Today is buzzing about Wall Street and I've been talking with several of my friends about the mess that's happening in the financial sector. Lehman Brothers, the 158-year old firm, is expected to collapse. AIG is scrabbling now and Merrill Lynch just found a protective partner in Bank of America (expected sale is $50 billion).
This is also interesting since last November before I joined the Lunsford Group, my CEO told me that he believed at least a couple of the major financial institutions would collapse before the end of 2008. He said there were staggering problems that were still unaccounted for. He explained that there needed to be a restructuring of our overall financial system. Well, it's been more than a couple banks and my CEO called it.
My younger brother was at Bear Sterns and went through their collapse. It was the first tsunami that hit Wall Street this year, and luckily he got a position at an excellent M&A shop, Sagent Advisors, soon afterwards. Now I know a few friends going through a similar situation at Lehman, but the environment will be worse so I will pray for them.
Some more articles...
"Is the U.S. Going Broke?" Forbes
"Wall Street's troubles are yours, too" Fortune
"Cramer's 'Mad Money' Recap: Sept. 11"
"A Frantic Weekend That Wall Street Won’t Forget" NYTimes