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The US government is pumping liquidity into its banks in return of a stake. Treasury Secretary Paulson announced plans of using $250 billion taxpayer’s money to make investments in nine banks, for a start.

Lehman Brothers Holdings Inc., the largest underwriter of mortgage-backed bonds is eliminating 5% of its total employees.

Bear Stearns announced an extra 800 cut in its mortgage employees. The overall number of redundancies has risen to 1,400 – 10% of previous year’s head count.

Despite the rumours yesterday that Deutsche Bank was going to report a massive loss, the bank came out this morning with a surprisingly good set of numbers.

Interesting piece of news… a Merrill Lynch trader, surely after taking a deep breath, thought if-not-now-then-when and sent out a mass email screaming out…the obvious!