Monday, September 29, 2008

Injection doesn't help

http://biz.yahoo.com/ap/080929/wall_street.html

No amount of money injected in the world is going to make these banks run.
That takes people with jobs making deposits.
Making the currencies worth less by bogus injections of freshly minted money
is just making the problem that much more worse and actually escalating it at that.
If interest can't be paid derivatives can't be canceled
And that can't happen unless "The People" of the world are working!
Money is no longer put into companies it's given to corporate heads and investors.
"The People" make the world turn, not the investor.
Corporate greed and banking greed has ruined the balance
If "The People" are not sustained the world of finance has no legs to stand on!

Lehman Brothers Holdings Inc.'s brokerage unit, in the months before its parent filed for bankruptcy protection, lost more than $400 billion in assets, according to the trustee overseeing customer accounts.

Lehman's holding company filed for bankruptcy Sept. 15 claiming $639 billion in assets, using four-month-old data. The wholly owned brokerage unit shrank to less than $100 billion in assets from $500 billion ``a few months ago,'' according to a Sept. 19 court statement by James Giddens, the trustee overseeing the settling of Lehman brokerage customer accounts by the Securities Investor Protection Corp.

The loss in value was caused by ``changes in the market,'' according to Giddens, a partner at law firm Hughes Hubbard & Reed, who spoke at a bankruptcy court hearing in Manhattan. The runoff may indicate Lehman's customers, including many hedge funds, canceled and closed out trades as they began to doubt the firm's ability to navigate the credit crunch, bankruptcy analysts and lawyers said.

``There was the proverbial run on the bank'' at Lehman