“Investment Banks lend as if they had balance sheets”

—Robert Diamond – President of Barclays

Lehman listed liabilities of $613 billion and assets of $639 billion

Barclays buys Lehman’s core capital markets businesses for $1.75 billion

• The deal includes Lehman’s Midtown Manhattan headquarters building and two data centers, which accounts for $1.5 billion of the deal’s value
• To be approved by a judge overseeing Lehman’s bankruptcy proceedings.
• Barclays is expected to raise $1 billion in equity to support the deal

“God Save the Queen” blared over the loudspeaker

—NYTimes