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Hedge Fund Said Drops $30m An Hour For The Last 26 Trading Days

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.

Report - Sensational Goldman Merger Bid Revealed

No Profits Merge Sign

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.

Who Is Ben Bernanke ?

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.

October 24th - The Day The Music Died

Merrill Lynch - Oops

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.

How To Reduce Your Chance Of Getting A 'Pink Slip' Or A P45

The Economy Needs You

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.

Hedge Fund Panic Said Likely To Close Down Markets

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.