lokie
Well-Known Member
Agreed.
Knowing the truth is primary to understanding. Sometimes the truth is not pretty.
On this day:
- Thread starter Singlemalt
- Start date
Knowing the truth is primary to understanding. Sometimes the truth is not pretty.
Paul Drake
Well-Known Member
Real life is worse than movies imho. Although unrealistic atm.Agreed.
Knowing the truth is primary to understanding. Sometimes the truth is not pretty.
BarnBuster
Virtually Unknown Member
On September 15, 2008, the venerable Wall Street brokerage firm Lehman Brothers seeks Chapter 11 bankruptcy protection, becoming the largest victim of the subprime mortgage crisis that would devastate financial markets and contribute to the biggest economic downturn since the Great Depression.
At the time of its collapse, Lehman Brothers was the country’s fourth-largest investment bank, with some 25,000 employees worldwide—but it began as a humble dry goods store founded by German immigrant Henry Lehman in 1844 in Montgomery, Alabama.
After Henry’s brothers Emanuel and Mayer joined him in 1850, the business became known as Lehman Brothers.
In 1994, American Express—which had acquired the firm a decade earlier—spun Lehman Brothers off in an initial public offering (IPO). Under the leadership of CEO Richard Fuld, the investment firm began to expand its offerings in the aftermath of the 1999 repeal of the Glass-Steagall Act, which had barred affiliations between commercial banks and investment banks and their activities.
In this newly deregulated financial industry, Lehman Brothers increased its involvement in proprietary trading (or trading with the firm’s own money to make a profit for itself), securitization, derivatives, asset management and real estate.
The housing boom of the early to mid-2000s saw Lehman and other Wall Street firms become heavily involved in collateral debt obligations (CDOs) and mortgage-backed securities (MBSs).
Lehman also expanded into loan origination, acquiring five mortgage lenders between 2003 and 2004, including some specializing in subprime mortgages, which were given to borrowers with weaker credit who ordinarily wouldn’t have been able to obtain a mortgage.
As housing prices began to fall rapidly in mid-2006, many subprime borrowers began to default on their payments, revealing the risky nature of these debts.
Despite these warning signs, Lehman Brothers continued to originate subprime mortgages and increase its real estate holdings after housing prices went into decline, and by the end of fiscal year 2007 the firm held some $111 billion in commercial or residential real-estate-related assets and securities (more than double what it had held at the end of the previous year).
Due to the weakening real estate market, as investors and ratings agencies expressed serious doubts about these types of assets, due to their lack of liquidity in the market, they began to lose confidence in Lehman and its investment banking peers.
Bear Stearns, one of Lehman’s closest competitors, was the first to go under, narrowly avoiding bankruptcy with a sale to J.P. Morgan Chase (backed by the federal government) on March 16, 2008. In the aftermath of Bear’s sudden collapse, rumors circulated that Lehman Brothers would be the next to fall.
Like Bear and other investment banks, Lehman’s reliance on short-term funding deals known as repurchase agreements, or “repos,” to raise the billions of dollars it needed to run business operations each day made it especially vulnerable to any crisis in investor and market confidence.
Lehman sought to reassure its investors, raising $6 billion in equity in June 2008, despite reporting its first loss since going public in 1994.
Then on September 10, the firm announced that it expected $5.6 billion in write-downs (reductions in the estimated or nominal value of an asset) for its “toxic” assets and a $3.93 billion loss for the third quarter. In addition, Lehman said it planned to spin off $50 billion of toxic assets into a separate publicly held corporation.
In response to this announcement, the major ratings agency Moody’s threatened to downgrade Lehman’s debt ratings, and on September 12, Federal Reserve Chairman Timothy Geithner, Treasury Secretary Henry Paulson and others met at the Fed in New York to discuss the firm’s fate.
Despite concerns about the consequences a Lehman Brothers collapse would bring, the federal government and representatives of the administration of President George W. Bush ultimately refused to bail out another investment bank.
Hopes of a sale to another bank fell short as well: One prospective buyer, Bank of America, decided to buy Merrill Lynch instead, while British regulators blocked a last-ditch deal to sell Lehman to Barclays of London.
Out of options, Lehman Brothers declared bankruptcy early on the morning of September 15. The firm declared $639 billion in assets and $613 billion in debts, making it the largest bankruptcy filing in U.S. history.
That day, the Dow Jones Industrial Average plunged more than 500 points, its steepest decline since reopening after the 9/11 terrorist attacks. Lehman’s collapse sent financial markets into turmoil for weeks, leading many to question the federal government’s decision to let the bank fail.
