Remember in the Godfather II (pretty soon you won't have to remember anything from the Godfather I and II, if you keep reading this blog, since we will probably cover every piece of both movies at some point in the not too distant future) when a young Danny Aiello goes into the local bar and tries to whack Frank Pentangelli? Well the reason he can't whack Frankie is because a cop walks into the bar and says to the bartender, "Hey Rich you open or closed"? Then all hell breaks loose.
Well thats what was going on in the markets right before President Bush spoke at 10:25 a.m. eastern time. There was a strong rumor that ALL of the stock markets on the globe were going to be CLOSED! Think about that. These are some bad times when stuff like that gets rumored. The White House came out after Bush's speech and flatly denied that the U.S. would be closing its markets. So we got that goin for us.
Oh the initial results of that Lehman was auction was even worse than 13 cents, it was 9.75! Oh and thats just the initial pricing. The auction will be finalized at 2pm with some saying because there is $5billion worth of open trades that the price will be like 7.5 cents. So if I do some quick math, if there's $5bn in trades, and the auction finalizes at 7.5, a few somebodys are gonna have to cough up $4.625bn pronto. Good luck players. Stocks are getting ripped again.
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