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...The move to raise $500m in art-backed securities comes at a moment of deep distrust of Drahi in the bond market, however....
...That included a $13bn fund just before the onset of the financial crisis in 2008 as well as a $10.5bn vehicle that closed after Lehman Brothers had filed for bankruptcy....
...(Middleton was the lead liquidator of Lehman Brothers’ operations in Asia). Their job will be far from straightforward. Evergrande is a sprawling collection of companies based onshore and offshore....
...It suffered heavy hits in 2008 from the collapse of US bank Lehman Brothers and from its exposure to the Bernard Madoff Ponzi scheme, but finally paid back all its bailout-related debt to the state in 2015...
...The now expansive buyout and private credit industries were also pioneered by small teams of former bankers from groups like Bear Stearns, Lehman Brothers and Drexel Burnham Lambert, who devised new financial...
...One of them was a young and ambitious investment banker called Stephen Schwarzman, who had been made a partner at Lehman Brothers that same month....
...Altman, 77, launched it after a career that took him from Lehman Brothers and Blackstone to Washington, where he served as deputy US Treasury secretary in the Clinton administration....
...These are all large firms with lots of debt, especially debt issued in recent years when yields were much lower....
...Lehman Brothers had just collapsed, and the global financial crisis was taking hold. I remember the occasion because it was one of the first times I saw an iPhone....
...Xiaoxi Zhang, an analyst at Gavekal Research, wrote in a report this week of concerns about a looming “Lehman moment”....
...Following a domestic banking crisis and the bankruptcy of Lehman Brothers in 2008, Japanese groups such as Sony, Panasonic and Hitachi entered a long and painful period of restructuring....
...In today’s newsletter: China remains cosy with private equity The Issa brothers shuffle their debt, again Junk debt makes a comeback Private equity’s lasting love affair with China When the Chinese...
...Even Barclays, which bought Lehman Brothers’ North American business out of bankruptcy during the financial crisis and is seen as having competed better than most overseas peers, is struggling from a wave...
...Former Lehman Brothers banker David Kim is retiring as chief operating officer of PAG’s private equity business after 13 years at the firm, per Bloomberg....
...In 2008 Englander hired Michael Gelband from Lehman Brothers to build out the firm’s fixed-income trading business, which grew into one of Millennium’s main profit engines....
...That gave private equity buyers more flexibility when it came to taking on more debt and less visibility into a company’s financial health for the buyout groups providing said debt....
...A hundred years before Brunnermeier and Pedersen, Youngman conceptualised the mechanics of the liquidity spiral that brought down Lehman Brothers in 2008 with astounding accuracy: where financing conditions...
...The next attempt was led by Bob Diamond, a brash American trader whose big break was buying the US assets of Lehman Brothers out of bankruptcy in the financial crisis, leading to his appointment as group...
...Anyway, this arrangement worked for a while, then unravelled in 2008 thanks to the influx of junky mortgage-related repo collateral that was rendered nearly worthless when Lehman Brothers fell....
...In 2021, they brought in retail veteran Lord Stuart Rose as chair of both EG and Asda, and appointed former Land Securities chair Dame Alison Carnwath to both boards....
...When you’re most popular is probably when you’re reaching the top of the cycle.” Read the full analysis here and don’t miss FT Alphaville’s take on it too. How does this story end?...
...Underlying debt, which excludes Bank of England debt, will be 91.7% in 2024-25 according to the OBR, then 92.8%, 93.2%, 93.2% before falling to 92.9% in 2028-29 with final year headroom against debt falling...
...Goldman’s David Rusoff is joining Citadel Securities as chief legal officer, per Reuters....
...Iksoo Kim, partner, Paul Hastings Iksoo Kim trained in economics and worked as an investment banker at Lehman Brothers before switching to law — first in New York and then Hong Kong....
...But things have been changing ever since Samwer consolidated his control over the group and began pushing Rocket into new directions such as building out debt and public equity units that have become new...
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