oder wie ist diese Meldung von gestern zu verstehen? Wäre ein Anfang wenn das Geld in die Kassen kommt, nur dann ist diese Sparte auch wech.
"JPMorgan Gave Lehman $138 Billion After Bankruptcy (Update3)
By Tiffany Kary and Chris Scinta
Sept. 16 (Bloomberg) -- JPMorgan Chase & Co. gave $138 billion this week in Federal Reserve-backed advances to the broker dealer unit of Lehman Brothers Holdings Inc. to settle Lehman trades and keep financial markets stable amid the biggest bankruptcy in history, according to a court filing.
One advance of $87 billion was made on Sept. 15 after the pre-dawn bankruptcy filing, and another of $51 billion was made today, Lehman said in court documents. Both advances were made to settle securities transactions with customers of Lehman and its clearance parties, according to the filing.
The advances were necessary ``to avoid a disruption of the financial markets,'' Lehman said in the filing.
The first advance was repaid by the Federal Reserve Bank of New York on the night of Sept. 15, Lehman said. JPMorgan said in a statement that the $51 billion advance was also repaid and the process will zero out the advances at the end of each day.
U.S. Bankruptcy Judge James Peck in Manhattan approved an order confirming that advances JPMorgan is providing are covered by existing collateral agreements with Lehman and its affiliates. JPMorgan holds about $17 billion in collateral to secure the money it advances to clear the trades, Lehman attorney Richard Krasnow said.
`Comfort Order'
``I believe the comfort order for the benefit of JPMorgan Chase under these clearance agreements, while unusual in my experience, is entirely appropriate,'' Peck said. There were no objections to the request.
Requests to obtain a bankruptcy loan and schedule the sale of Lehman assets were postponed until tomorrow.
JPMorgan said in a statement before the hearing that it would ``be unable to continue'' making future advances needed to settle trades unless the court granted its claims special status.
Both advances were ``guaranteed by Lehman'' through collateral of the firm's holding company under an agreement reached in August, according to the filing. The advances were made at the request of Lehman and the Federal Reserve, according to the filing.
Lehman disclosed the advances in a motion seeking court permission to give JPMorgan's claims special status in its bankruptcy and to certify they are guaranteed by Lehman's collateral.
Future Advances
Lehman also said JPMorgan may make future advances at its sole discretion, all of which would be guaranteed by Lehman under the August agreement to pledge collateral. JPMorgan said the August accord, as well as a separate agreement made Sept. 9, guaranteed its advances. Both update a June 2000 clearance agreement between the companies.
JPMorgan lawyer Harold Novikoff didn't immediately return a call seeking comment. Federal Reserve Bank spokesman Andrew Williams didn't immediately return a call or e-mail seeking comment.
Investment banks have been aiding or buying peers since the U.S. Treasury Department and the Federal Reserve established that its rescue of Bear Stearns Cos. in March hadn't set a precedent and declined to save Lehman before it filed for bankruptcy with debt of more than $613 billion.
JPMorgan is also reported to be working with American International Group Inc., along with Goldman Sachs Group Inc., after AIG was told not to expect a loan from the central bank. Merrill Lynch & Co. agreed to be acquired by Bank of America Corp., leaving Goldman Sachs and Morgan Stanley as the two largest remaining investment banks.
Barclays Walks
Barclays Plc, the U.K.'s third-biggest bank, walked away from a reported deal to buy all of Lehman just before its bankruptcy, and may instead buy Lehman's trading and investment banking business, a person with knowledge of the matter said today.
Lehman, based in New York, was the fourth-largest investment bank when it sought bankruptcy protection.
JPMorgan rose $3.74, or 10 percent, to $40.74 in New York Stock Exchange composite trading at 4:15 p.m.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Christopher Scinta in New York bankruptcy court at csinta@bloomberg.net and; Tiffany Kary in New York bankruptcy court at tkary@bloomberg.net.
Last Updated: September 16, 2008 18:36 EDT " ----------- Ich bin die doppel ID vom TheNewcomer, aber sagt dies nicht dem Grinch. lol
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