You might think that $2 – the sum that Nomura reportedly paid for the equities and investment banking franchises of Lehman Brothers in Europe – is cheap for a London-based investment bank.
However, since the dollar is trading at about $1.84 per pound at the moment, it is a slight premium (in nominal terms at least) to the ₤1 that ING paid for the remains of Barings in 1995. Read more
I see (via Felix Salmon) that the credit default swap marked, distrusted by Chris Cox of the Securities and Exchange Commission and beloved by Alan Greenspan, now believes that the US government is more likely to default on its debts than McDonald’s.
FT Alphaville reports that: Read more