Going Down, First Floor: Investment Banks, Tissues And P45s
Shares in beleaguered US bank Lehman Brothers took another pasting again Friday as concerns grow over the fate of the company.
Confidence that the investment bank will survive as an independent entity is fading as speculation about a potential takeover intensifies.
Lehman announced the biggest loss in its history on Wednesday and investors remain unconvinced by the bank's plans to strengthen its finances.
Lehman shares fell 13.5% to close at $3.65 in New York after falling around 40% on Thursday.
The company has lost 80% of its market value since Monday. Six months ago the stock was trading at $48.65, and a year ago shares were $82.
Bank of America is being touted as a likely saviour, they're checking out their piggie banks over the weekend for what could be Bear Sterns 2 the Movie.
Bear were sold on the cheap over a weekend, Fannie and Freddie were bailed out last weekend, will Bank of America continue the trend this weekend?
Confidence that the investment bank will survive as an independent entity is fading as speculation about a potential takeover intensifies.
Lehman announced the biggest loss in its history on Wednesday and investors remain unconvinced by the bank's plans to strengthen its finances.
Lehman shares fell 13.5% to close at $3.65 in New York after falling around 40% on Thursday.
The company has lost 80% of its market value since Monday. Six months ago the stock was trading at $48.65, and a year ago shares were $82.
Bank of America is being touted as a likely saviour, they're checking out their piggie banks over the weekend for what could be Bear Sterns 2 the Movie.
Bear were sold on the cheap over a weekend, Fannie and Freddie were bailed out last weekend, will Bank of America continue the trend this weekend?
