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Reasons to cheer Lehman’s demise
International Trade Commission. buy canada goose jacket The opinions expressed here are his own
By Peter Morici
In the world of mergers and acquisitions, initial stock and bond offerings, and the like, clients often navigate complicated, perilous transactions requiring complete confidence in the integrity of their investment bankers.
After all of Lehman Brothers CEO Richard Fuld shenanigans in real estate and mortgage backed securities, only a uk canada goose outlet foolish CEO would trust Lehman to handle his prized assets. Hence, Lehman investment banking business is not worth much in the hands of its current management.
Less its toxic real estate assets and investment management unit, Lehman only real value is its client relationships. Those must be transferred to a more trustworthy firm to have any value.
No other large firm could buy Lehman wholeits toxic real estate and securities are too difficult to value. Only a fool would think he could fairly assess their value, unless those are assigned them a value of zero.
Most of the major banks hold similar toxic assets. canada goose coats on sale If another major financial firm enters similar straits as Lehman, which is likely, the canada goose uk outlet second fire sale would mandate an even lower Canada Goose Online book buy canada goose jacket cheap value for Lehman mortgage backed securities than could be assigned now.
This explains why one of the solutions offered stalledpeeling off Lehman investment bank and investment management unit for sale, creating another bank holding with its toxic assets, Canada Goose online and shoring up the latter with cash injections from other banks.
Most other banks canadian goose jacket need all the cash they have to Canada Goose Coats On Salecover their own uk canada goose bad Canada Goose Parka securities, and any money they put into a crippled holding company would likely just Canada Goose Outlet be lost.
Federal Reserve loans to such a holding company would have led to bailing most of the money center banks canada goose and securities companies canada goose clearance out with subsidies up to $400 billion. Broadly speaking several Wall Street firms are likely as insolvent as Lehman, canada goose black friday sale and its demise cheap Canada Goose may siren a broader financial sector restructuring.
Sunday, the International Swaps and Derivatives Association held a special trading to help banks and securities companies unwind their counterparty deals with Lehman. It canada goose store remains to be seen how successful that effort was, but stock market turbulence is certain to follow. financial sector.
Lehman executives will find it difficult to replicate their generous compensation elsewhere but the readjustment of banking compensation to more realistic levels canada goose outlet https://www.canadagoose-coats.ca and responsible canada goose uk black friday schemes canada goose clearance sale is necessary to return Wall Canada Goose Jackets Street to sanity.
Performance based compensation practices at Lehman and throughout Wall Street, which pay big bonuses when bankers bet right but only cheap canada goose uk imposes losses on shareholders when they bet wrong, has canada goose coats propagated the kind of toxic Canada Goose sale financial engineering that caused mortgage backed securities meltdown, general credit crisis, and the near death experience of many Wall Street canada goose uk shop banks and securities dealers.
Paying bankers more reasonably is as necessary to restoring the normal operation of credit markets as thegeneral deleveraging Ben Bernanke talks about.
Sadly, Vikram Pandit at Citigroup, John Thane at Merrill Lynch, and others can let go of the delusion that their 35 year old MBAs are not worth as much as New York Yankee shortstop Derek Jeter and they in turn are worth multiples of that.
Sooner or later after enough dominos fall, compensation structures and business practices will return to more conservative norms of ten and twenty years ago. Only then will the canada goose factory sale credit crisis resolve and the economy have a decent shot at full recovery.