After Lehman’s bankruptcy filing, Barclays agreed to purchase the firm’s North American investment banking and capital markets businesses, saving some 10,000 jobs.
As James Peck, the judge who approved the deal, put it in court: “I have to approve this transaction because it is the only available transaction. Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets. This is the most momentous bankruptcy hearing I’ve ever sat through. It can never be deemed precedent for future cases. It’s hard for me to imagine a similar emergency.”
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injinji
Well-Known Member
Twenty years ago today. Most likely the biggest bridge disaster you have never heard of. Unless you are from Texas.
On Sept 15, 2001, a causeway bridge leading from Port Isabel to South Padre Island collapsed and killed eight people. Twenty years later, survivors and rescuers can talk about it for the first time.
www.npr.org
On Sept 15, 2001, a causeway bridge leading from Port Isabel to South Padre Island collapsed and killed eight people. Twenty years later, survivors and rescuers can talk about it for the first time.
Deadly Texas Bridge Collapse Was Overshadowed By 9/11 Attacks
On Sept 15, 2001, a causeway bridge leading from Port Isabel to South Padre Island collapsed and killed eight people. Twenty years later, survivors and rescuers can talk about it for the first time.
www.npr.org
BarnBuster
Virtually Unknown Member
On September 16, 2013, a 34-year-old man goes on a rampage at the Navy Yard in Washington, D.C., killing 12 people and wounding several others over the course of an hour before he is fatally shot by police. Investigators later determined that the gunman, Aaron Alexis, a computer contractor for a private information technology firm, had acted alone.
Shortly after 8 a.m., Alexis used his security pass to enter Building 197 at the Navy Yard, a former shipyard, dating to the early 1800s, and weapons plant that now serves as an administrative center for the Navy. At approximately 8:16 a.m., Alexis, armed with a sawed-off Remington 870 shotgun and dressed in a short-sleeve polo shirt and pants, shot his first victim. Over the course of the next hour, he moved through the 630,000-square-foot, multi-level Building 197, the headquarters of the Naval Sea Systems Command, gunning down more victims and exchanging fire with law enforcement officials. Alexis was shot and killed by police at 9:25 a.m. The shooting spree caused officials to put part of Washington on lockdown due to initial suspicions that other gunmen might have been involved in the incident; however, by the end of the day, authorities determined that Alexis had acted alone.
A Navy reservist from 2007 to 2011, Alexis began work as a computer technician at the Navy Yard on September 9, 2013. Five days later, at a gun store in Virginia, he purchased the Remington 870 and ammunition used in the attack. Investigators found no evidence that any specific event triggered the deadly massacre, and they believed Alexis shot his victims at random. The shotgun he used (he also took a handgun from one of his victims) was etched with several phrases, including “Better off this way” and “My ELF weapon,” and the FBI announced there was a variety of evidence indicating Alexis was under the “delusional belief” he was being controlled by extremely low frequency (ELF) electromagnetic waves. In August 2013, Alexis told police in Rhode Island, where he was working, that he was hearing voices. The private IT contracting firm employing Alexis took him off his assignment for a few days then let him back on the job; weeks later, he went to work at the Navy Yard.
The 12 men and women murdered during the September 16th rampage ranged in age from 46 to 73. They were memorialized by then-President Barack Obama at a September 22, 2013, ceremony in which he remembered them and also issued a call to tighten America’s gun laws. That call largely went unheeded, and the number of mass shootings in the U.S. has continued to rise.
mudballs
Well-Known Member
who wrote this gun hating articles last line? was great article until i read that progressives bullshit
injinji
Well-Known Member
This event changed all of our lives. Most didn't know it for years, but looking back, nothing was the same after this.
1979 - Sugarhill Gang
The Sugarhill Gang's 'Rapper's Delight' was released. While it was not the first single to feature rapping, it is generally considered to be the song that first popularized hip hop in the United States and around the world. The song's opening lyric "I said a hip, hop, the hippie, the hippie to the hip hip hop" is world-renowned.
1979 - Sugarhill Gang
The Sugarhill Gang's 'Rapper's Delight' was released. While it was not the first single to feature rapping, it is generally considered to be the song that first popularized hip hop in the United States and around the world. The song's opening lyric "I said a hip, hop, the hippie, the hippie to the hip hip hop" is world-renowned.
DarkWeb
Well-Known Member
If you don't start to move when you hear that, then I didn't know what to say.
raratt
Well-Known Member
Never heard of them...lol.
injinji
Well-Known Member
Laughing Grass
Well-Known Member
raratt
Well-Known Member
I knew abut Aerosmith "Walk this Way" in 1975 which was Rap before there was such a thing, remade with Run DMC.
