On Wednesday September 3, 2008 I had not yet crawled under my desk for the fall over the cataracts, that would come a few days later, over the weekend. We had been shading things to the bear side of the boat for pretty much the previous six months, since the goings-on at Bear Stearns came to a head in March and oil prices began fading from their $147.27 all time high on July 11; we were enjoying the ride down the river.
One of our posts that day:
Morgan Stanley's Roach Says Slump Has Only Just Begun
was paired with:
Las Vegas Lock Of The Week: OPEC Will Cut Production
Here's MoneyBeat:
This September, MoneyBeat will take a daily look back at the developments surrounding the collapse of Lehman Brothers and the financial crisis that followed. Each day, we will recap the events of the corresponding day in 2008, as the worst crisis in 80 years built to its terrible climax.
As Wall Street returned to work the week after Labor Day in 2008, all eyes were on Lehman Brothers.
Since the failure of Bear Stearns in March, Lehman had been in the cross hairs. By September, the problems were mounting at the firm. It had already reported a nearly $3 billion loss in the second-quarter, and had shaken up its top management, ousting COO Joseph Gregory and CFO Erin Callan, and was trying to raise $6 billion...MORE
