OK. I know that I need to spend a lot more time following the markets but... This thing with Lehman losing practically all of its value is a head scratcher. It's been two weeks since I chatted with Mr Jones and he didn't mention anything about these guys. So please, somebody tell me in plain English what Lehman did that was so freakin' stupid.
It used to be an axiom of my old defenses of Affirmative Action that it might be slightly unfair, but it didn't take bums off the street and put them in charge of banks. Here is one of those days when it might not be a bad idea. On February 1 of this year, LEH was a $66 stock. Now it's below $4.
I know that Lehman used to be part of Shearson and that was once owed by American Express. Ownership has bounced around a bit. Wasn't it one of those LBO firms back in the 80s? Memory doesn't serve very well. Anyway, today they are the clown car of Wall Street and international finance. How long has this been coming?
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