Is Lehman Bros. done??? - GoFuckYourself.com

DateDoc · 09-13-2008, 02:12 PM

The Fed is trying to find a buyer and/or financing for Lehman bros. so they do not fold.

http://news.yahoo.com/s/ap/20080913/...ehman_brothers

Quote:

WASHINGTON - The financial world held its collective breath Saturday as the U.S. government scrambled to help devise a rescue for Lehman Brothers and restore confidence in Wall Street and the American banking system.

Deliberations resumed Saturday as top officials and executives from government and Wall Street tried to find a buyer or financing for the nation's No. 4 investment bank and to stop the crisis of confidence spreading to other U.S. banks, brokerages, insurance companies and thrifts.

Failure could prompt skittish investors to unload shares of financial companies, a contagion that might affect stock markets at home and abroad when they reopen Monday.

Options include selling Lehman outright or unloading it piecemeal. A sale could be helped along if major financial firms would join forces to inject new money into Lehman. Government officials are opposed to using any taxpayer money to help Lehman.

An official from the Federal Reserve Bank of New York said Saturday's participants included Treasury Secretary Henry Paulson, Timothy Geithner, president of the Federal Reserve Bank of New York, and Securities and Exchange Commission Chairman Christopher Cox. The New York Fed official asked not to be named due to the sensitivity of the talks.

Citigroup Inc.'s Vikram Pandit, JPMorgan Chase & Co.'s Jamie Dimon, Morgan Stanley's John Mack, Goldman Sachs Group Inc.'s Lloyd Blankfein, and Merrill Lynch & Co.'s John Thain were among the chief executives at the meeting.

Representatives for Lehman Brothers were not present during the discussions.

DateDoc · 09-13-2008, 02:14 PM

Interesting.....

Quote:

Participants in Saturday's meeting were also trying to tackle a broader agenda that includes problems at American International Group Inc. and Washington Mutual Inc., said the investment bank officials, who were briefed on the talks.

AIG, the world's largest insurer, and WaMu, the nation's biggest savings bank, have taken steep losses during the past year from risky investments. Investors, worried they do not have enough cash on their balance sheets to withstand further hits, unloaded their shares on Friday.

camgirlshide · 09-13-2008, 02:15 PM

hopefully someone buys them soon or there will be even worse trouble

DateDoc · 09-13-2008, 02:19 PM

Quote:

Originally Posted by camgirlshide

hopefully someone buys them soon or there will be even worse trouble

They need to resolve it today or tomorrow. This is from the article -

Quote:

Germany's Finance Minister Peer Steinbrueck urged that a resolution be found before Asian markets open, warning ominously, "the news that is coming out of the U.S. is bad."

Their stock has gone from $65.44 on Jan. 1, 2008 to $3.59 on Friday.

pocketkangaroo · 09-13-2008, 02:42 PM

What are the odds that the government bails them out with our tax dollars? Seems to be the trend these days.

marketsmart · 09-13-2008, 02:49 PM

Quote:

Originally Posted by pocketkangaroo

What are the odds that the government bails them out with our tax dollars? Seems to be the trend these days.

they dont have the cash to keep bailing out...

there are over 700 banks on the critical list..

wamu is under conservatorship from what i have heard, but the govt wont admit to that because it would cause panic in the market..

the whole US financial system is on the verge of collapse...

hopefully the feds will figure out some way to get out of this mess...

SomeCreep · 09-13-2008, 04:55 PM

Pretty much.

buyandsell · 09-13-2008, 04:55 PM

I blame experian

L-Pink · 09-13-2008, 04:57 PM

I would like to see the salaries and bonuses from every executive over the last few years seized.

OG LennyT · 09-13-2008, 04:58 PM

WAMU is next and the Fed is to blame as bernake is a fucking idiot

notoldschool · 09-13-2008, 04:59 PM

Rich mans welfare.

Hank_Heartland · 09-13-2008, 05:00 PM

Quote:

Originally Posted by buyandsell

I blame experian

I blame Bush...Bank deregulation is good

tony286 · 09-13-2008, 05:05 PM

bailing out these scumbags is fine but affordable health insurance for everyone is socialism. Hmmm

GetSCORECash · 09-13-2008, 05:33 PM

Quote:

Originally Posted by L-Pink

I would like to see the salaries and bonuses from every executive over the last few years seized.

