Lehman Bros travails go from bad to worse

Lehman Bros. are laying off 1200 more employees. 2008 is a bad year for this investment banking house saddled with subprime mortgage debt. Four times in recent memory has it had to send out pink slips. Lehman are looking to sell off core, money making assets, to buoy up a red bottom line. And although Brumaire18 thought the bank would fail by 1q09, it looks as though with a plummeting stock price and serious financial troubles, it might come sooner. The saviour will be a foreign bank more likely. No US bank like JPMorgan Chase who picked up Bear Stearns for a song, can do the trick, and that trick had the full backing of rate or taxpayers money. After Lehman, there's Merrill Lynch, another weak link in America's debt ridden financial system. Now it turns out after hiding it well, JPMorgan Chase are up to the proverbial nose in subprime mortgage debt.
The whole system is infected by the virus of greed that the banks pursued to make a fast Yankee dollar, which they did, and now they're paying for their sins. And unfortunately owing to friends, mainly Herr Bush's minions, in high places, everyone else is not only in the US but globally, too.