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Essay / Research Paper Abstract
A 6 page paper that explores what happened at Lehman Brothers. The essay begins with a brief timeline of highlights since early summer, then, comments on what Fuld and others with statements from the House Committee hearing. The writer also discusses the ethical issue regarding Fuld's actions using the teleological and deontological approaches to ethical behavior. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGlhnfd.rtf
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Unformatted sample text from the term paper:
bank that makes loans throughout the day to Lehman Brothers (CNBC 2008). * In July, JPMorgan determined Lehman Brothers had become a risky investment and asked for $5 billion in
collateral from Lehman but Lehman does not remit it until August and what Lehman gave JPMorgan was unstructured securities that JPMOrgan calculated to be worth less than the $5 billion
but accepts them anyway (CNBC 2008). * In early September, Lehman was unable to raise capital and approached several banks inquiring about possible mergers. When there were no takers, Lehman
decided to sell its investment management division hoping to raise some capital. At that time, there was a dramatic increase in credit defaults (CNBC 2008). * On September 4, JPMorgan
asks for another $5 billion in collateral but this time, they want it in cash. Those securities they had accepted were now valued at about $1 billion. JPMorgan demands the
cash because they are responsible to Lehmans money market clients. They dont get the money (CNBC 2008). * September 9, JPMorgans head of capital markets, Steve Black, again asks Lehman
for that $5 billion plus an additional $5 billion and he wants it in cash. This time, Black goes directly to Dick Fuld, CEO of Lehman Brothers but Fuld gives
him only $3 billion. JPMorgan is getting more and more nervous by the day that Lehman is going to file bankruptcy. The same day, JPMOrgan learns that Lehman is planning
to announce its losses and a new plan to raise capital. Citigroup and JPMorgan each call a meeting with Lehmans head of capital markets asking Lehman not to make that
announcement because they are convinced it will lead to Lehmans total inability to raise any capital. Lehman needed at least $4 billion to stay in business and the division they
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