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    Head Counts

     

    Thursday, September 18, 2008

    The day Wall St is no longer the same......

    1. Lehman Brothers Holdings Inc. was a global financial services firm until its bankruptcy in September 2008. The firm did business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries included Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, and the Crossroads Group. The firm's worldwide headquarters were in New York City, with regional headquarters in London and Tokyo, as well as offices located throughout the world.

    On September 15, 2008, it filed for bankruptcy protection; the filing marks the largest bankruptcy in U.S. history. The following day, its investment banking and trading divisions were acquired by Barclays along with its New York head office.

    2. Merrill Lynch & Co., Inc. is a global financial services firm. Through its subsidiaries and affiliates, the company provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related financial services worldwide. Merrill Lynch is headquartered in New York City, and occupies the entire 34 stories of the Four World Financial Center building in Manhattan. Plans were announced on September 14, 2008 for Bank of America to acquire Merrill Lynch, if approved by regulators and shareholders of both companies.

    3.The Bear Stearns Companies, Inc., based in New York City, was one of the largest global investment banks and securities trading and brokerage firms prior to its collapse in 2008. The main business areas, based on 2006 net revenue distributions, were: capital markets (equities, fixed income, investment banking; just under 80%), wealth management (under 10%) and global clearing services (12%).

    Beginning in 2007, the company was badly damaged by the subprime mortgage crisis. In March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for ten dollars per share, a price far below the 52 Week High of $133.20 per share, traded before the crisis, although not as low as the two dollars per share originally agreed upon by Bear Stearns and JP Morgan Chase.

    These names are no longer there any more. The businesses will be slowly be changed to their new acquired Company. Whatever it is, it looks like the bear have struck.

    Further to that, AIG needed a lifeline from the Fed to prevent themselves from suffering the same fate as Lehman Brothers. More is sure to come.........

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