Paulson was right not to save Lehman September 13, 2009 SO Dick Fuld, Lehman Brothers’ former boss, has finally said sorry. The banker they nicknamed “the gorilla”, who himself lost much of his fortune in the collapse of his firm, should have apologised a long time ago to his shareholders, bondholders, staff and counterparties. But he hasn’t changed his mind on one thing: in common [...]
BLOW-BY-BLOW: LEHMAN BROTHERS’ COLLAPSE September 13, 2009 22 August 2007Lehman closes its subprime lender BNC Mortgage as the sector falls into crisis. 17 June 2008Bank posts a $2.8bn loss in just one fiscal quarter. 13 September 2008Barclays and Bank of America end buyout plans as New York Fed boss Tim Geithner holds crisis talks. 15 September 2008In the early hours, Lehman files [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 13, 2009 THE SUNDAYSThe Sunday TelegraphT-MOBILE OWNER EYES BID FOR SPRINTDeutsche Telekom has called in banking advisers to study a possible multi-billion dollar bid for Sprint Nextel, the third-largest mobile phone operator in the US. The company’s decision to call in Deutsche Bank comes hot on the heels of the agreed tie-up of its struggling T-Mobile UK [...]
Gieve astounded by US inaction September 13, 2009 The former deputy governor of the Bank of England said he was “astounded” the US government let Lehman Brothers go under, and that the bank’s collapse marked a clear moment when people lost confidence in the markets.Sir John Gieve said in an interview with Sky News yesterday he had fully expected US authorities to step [...]
J Sainsbury names Tyler September 13, 2009 SUPERMARKET chain J Sainsbury has appointed former GUS finance director David Tyler to become its next chairman. Tyler will be taking over the role of Sir Philip Hampton as head of Britain’s third largest supermarket group. Hampton earlier this year said he would relinquish the position to allow him to concentrate on his chairmanship of [...]
Nestl considers a Swiss exit if executive salary is capped September 13, 2009 NESTLÉ, the world’s biggest food company, has warned that it could pull out of its home base in Switzerland if the government’s proposal to cap top salaries is approved. Group chairman Peter Brabeck-Letmathe yesterday said: “It would be the beginning of an end,” and said that if the move succeeded: “We must ask ourselves whether [...]
Deloitte cleared after report into Phoenix Four over Rover collapse September 13, 2009 DELOITTE, the accountants for failed carmaker MG Rover, got the all clear from the 850-word independent report on the collapse of the company, it emerged yesterday, despite charging the business £30.7m in fees over five years. The news clears the auditor and tax advising firm after years of speculation that it could be reprimanded, having [...]
SWEETPICKINGS The ADVISERS September 13, 2009 Fittingly for one of the largest M&A deals to be proposed so far this year, Kraft and Cadbury have appointed an army of advisers to stand behind them in their respective quests – a move which could cost the two firms upwards of $90m (£54m) in fees. Cadbury is taking advice from Goldman Sachs, UBS [...]
J&J tries to cut Elan deal price September 13, 2009 US health-care firm Johnson & Johnson is in talks to cut the price of a $1.5 bn (£900m) deal with Irish drugmaker Elan Corp, Reuters news agency reported last night..J&J agreed in July to pay $1 bn for an 18.4 per cent stake in Elan and $500 mn for a majority stake in its pipeline [...]
Rio Tinto sales gains approval September 13, 2009 Global miner Rio Tinto has received approval from the Brazilian National Defence Council for the proposed sale of its Corumba iron ore mine to Brazil’s Vale SA, Rio Tinto has announced.. Rio Tinto had announced the $750 mn (£450mn) sale of Corumba last January as part of a $1.6 bn deal to sell a range [...]