This has been quite a morning. As someone at our firm put it, we are witnessing a wedding (Bank of America and Merrill Lynch), funeral (Lehman Brothers), and hospital vigil (A.I.G.). The credit crises is claiming its victims and the hope is that we are starting to bottom out.
Although BofA and Merrill just started talks on Saturday, combined they will be quite a strong presence on Wall St. As for Lehman, while I am pained for my friends still there, I'm so glad to not have to deal with the mess and in many ways have come out ahead. Admittedly, I had a very rough time there and had questions about the management and culture. It is not a surprise to me that this is the largest bankruptcy filing in history. Lastly, my dear friend is at A.I.G. but it looks like the Fed and many others including Gov. Paterson are working hard to prop up one of the world's largest insurance companies.
These are interesting times indeed.
6 years ago
No comments:
Post a Comment