Feeds

Articles about Lehman Brothers

The Register breaking news

Lehman Brothers sues Intel over a billion dollar deal

Bankrupt investment firm Lehman Brothers is suing Intel over accusations that it had seized $1bn in collateral in breach of a swap agreement. The bank synonymous with the global financial meltdown told New York's bankruptcy court in a filing that Intel had taken more than its fair share out of its subsidiary Lehman Brothers OTC …
Night scene of bank station in central london

What did the Lehman Brothers implosion look like to a techie?

I was at Lehman Brothers (AKA "Lehman's", or "The Brothers", spoken in a slightly menacing US-Italian accent) from January 1996 to June 2008, bar a three year gap in the middle for dotcom japes. I was an IT contractor/consultant with several groups in the Fixed Income division, including Credit, which dealt with the infamous …
The Register breaking news

Lehman Brothers' India ops saved from economic meltdown

A Japanese financial services outfit has agreed to purchase Lehman Brothers' India-based operational support businesses, rescuing roughly 3,000 people - including 1,200 IT professionals - from the worldwide economic meltdown. The Tokyo-headquartered Nomura Holdings will acquire Lehman Brothers Services India Private Limited, …
Cade Metz, 07 Oct 2008
The Register breaking news

FBI recruits former Lehman Brothers IT exec

An ex-IT executive at the failed investment bank Lehman Brothers has been hired by the FBI to be the agency's new technology chief. Chad Fulgham, former senior veep at Lehman, was tapped to wear the FBI's chief information officer hat, a job that's been vacant since mid-October. The FBI said in a statement that Fulgham's …
Austin Modine, 10 Dec 2008
The Register breaking news

Lehman Bros chaps snog amid world economic meltdown

As a stunned world struggles today to come to grips with the global economic catastrophe that is the collapse of Lehman Brothers, it seems that some of the investment bank's employees aren't quite as bothered as they should be: Childish, yes, but nicely done. We're sure the couple in question will be warmly embraced down at …
Lester Haines, 16 Sep 2008
Lehman Brothers London HQ

Enormo reseller Insight seeks experienced sales hands for City pad

Headhunters will be on red alert after Insight confirmed plans to establish a sales outpost in the City in a bid to snuggle up to existing and potential corporate customers. The firm has rented some space from an unspecified service delivery partner in Aldgate to rub shoulders with Kelway, Misco, Softcat, Computacenter and many …
Paul Kunert, 20 Mar 2014
The Register breaking news

Wall Street shudders under Lehman collapse

America's financial institutions were sent reeling Monday, after the country's fourth-largest investment bank, Lehman Brothers Holdings, filed for bankruptcy . When takeover talks by Barclays Plc and Bank of America were abandoned yesterday, the 158-year-old bank collapsed under the subprime mortgage crisis it helped to shape. …
Austin Modine, 15 Sep 2008
channel

Lehman Excel snafu could cost Barclays dear

A formatting fubar involving an Excel spreadsheet has left Barclays Capital with contracts involving collapsed investment bank Lehman Brothers than it never meant to acquire. Working to a tight deadline, a junior law associate at Cleary Gottlieb Steen & Hamilton LLP converted an Excel file into a PDF format document. The doc was …
John Leyden, 15 Oct 2008
The Register breaking news

ATTACK of the ROBOT BANKERS brings stock market to its knees

Automated "predatory" robot bankers caused a number of serious glitches that sent the global financial system shuddering to a halt, researchers have claimed. Boffins from the University of Miami found that squadrons of "ultrafast" and out of control trading algorithms caused major spikes and crashes in the market. These dramatic …
Jasper Hamill, 12 Sep 2013

Private equity crew prep CDW IPO after $7.3bn buyout - report

The private equity boys are preparing to flip US technology shop CDW back to the market, Reuters reports. CDW has hired bankers to deliver an IPO later this year, Reuters reports. The financial services firms are reported to be JPMorgan Chase & Co, Barclays and Goldman Sachs Group. The proposed IPO could raise about $750m, an …
Gavin Clarke, 08 Mar 2013
Safely inside of servers, switches, and storage....

Server hack heads up the stack for a new challenge

It has been five years to the day since I started working at The Register, and for once, just that once right there, I will use the proper name of the publication that has supported myself and my family, and give it the respect it deserves. I came to El Reg as the Great Recession was opening its gaping maw, and was offered a …

Lehman moves help desk out of India

The partial backlash against offshore IT outsourcing has gained another convert: Lehman Brothers has stopped outsourcing its IT helpdesk to Indian services giant Wipro, due to poor quality of service. The trend towards offshore outsourcing is still in full flow, but companies may start to be more skeptical of the assurances made …
Datamonitor, 18 Dec 2003

