Lehman failure caused $300 billion damage
By Daniel at 13 October, 2008, 12:33 pm
WASHINGTON (Reuters) - The financial fallout outside the United States from Lehman Brothers Holdings’ bankruptcy has been about $300 billion, the head of Germany’s financial regulator said on Monday.
“We’re still licking the wounds of Lehman,” said Jochen Sanio, president of the German Federal Financial Supervisory Authority, at an international banking conference. “It caused international damage of $300 billion outside the U.S.”
The U.S. government allowed investment bank Lehman Brothers to file for bankruptcy protection on September 15 instead of trying to intervene as it had done with investment bank Bear Stearns and later did with giant insurer American International Group.
(Reporting by Karey Wutkowski)
http://biz.yahoo.com/rb/081013/business_us_lehman_bankruptcy_damage.html
Did you like this? Please If so, please bookmark it,InvestmentWatch relies on the financial support of its readers.
Your endorsement is greatly appreciated!
Possibly Related Posts:
- E*TRADE Financial (ETFC) is on the verge of bankruptcy
- Economic data from every corner of the U.S still getting worse
- The debt gap is “something that keeps me awake at night,” Obama says.
- Real Estate Bubble in Beijing
- Tonight on Asian news they were calling for a correction in gold to reach $870 before taking off to $1,200 later this year or next.
Did you like this? If so, please bookmark it,
No comments yet.