Lehman Brothers Close To Collapse - US Chapter 11 insolvency procedures starting

My inside source says to fear the worst. He claims this has been planned for some time, that a crash is what is needed to fully induce civil unrest. The mass civil unrest and panic will lead to martial law and a canceled election. Bush has no intention of stepping down, it's not actually his decision but that is for another day. Posting on ATS may only be available for 2-3 more days as a new division of FEMA will take control of the DNS servers, things will move very quickly. I am backing up all of my online data as we speak. Godspeed.

reply to post by justme2


Q: If you end the auction early I will refinance my house and pull out my equity to pay you cash. Then I will just foreclose on my house so I don't have to pay anything for it. Sep-14-08

A: Your application for COO is being currently considered\

BWAHAHAHA

"]Lehman goes bankrupt MarketWatch

SAN FRANCISCO (MarketWatch) -- Lehman Brothers Holdings Inc. said early Monday that it will file for Chapter 11 bankruptcy protection and reorganization.

Lehman Official Chap 11 press release -pdf

Meanwhile BoA eats Merill for lunch:
Bank of America buys Merrill Lynch Times Online

Dow Jones Futures indicating a bloody open and most Asian markets are closed for holiday, but Taiwan was down 4% and India -5%.

[edit on 15-9-2008 by Regenmacher]

This will leave the US in a very interesting situation,

Can the US government allow this to fall really?

The implications are profound for us all. This will take nearly a year to unravel where the Bonds and stocks are held with other banks, therefore freezing more any lending, until the other banks know their true positions.

This is the worst economic times since the Great Depression as in the factors just prior too.

This collapse with the Northern Rock collapse, shows that indeed the world is going to be a differant place when this is all over.

Worrying times for us all indeed.

Regards,

Elf.

Bank of England and the European Central Bank are monitoring the markets and are prepared to intervene.

European markets are down nearly 4% - some investors believe the Feds will cut interest rates before the US markets open.

They will spread this out so the shock wave won't capitulate the banking sector, but eventually the Piper must collect or the entire global system crumbles.



AGORA Entertainment & I.O.U.S.A.

Merrill Lynch has been purchased by Bank of America for 50 Billion$

Bank of America is to buy Merrill Lynch in a deal worth $50bn (£28bn) that will create a new financial giant.
news.bbc.co.uk...

[edit on 15-9-2008 by manson_322]

Lehman Brothers has been suspended from the London Stock exchange and its UK wing has been placed into administration - PWC take control.

I know nothing about economics beyond the limited scope of a low-pay person who only has a checking account, and who only keeps it open to make online purchases with a debit card, so I'm totally uninformed and therefore very curious: what will happen to regular people like myself if their bank fails? Will the FDIC ensure that they get the money (however little) that is in their account? Should only those with over 100,000 USD in an account be concerned (apart from the general concern over what this means for the larger economy itself, of course)? I ask this because my money is in another bank that seems to be going down.

Thanks.

[edit on 9/15/2008 by AceWombat04]

The rumour about a rate cut is growing, but surely the Fed cannot cut rates again? It will show panic and the US risks ending up like Japan with a deflated economy.

as someone said in a previous thread - when a bank is owed 1,000,000 the person owing the money could get into trouble

when a bank is owed 100,000,000,000 then the bank is in trouble

Breaking news:

AIG is to sale assets and has asked the Fed for aid. Loan facility has widen and the Fed will accept equity as collateral.

Europe is sharing the plummet on Lehman bankruptcy, just look at this!

finance.yahoo.com...

reply to post by Mammoth


Beat me to it Mammoth!
I was about to reply with the same info.
MIBTel down almost 800!
This is not going to be a good week on Wall Street!

Edit: MIBTEL is NOW down over 800. AEX/CAC40/ATX ---- etc down almost 5%!!

[edit on 9/15/2008 by justme2]

London is down over 4% and France is heading for a 5% drop

European Central Bank has released 30 Billion Euro's into the system and £5 Billion from the Bank of England.

The European markets are rapidly dropping now.

Folks, a quick question as we watch events unfold. Where do the central banks get all this money from, these billions of pounds, euros & dollars that they pump into the system ?

Whenever there's a crisis they seem to conjure money out of thin air ... but when I need a pay raise, the roads need repaired or the hospital needs a new X ray machine the coffers are invariably bare. Where does all this cash come from ? Sorry for the question but I'm an economic illiterate.

Originally posted by Niall197
Folks, a quick question as we watch events unfold. Where do the central banks get all this money from, these billions of pounds, euros & dollars that they pump into the system ?

Well, as fantastic as the idea is......They conjure it out of thin air

Originally posted by Niall197
Whenever there's a crisis they seem to conjure money out of thin air

Oops, you answered your own question! Not very far off the mark either.
What they are doing to try and solve this problem, is what got everyone in trouble in the first place!
There will be no "Fix" to the current monetary system, until there is a whole new system put in to replace it.....One that hopefully isn't so....well......stupid.

London is down 5% and drop 10-20 points a minute! HBOS, UK's biggest bank, is down 32% :O

510 point drop would mean a 10% decline - market crash. London is 200 points away from that mark. It is rumoured trading my be suspended in London.

Wow, what a day.

Barclays, turns its back on the american banking system.
Bank of America 2nd only to barclays in the list of possible buyers, pulls out.. and buys ' in a shock move ' merryl lynch.
Lehman brothers declare bankruptcy
IAG declares a sell of on assets, in what i think is preperation for an oncoming issue.
What happens if they cant sell off enough?

I cant wait for America markets to open,todays going to be important.

London has cut its loses to just under 5% now.

HBOS is trading down 24% - which is worrying. But the European markets could drop if the US markets open up significantly low. Futures are currently pointing to -371 points on the Dow.