September 14-15 2008 at the Climateer Household

Okay, it wasn't the household. I was sleeping in the office that week (the better to blog you my dear). Here are some of our headlines in chronological order:

September 14
Lehman Brothers: Links A/O 4:00 P.M. EDT
Lehman to File for Bankruptcy Protection (LEH)
6:55 p.m. EDT: The Mother of All Mondays (AIG; LEH; MER)
7:20 p.m. EDT; Bill Gross: "Risk of a Tsunami of Derivatives, Swaps Unwind[ing]" and: ISDA Statement on Lehman Bankruptcy Trades.
7:29 p.m. EDT; "It’s all about Merrill" (LEH; MER) and "Mean Street: If Lehman Liquidates, Wall Street Gets Set to Make a Killing"
7:45 p.m. EDT: Derivatives session to reduce risk from Lehman bankruptcy (LEH)
Rush Is On to Prevent A.I.G. From Failing (AIG)

In other news:Lindsay Lohan Goes After Palin On Environment, Gay Rights

8:30 p.m. EDT: Lehman threatens $62 Trillion CDS market (LEH)
9:15 p.m. EDT: Flight to Safety- U.S. Treasuries Soar as Lehman Brothers May File for Bankruptcy
9:25 p.m. EDT: Australian Stocks Open Down 1.5%; Central Bank Adds Reserves
10:45 p.m. EDT: Lehman Brothers Top Holdings (LEH)
One Way or Another We Will Get Through This

Bernanke Violates Federal Reserve Act Section 23A
I Wouldn't be Too Complacent About New York City Real Estate
BOHICA*-Brace for the Tsunami: Fitch, S&P Downgrade AIG (Updated)
Federal Reserve Accepting EQUITIES as Collateral
Which States are Most Populated by Neurotics?
Things that make you go "Hmmm" (AIG; LEH)

Watching Lehman crossing on the tape at two bits. The world's largest property casualty insurer in the $5's. Hmmm.

There's something wrong with our bloody ships today, Chatfield.*

*Comment of Admiral Beatty after seeing 2200 of his sailors disintegrate. Idiot.
He was, of course, promoted, appointed First Sea Lord and granted an Earldom.

We had a couple posts where the Admiral made an appearance:
The Stock Market and the Battle of Jutland

Sept 16
Hey! Some Good News on AIG!

With the current Dow Jones Industrial Average divisor of 0.122834016 (a $1.00 move = 8.141 DJIA points) AIG could drop from its current $2.40 to zero and it would only knock the Dow down 19.53 points!
It would of course knock the stuffing out of the world financial system.
-Reporting from Climateer world headquarters, your Little Ray of Sunshine.

Lehman's U.K. Landlord Says AIG Insures Rent Payments (AIG; LEH)

DealBreaker on Record as Calling for "Incoherent and Unpredictable Policy Responses to Financial Meltdowns"

"Don't panic - just a temporary crash floe problem."

Overheard on the Titanic.