When Wall Street Turned Out To Be Fall Street
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Today will be one of those rare black days in the history of Wall Street. Lehman Brothers filed bankruptcy of about $613bn of debt making it big in the US history. Documents submitted with the group’s bankruptcy filing reveal that Citigroup and Bank of New York Mellon are trustees to $138bn of Lehman bonds.
The top lenders to Lehman Brothers are :
1. Tokyo Based Aozora Bank - $463m
2. Mizuho Corporate - $382m
3. Japanese bank Shinsei - $231m
4. Japanese bank UFJ - $185m
5. Standard Chartered - $41m
6. Australia’s ANZ bank - $69m.
The vibrations of this bankruptcy can be felt worldwide in all the stock markets. The market opened up red in all most all the stock exachenges of various countries around the world . DOW tanked 300 points in just 10 minutes of opening.
Lehman brothers was founded 158 years ago with a strength of 26,000 employees. The 94-year old Meryll Lynch with 60,000 employees agrees to be bought by Bank Of America for $50 billion. Once, the world’s largest insurer American International Group (AIG) struggles to raise $40 billion to avoid credit-rating downgrade that could cripple its business. 10 major US banks pooled to create a crisis fund of $10 Billion.
The events dissipated frantic around the clock negotiations in the wall street. Now, the major banks are looking down on MBA grads from renowned B-Schools. Fresh MBA grads are paid huge amount of money as their salary. The MBA grads who are recruited in firms like Lehman Brother, AIG and Meryll Lynch will now have to switch over to other industries such as FMCG , Marketing and Manufacturing.