Because some guys from Wall Street are getting together…
Here’s what we know so far (from the WSJ):
The Federal Reserve Bank of New York held an emergency meeting Friday night with top Wall Street executives to discuss the future of venerable firm Lehman Brothers Holdings Inc. and the parlous state of U.S. financial markets.
The meeting, which began at 6 p.m., was called by the New York Fed in an attempt to find a solution to the problems plaguing Lehman. The group, which consisted of the heads of most major financial institutions, is expected to meet throughout the weekend to see if it can agree on some way to rescue the ailing firm, according to a person familiar with the matter.
The goal, it seems, is to go for a Long-Term Capital Management-style solution, with minimal government involvement. That would be swell, considering the government already has some things to think about bailout-wise. Of course, as the Journal points out, there is something of an elephant in the room:
One big issue: Most of the firms at the meeting have themselves been hit with big losses and may not have the excess capital to step in.
Stay tuned.
Barbara!