Apple Inc (AAPL)

[langostino]

Having called Paulson's bluff

... now Paulson has called theirs.

The special trading session trades are there in place now to wind down Lehman. If Lehman wants an orderly dissolution and minimal loss in bankruptcy, it must file no later than 11:59 pm. The trades executed in this afternoon's special session become null and void if Lehman fails to file by 11:59 pm.

Which means the suitors have until shortly before 11:59 pm to make an offer. With no government guarantees or backing. Otherwise what they hoped to buy goes away.

It's about damned time somebody in our godforsaken government finally stood up and refused to fork over our tax dollars for more corporate welfare. I guess it would be too much to hope that Congress would tell the slugs from Detroit to go home and take their $50 billion handout request and stuff it.