Lehman, is different from the rest of the street. The staff owns 25% of the company currently, they used to own 30%. They were given raises, with stock options that mature after five years. The lowly secreatary was given stock, everyone who worked for Lehman owned stocked.

While everyone who works for Lehman is poorer the top dogs, will still walk out with 6 million plus.

tony286 · 09-13-2008, 05:52 PM

gm and ford want low cost federal loans
http://www.marketwatch.com/news/story/potential-federal-loans-buoys-gm/story.aspx?guid={523591FB-7302-4410-8064-54C5EED55B06}&dist=msr_1

Man since its been a little slow in adult can we get a hand out too? lol

L-Pink · 09-13-2008, 06:04 PM

Quote:

Originally Posted by SCORE-Cash

Lehman, is different from the rest of the street. The staff owns 25% of the company currently, they used to own 30%. They were given raises, with stock options that mature after five years. The lowly secreatary was given stock, everyone who worked for Lehman owned stocked.

While everyone who works for Lehman is poorer the top dogs, will still walk out with 6 million plus.

Interesting, thanks .....

BlueDesignStudios · 09-13-2008, 09:30 PM

United States of socialism

Sami · 09-14-2008, 01:05 AM

this is just the tip of the iceburg...

US financial system is in a huge trouble...
beyond what words can describe.

All markets for any paper with any risk is completely at a halt.

we're in for a show folks! many of these big wallstreet firms have direct systematic risk to the american financial system.... fall of a big one is going to trigger a major domino effect ... Citigroup right now is holding over a trillion dollars of derivatives that are mark to model.. when those come onto the balance sheet and become mark to market... all hell is going to break loose.

giddyup

Sami · 09-14-2008, 01:13 AM

And the bailouts are strictly because of the fact that these firms oppose direct threat to the solvency of the american financial system if they go down.

marketsmart · 09-14-2008, 01:18 AM

Quote:

Originally Posted by Sami

this is just the tip of the iceburg...

US financial system is in a huge trouble...
beyond what words can describe.

All markets for any paper with any risk is completely at a halt.

we're in for a show folks! many of these big wallstreet firms have direct systematic risk to the american financial system.... fall of a big one is going to trigger a major domino effect ... Citigroup right now is holding over a trillion dollars of derivatives that are mark to model.. when those come onto the balance sheet and become mark to market... all hell is going to break loose.

giddyup

i have been saying this for months...

notime · 09-14-2008, 02:36 AM

"Citigroup Inc.'s Vikram Pandit, JPMorgan Chase & Co.'s Jamie Dimon, Morgan Stanley's John Mack, Goldman Sachs Group Inc.'s Lloyd Blankfein, and Merrill Lynch & Co.'s John Thain were among the chief executives at the meeting."

Offcourse they are; did most of them not found the Federal Reserve bank one day when nobody was paying attention and passed the legislation to do so.

Vendot · 09-14-2008, 04:35 AM

700 banks!?!?!?!?!?!

Where did you get that figure? You got a link?

pocketkangaroo · 09-14-2008, 05:46 AM

Here is the latest, not sure if this sounds good or not. Glad the Fed is saying they won't step in and guarantee bad debt, but you have to wonder if they'll change that stance if no deal can get done in time.

http://www.cnbc.com/id/26691041

Sami · 09-14-2008, 10:22 AM

If someone doesn't step in...
when they start unwinding positions in a chapter 11 or in Lehmans case most likely it would be a chapter 7 bankruptcy ...

nearly 100 billion dollars of Toxic paper at Lehman alone is going to flood the markets.. and its going to cause other banks worldwide holding the same type of toxic paper start having to right down billions upon billions of dollars ... causing many to go insolvent.

Never mind all the credit default swaps that were written to hedge alot of the lehman debt...

On top of this now defaults in Prime mortgages are at a rise.. and alt a mortgages are reseting... with 6.1% unemployment rate and getting worse... I think over the next few years we'r going to be seeing the 10%+ interest rates of the late 80s... as inflation sky rockets!

The situation is so severe out there right now its compareable to the Great Depression...Remind you wallstreet is always predicting whats to go down in the economy 6 - 9 months ahead... and it hasn't even gotten that bad yet in the street...

