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SEOUL, South Korea - State-owned Korea Development Bank has made a proposal to acquire 25 percent of U.S. investment bank Lehman Brothers for as much as 6 trillion won (US$5.3 billion), a newspaper reported Wednesday.
Analysts project that Lehman, considered to be the most vulnerable to the credit crisis, could post losses of up to US$4 billion when it reports third-quarter results in mid-September. It is expected that the investment bank will also announce a deal to raise fresh capital to help offset the losses.
Mr. Anderson also said that Lehman will further Ospraie’s expansion "with selected marketing, operations, technology and product development services."
Mr. Anderson is an experienced commodities trader who has won a reputation for expertise in this area that is regarded as very promising on surging demand from China and India, and the disastrous returns in some of the equity sectors.
Why would foreign banks be vying to shore up our failing financial institutions?
Originally posted by Rockpuck
Essentially it's a fire sale of the US Economy with the assurance that the Gov won't allow the companies to fail.
The Treasury Department and the Federal Reserve are engineering a sale of Lehman Brothers through a consortium of private firms. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.