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CE21023A Management By Professional Values

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CE21023A Management By Professional Values

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Course Code: CE21023A
University: Qatar University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Qatar

Question:
Write a blog about The Last Days of Lehman Brothers.
Answer:

The Last Days of Lehman Brothers
In the early September 2008, the company’s situation had begun to deteriorate faster. The level of stock, for example, was declining and, most of the customers had also begun to get their money from the firm. Further, the banks were compelled to transform the billions of dollars to the additional collateral to their prime broker (Crosina & Pratt, 2018). Lehman’s cash in hand, therefore, was depleted. There are certain other moments that it was believed that the situation at Lehmann would typically improve. For instance, the big banks were allowed by the Federal Reserve to pledge a variety of new categories of collateral and this was in return of an overnight capital but that did not work out for the company.
Such a move to allow the big banks to put certain types of their collateral to be given an overnight capital was used as a means of expanding the primary dealer credit facility window and this also meant to reduce the possibilities of Lehman Brothers not collapsing (Fleming & Sarkar, 2014). The last days of Lehman Brothers can be considered as one of those days that was too heavy for the company. Most of the actions occurred during the weekend and the first activity involved Lehman Brothers convening a meeting with US government to bail them out of the financial difficulty at the time. The Lehman Brothers finally failed on September 15th, 2008 even though they had considered themselves as too big to fail. There were hopes that the firm could be saved, however, that never happened.
A number of things happened during the last days of the Lehman Brothers and this was in 2008. On March 17th, the shares of Lehman Brothers fell and this was a figure lower than 48 percent. During this time, it was expected that it would be the next company to fall after the Wall Street firm had fallen. The Bear Stearns had also sold its 7 percent of shares at the market value price on the previous day (Fitzpatrick & Thomson, 2016). On May 21st, the earnings report of Lehman was questioned by the fund manager of Hedge David Einhorn. The fund manager claimed that the earnings were under-reported and that some of the key problems in the reports had not been mentioned. Later on the 9th of June 2008, the first quarterly loss of the company was announced and this was the first time since it had been made public. On the same day, it sold about $6 billion of its shares to bolster capital. The shares of Lehman Brothers gain dropped on 19th of August by 13th percent and this was according to the financial reports released. The drop in the number of shares was attributed to the solicitation of the buyers for the investment management division of the company.
After the talks were held on the infusion from Korea Development Bank had ended, the shares of Lehman Brothers was reduced to 45 percent and this was on the 9th of September 2008. On the following day, there was a third-quarter loss of about $3.9 billion as indicated in the financial report of Lehman Brothers (Copeland, Martin & Walker, 2014). Such a loss was considered as the largest in the company’s history and this was on a $5.6 billion of write-downs. Later on 12th September, the same year, the company’s shares had reduced to 42 percent and this was after remarks on the firm was made by the Moody’s Investors Service.
According to Bech, Bergstrom, Rosvall & Garratt, 2015), the investors advised Leman Brothers to seek a stronger financial partner who would help them financially and that if it had failed to get one, the company’s credit ratings would be downgraded. Later on, the following day that is 13th, there was a meeting which was held by the financial leaders of the company whose aim was to seek for solutions related to finance. The meeting was held at the Federal Reserve Bank of New York.
On the 14th of September in 2008, both the Bank of America and Barclays pulled out their bids and this was after both of them had failed to get various guarantees of the losses they had made (Ball, 2018). The two companies later met carry out net trades. While Barclays and the Bank of America were looking for ways to net trade, the liquidation of the Lehman Brothers was drawing nearer. The next day, the Barclays announced that they had signed a deal to purchase a bigger section of the US-based business of Lehman and this was because the company had already become bankrupt and this was on 16th September 2008.
References
Ball, L. M. (2018). The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster. Cambridge University Press.
Bech, M. L., Bergstrom, C. T., Rosvall, M., & Garratt, R. J. (2015). Mapping change in the overnight money market. Physica A: Statistical Mechanics and its Applications, 424, 44-51.
Copeland, A., Martin, A., & Walker, M. (2014). Repo runs: Evidence from the tri?party repo market. The Journal of Finance, 69(6), 2343-2380.
Crosina, E., & Pratt, M. G. (2018). Toward a Model of Organizational Mourning: The Case of Former Lehman Brothers Bankers. Academy of Management Journal, (ja).
Fitzpatrick, T. J., & Thomson, J. B. (2016). Lehman Brothers bankruptcy, what lessons can be drawn?. In Banking Crises (pp. 213-220). Palgrave Macmillan, London.
Fleming, M. J., & Sarkar, A. (2014). The failure resolution of Lehman Brothers.

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