Not that we care or need to comment on personal circumstances of people, but in this situation it is indicative of the excess that Wall Street Banking had come to represent.  Richard Fuld Jr. and his wife, Kathy, a well-known collector of modern art sell art | WSJ It could also evoke the plight of its owners, Richard Fuld Jr. — chairman and chief executive of Lehman Brothers Holdings Inc., the bankrupt holding company — and his wife, Kathy, a well-known collector of modern art. The sketches were consigned in early August following a competitive bidding process between Christie’s and … Continue reading Now we see why Lehmans was allowed to fail

I expect we will see many interesting and unexpected developments in the new few weeks and months.  Don’t rule out Japan, which is largely unaffected by the credit crisis, and may be interested in broadening their investment beyond their shores. Report: Nomura interested in Lehman’s Europe unit TOKYO: Japan’s largest brokerage Nomura Holdings refused to comment Monday whether it was moving to acquire the European unit of U.S. investment bank Lehman Brothers, as reported in the media over the weekend. Continue reading Report: Nomura interested in Lehman’s Europe unit | IHT

The US Banking system is undergoing a crisis moment, driven largely by the Lehman Brothers being effectively bankrupt.  They have not needed to borrow from the Fed since March, but have the ability to do so if required.  It appears some customers have left, but not a run on the Bank just yet.  Nonetheless this is a crisis. US gives Banks a warning As Lehman Brothers teetered Friday evening, Federal Reserve officials summoned the heads of major Wall Street firms to a meeting in lower Manhattan and insisted they rescue of the stricken investment bank and develop plans to stabilize … Continue reading U.S. Gives Banks Urgent Warning to Solve Crisis