Thursday, September 17, 2009

In memory of Lehman Brothers.

The abrupt demise of the Lehman Brothers investment bank on the 15th day of September 2008 sparked the biggest shake-up on Wall Street in decades.
News of this big name collapse immediately sent ripples throughout the world's financial market.
The Bank of England injected £5 billion of emergency lending into money markets but Lehman's disease was too late to be cured.The 5,000 Lehman staff in Britain were left homeless without big brother and this was the biggest single job loss ever.
Leading shares on both sides of the Atlantic took a battering. More than £50 billion was wiped off.Asia-Oceania also were the hardest hit.This financial tsunami was too fast to be forewarned.
The collapse of Lehman came after the US Treasury refused to bail out the embattled 158-year-old bank, a crucial shift after its support in March for a Wall Street rescue of the failing Bear Stearns.
This meltdown is one of the most painful among "mother of all losses" that I've ever experienced having been trading for the past 25 years.Most of the pension funds with their arsenal of high tech traders were also unable to bail out on time as the exit door were too small with the onslaught of the gushing waters sinking the vessel like the Titanic.
Anyway,no matter how deep the crisis, however, history shows that fear eventually subsides, greed returns and new market bubbles emerge, financial historian Robert E. Wright said."It's amazing how short Wall Street's memory is -- and investors' memory is," said Wright, a professor at Augustana College in South Dakota who is writing a book titled "Bailouts: Private Profits, Public Risk."
The Dow Index Futures is about 24 hour to Triple Witching Day.
Asian Index Futures Expiry:30/09/09.(10 market days)

Alas!!!the bulls have reached their finishing line of the 52 weeks bull resistance exactly on the day of Lehman Brothers Demise first anniversary.
The market-makers are real manipulators to play this "samba"
During 2008 meltdown,it was Henry Paulson of Goldman Sachs,this time around must be Obama's new economic team.