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As U.S. Treasury officials made it clear the government will not bail out Lehman Bros., the Federal Reserve Bank of New York met Friday night with Wall Street executives in an effort to forestall the collapse of the investment firm and shore up rapidly weakening financial markets.
The New York Fed called the emergency meeting Friday evening with the heads of major financial institutions and the group reportedly plans to continue meeting throughout the weekend if necessary to come up with a plan to save the ailing Lehman Bros. (LEH:3.76, -0.46, -10.9%) and prevent further damage among financial companies.
According to media reports, Fed spokeswoman Michelle Smith confirmed the meeting but did not disclose which financial institutions participated in the meeting or whether the group had reached any decisions. But Smith told media outlets that that Treasury Secretary Henry Paulson, New York Fed President Timothy Geithner and Securities and Exchange Commission Chairman Christopher Cox were present.
The Wall Street executives attending included Morgan Stanley (MS:37.23, -1.48, -3.8%) Chief Executive John Mack, Merrill Lynch (MER:16.96, -2.47, -12.7%) Chief Executive John Thain, J.P. Morgan Chase (JPM:41.11, -0.54, -1.3%) CEO Jamie Dimon, Goldman Sachs Group (GS:154.21, -2.82, -1.8%) CEO Lloyd Blankfein, Citigroup Inc. (C:17.96, -0.65, -3.5%) head Vikram Pandit and representatives from the Royal Bank of Scotland Group PLC (RBS:4.32, +0.13, +3.1%) and Bank of New York Mellon Corp., as well as others, according to the Journal.
Originally posted by necspe
reply to post by sty
I expect a small pop tomorrow due to the sale of lehman
Banks were in tense talks to create a pool of money worth up to $50 billion to lend troubled financial companies, the official said on condition of anonymity because the discussions were ongoing.