Who's Talk Was Louder on Lehman (LEH) Today - Bill Gross or Ben Bernanke?
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Who should you listen to on Lehman Brothers (NYSE: LEH), PIMCO's Bill Gross or the Federal Reserve Chairman Ben Bernanke?
Today, rumors were swirling that large Lehman Brothers clients PIMCO and SAC Capital were pulling money from the firm. Both funds publicly denied the speculation.
On CNBC, PIMCO's Bill Gross discussed the Lehman speculation saying his company continues to trade as normal with Lehman and stands behind the firm. Gross also said that, with the Fed's discount window open, there is no chance of another investment bank failure.
If an investment bank collapse is not possible, then why did Ben Bernanke just ask Congress today to put measures in place in the event of another failure?
Today, in his speech to Congress, Bernanke said, "the Congress may wish to consider whether new tools are needed for ensuring an orderly liquidation of a systemically important securities firm that is on the verge of bankruptcy."
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+0.00Related Entities
- SAC Capital
- William H. Gross
- Pacific Investment Management Company, LLC (PIMCO)
- Steven A. Cohen
- Ben S. Bernanke
- Lehman Brothers
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