to start picking and choosing which bills to pay. Depending on the vagaries of cash flow, maybe today the military doesn't get paid, maybe tomorrow Social Security checks don't go out, or maybe Medicare can't cover its bills.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 20, 1995
Marking its third acquisition of the year, Legg Mason Inc. said yesterday it will buy Lehman Brothers Global Asset Management Ltd. in an all cash transaction.The Baltimore-based brokerage and investment advisory firm, which has $30 billion in assets under management, expects to acquire the London unit from Lehman Brothers Holdings Inc. next month after obtaining approvals from regulators in the United States and Britain.Terms were not disclosed, but Edward A. Taber III, Legg Mason's senior executive vice president in charge of investment management, said the transaction price is far less than the $35 million in stock Legg Mason paid for Cincinnati-based Bartlett & Co., announced Oct. 23.Lehman Brothers Global has about $3 billion in assets under management.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | September 14, 2008
The collapses of Fannie Mae, Freddie Mac and Lehman Brothers furnish another opportunity to teach an investment lesson that still hasn't been learned and, for many people, never will be. Diversify. Diversify. Diversify. And don't put your 401(k) money in stock of the company you work for. At mortgage giant Freddie Mac, about 8 percent of the money employees held in their 401(k) retirement plans was invested in Freddie stock at the end of 2006, Dow Jones Newswires reported this week. Since then, the shares have fallen from $34 to 45 cents.
BUSINESS
By BLOOMBERG NEWS | January 13, 2002
NEW YORK - Lehman Brothers Holdings Inc. has raised $1.6 billion for a fund to buy real estate in the United States and Europe, tapping investor appetite for the stable income from properties after the stock market's lengthy decline. The fourth-largest U.S. securities firm started raising money for the fund in May 2000 and attracted $600 million more than originally planned. The fund, called Lehman Brothers Real Estate Partners, is to be managed by Raymond Mikulich and Mark Walsh, both managing directors.
BUSINESS
By BLOOMBERG BUSINESS NEWS | January 5, 1997
WASHINGTON -- Baltimore Gas & Electric Co. filed with the Securities and Exchange Commission Friday to sell up to $200 million in debt securities.The company plans to sell medium-term notes that mature in nine months to 30 years, the SEC filing said.The company will use the proceeds from the offering for general corporate purposes, including the repayment of commercial paper, financing of construction, capital expenditures and for operations, the S-3 shelf registration statement said. A shelf registration allows a company to register securities and sell them from time to time when financing needs arise.
BUSINESS
By Bloomberg Business News | November 13, 1993
NEW YORK -- Marriott International Inc. said it filed with the Securities and Exchange Commission to sell $150 million of 10-year bonds.The SEC filing follows a month after Marriott International was created by Marriott Corp.'s split in two. The bond sale would be the first since the reorganization proposal in 1992, which enraged bondholders who saw their investments' value plunge as much as 30 percent.Marriott's split resulted in Marriott International, a profitable hotel management company; and Host Marriott Corp.
NEWS
January 22, 2006
Susan Wohlfort and Mark Kendall were married on July 30, 2005. The Reverend Mark Stanley of Old St. Paul's Church officiated, and the reception was held at Harbor Court Hotel in Baltimore, MD. The bride is the daughter of Henry and Avis Wohlfort, of Timonium, MD. Mrs. Kendall graduated from Duke University and The University of Chicago Graduate School of Business. She is currently a Senior Vice President in the investment banking division of Lehman Brothers. The groom is the son of Jerry and Elizabeth Kendall, of Whitehall, MI. Mr. Kendall graduated from Western Michigan University and is Vice President, Corporate Tax Planning at The Bank of New York.
NEWS
September 25, 2013
One can scarcely blame an appropriately-outraged Rep. Elijah E. Cummings for calling on AIG's Robert Benmosche to step down after the CEO compared the public criticism of the generous bonuses given top finance industry executives to lynchings in the Deep South. It's hard to know even where to begin with the outrageousness of that comparison. The son of sharecroppers, the Baltimore congressman has a far better perspective on the subject of the Jim Crow era than the average individual.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 22, 2013
The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit. The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever. As he walked into the client's house, he avoided shaking her hand. "My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors.
