This Day in Crisis History: Sept. 11, 2008
The walls were collapsing around Lehman Brothers. As the U.S. marked the seventh anniversary of the Sept. 11 terrorist attacks, with both presidential candidates visiting Ground Zero, Lehman Brothers executives were scrambling to sell a restructuring plan and find a buyer for the firm.Our first post that Thursday was on CantorCO2e, at that time the carbon trading division of Cantor Fitzgerald. The "I know" was acknowledgement of the 658 Cantor employees murdered seven years earlier, dozens of whom were forced to make the horrific choice to jump from Cantor's offices on floors 101 through 105 of the World Trade Center.
Lehman was sinking under its pile of bad mortgage-related debt. “Losses created by these concentrated legacy assets have clouded the underlying value of our franchise,” CEO Dick Fuld said, in an attempt to shore up support. But the plan was already drawing critics, some of whom suggested the company would still need to raise billion more to plug the holes in its balance sheet.
By now the company’s future was very much in doubt. The behind-the-scenes scrambling was fierce, both at Lehman headquarters, and in Washington, D.C., where government officials were debating what exactly, if anything, to do about the firm’s impending collapse. The government had more than just Lehman Brothers to contend with....MORE
Goldman and Citi finally reduced their "Buy" recs on Lehman to "Hold" and the hurricane was very close, see the last last entry.
The Dow Jones Industrial Average, our shorthand for the market during the crisis, was up 164.79 on the day.
Wallstrip was a little video look at The Street, in this case at one of the solars.
Here's what we were posting that day:
4:05a.m.
Carbon: CantorCO2e Launches First Internet CER Auction
I know
4:42 a.m.
Saudis Vow to Ignore OPEC Decision to Cut Production and Dollar Breaks through $1.40/Euro
4:15a.m.
Carbon: Al Gore, No Score Camco International Six-Month Loss Widens - Quick Facts
4:53a.m.
States Play Currency Defense
5:04a.m.
Hurricane Watch: Ike intensifying explosively...Coming dangerously close to Houston area
6:31a.m.
Citi, Goldman Think There May be a Problem at Lehman, Cut from Buy to Hold (LEH)
9:59a.m.
Solar: No Fun In The Sun: Solar Shares Extend Swoon As Collins Stewart Cuts Estimates, Calyon Chops Price Targets (but likes 'em here)
11:03a.m.
Fannie Mae, Freddie Mac, Social Purpose and Bribes (FNM; FRE)
12:12p.m.
Wallstrip on MEMC Electronics (WFR)
12:54p.m.
Hurricane Watch: Houston we may have a problem
2:19p.m.
Betting on doomsday
4:10p.m.
Hurricane Watch: Ike Will Kill You (No Joke)
...Below is the actual text, word for word, released by the National Weather Service for the Houston/Galveston area:a
LIFE THREATENING INUNDATION LIKELY!
ALL NEIGHBORHOODS...AND POSSIBLY ENTIRE COASTAL COMMUNITIES...WILL BE INUNDATED DURING HIGH TIDE.
PERSONS NOT HEEDING EVACUATION ORDERS IN SINGLE FAMILY ONE OR TWO STORY HOMES WILL FACE CERTAIN DEATH.
MANY RESIDENCES OF AVERAGE CONSTRUCTION DIRECTLY ON THE COAST WILL BE DESTROYED. WIDESPREAD AND DEVASTATING PERSONAL PROPERTY DAMAGE IS LIKELY ELSEWHERE....MORE
