SEOUL: The state-owned Korea Development Bank said Tuesday that it was in talks with Lehman Brothers for a possible investment in the troubled American bank, but other reports said the price of the deal remained an issue.
"Our CEO said a deal is ongoing and cannot disclose the content of it," a spokesman for the Korean bank, Cho Hyun Eek, said.
Lehman, which has more than $60 billion of mortgage and mortgage security exposure, is under pressure to raise capital before it announces its earnings this month.
The 'tender' involved in regard to Lehman Brothers is called "Credit-linked-notes." Credit Linked Notes are something in the order of what they provide at Lords of London, whereby there is significant exposure to RISK in 'insuring' such a thing as 'Betty Grable's Legs (click here).'
Basically, Paulson looked at the 'creeping crude' of bank and investment bank failures and then looked at Goldman-Saks sitting on the horizon, the very near horizon and simply went to work 'bailing out' every 'entity' between Goldman Saks and its fiscal failure including every government that ever lent money to USA financial interests.
The Bailout has not got a thing to do about a recoverying economy for the USA. The 'world interests' being served isn't interested in our futures so much as recooperating their investment profiles. It is why Bush is 'hyping' HAVE PATIENCE speech to APEC.
The Obama Transition Team is focusing on the USA economy because that is where the focus belongs. It doesn't belong on Wall Street as international venues only sap the life blood out of the USA Treasury and cause huge and insoluble debt for generations to come. The problem is that there is a lot of damage being done in the days leading upto the Inauguration because nothing is being done with the USA economy, job losses are surmounting and even the 'small' three USA car manufacturers are attempting to find a 'fiscal bailout' while having jobs in their industry disappear so they can 'get out of Dodge while the getting is good.'
Basically, the Bush administration is doing all they can to cover their losses before 'real people' with 'real vision' move into the White House and cut off the free flow of printable money to the global markets without FIRST returning a viable economy to the USA. Without an economy in the USA, its money will become worthless as debt mounts from bailing out the world from Georgie's Blunder that the Republicans 'bought into' to maintain the 'grand illusion' during 2004 elections.
I find the Obama transition team interesting, but, lack luster in its 'history' of Democratic values in believing in 'people first.' While a transition team has to consist of people that understand where we have been it also needs people like Bill Richardson to be very vocal and aggressive in promoting a return of jobs and economy to the USA.
If the 'world and its lending habits' want their money they need to realize the USA can only 'make good' on all those 'fiscal notes' as it resolves its 'crisis at home.' We have to be able to 'regenerate' a tax base to pay those debts off. If we are unable to do that, the rest is history and the USA will be struggling with insolvency without recourse to its debt. I doubt if the global community wants any of that to happen.
While keeping all global economies viable is vital, as noted in recent days, Pakistan is doing better, we have to keep our eyes on 'all the balls' including international terrorists networks and their proliferation during the Bush/Cheney years and where we are going from here.
I want to tell you all a story. It is about 'values systems' and 'struggling to have them survive.' Its a personal story about my father and in a way it relates to every aspect of the international struggle we face today and the balance we need to achieve as fellow human beings longing to confront the evils of terrorist rule. It's a story about believing in 'sound leadership' and having 'the end result - truly justify the means.'
My father returned home a war veteran from Korea. He was a young man of 22 years old with an honorable discharge and a high school diploma to serve him in the labor market. He was able to land a job the 'Golo Shoe Factory' and married his sweetheart to start a life promised to him by the American Dream.
While working at the shoe factory he became a union member. The working conditions were terrible and the pay was not up to standard to make a good living and buy a home. In a short time of his employ he was nominated to Secretary of the union and won the election. He served with six other officers that promised to improve the conditions of their membership. Golo was a very profitable company, do to the strong work ethics of its employees.
The newly elected officers already had a contract that was negotiated by the previous officers and would not have the opportunity to renegotiate for several years. That was a long time to wait so they called a mandatory membership meeting and a vote was taken to hold a 'Wild Cat Strike' against the company if they were unwilling to open contract talks again.
Sure enough, the company refused and the workers left the building, shutting down production. Every member, which was basically the entire plant left the work line and went to picket. The strike lastest for 90 days. No income for the company except what they had in inventory and no income for the workers except what they got in the way of 'picket line pay.' The officers faithfully went to meetings with the company to offer solutions BUT never, and I do mean NEVER gave up their values or determination to have them.
A ninty day strike was a tough thing to sustain. There was no welfare. There was no unemployment. There was no disability. There was nothing but the hope that things would get better and everyone would find a way.
