Bloomberg & Sunday Times October Flashback: Did JPM ignite crisis by freezing LEH?

Discussion in 'Wall St. News' started by wilburbear, Nov 24, 2008.

  1. Now that we've had 2 massive rallies, maybe it's time to do forensics on what caused the crisis.

    The Sunday Times reported that JPM was accused of inappropriately freezing LEH's assets.

    JPM stated these allegations were "conjecture" and promised to address them in the future....................
  2. JPM - when will we hear your promised explanation for freezing LEH?
  3. JPMorgan had more than $17 billion of Lehman's cash and securities three days before the investment bank filed the biggest bankruptcy in history on Sept. 15, the creditors committee said in a filing Oct. 2 in bankruptcy court in Manhattan. Denying Lehman access to the assets on Sept. 12, the bank ``froze'' Lehman's account, the creditors claimed.


    This may very well have happened but Fuld was asking to be a bank holding company long before it was fashionable to be a bank holding company.

    Creditors are looking for somebody to blame/sue with deep pockets.