It seemed like a normal enough Sunday in New York, if way too muggy for September. There was the Book Festival in downtown Brooklyn, the Feast of San Gennaro in Little Italy, International Pickle Day on the Lower East Side, the Ice Cream Run in the Village. And way downtown at the Federal Reserve Bank [...]
In an interview with Reuters, PIMCO CEO Mohamed El-Erian sums up the day’s events so far quite nicely: “In today’s highly disrupted financial markets, the unthinkable is thinkable.” He was playing off the news of a rare, emergency trading session Sunday afternoon to let Wall Street derivatives dealers reduce their exposure to Lehman Brothers, in [...]
It’s a sunny Sunday afternoon here in New York and downtown the Who’s Who of high finance are racing to come up with a plan to deal with Lehman Brothers. Here’s the latest (as of about noon), from the New York Times: The fate of Lehman Brothers, the beleaguered investment bank, hung in the balance [...]