MrAwesome · 09-14-2008, 10:26 AM

interesting read

L-Pink · 09-14-2008, 10:29 AM

Nice posts Sami in particular.

MBS Auto · 09-14-2008, 11:20 AM

Caput... it's over

BlackCrayon · 09-14-2008, 11:37 AM

Its pretty crazy to see banks going under when just a year or two ago they were all announcing billion dollar profits.

Biggy · 09-14-2008, 12:09 PM

Quote:

Originally Posted by Sami

If someone doesn't step in...
when they start unwinding positions in a chapter 11 or in Lehmans case most likely it would be a chapter 7 bankruptcy ...

nearly 100 billion dollars of Toxic paper at Lehman alone is going to flood the markets.. and its going to cause other banks worldwide holding the same type of toxic paper start having to right down billions upon billions of dollars ... causing many to go insolvent.

Never mind all the credit default swaps that were written to hedge alot of the lehman debt...

On top of this now defaults in Prime mortgages are at a rise.. and alt a mortgages are reseting... with 6.1% unemployment rate and getting worse... I think over the next few years we'r going to be seeing the 10%+ interest rates of the late 80s... as inflation sky rockets!

The situation is so severe out there right now its compareable to the Great Depression...Remind you wallstreet is always predicting whats to go down in the economy 6 - 9 months ahead... and it hasn't even gotten that bad yet in the street...

the market and these financial stocks have definitely taken a hit, especially the ones with poor debt like LEH and WM. The writing is on the wall and a lot of their market cap is already given up. However, people forget how interwoven the economy of the world is, and now will begin a global economic downturn. If the USA economy sneezes, the whole world catches a cold. I don't think inflation is going to get out of hand, but I do see the Dow dipping below 10,000 virtually giving up all the gains of the last bull market. We're already 3 years into a downturn, and we need home prices to stabilize before it will get better. A lot of these financial stocks going down I think are limited to the financial sector, however the system will take a hit and it will in turn affect everyone else. I see it getting worst, but all that means to me is the people who are heavy on cash can make a killing in the long term with all the opportunities abound.

Sami · 09-14-2008, 12:58 PM

Session called for Credit default swaps ... after Barclays backs out of a take over deal.

Looks like Lehman Brothers is gone.

RIP 158 years in business... down the toilet.

TyroneGoldberg · 09-14-2008, 01:05 PM

Quote:

Originally Posted by marketsmart

they dont have the cash to keep bailing out...

says who? Are all the trees gone?

emjay · 09-14-2008, 04:34 PM

Quote:

Originally Posted by Sami

Looks like Lehman Brothers is gone.

RIP 158 years in business... down the toilet.

I do hope you are wrong Sami, but suspect you are right...

Vendot · 09-14-2008, 04:36 PM

The bank will Fuld, errrr Fold....... what a dick.

Sami · 09-14-2008, 05:43 PM

Lehman to file Bankruptcy sometime tonight.

If the Bank of America and Merrill deal doesn't work out.. Merrill Lynch is up next in line within 48 - 72 hours would be my estimate!

xmas13 · 09-14-2008, 06:11 PM

We need less lawyers/bankers, more scientists/doctors.

xmas13 · 09-14-2008, 06:14 PM

Law/banking has become a racket, parasitic sector, extorting companies and good folks, with the blessing of the government.

ADL Colin · 09-14-2008, 06:15 PM

Bank of America just reached a deal to buy Merrill Lynch. That really helps everything as now Merrill won't have to dump assets. Looks like AIG will though.

FED expected to expand lending facilities accepting a greater range of assets for collateral.

S&P futures down 2.4%. Was 3% earlier tonight

Sami · 09-14-2008, 06:25 PM

Asian markets are closed not much of liquidity today otherwise the futures would have been slaughtered.

pocketkangaroo · 09-14-2008, 06:36 PM

Quote:

Originally Posted by Sami

Asian markets are closed not much of liquidity today otherwise the futures would have been slaughtered.

Why are they closed?

DateDoc · 09-14-2008, 06:38 PM

Quote:

Originally Posted by pocketkangaroo

Why are they closed?

National Holiday. I had thought it was just Japan but it is most of Asia.

halfpint · 09-14-2008, 07:11 PM

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

AlienQ - BANNED FOR LIFE · 09-14-2008, 07:26 PM

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.

