1 million euros lost on Lehman

PALMA
SIX mallorca based clients lost a million euros or more when US investment bank Lehman Brothers went bust last month.
Banking chief Luis Pineda accused bosses of the disgraced American bank of playing a dangerous game with clients’ money.
He said Lehman’s played the markets is if they were a “giant casino,” and explained more than 20 other customers had lost more than 500′000 euros in the bank’s collapse.

Lehman Brothers was the fourth-largest investment bank in the United States. It was considered one of Wall Street’s biggest dealers in fixed-interest trading and was heavily invested in securities linked to the US sub-prime mortgage market.

Founded in 1850 by three immigrants from Germany, Lehman Brothers was a prominent investment bank in Wall Street for decades.
More Property for sale Mallorca

Tags: mallorca property

This entry was posted on Monday, October 20th, 2008 at 3:23 am and is filed under Property Sale Mallorca. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.