BudmanTX
Well-Known Member
raratt
Well-Known Member
DarkWeb
Well-Known Member
raratt
Well-Known Member
You didn't hang with the right girls.I loved metal.........but that wasn't what girls dance to......
Yeah......nope....
DarkWeb
Well-Known Member
BarnBuster
Virtually Unknown Member
"At the White House in Washington, D.C. on September 17, 1978, Egyptian President Anwar el-Sadat and Israeli Prime Minister Menachem Begin sign the Camp David Accords, laying the groundwork for a permanent peace agreement between Egypt and Israel after three decades of hostilities. The accords were negotiated during 12 days of intensive talks at President Jimmy Carter’s Camp David retreat in the Catoctin Mountains of Maryland. The final peace agreement—the first between Israel and one of its Arab neighbors—was signed in March 1979. Sadat and Begin were jointly awarded the 1978 Nobel Peace Prize for their efforts.
A state of war had existed between Egypt and the State of Israel since the establishment of Israel in 1948. In the first three Arab-Israeli wars, Israel decisively defeated Egypt. As a result of the 1967 war, Israel occupied Egypt’s Sinai Peninsula, the 23,500-square-mile peninsula that links Africa with Asia. When Anwar el-Sadat became Egyptian president in 1970, he found himself leader of an economically troubled nation that could ill afford to continue its endless crusade against Israel. He wanted to make peace and thereby achieve stability and recovery of the Sinai, but after Israel’s stunning victory in the 1967 war it was unlikely that Israel’s peace terms would be favorable to Egypt. So Sadat conceived of a daring plan to attack Israel again, which, even if unsuccessful, might convince the Israelis that peace with Egypt was necessary.
In 1972, Sadat expelled 20,000 Soviet advisers from Egypt and opened new diplomatic channels with Washington, which, as Israel’s key ally, would be an essential mediator in any future peace talks. Then, on October 6, 1973, Egyptian and Syrian forces launched a joint attack against Israel. It was Yom Kippur, the holiest day of the year for Jews, and Israeli forces were taken entirely by surprise. It took more than a week for Israel to beat back the impressive Arab advances. A U.S. airlift of arms aided Israel’s cause, but President Richard Nixon delayed the emergency military aid for seven days as a tacit signal of U.S. sympathy for Egypt. In November, an Egyptian-Israeli cease-fire was secured by the United States.
Although Egypt had again suffered military defeat against its Jewish neighbor, the initial Egyptian successes greatly enhanced Sadat’s prestige in the Middle East and provided him with an opportunity to seek peace. In 1974, the first of two Egyptian-Israeli disengagement agreements providing for the return of portions of the Sinai to Egypt were signed, and in 1975 Sadat traveled to the United States to discuss his peace efforts and seek American aid and investment.
When talks with Israel stalled, Sadat made a dramatic journey to Jerusalem in November 1977 and spoke before the Israeli Knesset (Parliament). In September 1978, President Jimmy Carter invited Sadat and Israeli Prime Minister Begin to the presidential retreat at Camp David, Maryland, where dual peace accords were hammered out under the direction of Carter. Signed on September 17, the historic agreements provided for complete Israeli evacuation from the Sinai, laid the groundwork for the signing of a final peace agreement, and outlined a broader framework for achieving peace in the Middle East.
Sadat and Begin received the Nobel Peace Prize, and on March 29, 1979, a permanent peace agreement was signed that closely resembled the Camp David Accords. The treaty ended the state of war between the two countries and provided for the establishment of full diplomatic and commercial relations.
Although Sadat was greatly praised in the West, he was widely condemned in the Arab world. In 1979, Egypt was expelled from the Arab League, and internal opposition to his policies led to domestic crises. On October 6, 1981, Sadat was assassinated by Muslim extremists in Cairo while viewing a military parade commemorating the Yom Kippur War. Despite Sadat’s death, the peace process continued under Egypt’s new president, Hosni Mubarak. In 1982, Israel fulfilled the 1979 peace treaty by returning the last segment of the Sinai Peninsula to Egypt."
injinji
Well-Known Member
It was time delayed, but this is the reason I'm still a polliwog. The Saipan was steaming south in the IO the first week of October, 1981. We were a couple three days from crossing the equator. (we had already started saving garbage for the shellback ceremony) But things didn't work out for me or for Sadat. We ducked into the Gulf of Aden, then up the Red Sea. We were rated at 28 knots max speed. That night we averaged 30. When the sun came up all you could see was Navy gray as far as the eye could see. We had blanketed the coast.
BarnBuster
Virtually Unknown Member
Sadat's assassination was by the group that allied themselves with AQ and late merged with them and UBL