Barclays Ends Talks to Buy Lehman; BofA Still Involved

[EV_Ares]

Barclays of Britain has pulled out of talks to buy embattled Lehman Brothers, though Bank of America is still involved in the talks, according to several reports.

Bloomberg TV reported Sunday afternoon that Barclays was unable to agree on credit guarantees to shield them from potential losses.

rest of article @ link: http://www.cnbc.com/id/26704405

[DemoRabbit]

1. This is some scary shit...

Most Americans aren't paying attention to this... they SHOULD

[EV_Ares]

3. Yes, it is scary shit & what is going to happen to Merrill as they are now down from a high of $78

to $16 + or $17 now with probably another $5 billion loss to be reported next time around. They are bailing on Merrill so hell they have to go somewhere, sink or be bought out.

Merrill Lynch & Co., Inc. (Public, NYSE:MER)
16.96
-2.47 (-12.71%)
Sep 12 - Close Open: 18.10 Mkt Cap: 25.93B P/E: - Dividend: 0.35
High: 19.49 52Wk High: 78.66 F P/E: 10.73 Yield: 8.25
Low: 16.60 52Wk Low: 16.60 Beta: 1.99 Shares: 1.53B
Vol: 214.13M Avg Vol: 49.56M EPS: -22.71 Inst. Own: 52%
After Hours: 17.16 +0.20 (1.18%) - Sep 12, 7:59PM EDT

[mrJJ]

2. let it sink

Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".

100's of bank WILL FAIL the FDIC does not have enough funds to cover the potential losses. of course Uncle Sam will have to add more capital to the bail out.

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

[Blue_Tires]

4. wow...another?

i thought long-range vision and self-control was the keystone of a successful business....

[Blue_Tires]

5. discussion here, too

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3995602

[Tutonic]

6. I'd start to move money out of banks. This is almost at the tipping point.

N/T