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Tweet this storyLehman Brothers Holdings Inc. annou
nced today that it intends to file a petition under Chapter 11. The company is going bankrupt with a record $16 billion in debt. That works out to an annual loss of $3.87 billion a year for the 158-year-old financial services titan.
HALLANDALE BEACH/THE VOICE - Advancing Christian Life & Culture
Wall Street is in an upheaval. Lehman bondholders may get 60 cents on the dollar.
What does it say about the state of the economy when an institution founded 158 years ago goes belly up? There are many takes already.
Reuters news headlines herald reasons to cheer Lehman’s demise while Forbes is investigating Lehman and the mystery of commercial property. Meanwhile, Bloomberg is reporting that Lehman workers are clearing desks and weeping.
The international ripple effect is dramatic.
The news is causing the Brazil Real to tumble. HBOS shares are plunging on the news. German regulators have declared a moratorium on Lehman Bankhaus AG, and the Bank of England says it is prepared to act on markets if necessary.
Amid all the fray and fallout, Jesus Christ is still Lord. We can’t serve God and mammon. That includes stocks, bonds, gold or silver.
Jesus said, “Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal. But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal. For where your treasure is, there will your heart be also” (Matthew 6:19-21).
The turmoil on Wall Street proves that the safest investment in the world is an investment in the Kingdom of God. There is no financial crisis in heaven.
The United States of America needs to turn back to Jesus Christ and follow His rules for financial success. Those who do won’t be weeping as the ripple effect of today’s announcement sends chills down the spines of many industries in many sectors for weeks to come.
Jennifer LeClaire is the editor of The Voice magazine and author of "Doubtless: Faith that Overcomes the World." You can also visit her online at www.jenniferleclaire.org.
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