Some notes…
You remember the pump and dump, right? That’s where a certain someone buys stock in a company, then goes to message boards, chat rooms, and spam e-mail lists to talk other people into buying it. Their sudden surge in buy orders sends the stock price up, allowing the certain someone to unload his stock at a profit.
Get it? He pumped up the value of the stock, then dumped it.
The Fed: Private meetings with the playas and the Fed in June.
Lehman Brothers: WTF?
The fund’s demise is a financial blow to Lehman Brothers, which bought a 20% stake in Ospraie Management three years ago. Lehman is already struggling to cope with huge losses on the credit markets and is in the middle of delicate negotiations to raise up to $6bn (£3.4bn) of fresh capital from the Korea Development Bank.
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