american banking. i don’t get it
September 15, 2008, 4:16 pm
a call for help: i’m trying to really, truly understand what’s going on, but i’ve discovered i don’t know the very basics of our banking economy. for instance, if i go to to wikipedia and look up “lehman brothers,” this is what i get:
The firm does business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It is a primary dealer in the U.S. Treasury securities market.
imagine that every bolded word here is a link. imagine that i have to click on every link b/c i don’t really actually KNOW what they are (not in the full “understand” sense). imagine how impossible reading about the crisis is.
i get things are really bad, and that the fan is being hit over and over. but i think i understand more about the nuclear fuel cycle than i do the upper echelons of the financial markets. can anyone out there throw me a bone?
oh yeah, let’s not forget that after every link i click, i need to click on two more links to understand that one. sigh.
Lehman Brothers is a United States-based financial services company that provides a variety of commercial financial services worldwide, including various investment and banking services as well as market research and trading. It is heavily involved in the U.S. Treasury securities market, and is comprised of numerous subsidiary companies. On September 15, 2008, the company announced it was filing for bankruptcy after a $3.8 billion loss had been reported on September 10.
via http://mahalo.com/Lehman_Brothers
For more on the Bankruptcy – http://mahalo.com/Lehman_Bankruptcy
And here is a fairly understandable article about what it means – http://iht.com/articles/2008/09/15/business/lehman.php
Your ignorance of lehmen is very simple.
they don’t make boring ass commercials repeated on loop during football games and other tv programming geared for old white guys. Fortunately, this financial collapse will allow for many more miller lite and hdtv commercials, which thus far have been horribly under represented.
oh yea, go steelers. 19-0, that’s right bitches.
http://www.investopedia.com/dictionary/default.asp
So this is the goldmine for all of us nerds that work in the financial industry. We all use this to look up words that we should know, but are too embarassed to ask. The definition they give is really easy to understand.
Enjoy!!