Tuesday, 20 Oct 2009 | Posted By:
Paul Toscano | Source: CNBC.com
In the past two years, powerful figures in both Washington and Wall Street became household names as the crisis deepened, markets and corporations struggled to survive and the federal government took drastic steps to save the economy. Whether they had a crucial hand in the crisis or were simply in the wrong place at the wrong time may not be clear for years. Now, one year after the roughest stretch for the U.S. economy since the Great Depression, these financial titans have either stepped out of the spotlight or come to the end of their careers, voluntarily or not. So where they now? Click ahead to find out!
In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.
One year after Lehman Brothers’ failure, former employees remain haunted and confounded by the event. “It wasn't Lehman's employees who failed; it was the leadership,” says one ex- senior manager.
As we approach the anniversary of some of the most cataclysmic failures in our economic history, we appear to be in perhaps no better position to manage the failure of an investment bank, a hedge fund or an insurance company than we were before.
Sovereign fund Korea Development Bank confirms it is talks with Lehman Brothers about acquiring a stake and Fitch cuts it ratings on preferred shares of Fannie Mae and Freddie Mac over concerns about their access to capital.
Thursday, 9 Jul 2009 | Source: The Associated Press
With bad home mortgages on the back burner, the big threat to the economy is now believed to be troubled credit card, commercial real estate and commercial industrial debt.
'Over the last year, the federal government has injected over $200 billion into approximately 600 financial institutions, and guaranteed over $300 billion of their troubled assets... Read More
Since it’s the anniversary of “Very Bad Things Happening Quickly”, I thought I’d point out a few: Lehman, Fannie Mae, Freddie Mac, AIG, and Primary Reserve Fund... Read More