Lehman Down Because Of Credit Issues
July 7th 2008 21:33
Because of credit issues - Lehman (LEH) fell over $2.00 today to close at $20.84. "Energy pricing agency Platts has put Lehman Brothers (LEH) under a temporary review that effectively excludes it from trading benchmark-setting oil contracts..."
Reuters reports that "Lehman strived in recent years to build up a commodity and energy trading division to rival that of the long-standing giants Goldman Sachs (GS.N) and Morgan Stanley (MS.N)."
Reuters reports that "Lehman strived in recent years to build up a commodity and energy trading division to rival that of the long-standing giants Goldman Sachs (GS.N) and Morgan Stanley (MS.N)."
Being under review from Platts prevents market players from participating in the daily price-setting process and restricts their ability to influence pricing. But such companies are free to seek buyers and sellers outside of Platts' trading platform. Energy brokers in Singapore said they had seen no bids or offers from Lehman in recent sessions in the half-hour trading window used to set most Asia oil products and some crude values.
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