Yep its one company after another first it was Northern Rock Bank which the goverment saved now we have XL Airways which is the third largest airline package holiday biz over here collapse which left 85,000 people stranded and they reacon its the tip of the iceburg for more holiday companys and airlines going bust.

Turbulence in the aviation industry has already brought down a series of small airlines over the past year - but the collapse of XL Airways is on an entirely different scale.

From the BBC

Thousands of holidaymakers have been left stranded by XL's collapse

The demise of the carrier and its parent firm, the UK's third-largest tour operator, have left up to 85,000 people stranded abroad and disrupted another 200,000 people's holiday plans.

Travel industry insiders say its failure has sent "shockwaves" through the business and is likely to be followed by more holiday companies going bust.

The full story here

http://news.bbc.co.uk/1/hi/business/7612120.stm

They are also saying that Lehman is to go into insolvency

Preparations are being made for US investment bank Lehman Brothers to file for bankruptcy protection.

The firm was pushed to the brink on Sunday after UK bank Barclays pulled out of talks to buy most of Lehman.

If no new financing is found before Wall Street opens on Monday, Lehman will have to seek so-called Chapter 11 bankruptcy protection.

Full story here

http://news.bbc.co.uk/1/hi/business/7615712.stm

Pretty fucked economy atm me thinks

Yeah while all the guys that ran the company will get some compensation into the hundreds of millions of dollars probably...

And most likely paid themselves 10's of millions of dollars over a just a year or two period. Who knows what they paid themselves as holdiay bonuses and what not...

It's no wonder the company gone broke.

it has nothing to do with the $30 billion in bad real estate loans right?

the days of $100k bar bills on their bonuses are over.

Well thats what the Government will say:1orglaugh

Government will say something like this...

"Dear Fellow Americans, we at teh White House feel that the economy is strong and our bailing out the very pillars of our economy from bankruptcy after bankruptcy is nothing more than a indicator of how our economny is not only stable but is developing and growing...

These pillars are merely 50 years old from Fane Mae to Freddie Mac all the way to our most recent acquisitions in our banking system. These truly are the foundations of our economy since before the great depression and these very institutions saw to it our way out of the Great Depression of the 1920's. These institutions work hard for the American people, never mind that the top level executives of these pillars paid themselves billions of dollars over the years and never mind how they stripped many hard working families of Pensions, and retirement savings, and home investements in one of the biggest American heist's in world history with no Arrests or convictions of these hard working men! These well educated men see to it everyday that our economy is the strongest in the world. Awright so we stamp our own money and the Federal Reserve is bankrupt as fuck and throws cash at them blindly but that does not mean the world and our fellow Americans should fear investing in the economy! Our Forefathers would be proud that we have managed to borrow against the value of the American economy well over 200 times it's value into the trust's of Foriegn countries such as China, Saidi Arabia, and yes even Russia which makes it possible for us to print as much money as we like!

Your friend Cheney Bush 09, be sure to Vote for McCaine!"

I guess all these "whiz kids" that created all those derivatives were just a bunch of dumb-asses. Is this really a surpirse? I think there may be one homeless guy living under a bridge in queens who didn't see this coming.

Damn have no idea how I missed all these news :helpme
This is some scary stuff, anyone having more than 100K in their account now should be worried if people start selling out on their financial stocks :2 cents:

Lehman CEO Fuld had several chances to sell part of the company and even had an offer last month from a Chinese bank and he turned them all down.

Seems the Fed guys carried out their threat that "some financial will be allowed to fail". From what I read they refused to help Lehman out like they helped out Bear Sterns. So Lehman will now be liquidated piece by piece and the creditors (everyone having a security paper from them is a creditor) will be paid off that. We will see how much will be returned.

Everyone having a stock of them has now toilet paper. :uhoh

amazing how a 150 year old bank could let it come to this point

fitty bad investments:(

welcome to meltdown Monday...