Ed Iacobucci: Brains behind OS/2 and Citrix, nicest guy in tech

About a year before air taxi DayJet was scheduled to launch, Ed Iacobucci, who died last week, called me up to make sure I was thoroughly briefed on what he was doing and how it worked. We spent over an hour on the phone, no PowerPoints, no marketing pitch, just Ed explaining, making sure I got it. It’s not normal for CEOs to do …
John Lettice, 24 Jun 2013
SGI MarkLogic Dataraptor logo

SGI munches MarkLogic database, hatches Dataraptor appliance

Silicon Graphics knows a thing or two about handling huge amounts of data, but it doesn't have its own database or NoSQL data-store software. It needs to partner to be able to feast on the big-data carcass, and its latest partnership is with NoSQL database maker MarkLogic to create a big-data appliance called Dataraptor. Not …
The Register breaking news

Dell, Nvidia insider traders nabbed by Feds

Crusading US Attorney Preet Bharara, famous for bringing down two insider-trading rings associated with the hedge fund Galleon Group, has worked with the Federal Bureau of Investigation and the Securities and Exchange Commission to bring down another insider-trading ring, this one comprised of analysts and hedge fund employees …
The Register breaking news

Crowd-pleasing study in capitalism conspiracy controversy

In what many took to be fodder for the capitalism-is-a-conspiracy theorists, boffins have claimed that about 150 companies, mostly banks, are controlling the majority of the economic power. It's the sort of statement that many have made in the wake of the global financial crisis and during the ongoing anti-capitalist protests in …
Sweatshop with boss, c.1888

How to spot a terrible tech boss within SECONDS

Having been an occasionally competent manager I know that nowhere in the spectrum from micromanagement to management-by-email suits everyone. In fact, you people don’t even know what sort of boss you want. Your imaginary “manager I like” is really just the opposite of your most hated real-life superior, but what's missing is the …
Dominic Connor, 12 Nov 2012
channel

US tech spending growth to drop in 2009

IT sales in the US will take a hit from the economic turmoil currently rumbling through Wall Street in 2009, according to research firm Forrester. The company revised its predictions yesterday on the same day that computer maker Dell admitted it had been hit hard by "soft" sales. Forrester now says that year-over-year growth in …
Kelly Fiveash, 17 Sep 2008
The Register breaking news

Meltdown turns Time Warner red

Time Warner expects to report a red 2008, thanks to a whopping $25bn impairment charge for its cable, magazine publishing, and, yes, AOL businesses. This would be the media giant's first annual loss in six years. Naturally, it blames the Meltdown. "The economic environment has proved somewhat more challenging than the company …
Cade Metz, 08 Jan 2009
The Register breaking news

Fruit bat fellatio team crowned Ig Nobel laureate

A crack Sino-British team of scientists last night deservedly secured an Ig Nobel for demonstrating that fellatio in fruit bats prolongs copulation time. A proud Gareth Jones of Blighty's Bristol Uni was on hand at the 20th First Annual Ig Nobel Prize Ceremony at Harvard's Sanders Theatre to accept the coveted biology award. …
Lester Haines, 01 Oct 2010
The Register breaking news

HBOS could shift 2,000 IT jobs to India

Halifax Bank of Scotland is considering moving as many as 2,000 backoffice and IT jobs to India. Executives flew out to Bangalore this week to meet possible offshoring partners. According to papers seen by the Mirror, offshore delivery of IT functions is a central part of its cost-cutting plans. The trip by 11 execs cost £45, …
John Oates, 02 Oct 2008
thermal2

When geeks turn Green: Performance tune your energy bills

A few years ago I suddenly saw my energy bills as another performance metric that I could tweak just like optimising Lehman Brothers' derivatives calculations that I was nominally paid squillions to do. In fact, this whole area is full of numbers and graphs and science and gadgets and interesting techie puzzles, never mind the …
The Register breaking news

Credit crunch hitting IT mergers

Spending on technology mergers and acquisitions fell by one third compared to the same three months of last year from $58bn to $37bn. Big deals suffered even more than smaller ones - there were only six deals worth more than $1bn between July and September, compared to 11 in the same period last year and 22 such deals in the …
John Oates, 03 Oct 2008
channel

Microsoft moves to protect business from bank crunch

Microsoft is taking steps to make sure it's not left out of pocket as banking customers seek bankruptcy protection against their suppliers. The company's filed a motion with a US bankruptcy court to ensure it's kept abreast of latest developments in the $8.2bn Washington Mutual bankruptcy case. Microsoft filed the notice …
Gavin Clarke, 09 Oct 2008

Nvidia waves goodbye to chipsets?

