Lehman Brothers investment bank will file for bankruptcy

[Walter]

Earth quake at Wall Street: the Lehman Brothers investment bank will file for bankruptcy and the Bank of America will buy Merrill Lynch.

 

[The Scotsman]

.......and AIG scratching around for cash which is a bit of a bugger as I've a few clients that I now have to shift around!!

 

[The Scotsman]

Certain amount of irony in the following article which just goes to illustrate how incestuous this whole financial situation is............

Lehman Brothers collapse leaves 1m sq.ft of unlet space in Docklands
By Graham Ruddick
Last Updated: 9:24am BST 16/09/2008

The collapse of Lehman looks set to leave Songbird Estates, the Aim-listed owner of Canary Wharf, with almost 1m sq ft of unlet space.
Lehman occupies around 1m sq ft of 25-30 Bank Street, which was purpose-built for the investment bank and opened in 2003.
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Canary Wharf does have a degree of protection from Lehman's withdrawal. As part of the agreement with Lehman, it had a four-year "insurance policy" underwritten by AIG, which effectively means the American insurer would pay the lease for four years in the event that Lehman could not pay it.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/16/cnsongbird116.xml