Jan. 17: Lehman announces it will stop wholesale mortgage lending in the U.S., cut 1,300 jobs and take a $40 million charge.
March 17: JP Morgan buys Bear Stearns in a $2-per-share stock swap, after rumors about its liquidity position drives Bear to the brink of bankruptcy. JPMorgan later increases its offer to $10 a share, responding to angry shareholders.
March 18: First-quarter earnings fall 57%, and the firm suffers a $1.8 billion writedown, but Wall Street cheers as the results beat analysts' estimates.
March: High-profile investor David Einhorn blasts Lehman and CFO Erin Callan, igniting fierce debate on Wall Street about the investment bank's health. Some investors fear Lehman could face a similar situation to Bear.
April 1: Lehman raises $4 billion through sale of preferred shares.
June 9: Lehman warns investors that it expects a $3 billion loss and announces a plan to raise $6 billion in capital, sending shares plummeting anew.
June 12: The firm dumps Callan and COO Joseph Gregory, citing "challenging times."
http://www.thestreet.com/s/lehman-brothers-sale-seems-unlikely/newsanalysis/banking/10421130.html?puc=googlen&cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA
March 17: JP Morgan buys Bear Stearns in a $2-per-share stock swap, after rumors about its liquidity position drives Bear to the brink of bankruptcy. JPMorgan later increases its offer to $10 a share, responding to angry shareholders.
March 18: First-quarter earnings fall 57%, and the firm suffers a $1.8 billion writedown, but Wall Street cheers as the results beat analysts' estimates.
March: High-profile investor David Einhorn blasts Lehman and CFO Erin Callan, igniting fierce debate on Wall Street about the investment bank's health. Some investors fear Lehman could face a similar situation to Bear.
April 1: Lehman raises $4 billion through sale of preferred shares.
June 9: Lehman warns investors that it expects a $3 billion loss and announces a plan to raise $6 billion in capital, sending shares plummeting anew.
June 12: The firm dumps Callan and COO Joseph Gregory, citing "challenging times."
http://www.thestreet.com/s/lehman-brothers-sale-seems-unlikely/newsanalysis/banking/10421130.html?puc=googlen&cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA
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