DateDoc · 09-14-2008, 09:02 PM

Quote:

Originally Posted by AlienQ

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?

Manowar · 09-14-2008, 09:06 PM

Quote:

Originally Posted by L-Pink

I would like to see the salaries and bonuses from every executive over the last few years seized.

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

AlienQ - BANNED FOR LIFE · 09-14-2008, 09:21 PM

Quote:

Originally Posted by DateDoc

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

Well thats what the Government will say

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!"

mynameisjim · 09-14-2008, 09:47 PM

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.

Due · 09-15-2008, 12:56 AM

Damn have no idea how I missed all these news

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

spunkmaster · 09-15-2008, 01:17 AM

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.

efp · 09-15-2008, 02:48 AM

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.

notime · 09-15-2008, 03:12 AM

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

09-13-2008, 02:15 PM	#3
camgirlshide Confirmed User Join Date: Jan 2005 Posts: 1,558	hopefully someone buys them soon or there will be even worse trouble __________________ Useful adult webmaster links - Alphabetical list of solo models with webcam Stats on my best converting affiliate programs - camgirlshide webmaster blog complete list of affiliate programs I use.

09-13-2008, 04:55 PM	#7
SomeCreep :glugglug Join Date: Mar 2003 Location: Where the Wild Things Are Posts: 26,118	Pretty much. __________________ Webair Hosting I use and recommend Webair for hosting.

09-13-2008, 04:58 PM	#10
OG LennyT Wall Street Pimp Industry Role: Join Date: Jun 2003 Location: Phoenix, AZ Posts: 14,345	WAMU is next and the Fed is to blame as bernake is a fucking idiot __________________ Tradeking - my online broker \| 4.95 a trade \| make real $$

09-13-2008, 04:59 PM	#11
notoldschool Confirmed User Join Date: Aug 2007 Posts: 5,687	Rich mans welfare. __________________ No doubt one may quote history to support any cause, as the devil quotes scripture. -- Learned Hand http://www.bjpenn.com

09-13-2008, 09:30 PM	#17
BlueDesignStudios Confirmed User Industry Role: Join Date: Feb 2003 Location: Australia Posts: 9,492	United States of socialism __________________ Blue Design Studios - Adult Design Specialists! Email me for a free quote: [email protected]

09-13-2008, 02:42 PM	#5
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	What are the odds that the government bails them out with our tax dollars? Seems to be the trend these days.

09-13-2008, 04:55 PM	#8
buyandsell Confirmed User Industry Role: Join Date: May 2008 Location: USA Posts: 692	I blame experian

09-13-2008, 04:57 PM	#9
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	I would like to see the salaries and bonuses from every executive over the last few years seized.

09-13-2008, 05:05 PM	#13
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	bailing out these scumbags is fine but affordable health insurance for everyone is socialism. Hmmm

09-13-2008, 05:52 PM	#15
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	gm and ford want low cost federal loans http://www.marketwatch.com/news/story/potential-federal-loans-buoys-gm/story.aspx?guid={523591FB-7302-4410-8064-54C5EED55B06}&dist=msr_1 Man since its been a little slow in adult can we get a hand out too? lol

09-14-2008, 01:05 AM	#18
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	this is just the tip of the iceburg... US financial system is in a huge trouble... beyond what words can describe. All markets for any paper with any risk is completely at a halt. we're in for a show folks! many of these big wallstreet firms have direct systematic risk to the american financial system.... fall of a big one is going to trigger a major domino effect ... Citigroup right now is holding over a trillion dollars of derivatives that are mark to model.. when those come onto the balance sheet and become mark to market... all hell is going to break loose. giddyup __________________ ServerProvider.com ICQ#: 311-848-143 Last edited by Sami; 09-14-2008 at 01:09 AM..

09-14-2008, 01:13 AM	#19
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	And the bailouts are strictly because of the fact that these firms oppose direct threat to the solvency of the american financial system if they go down. __________________ ServerProvider.com ICQ#: 311-848-143

09-14-2008, 02:36 AM	#21
notime Confirmed User Industry Role: Join Date: Jun 2003 Location: cyberspace Posts: 8,022	"Citigroup Inc.'s Vikram Pandit, JPMorgan Chase & Co.'s Jamie Dimon, Morgan Stanley's John Mack, Goldman Sachs Group Inc.'s Lloyd Blankfein, and Merrill Lynch & Co.'s John Thain were among the chief executives at the meeting." Offcourse they are; did most of them not found the Federal Reserve bank one day when nobody was paying attention and passed the legislation to do so.

