Based on the size of holdings as per a June 30th 13F filing with the Securities and Exchange Commission, The New York Post reports that Eddie Lampert's hedge fund ESL Investments has seen its holdings in eight of its largest investments (including AutoZone, AutoNation, Citi, Home Depot and Sears Holding) fall an average of $193m in each trading day in the last 26, which translates into a paper loss of $30m an hour (allowing for a 6.5 hour trading day) over the period.
The Financial Times has revealed that, in the turmoil not long after Lehman Brothers filed for bankruptcy on September 15th, Goldman Sachs CEO Lloyd Blankfein put in a call to Vikram Pandit, his counterpart at Citi, to discuss the possibility of a merger between the two firms.
Working in Risk, of course.
Being a line manager isn't all it's cracked up to be.
The Sunday Mirror reports that Lehman Brothers staff ran up an $18m American Express bill in the month before it went into bankruptcy.
Ben Shalom Bernanke, born December 13, 1953, is the incumbent Chairman of the Board of Governors of the United States Federal Reserve. Bernanke succeeded Alan Greenspan on February 1, 2006.
Shares in Merrill Lynch are expected to be in for a pounding Wednesday, as the firm announced a third-quarter loss of $2.24bn. A massive $7.9bn was written off for subprime-related mortgages and asset-backed securities in the period - the highest reported by any Wall Street firm.
Here are a few comments made by our readers on the former Goldman staffer who left the industry soon after failing to make partner at the firm.
Make no mistake, this downturn is different. Don't believe anyone in the markets who says that they have seen it all before. No-one alive today has witnessed this. What we are seeing is not just a market correction, it will result in a major reassessment of how companies raise capital, how banks make money and how individuals choose to invest any surplus funds. Some say, in fact, that this is even the end of capitalism as we know it.
The Times reports that Nouriel Roubini, a New York University professor, has said that regulators around the world may be forced to step in and close the markets in order to stem the panic from the expected imminent implosion of a number of hedge funds.