District of Columbia Opinion of Lehman Brothers
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How to fill out Opinion Of Lehman Brothers?
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FAQ
Regulators claimed they could not have rescued Lehman because it did not have adequate collateral to support a bailout loan under the Federal Reserve's emergency lending powers. 14 Furthermore, the financial system was by then more fragile compared to when the Fed saved Bear Stearns.
Regulators claimed they could not have rescued Lehman because it did not have adequate collateral to support a bailout loan under the Federal Reserve's emergency lending powers. 14 Furthermore, the financial system was by then more fragile compared to when the Fed saved Bear Stearns.
The factors that accounted for this failure were poor management choices coupled with unethical actions; repeal of the Glass- Steagall Act of 1933; liquidity crisis; financial leverage; excessive losses; Repos 105, massive credit default swaps, subprime mortgage crisis, complex capital structure, unsuccessful bail-out ...
The short answer was that Lehman was illiquid and lacked sufficient collateral to borrow enough from the Fed or to renew the repurchase agreement contracts (repos) to avert collapse. Surprisingly, just before filing for bankruptcy, Lehman was given investment-grade ratings by the big three independent rating agencies.
The dramatic fall of Lehman was due in large part to millions of risky mortgages propping up an unstable financial system. Homebuyers with mortgage payments they couldn't afford defaulted on their loans, sending shockwaves through Wall Street and leaving those borrowers vulnerable to foreclosure.
If Lehman were the sole cause of the crisis, its bankruptcy would have had a much more dramatic impact on the stock market than the AIG bailout. But it didn't. The stock market fell almost exactly as much in response to the AIG bailout as the Lehman bankruptcy, suggesting that Lehman's role has been exaggerated.
It is a mistake to call the Lehman bankruptcy proceedings a failure. Given the utter lack for planning, the Lehman bankruptcy went surprisingly well. Lehman was able to sell its most important and time sensitive assets?its brokerage operations?less than five days after its bankruptcy filing.
Essentially, Repo 105 is an aggressive and deceitful accounting off-balance sheet device which was used to temporarily remove securities and troubled liabilities from Lehman's balance sheet while reporting its quarterly financial results to the public. These transactions were recorded as sales rather than as loans.