How timely .. Those who may know me know I am holding down two jobs and also going to school full time (not to mention keeping edit over the Schmuckraker.com website) .. and tomorrow, at school, I am going to take my microeconomics midterm exam.. Tonight, however, everyone may get a quick lesson in macroeconomic studies. For days, rumors and rumblings have abounded in economic circles that Lehman Brothers is in some serious trouble -- for days talks have taken place aimed at selling the investment bank in whole or part. The sticking point has been the Bush Administration's refusal to bail out Lehman Brothers like it did Bear Stearns last March. But apparently talks have broken down as to how to save Lehman.. A bloody Sunday set to evolve tonight as investors are prepared for a potential Lehman bankruptcy--possibly before midnight. Bank of America and Barclays Plc have pulled out of talks to buy Lehman Brothers, hence the potential collapse. Lehman Brothers is 158 years old, and serves financial needs of corporations, governments, municipalities, institutional clients, and high net worth individuals.. Lehman Brothers stocks have plummeted within the last few days.. x x x x Alan Greenspan is warning that other finance firms will fail .. Greenspan's words were dire: "First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event" .. "I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring" .. .. Developing..

Labels: Banks, Breaking news, Economy, Greenspan, Money, recession