The SEC issued a statement last night that, together with the Treasury and the Federal Reserve, it is working with Lehman Brothers to address the issues that it faces. The SEC stated that in particular, it “is taking actions to ensure that customers of Lehman Brothers Inc., the U.S. regulated broker-dealer subsidiary of Lehman Brothers Holdings Inc., which holds the accounts of Lehman’s U.S. securities customers, will not be adversely affected by recent market events. The broker-dealer’s customers benefit from their extensive protections under SEC rules, including segregation of customer securities and cash, as well as insurance by the Securities Investor Protection Corporation (SIPC). These safeguards are designed to ensure that the broker-dealer’s customers will be protected.”
The SEC stated that it is also coordinating with overseas regulators to protect Lehman’s customers and to maintain orderly markets:
“For several days, we have worked closely with regulators around the world including the FSA in the United Kingdom, the BaFin in Germany, and the FSA in Japan, as well as our counterparts in other markets around the world, to coordinate our actions in the interest of orderly markets,” said SEC Chairman Christopher Cox. “In doing so we have also worked closely with the Treasury and the Federal Reserve and market participants. We are committed to using our regulatory and supervisory authorities to reduce the potential for dislocations from recent events, and to maintain the smooth functioning of the financial markets.”
I am a bond holder of Lehman Brothers; I just cannot believe my government can throw billions of dollars toward banks without any restrictions, throw money to the welfare, welcome new aliens from across the boarders so that we the citizens can pay for their childrens schooling and hospitalization, bail out mortage borrowers, and morgtage banks yet cannot bail those of us who have thousands of $ invested in Lehman Brothers.
I received 1 interest payment after tying my pension up. I am so frustrated, for in addition to the above, there does not seem to be anyone on line or in a company who has any information on the subject. I now understand, since lehman filed bankruptcy, I have all unsecured bonds. Is there any one out there who can answer any questions???