The Lehman Brothers website, may have provided a little insight as to why the bank collapsed last month. According to the Life at Lehman, People section of the website, one employee called Margot at the bank was surprised she made the grade:

Fortis announced in a statement on September 30 that it would not complete a planned sale of 50% of its asset management business to China’s Ping An. The recently part-nationalized Belgian/Dutch group cited "the current severe market disruption and the ongoing uncertainty in the global capital markets" as the reason for pulling the deal, which would have been worth $3 billion. Fortis will instead retain 100% control of Fortis Investments, which has now completely integrated ABN Amro’s asset management business.

"I’m nothing like Howard Hughes. He was something of an eccentric. I have a very normal life"

International market access not yet certain.

The failure of the US House of Representatives to pass the Emergency Economic Stabilization Act of 2008 at its first reading on September 29 came despite the entreaties of the Securities Industry and Financial Markets Association to its members to call their congressmen before noon that day to explain to them why the legislation must pass.

Eurasia Capital Management (ECM) has created the first-ever Uzbekistan-dedicated hedge fund. The Uzbekistan Growth Fund was launched in September with initial capital of just $5 million but ECM founder and managing partner Alisher Ali Djumanov believes that the open-ended investment vehicle could grow substantially over the next couple of years.

Bank failures used to be massive news. But with so many cropping up these days they have, like world records at the Beijing Olympics, lost something of their shock value. How then to judge which have made the biggest waves?

Is the new Nomura a threat to the dominant investment banks in the Asia-Pacific region?

Broadly, hedge funds began to feel the full effects of market turmoil in the second half of 2008, although pockets of outperformance persist. Neil Wilson identifies the strategies likely to do best in a transformed market.

JPMorgan stopped counterparty trading with Citadel last month in protest at the $20 billion hedge fund’s recent hires of the bank’s staff. Employees at JPMorgan were told to stop trading stocks, bonds and currencies with Citadel. However, the dispute lasted only 24 hours. Both parties declined to comment but sources say relations between the two firms began to sour in March, when Patrik Edsparr left JPMorgan to run Europe and fixed income for Citadel. There have been several other hires from JPMorgan since that time, more lately Brian McDonald, formerly a managing director and senior portfolio manager with the US bank’s ABS Principal Investments Group. The final straw, though was the hire of Greg Boester, an adjustable-rate mortgage securities trader with the bank.

The CDS market is trying to withstand the strain of three almost simultaneous counterparty defaults.

Insurers troubles spill over causing retail panic.

Just a few months into the chief executive role at Westpac, Gail Kelly has bought out her former employer, St George Bank. A convinced advocate of the power of branding, Kelly has pledged that St George will retain its identity. Chris Wright spoke to Kelly about the prospects for the combined entity.

Citi hired seven sales bankers from Lehman Brothers’ interest rates team last month. It comes as the administrator of Lehman’s remaining European business announced 750 job cuts, predominantly in fixed income, on September 30.

Hank Paulson’s desperate attempts to keep the world financial system afloat show that, despite his many qualities, he is the wrong man for the job. Clive Horwood and Peter Lee report.

Mian Mansha owns one of the best banks in Asia but his ambitions reach much further. His empire incorporates insurance, cement, textiles, infrastructure and power generation. In his first-ever interview with the foreign media, he tells Elliot Wilson of his plans to list his holding company on the London Stock Exchange within the next two years, and expand across Asia into the Middle East, emerging Europe and beyond.