The web is alight with rumours that Nvidia has had enough of the chipset business and is poised to leave. According to unnamed Digitimes sources, Nvidia called a meeting earlier this week with motherboard partners, to gauge support for its continued chipset development. Chipsets are thought to account for about 18 per cent of …
James Sherwood, 01 Aug 2008
channel

Patrick Byrne: 'See, I told you America's economy was busted'

Overstock.com CEO Patrick Byrne has declared another victory in his six-year fight to expose fundamental flaws in the American financial markets. With a piece detailing what it calls "America's dodgy financial plumbing", the latest issue of The Economist addresses the very problem Byrne has fought so hard to uncover: naked short …
Cade Metz, 14 Jun 2011
The Register breaking news

Thousands more City workers to lose jobs, says CBI

The Confederation of British Industry (CBI) warned today that thousands of City jobs in the UK are set to be lost over the next three months. Tumbling profitability, a slowdown in business negotiations in Blighty’s struggling financial services sector and a major dip in confidence about the current turbulent market conditions …
Kelly Fiveash, 29 Sep 2008
The Register breaking news

Brown says the 'C' word

Prime minister Gordon Brown has said what everyone else in the country has known for months - that the government, whether Labour, Tory or LibDem, will have to cut spending in order to sort out the country's massive debt pile. The Westminster village has alive with speculation over what programmes Brown's team would put to the …
John Oates, 15 Sep 2009
The Register breaking news

Bank of England prescribes 'boredom'

Sterling hit a five-year low against the dollar this morning after Mervyn King, the Bank of England’s governor, admitted that Britain was headed for a recession. The pound is currently resting at just over $1.60, well off its $2.11 12 month high. The slide in sterling will likely make IT products more expensive in the UK, as kit …
Kelly Fiveash, 22 Oct 2008
The Register breaking news

Famed investor backs away from web-obsessed Microsoft

A well-known hedge-fund manager has hit out at Microsoft’s “overaggressive and almost panicky” attempts to plump up its online investments. David Einhorn, president and founder of Greenlight Capital, yesterday accused Microsoft of suffering from “Google-envy” and said he was giving up on investing in the software giant until it …
Kelly Fiveash, 08 Oct 2008
The Register breaking news

Overstock's Byrne deciphers Economic Meltdown Civilization Deleveraging

Patrick Byrne doesn't call it an economic meltdown. He calls it "the de-leveraging of a civilization." When the ever-quotable Overstock.com CEO last sat down with Radio Reg, the world still pegged him as a tin hat–wearing crackpot. But now that Wall Street has buckled under its own excess, he's been recast as an financial …
Cade Metz, 03 Dec 2008
The Register breaking news

Barclays and Goldman Sachs squeeeeze IT staff

Goldman Sachs is demanding UK contractors take a compulsory 15 per cent cut in day rates, and staff have been told by agencies that this was a "take-it-or-leave-it" offer without room for negotiation. The cuts begin this week, and there are expected to be some job cuts too. Goldman Sachs has previously announced a ten per cent …
John Oates, 04 Nov 2008
The Register breaking news

Google banned 30,000 advertisers post Economic Resurrection

In the fall of 2008, when the worldwide economy began to melt, Google responded by shamelessly expanding ad coverage on its web-dominating search engine, letting more ads onto more pages. But now that the economy has recovered, the web giant has suddenly become more much vigilant in its efforts to weed out what it considers low- …
Cade Metz, 15 Jan 2010
The Register breaking news

Lala sells 'streaming rights' at 10c a song

If you thought you've heard of every digital music idea going, try this one on for size. Lala, the former CD-swapping site, is offering you the chance to "buy" the right to be streamed a song for life for 10 cents. For that, you'll never get a licence to an actual copy - physical, or digital. Lala calls it a "Websong". Like …
Andrew Orlowski, 21 Oct 2008
The Register breaking news

Byrne's naked shorting crusade outs Yahoo! security vuln

Patrick Byrne's unrelenting crusade against naked short selling has uncovered a gaping security hole in Yahoo!'s ever-popular message boards. Yahoo! has now patched the cross-site scripting bug - which allowed miscreants to snatch Yahoo! IDs, cookies, and IP addresses from users merely searching the message boards - but not …
Cade Metz, 08 Sep 2009
The Register breaking news

Overstock's Byrne claims $5m scalp over short selling

Overstock.com CEO Patrick Byrne has said that hedge fund Copper River Partners paid his company $5m this afternoon to settle claims it colluded to denigrate Overstock and then profit from short positions in the etailer's shares. Byrne - who has waged a very public battle over Wall Street short selling - tells The Reg that the $ …
Cade Metz, 09 Dec 2009
SGI teaser

SGI tears up couch to buy Linux Networx assets

With a bankruptcy behind it, SGI has decided to go ahead and start expanding again by purchasing Linux Networx's "core assets." What's that Scott McNealy joke about two garbage trucks colliding? We jest, we jest. Linux Networx actually makes some of the cooler high performance computing systems. You get well-packaged hardware …
Ashlee Vance, 15 Feb 2008
The Register breaking news

Lucky iPhone developer gets very own App Store hotline

As a worldwide chorus of mobile developers howls over Apple's unwillingness to discuss the ins and outs of the iPhone App Store, Steve Jobs and his minions are providing at least one app seller with its very own support rep. According to Mike Simon - CEO of LogMeIn, the newly-public remote control outfit whose $30 iPhone app has …
Cade Metz, 16 Sep 2009
homeless man with sign

Discounts damage for Microsoft Windows 7 PC boost?