And find a way they did. The local grocers opened up 'credit accounts' for the Local's membership and the community offered to help whichever way they could. The community saw the problem clearly and pulled together. People that had nothing to do with the union, a job or any aspect of the best outcome of the strike became involved in which ever way they could, providing services and 'welcome' to ideas that would sustain the strike until it could be settled in the best outcome for all of the employees. The 'value system' of the employees was admirable, it was correct and it was fair. The community came to admire 'the esteem' of being willing to help and see them through.
One day the company finally commited to a new contract. It offered all the demands that the union demanded. With one provision. That provision was to have the six officers of the union resign from their jobs and leave the company; hence, leaving the union. The six officers took the contract and provision to the membership. The membership was most grateful for the outcome to the new contract but was up in arms at the provision by the company demanding the resignation of the six officers. The members offered to remain on strike until the provision of resignation could be negotiated.
In order to end the strike and stop the suffering of its membership, the six officers tendered their resignation to the position of their election at the meeting beginning with the signing of the new contract. Hence, they would resign from the company shortly thereafter. The membership didn't really have the opportunity to continue the strike. All the demands were met, better working conditions, better pay and fairness in employee-employer relations.
It was what the officers worked hard for and it was their determination to see their members return to work without further hardship on them or the company. The officiers left heroes to their members and the community. They ultimately had to move to other areas of the country to find work, but, they all did and my Dad eventually went to work in another factory in another state whereby he became a 'Union Shop Steward' three months after beginning his employ. Hard to keep a good man down.
I sort of see the 'juncture' of the global community at that impass. The impass where 'belief systems' are on the bargaining table along with money. I dearly believe that is not where it needs to be or actually should continue to be.
Never in the history of 'civilization' has there been so many issues shared by a 'global community.' Growing populations, shrinking natural resources, imposition of terrorist networks that threaten the very fiscal well being of their economies.
And most of all, a planet without the hopes of a viable future without the cooperation of the governments of the world and their ability to stem the deadly build up of a 'silly gas' called carbon dioxide.
While every country has to defend its sovereignty and find a way to build an economy for its people, there are huge pressures in areas of national defense and 'international intelligence' that cause barriers to potentially solving the problems that beset all the peoples of the globe and not just ONE people of this Earth. I want to impose the word 'cooperation' but it is more than that, it is a 'manner of inventory' of the global communities ability to 'survive' the incidious proliferation of terrorist networks.
The 'idea' that we are democracies or communist nations is irrelivant to the best outcome of these hideous circumstances imposed on us by a powerful man in the White House for eight years that has grossly misdirected the activities of the USA government. I have watched while the global community positioned itself in preventing the complete indulgence of a USA War-mongering President and was proud of every country that committed itself to peace rather than indulging the 'Military War Complex' of their economies and that of the USA.
We have a new awakening and a new beginning with a new USA President-Elect that has the 'guts' to speak the truth and seek alliance in ways that breaks down barriers to allow rebuilding of international standing of all countries to the end of terrorist networks globally. I believe the world has the resources, the ability and the insight to see their way clear to overcoming all the 'global problems' that exist. There has to be a venue of peace between all countries and for those lead by people that would rather build nuclear weapons before stabilizing their own economies and providing for their people need to be brought to 'answer for such' humanitarian abuses.
I believe it is possible to uphold the cultural dignity of all people, while seeking strong economies and securing a troposphere to Earth that is benevolent and sustaining. It is achievable, but, not by one country or one 'scheme' so much as the realization of all countries that we are a community that acts 'together' in ways that thwarts terrorists, hatred and inhumane outcomes.
If we are to have an Earth sustainable, we need to have economies that are sustainable in every country with the removal of poverty and the promise of tomorrow. It can be done if we all refuse to accept anything less. If we confront tomorrow with a vision of equity among peoples and the reassurance that all countries will 'survive the day' when it comes to the imposition of terrorist networks determined to undermine the very value systems that have made all countries great and survivors of an assault they never expected from a country long trusted in the USA.
It is the goal of this entry to create 'pause' that would seek different outcomes while looking away from profit before humanity. The world is far too small and the outcomes to governments far too tenuous, as we have noted recently with Pakistan and South Africa, to allow any one government to 'hang in the balance' of demise either economically or environmentally. We are at a juncture. It can be a valuable junction to the future of all people or it can become a place where 'everyone is for themselves' seeking further protections from the USA and its seemingly errandic mechanisms of democracy.
It would be beneficial to all countries including that of the USA, if there were a closure to the opportunity of leaders that would 'devolve' the best outcome of peoples and hence disaffect economies and open venues of potential terrorist proliferation. It will require determination by all governments to achieve such lofty goals. I believe in witnessing the harnessing of 'will' by the global community to the best outcome of the USA in recent months, that it can happen and the future of our children can be secured.
I propose a 'toast' to all those that can see a vision of peace, laced with national security, economic stability and environmental well being.
