Lehman Brothers, the fourth largest investment bank on Wall Street, failed to find a buyer over the weekend and filed for bankruptcy on Monday and its stock price was trading below $0.20 immediately after the announcement. After Lehman’s bankruptcy and the sale of Merrill Lynch to the Bank of America, now there are only two major independent investment banks on Wall Street, Goldman Sachs and Morgan Stanley. The market is insane right now after the Fed spent $85 billion to bail out the world’s largest insurer, AIG, and the Dow Jones has fallen near 1,000 points for three days. Nobody knows when the financial market would be stable again as the stock prices of companies in the financial sector kept falling even though they posted better-than-expected quarterly earnings.
Well, the fact that Lehman’s gone was undeniable so I searched “Lehman Brothers” on eBay and lots of items were listed for people to buy as collectibles or souvenirs. Most of the stuff was like pens, t-shirts and caps but they weren’t cheap at all. I couldn’t believe a 2008-edition Lehman Brothers green baseball cap could attract 25 bids and the maximum bid was close to $100 with 12 hours remaining. Before my search, I was hoping to buy a cap at a price below $10 but I don’t think it’s possible right now. Anyway, maybe I would need to wait a bit longer after people digested the news and clamed down. After all, a piece of Lehman’s history is worth more than a share of Lehman’s stock.
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