Guess nobody can do magic with those mirros like Hank. Couldn’t have happened to a more deserving company. Although the economy really can’t afford another hit.
Cincinnati said it had sold most of the $24 million of Lehman preferred stock and debt securities held at June 30, and expects to take a related charge of $9 million in third quarter.
Lehman Brothers, once an investment banking giant, filed for bankruptcy protection on Monday after trying to finance too many risky assets with too little capital.
Cincinnati, which still holds securities of American International Group Inc worth about $81 million as of September 15, sees an impairment charge of about $50 million from securities related to the mortgage giants Fannie Mae and Freddie Mac.
my, how the might have fallen. is it poor planning or simple greed. hank must be very upset today!
Guess nobody can do magic with those mirros like Hank. Couldn’t have happened to a more deserving company. Although the economy really can’t afford another hit.
Cincinnati said it had sold most of the $24 million of Lehman preferred stock and debt securities held at June 30, and expects to take a related charge of $9 million in third quarter.
Lehman Brothers, once an investment banking giant, filed for bankruptcy protection on Monday after trying to finance too many risky assets with too little capital.
Cincinnati, which still holds securities of American International Group Inc worth about $81 million as of September 15, sees an impairment charge of about $50 million from securities related to the mortgage giants Fannie Mae and Freddie Mac.
Look-out.