"Hear no evil, see no evil, speak no evil" if it relates to Lehmans Tuesday, March 18, 2008
According to CNN, the NewYork Fed has urged Wall Street firms to fend off attacks on Lehman Brothers, which is the next firm in the line of fire from rumours.
It claims that other banks' prime brokerage departments were 'under strict instructions not to do or say anything in the market that could damage Lehman.
Yet is anyone comforted by a "no comment" response?
Of course, the situation is exacerbated by the limited availability of white knights, noted here, of which everyone is aware. Other than the US Govt and possibly Bank of America, where can an institution turn to for a domestic injection of bail-out support? Might the protectionist elements in the USA have to swallow their pride and seek foreign assistance, assuming such support could be marshalled quickly?
Labels: credit crunch, lehman, markets
posted by John Wilson @ 9:46 AM Permanent Link
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