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Biggest Bankruptcy in History





Liu
http://money.cnn.com/2008/09/15/news/companies/lehman_brothers/index.htm?cnn=yes

Lehman files for Bankruptcy, ML gets bought by BOA.
crdowner
I wonder how the US government makes a decision to bail out one company (AIG) and let another go into backruptcy?

I have concerns about the bail out of AIG and the sell of part of Lehman Brothers to Barclays bank. I am not big on the US government owning controlling interest in a company. I know it is supposed to only be for two years and I understand it is a way of protecting "our" investment but I still do not like the precedence it sets.

My other conern is with another US company being sold to non-US citizens. I know that lots of companies are owned by foreigners but it still bothers me. I suppose US citizens own companies in other countries too.
ganesh
WaMu, the Seattle based bank got the ignominy of being the biggest ever bank failure in the history of the United States:

http://ap.google.com/article/ALeqM5iu7Ckgli8HjvWqHni7UGlhTBhemgD93EI5H00

The government had to seize the bank and sell it to J P Morgan Chase in an unprecedented move in which even the CEO of WaMu wasn't aware of what was happening. Reportedly he was in mid-air when the seizure happened.

It is really a sorry state of affairs in the US economy to see such companies go under and disappoint the investors.

Things would have been so much better if such banks hadn't bet on sub prime assets. Too much greed was never going to be good for anybody. Because of these people, the whole economy has to suffer.

Offering low introductory rates to lure people to sign in for the loans is actually a form of cheating since people are so gullible. The givers of the loan should have clearly explained the ramifications. Now the whole economy is suffering because of people like those.
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