It’s been a long weekend for Lehman Brothers and the rest of the financial sector. After three days of meeting with the Feds it looks like it may be over for the 158 year old company. Lehman Brothers Stated today that they will be filing for chapter 11 bankruptcy protection. Who knows what will happen to them now that no one is willing to buy them. Barclays walked away over the weekend when they couldn’t get the government back up support.
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I glad to see that the government has finally decided to leave my tax money out of Wall Street, unfortunately they didn’t do it earlier. They need to stay out of the stock market in more ways than one. Government bail-outs should not be happening on any level. It’s too bad that the management staff of these financial companies gamble with the shareholders money and lost all of it and then some, but that’s what business is all about. Looking at the risks, coming up with a strategy and implementing it. Most business (estimated 90%) will fail in the first few years and for the ones that make it, it will be hard for them for some time if they don’t have a solid game plan. For a company that has been around since the Civil War and then lose everything 158 years later because of bad management decisions and greed…someone should pay or at least brought to justice on behalf of the shareholders.
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What is to happen to the management of Lehman Brothers after the doors have been closed? I’m sure nothing but good things will happen to Richard Fuld CEO after the dust has settled. Why is it that many Americans will have more damage done to their 401K plans because of this? While Mr. Fuld will walk away with millions of dollars for his hard work at Lehman Brothers. I hope everyone that reads this blog got out of the financials awhile ago.
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