LEHMAN And The Fear Of God

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Here is the deal, as I stated in the LEHMAN Thread, the Treasury, Fed got set for this one, as they are not inclined to just watch the financial system crumble before their very eyes. I forgot to mention the other standing financial institutions. If ya think I was kidding when I said this is an earth changing event just read below my buckO's

You better have the fear of God in ya, cause ya ALL stand to lose everything but the shirt on your backs. NO MATTER WHAT ECONOMIC STATUS YOU ARE IN.

Ten banks — Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS — each agreed to provide $7 billion "to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets."

The Federal Reserve also chipped in with more largesse in its emergency lending program for investment banks. The central bank announced late Sunday that it was broadening the types of collateral that financial institutions can use to obtain loans from the Fed.

Federal Reserve Chairman Ben Bernanke said the discussions had been aimed at identifying "potential market vulnerabilities in the wake of an unwinding of a major financial institution and to consider appropriate official sector and private sector responses."

Futures pegged to the Dow Jones industrial average fell more than 250 points in electronic trading Sunday evening, pointing to a sharply lower open for the blue chip index Monday morning.

Global markets take hit
Asian and European stock markets also were down sharply Monday.

In Europe, the FTSE index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent.

The dollar sank against euro, which rose to US$1.4299 from US$1.4215 late Friday in New York. The pound rose against the dollar, to US$1.8052 from US$1.7937.

Asia's biggest stock exchanges in Japan, Hong Kong and South Korea were closed for holidays, but every market open was deep in the red. India's Sensex tumbled 5.4 percent, Taiwan's benchmark plummeted 4.1 percent, Australia's key index was down 2 percent and Singapore dropped 2.9 percent.

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One thing about Lehman is that they have a lot of commercial real estate in their portfolio. That might be the saving grace.

[KFC911]

Hmmm...I'm sitting on relatively small stakes in both BOA and GS (acquired in recent months and holding for the long run)...what to do, what to do? Both positions could go to absolute zero and it wouldn't be the end of the world (for me), but I'm counting on those two being "survivors" after all of this sorts out...opinions???