Judge approves $1.3bn Lehman deal

[dipsydoodle]

Source: BBC News

A New York bankruptcy judge has backed a $1.3bn (£700m) plan for Barclays to buy the core business of collapsed US investment bank Lehman Brothers.

The deal gives the UK bank ownership of Lehman's Manhattan skyscraper - worth nearly $1bn - as well as responsibility for some 9,000 former staff.

Lawyers for what was the fourth biggest US bank said they were confident the deal would safeguard thousands of jobs.

Read more: http://news.bbc.co.uk/1/hi/business/7626624.stm

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Don't think this is a dupe but if so please move.

[fasttense]

1. More Bailouts:

If the Bush administration continues to sell off America, we won't have anything left. The 4th largest bank is now in the hands of the British, Halliburton is now located in Arabia, AIG was socialized, and this administration & McCain has the nerve to tell us "the fundamentals of our economy are strong" What are you kidding me? When will we wake up and realize that the Republicans are nothing but liars, and you can mark my words that this bailout will result in massive layoffs of thousands of people. Once again the fat cats get the profit and we get the bill, but it is ok that 47+ million people are without health care, and millions are loosing their homes to foreclosure and to do anything for the little guy is just TO EXPENSIVE. UNBELIEVABLE !!

[dipsydoodle]

2. It's Barclays shareholders

who become the effective owners and it quite possible that a lot of them are US investment trusts. So - all is not lost : not yet anyway. And maybe more importly its being done with real money : not Arabs reinvesting Micky Mouse petro dollars.