UPDATE Now Merrill Lynch and BankOfAmerica are in merger talks. Looks like everybody finally got a look at the big shitpile's valuation, triggered by finding a price for Lehman, and recoiled in horror. I hope they all lose everything without taking the rest of us down. From The Department of Fat Chance, eh?
UPDATE More hilarity:
At Lehman's headquarters in midtown Manhattan, employees were coming and going throughout the day.
Some entered with what looked like empty duffel bags and gym bags and emerged an hour or so later with full bags.
Stuffed with cash?
At 7:30 a.m. three bags of Dunkin' Donuts products were delivered. A caterer smoking outside said she had worked 15 hours the previous day and expected the same on Sunday, with strong coffee one of the biggest demands from the power brokers. "'Coffee, coffee, coffee,' they say, 'the strong stuff,'" said the caterer, who declined to be identified.
Yeah, great. The donut starch makes you stupid, the sugar makes you hyper, and the caffeine, and, if any of them are sleep-deprived, the caffeine will make them take stupid risks. We're doomed.
NOTE Via Atrios.
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Barclay's pulled out of deal
to buy Lehman Brothers. Just heard Bank of America is making an offer for Merrill Lynch.
What happens if no one steps up to buy Lehman? Do we, the taxpayers, then have to take it on? And if the taxpayers take the hit, will Henry Paulson demand that the Lehman execs exit with absolutely not on single dime?
I read that the Lehman CEO might end up with a paltry $16 mil. Oh the humanity! Strip him of all assets, say I.