Things are looking up for PC manufacturers. The last three months of 2009 saw shipments of computers grow 22 per cent, while all - except Dell - enjoyed robust double-digit growth in the US and internationally according to Gartner. It was the strongest quarter of growth in seven years for sales of PCs, and it indicated a …
Gavin Clarke, 16 Jan 2010
The Register breaking news

FSA acts as rumours send bank shares crashing

The Financial Services Authority is combing through share transactions today as it investigates whether anyone was manipulating the market on Wednesday when rumours about Halifax Bank of Scotland sent its shares crashing down. HBOS shares fell more than 17 per cent in early trading yesterday and took other bank shares down with …
John Oates, 20 Mar 2008
graph up

Making IT security matter

Last year, Freeform Dynamics surveyed the attitudes of tech professionals into IT security. We found that IT security’s most important raison d'etre was to assure day-to-day operations – that is, keeping the business running (Figure 1). Many organisations do not practice entirely what they preach, however. While nearly three …
Jon Collins, 23 Feb 2009
The Register breaking news

Emails show journalist rigged Wikipedia's naked shorts

Two and a half years ago, Overstock.com CEO Patrick Byrne penned an editorial for The Wall Street Journal, warning that widespread stock manipulation schemes - including abusive naked short selling - were threatening the health of America's financial markets. But it wasn't published. "An editor at The Journal asked me to write …
Cade Metz, 01 Oct 2008
The Register breaking news

Analysts slash IBM, Intel and Dell sales estimates

The gloom that has been surrounding the IT industry of late has deepened with the publication of analyst reports that take a pessimistic view on the prospects of leading technology companies. A report by Salomon Smith Barney said IBM's quarterly revenue will be impacted by a weakening in demand for personal computers and high- …
John Leyden, 03 Jan 2001
The Register breaking news

Amazon's Bezos investigated by Feds

The US Securities and Exchange Commission (SEC) is casting a jaundiced eye on stock sales executed by Amazon CEO Jeff Bezos shortly after receiving advance copies of a negative financial report, the New York Times reported Friday. However, the Commission will neither confirm nor deny that an investigation is underway, according …
Thomas C Greene, 12 Mar 2001
chart

Hitachi takes losses, chops jobs

Japanese conglomerate Hitachi reported its financial results for its 2008 fiscal third quarter today and swapped some execs in its Americas unit and disk array and disk drive businesses. Because Hitachi's shares are traded on Wall Street, the company reports its financials in both Japanese yen and U.S. dollars. Sales across the …
cloud

VMware goes public with $100m plea

VMware has titillated Wall Street once again with its plans to go public. The software maker today dished up its hopes to pull in $100m from an IPO. In February, EMC revealed plans to sell 10 per cent of VMware to commoners - or, more accurately, really rich guys working on Wall Street. VMware, a maker of server virtualization …
Ashlee Vance, 26 Apr 2007
The Register breaking news

Bloody George's Budget: How bad is it really?

Oooh, I do love a good budget. It's an opportunity to poke fun at all the nonsensical misunderstandings of economics that politicians are prey to. Even if someone proposes something sensible you can be sure that the opposition to it will be rooted in a misconception of reality. So, what does this budget have for us today? …
Tim Worstall, 22 Jun 2010
The Register breaking news

Lastminute's losses grow

Lastminute.com's first quarter losses have grown to £15.4 million, up from a mere £6 million for the same period a year earlier. For the three months to 31 December sales rose to £2.9 million from £409,000 the year before. But the company's shares rose 6.5 per cent to 74 pence because it announced its burning less cash. …
Robert Blincoe, 12 Feb 2001

Analysts ecstatic over AMD's $226m loss in Q3

You have to appreciate Wall Street's unending desire to see AMD - the ultimate underdog - succeed. The chip maker today posted a $226m loss in the third quarter, replacing a $121m profit in the same period a year ago. In addition, executives rebuffed any requests to commit to profitability down the road. But still the analysts …
Ashlee Vance, 19 Oct 2007
The Register breaking news

Via-S3 deal would make Intel dead grumpy

Forbes Online is reporting that graphics company S3 is in merger talks, with Taiwanese firm Via the suspected suitor. The magazine reports that Lehman Brothers is currently brokering a possible deal, but the probability is that if Via is interested, it does not want the whole of S3's business, but just its graphics chip business …
Mike Magee, 21 Dec 1999