Post by soonerlew on Mar 17, 2008 20:41:43 GMT -5
Thanks to ming for this.......
tramp2.proboards88.com/index.cgi?board=general&action=display&thread=1205795407
next one falling?
« Thread Started on Today at 4:10pm »
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SINGAPORE - Shares of Lehman Brothers Holdings Inc. plunged Monday after a news report that Southeast Asia's largest bank instructed traders in an e-mail not to do business with the bank.
DBS Group Holdings Ltd. took back those instructions, but after the fall of the once storied Wall Street bank Bear Stearns on Sunday, skittish investors sold off quickly and Lehman plunged more than 40 percent Monday, falling as low as $20.25, their cheapest price since May 2000. They settled to close at $31.75.
DBS sent an e-mail to several traders instructing them not to conduct any new dealings with Lehman Brothers or Bear Stearns Cos., two people familiar with the situation said, according to Dow Jones.
"There was an email sent out after the first advising traders to review new transactions (with Lehman Brothers) case by case," Dow Jones Newswires reported.
DBS wouldn't immediately confirm the existence of the e-mails.
"There are still transactions with Lehman that went through today," a top DBS spokesman told The Associated Press. "Given the current market conditions, we are merely exercising more vigilance and reviewing all new transactions on a case-by-case basis."
Lehman Brothers pointed out that there were foreign exchange trades with DBS Monday, including a purchase of 20 million New Zealand dollars.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
www.cnbc.com/id/23671200/for/cnbc/
tramp2.proboards88.com/index.cgi?board=general&action=display&thread=1205795407
next one falling?
« Thread Started on Today at 4:10pm »
--------------------------------------------------------------------------------
SINGAPORE - Shares of Lehman Brothers Holdings Inc. plunged Monday after a news report that Southeast Asia's largest bank instructed traders in an e-mail not to do business with the bank.
DBS Group Holdings Ltd. took back those instructions, but after the fall of the once storied Wall Street bank Bear Stearns on Sunday, skittish investors sold off quickly and Lehman plunged more than 40 percent Monday, falling as low as $20.25, their cheapest price since May 2000. They settled to close at $31.75.
DBS sent an e-mail to several traders instructing them not to conduct any new dealings with Lehman Brothers or Bear Stearns Cos., two people familiar with the situation said, according to Dow Jones.
"There was an email sent out after the first advising traders to review new transactions (with Lehman Brothers) case by case," Dow Jones Newswires reported.
DBS wouldn't immediately confirm the existence of the e-mails.
"There are still transactions with Lehman that went through today," a top DBS spokesman told The Associated Press. "Given the current market conditions, we are merely exercising more vigilance and reviewing all new transactions on a case-by-case basis."
Lehman Brothers pointed out that there were foreign exchange trades with DBS Monday, including a purchase of 20 million New Zealand dollars.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
www.cnbc.com/id/23671200/for/cnbc/