Independent UK: Scramble to save Wall Street

[marmar]

Scramble to save Wall Street

By Margareta Pagano, Business Editor
Sunday, 14 September 2008



Three of Wall Street's best-known institutions were huddled behind locked doors this weekend in frantic talks with US authorities and bankers to either sell their businesses or put together rescue packages.

Lehman Brothers, AIG, the giant insurer, and Washington Mutual, America's biggest savings and loans company, were all in negotiations with prospective buyers or bankers.

Britain's Barclays Bank, Bank of America, JC Flowers and the China Investment Corporation are said to be talking with Lehman over a potential sale of all or part of the beleaguered, 158-year-old bank.

Senior sources at Barclays confirmed that it is interested in Lehman, particularly the successful Neuberger Berman wealth-management business which would fit "neatly" with its own. One source said: "We are interested in the investment banking arm but also Neuberger. But I am not sure we will be allowed to buy it by the US authorities. We also have our own shareholders to persuade as they have only just helped out with the recent fund-raising."

Bob Diamond, Barclays' president and the chief executive of Barclays Capital, flew to New York at the end of last week for talks with Lehman's chairman and chief executive, Dick Fuld. Mr Diamond is known to want to expand in the US to become a "bulge-bracket firm". .......(more)

The complete piece is at: http://www.independent.co.uk/news/business/news/scramble-to-save-wall-street-929659.html

[Union Thug]

1. Save Wall Street? Do us a favor and let it rot. n/t

[mr_hat]

2. Wall St. is where my kids' college funds are.

Thanks to this year's tanking, my junior no longer has his senior year paid for. Not sure what we're going to do.

I'm not smart enough about money - nor do I care enough about it - to know what to do, other than to turn it over to Wall St.

[Tutonic]

3. House of Cards. Ponzi schemes. Flim Flam. Do the Hustle.

So much for wall street leading the world huh?