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Lehman Brothers close to naming a new board: report

(Reuters) – The bankruptcy estate of Lehman Brothers Holdings is close to naming a new board of directors to help finish winding down the collapsed financial firm, the Wall Street Journal said, citing people familiar with the matter. The new board, made up of seven experts in restructuring, real estate and derivatives who are not tied to Lehman, will…

Factories stalling worldwide

LONDON/SINGAPORE (Reuters) – Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed. Factory activity shrank even further in the euro zone, reinforcing the view that…

Analysis: What would happen if the Chinese economy crashes?

(Reuters) – The China hard-landing debate is a classic tail risk story — an unlikely scenario, but if it materializes the consequences could be catastrophic. Because of their close trade links, Malaysia, Singapore, South Korea, Taiwan and Hong Kong would be among the first to feel the pain should China’s…

U.S. government recovers nearly $900 million in TARP bailout

WASHINGTON — The US Treasury said Thursday it had recovered nearly $900 million during the first six months of the year in taxpayer money used to bail out the banking system during the financial crisis. The Treasury said it had received more than $886 million by June 30 from the…

Government to bail out AIG to the tune of $85 billion

Remember this lesson folks: when average Joes and Janes lose their jobs and homes due to this economic meltdown it’s a correction; when a corporation of the size of AIG runs itself into the ground is deemed “too big to fail” and it gets to suck on the government teat.…

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