Wall Street Banks Reached Deal to Save Lehman, Wessel Book Says


	Wall Street Banks Reached Deal to Save Lehman, Wessel Book Says

dgreplay

7-22-2009 9:39 PM

39 views

dgreplay says:

Can someone please look into the relationship between Barclays and Goldman/Paulson?! Too easy to blame a guy in the U.K. for this travesty...totally FUBAR!

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/65b45b19-7ec5-4d35-b888-5458bda43609/2C6F183F-F4EF-4B8C-B316-9BF69C2C66EF/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amrFL.JKKask" href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amrFL.JKKask" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amrFL.JKKask">Leaders of Wall Street’s biggest
commercial and investment banks crafted a plan to bail out
Lehman Brothers Holdings Inc. the weekend before it went
bankrupt, only to see the deal die when U.K. regulators blocked
a sale to <A href="http://www.bloomberg.com/apps/quote?ticker=BARC:LN">Barclays Plc</A>, according to a book on the Federal
Reserve’s role in the financial crisis. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amrFL.JKKask">The plan collapsed when <A href="http://search.bloomberg.com/search?q=Hector+Sants&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">Hector Sants</A>, chief executive of
Britain’s Financial Services Authority, refused to waive
regulations requiring London-based Barclays to hold a
shareholder vote before guaranteeing Lehman’s liabilities</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amrFL.JKKask"><P>Fed Chairman <A href="http://search.bloomberg.com/search?q=Ben+S.+Bernanke&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">Ben S. Bernanke</A> thought that letting a major
financial institution die in the middle of a crisis was
“idiocy,” Wessel wrote. While Bernanke and then-New York Fed
Bank President <A href="http://search.bloomberg.com/search?q=Timothy+Geithner&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">Timothy Geithner</A> were unwilling to push a federal
bailout without Paulson’s support, they had no fallback plan if
a deal wasn’t reached, according to the book.     </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/2C6F183F-F4EF-4B8C-B316-9BF69C2C66EF/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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