45 percent of the world’s wealth has been destroyed

Quote of the day, March 10, 2009: Private equity company Blackstone Group LP CEO Stephen Schwarzman said that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis. “Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” …

Lehman Brothers bites themselves in the ass with credibility issues

On July 19, 2007 Lehman Brothers rejected suggestions that they are exposed to subprime problems. Many companies made statements in the summer of 2007, in part because their shock and disbelief caused those companies to say just about anything. Remember Countrywide in July 2007? But we had a problem with Lehman Brothers rejection of exposure …