Lehman Reports Today & Sirius Deal May Get Done After All

6:15 AM – MONDAY —Bloomberg reported this morning that the biggest exporter in the world, Saudi Arabia, may announce plans to increase pumping an extra 200,000 barrels a day of oil, beginning next month. The question is how, or if, this will affect the price of oil.
 
If you’ve been looking for someone to point at for the Bear Stearns downfall, which many believe set the rest of the financials into a tailspin — get your fingers ready. The Wall Street Journal is reporting this morning that following a yearlong investigation, federal prosecutors are getting ready to file criminal charges against two former hedge fund managers of Bear Stearns, Ralph Cioffi and Matthew Tanning.
  
On the heels of American International Group reporting its two largest quarterly losses since its inception, the WSJ is also reporting that AIG’s board ousted its chief executive, Martin Sullivan, and replaced him on Sunday with Robert Willumstad, who was AIG’s chairman, with a lot of experience at Citigroup under his belt.
 
With the street awaiting the (ahem) “profit” report from Lehman today, comes word via Barron’s that Lehman’s has exposure of $65 to $70 billion in mortgage and real estate.
Stock on my watch list today is Sirius, with The Washington Post reporting the FCC chief may finally clear the way for the XM-Sirius deal, albeit with some caveats.
 
Make it a great day — and remember not to base any of your investment decisions on information in my little blog — do your own due diligence, or hire a professional to do it for you.
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One Response

  1. make money online…

    Very well said. Thanks for your regular updates….

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