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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Thursday 11th September 2008
News that the end is neigh for Lehman Brothers must have been a very hard pill to swallow for the company’s 20,000 employees throughout the world. The group is going to be split into two, with the bulk of the real estate division being hived off to raise as much cash as possible and 55% of the investment division to be sold. Quite what will be left after all of the group’s liabilities have been paid off remains to be seen but one thing is for sure, the old Lehman Brothers is dead.
The credit crunch has taken some very prominent scalps but there can be few as large and well known as the darling of Wall Street, Lehman Brothers. Over investment, mismanagement or just plain bad luck, not matter how you view the demise of the once great powerhouse of the US, it has all been connected with the credit crunch.
However, do not fall into the trap of thinking that this is the end of the fall out from the credit crunch, there is a lot more to go and a few more prominent names in the finance industry will bite the dust before the worldwide economy is back on an even keel. |
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