| Lehman Brothers collapse is imminent |
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| News - Financial News | |||
| Written by Hugh McManus | |||
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News reports from many outlets claim that insiders at Lehman Brothers have reported that the company will file for bankruptcy, perhaps as soon as Sunday afternoon, September 14. The process is being watched closely, perhaps supervised, but members of the US Treasury. The company wishes to seek Chapter 11 protection for Lehman Brother Holdings [NYSE:LEH], giving it time to reorganize. A consortium of banks will provide financial support as the company winds down its business. The decision to seek bankruptcy protection was sealed when the British bank Barclays decline to bid on some of the key Lehman assets. Meanwhile, the Bank of America [NYSE:BAC] is reported to be in merger talks with brokerage giant Merrill Lynch [NYSE:MER]. Finally, there are two key earnings announcements this week which will be closely watched by Wall Street. Goldman Sachs [NYSE:GS] reports on Tuesday, while Morgan Stanley [NYSE:MS] issues its report on Wednesday. The Federal Reserve meetings to discuss monetary policy on Tuesday and the Commerce Department releases the Consumer Price Index figures too.
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