LEH Throws in the Towel with Chapter 11. Bank of America Saves Merril with a $50b Price Tag. Oh The Chaos!!
Monday, September 15th, 2008Man oh man the good news in the financial industry just keeps getting better and better. With FNM and FRE eating turds for breakfast it looks like Lehman Brothers is going to join them Monday morning for a nice feast at the best turd griddle place on Wall Street. Barclays decided to pull out of the bid for Lehmans investment management division leaving LEH caught in a well with no rescue ropes to pull them out as they stated they intend to file for Bankruptcy. Still now, they are looking for buyers but the line up of canidates has grown thin so its likely that Lehman will succumb to financial devil’s call.
Bank of America saved the day for Merril Lynch for the price tag of $50b which is going to make them as a team a huge rival to the big timer Citi bank.
Monday….. Oh Monday… Its gonna suck for anyone who was long in LEH from Friday as you can imagine how this stock is going to react in the morning especially pre-market we’re going to see a huge gap down. Currently Dow futures are trading down 270 which have actually rebounded somewhat off of there lows but more than likely we probably won’t be seeing much green in the financial industry tomorrow on our watch lists. Oh how i love trading this market 
Cya guys Monday Morning !
