Tomorrow, the 2013 Ashes series (England verses Australia) begins with the start of the first match at Trent Bridge (Nottingham). Though England and Australia have battled since 1861, the Ashes were first contested in 1882. Australia lead England 31-30 in series victories. England start as strong favorites with the bookmakers. Glenn McGrath cautiously predicts a 2-1 Australia series win, whilst Ian Botham predicts a 10-0 wipeout for England over the two series. The 2013 Ashes will be streamed live to 53 countries over YouTube. With Britain in the grip of unusual summer weather (sun), much play is likely. [more inside]
The September 2008 colapse of Lehman Bros. was the percipaticing event which channged a credit crunch to a panic. The examiner apointed by the bancrupcy court has produced a 2200 page report about what went wrong. The whole report is here. Summaries and links to analysis after the jump. [more inside]
How Lehman Brothers Got Its Real Estate Fix. A great article in the NYTimes describes some of the details of commercial real estate lending in its heyday, with a focus on one of Lehman's biggest dealmakers.
Lehman Brothers files for liquidation. After an all weekend emergency meeting at the New York Fed, no rescue, and LEH is gone. AIG announcing restructuring tomorrow. Bank of America in merger talks with Merrill Lynch, offering to buy the firm outright at $29/share, which values the 94 year old firm at a paltry $40 billion. The futures market say that stocks are not happy.