
Forgive me for that picture composition (I can hear a few yucks); but that IS the truth and the truth will always set us free. :) The actual truth is, I did try a pic of
Freddy Kreuger of 'Nightmare on Elm Street' fame but quickly trashed it. I didn't want the ladies closing the browser window on seeing his cosmetic appearance.
I had drafted this post a week ago but got surprisingly busy at my workplace. However, today my belief in 'everything has it's own time' has been made stronger. I HAD TO complete it and post it today after listening to the tragic news surging out of Wall Street like a flash flood.
BREAKING NEWS - Lehman Bros files for bankruptcy!!!!
The bank, which employs about 25,000 staff worldwide, including 5,000 in the UK, was founded in 1850 by three brothers.
Greg Wood, the BBC's North America business correspondent, said that police had cordoned off the bank's headquarters in New York and staff were leaving with cardboard boxes as onlookers gathered to watch the bank's demise.
"I think the whole history - 150 years of effort and hard work - that's the most saddening part for me," said one Lehman employee as she left the building.
The global financial economy has never in recent years been tested by quite such a combination of accidents and jolts to confidence, added Robert Peston, BBC business editor.Click on th below link to read quotes including one from Ex-Federal Reserve Chairman Alan Greenspan.Reactions to the news that the fourth-largest investment bank in the US, Lehman Brothers, will file for bankruptcy protection. Further complications arose when Bank of America said it had agreed to buy investment bank Merrill Lynch for $50bn (£28bn), in a deal that will create the world's largest financial services company.
Furthermore, three of the top five US investment banks have now fallen victim to the credit crunch. Lehman and Merrill join Bear Stearns, which was sold to JP Morgan for a knockdown price in March.
The BBC's business editor, Robert Peston, said that it had been Wall Street's most extraordinary 24 hours since the late 1920s. He said that Merrill's sale was almost as shocking as Lehman's demise.
"The global financial economy has never in recent years been tested by quite such a combination of accidents and jolts to confidence," he added.
In addition to Lehman and Merrill Lynch, problems at AIG, once the world's largest insurer, are also mounting. Reeling from losses on its exposure to real estate, AIG has sought $40bn from the Federal Reserve to shore up its finances, the New York Times has reported.
So? Where does that leave me and you? If you are not in the US of A, you are lucky to be part of 'the audience' and not a player. But yes, when Big Brother goes down he's gonna take a few with him. For now, lets just wait and watch but never dream, lest it turn into a nightmare :)
Cheers! And, God Bless America...