Ken Houghton on the Failure of Lehman Brothers
It is Not About *You*

A Trifecta!

Lehman Brothers, Merrill Lynch, and AIG.

Justin Fox waits for the morrow:

The Day Wall Street Stood Still: [O]n Monday we'll get to see what the failure of an investment bank with $600 billion in assets looks like. And more important, we'll get to see if the obviously deeply flawed American financial system will be able to retain the confidence of the foreign lenders and investors who keep it going. One crucial thing to remember in all of this is that none of the experts on Wall Street have any real idea of what they're dealing with. What has worked for the past quarter century or so has stopped working. And nobody knows what American financial institutions are going to look like going forward. Probably a lot more like the universal banks of Continental Europe. But anybody who says they know for sure is lying...

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