Archive for September 15th, 2008
Speaking of the price of oil…part 2
15 September 2008Something really needs to be done.
At some point last week, as Hurricane Ike blazed a notional path for the oil refineries of Texas, Canadian gasoline retailers raised their prices by 13 cents a litre “in anticipation of supply interruptions”. A day or two later, they jumped another 1.6 cents or so. The Hurricane [...]
ScotiaBank on hook for US$93 million loan to Lehman
15 September 2008The list of creditors with material exposure to Lehman Brothers (LEH:NYSE) is long (hat tip to The Deal). There will be dozens of holders of senior notes, subdebt and junior subdebt, so you can’t make too much of the fact that it looks as though the Japanese banks were laid out. We’d need [...]
Richard Nesbitt: end is nigh for Goldman and Morgan Stanley
15 September 2008He may be new to investment banking, but CIBC World Markets CEO Richard Nesbitt was quick out of the gate today with his own prediction regarding the fallout of Lehman’s bankruptcy filing. According to Bloomberg, Mr. Nesbitt believes the days of the large independent investment bank are about to end:
“I don’t think around the [...]
Canadian dealers prowling New York for talent
15 September 2008If you are a talented NYC-based player at Lehman Brothers or Merrill Lynch, you probably already know that many of the Canadian investment dealers with New York offices are hunting for you this very minute. While the Canadian banks aren’t interested in doing a major U.S. acquisition right now, there is much discussion today [...]
Will we ever see a Glass-Steagall redux?
15 September 2008What do Salomon Brothers, First Boston, Bear Stearns, Lehman Brothers and Merrill Lynch all have in common?
- storied brand name
- loyal client base
- fiesty and independent employee culture / reputation
- global reach
- multiple product lines, with revenue sources often dominated by the “flavour of the month”
Two decades ago, these were some of the strongest names [...]