NEWS
Susan Reimer | March 13, 2013
Erin Callan was the face of Lehman Brothers in 2008 as it battled insolvency rumors. Fresh, pretty, smart and confidently articulate, she worked feverishly to try to talk nervous investors out of jumping ship. But when the company imploded in 2008, she did, too. After taking a couple of place-holder jobs, she disappeared. The most powerful woman on Wall Street before it all came tumbling down was only 41. The New York gossips eventually found her in East Hampton, in what passes for a cottage in the woods there, taking spin classes and living on the cash-in of her Lehman shares, now married to a high-school classmate, a handsome New York City firefighter.
BUSINESS
By Jay Hancock | June 6, 2010
There is a seductive myth that the economic destruction of recent years had nothing to do with the limitless pay dangled like a 10,000-pound jelly doughnut before American CEOs. After all, the argument goes, the annihilation of Bear Stearns and Lehman Brothers hurt top bosses at those companies just as badly as it hurt shareholders and employees. More, if you count value of their stock and options that was wiped out. So how can anybody argue that pay packages made them take risks that killed the companies?
BUSINESS
By Jay Hancock and Jay Hancock,jay.hancock@baltsun.com | October 9, 2009
Maybe we'll get financial reform this year after all. Obama administration officials are invading Capitol Hill to get Congress off its behind. Treasury Secretary Timothy F. Geithner met with House Majority Leader Steny H. Hoyer and other Democrats. Hoyer says he'll put a reform bill on the House floor next month. Senate Banking Committee Chairman Christopher J. Dodd is moving more slowly, but he told reporters last week that the committee could vote on a bill within a few weeks. It's important stuff.
NEWS
By DAN RODRICKS | July 12, 2009
I get press releases about new books all the time. This one arrived the other day: "A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers ... a fly-on-the-wall, insider look at the mad house that Lehman became. It will reveal never-before-told stories about the dark characters who ruled Lehman, refusing to heed warnings that the company was headed for an iceberg." The author is Lawrence G. McDonald, until its collapse "one of Lehman's most consistently profitable traders" and an "eyewitness" to the brewing mess inside the investment bank.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | September 16, 2008
Constellation Energy Group worked to reassure Wall Street yesterday that its wholesale energy and credit relationships with Lehman Brothers will not have a "material adverse effect" on the Baltimore company, which saw its shares lose 18 percent amid a broader market sell-off. Constellation's stock closed down $10.38 to $47.99 on the New York Stock Exchange. Even though Constellation conducts energy deals with Lehman, the New York investment banking company that entered bankruptcy proceedings yesterday does not owe it a substantial amount of money, according to a document filed with the Securities and Exchange Commission after financial markets closed yesterday.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | October 16, 2007
Aurora Loan Services LLC, the mortgage-lending subsidiary of Lehman Brothers Holdings Inc., has laid off 160 employees in Gaithersburg as the parent company moves to scale back its home-loan business in response to turmoil in the industry and in the secondary market where investors trade mortgage debt. The layoffs were disclosed in a notice filed with the state Labor, Licensing and Regulation Department. Aurora originates both prime and subprime mortgages. A Lehman spokesman said yesterday that the company closed a regional operating center in Gaithersburg last month.
NEWS
By Jim Puzzanghera and Jim Puzzanghera,Los Angeles Times | October 7, 2008
WASHINGTON - The chief executive of Lehman Brothers Holding Inc., whose bankruptcy filing last month drastically escalated the Wall Street financial crisis, faced angry lawmakers yesterday and defended his leadership and the millions of dollars he and other executives made as the company's troubles mounted. Although taking what he called "full responsibility" for the actions that led to the nation's largest bankruptcy ever, Richard S. Fuld Jr. told the House Oversight and Government Reform Committee that his company was overwhelmed by a "financial tsunami" caused by a series of "destabilizing factors," including lack of investor confidence, short-selling, credit downgrades and rumors.
NEWS
By Jim Kucher | September 30, 2008
Fannie Mae and Freddie Mac, AIG, Lehman Brothers - and now, closer to home, Constellation Energy. Once again, Baltimore slumps into a chair and sings the blues: "Only one Fortune 500 company left in town." "We're a branch office community." "All that money went north, south and west." It's easy to see why Chicken Little might be a better candidate for local mascot than the Ravens' Edgar, Allan and Poe. But fear not. Baltimore and many other midsize cities now get all of their economic growth from small business and new ventures.
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