Lehmans secretly borrowed from Fed; Cowdery bets on diamonds

Scott Sinclair
clock

Thursday newspaper round-up: Lehman Brothers secretly borrowed billions of dollars from the US Federal Reserve months before the investment bank filed for bankruptcy, it has emerged.

The central bank lent Lehman up to $18bn (£11.2bn) as part of a formerly undisclosed lending programme that specialised in month-long loans to banks and other financial institutions. The disclosure of which banks tapped the programme, known as the single-tranche open-market operations, follows a request made by Bloomberg News under the Freedom of Information Act. MORE... Clive Cowdery, the Resolution founder who made about $240m buying and selling insurers, is betting on diamonds after prices rose five times faster than gold this year on surging demand from China and India. MORE...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers have opportunity to deepen private market engagement

Advisers have opportunity to deepen private market engagement

Most client allocations to private markets are either 5%-10% or 1%-5%

Isabel Baxter
clock 18 November 2024 • 2 min read
Royal London cuts number of governed range portfolios

Royal London cuts number of governed range portfolios

Renaming remaining portfolios to reflect level of investment risk

Jenna Brown
clock 18 November 2024 • 1 min read
AJ Bell cuts fees across multi-asset income range

AJ Bell cuts fees across multi-asset income range

£1.5bn of inflows this year

Beth Brearley
clock 14 November 2024 • 1 min read