GO
Loading...

The Financial Crisis: This Day—One Year Ago, Sept. 2

CNBC.com
Thursday, 3 Sep 2009 | 3:31 PM ET

A day of the waiting and warnings.

The sovereign fund Korea Development Bank confirms it in talks with Lehman Brothers for a possible investment in the troubled US financial firm.

This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage
This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage

Charlie Gasparino reports that rumors are boiling about a shakeup of Lehman's investment management division: "I don't know if a Neuberger sale is necessarily good news...but everything's on the table right now," he reports. (Watch Gasparino's full report, below--or click here.)

Trouble is also in the air for mortgage lenders: Fitch Ratings cut its ratings on preferred shares of Fannie Mae and Freddie Mac, citing concern that if the government-backed lenders can't get access to needed capital, they could be forced to cut their dividends. (As it turned out, that was the least of it!)

What You Were Reading:

The Dow Industrials jump more than 200 points in early trading after oil prices fall to a five-month intraday low, but optimism did not carry the day.

The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage
The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage

Fed documents released on Sept. 2 show that directors at the Federal Reserve Banks of Kansas City and Dallas wanted hikes in the discount rate in early summer—fearing inflation, not deflation, as the real economic threat.

The Dow closed down 26.63 points, at 11,516.92; the S&P lost 5.25 points at 1,277.58; and even the tech-heavy Nasdaq slipped 18.28 points at 2,349.24.

What the Experts Were Saying:

Lehman's Options
Lehman finding itself backed into a corner, with CNBC's Charlie Gasparino

Lehman Bros.' CEO Dick Fuld scrambles for deals to buoy the firm. Charlie Gasparino reports.

Inside Financials
Getting a closer look at financials, with Peter Boockvar, Miller Tabak; Eric Ross, Canaccord Adams; and CNBC's Bob Pisani.

Dissecting the financials, with Peter Boockvar, Miller Tabak and Eric Ross, Canaccord Adams.

Forecasting Crude Prices
A look at where oil is headed, with Mary Novak, Global Insight; John Kilduff, MF Global; Vince Farrell, Soleil Securities and CNBC's Mary Thompson

Crude oil volatility, with Mary Novak, Global Insight; John Kilduff, MF Global; and Vince Farrell, Soleil Securities.

  Price   Change %Change
DJIA
---
FNMA
---
FMCC
---