09-14-2008, 04:35 AM	#22
Vendot Confirmed User Industry Role: Join Date: May 2002 Location: Malaysia Posts: 3,376	700 banks!?!?!?!?!?! Where did you get that figure? You got a link?

09-14-2008, 05:46 AM	#23
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	Here is the latest, not sure if this sounds good or not. Glad the Fed is saying they won't step in and guarantee bad debt, but you have to wonder if they'll change that stance if no deal can get done in time. http://www.cnbc.com/id/26691041

09-14-2008, 10:22 AM	#24
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	If someone doesn't step in... when they start unwinding positions in a chapter 11 or in Lehmans case most likely it would be a chapter 7 bankruptcy ... nearly 100 billion dollars of Toxic paper at Lehman alone is going to flood the markets.. and its going to cause other banks worldwide holding the same type of toxic paper start having to right down billions upon billions of dollars ... causing many to go insolvent. Never mind all the credit default swaps that were written to hedge alot of the lehman debt... On top of this now defaults in Prime mortgages are at a rise.. and alt a mortgages are reseting... with 6.1% unemployment rate and getting worse... I think over the next few years we'r going to be seeing the 10%+ interest rates of the late 80s... as inflation sky rockets! The situation is so severe out there right now its compareable to the Great Depression...Remind you wallstreet is always predicting whats to go down in the economy 6 - 9 months ahead... and it hasn't even gotten that bad yet in the street... __________________ ServerProvider.com ICQ#: 311-848-143 Last edited by Sami; 09-14-2008 at 10:25 AM..

09-14-2008, 10:26 AM	#25
MrAwesome Confirmed User Join Date: Jan 2005 Posts: 898	interesting read __________________ CraftCannabis

09-14-2008, 10:29 AM	#26
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Nice posts Sami in particular.

09-14-2008, 11:20 AM	#27
MBS Auto Confirmed User Join Date: Oct 2004 Location: Sin City Baby... Posts: 1,725	Caput... it's over __________________ Shoes and Boot

09-14-2008, 11:37 AM	#28
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,631	Its pretty crazy to see banks going under when just a year or two ago they were all announcing billion dollar profits. __________________ you don't know you're wearing a leash if you sit by the peg all day..

09-14-2008, 12:58 PM	#30
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	Session called for Credit default swaps ... after Barclays backs out of a take over deal. Looks like Lehman Brothers is gone. RIP 158 years in business... down the toilet. __________________ ServerProvider.com ICQ#: 311-848-143

09-14-2008, 04:36 PM	#33
Vendot Confirmed User Industry Role: Join Date: May 2002 Location: Malaysia Posts: 3,376	The bank will Fuld, errrr Fold....... what a dick.

09-14-2008, 05:43 PM	#34
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	Lehman to file Bankruptcy sometime tonight. If the Bank of America and Merrill deal doesn't work out.. Merrill Lynch is up next in line within 48 - 72 hours would be my estimate! __________________ ServerProvider.com ICQ#: 311-848-143

09-14-2008, 06:11 PM	#35
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	We need less lawyers/bankers, more scientists/doctors. __________________ ICQ 557504926

09-14-2008, 06:14 PM	#36
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	Law/banking has become a racket, parasitic sector, extorting companies and good folks, with the blessing of the government. __________________ ICQ 557504926 Last edited by xmas13; 09-14-2008 at 06:15 PM..

09-14-2008, 06:15 PM	#37
ADL Colin Too lazy to set a custom title Join Date: Feb 2001 Location: Tube Titans, USA Posts: 11,929	Bank of America just reached a deal to buy Merrill Lynch. That really helps everything as now Merrill won't have to dump assets. Looks like AIG will though. FED expected to expand lending facilities accepting a greater range of assets for collateral. S&P futures down 2.4%. Was 3% earlier tonight __________________ Adult Date Link - $50 PPS starting NOW! -- good and JUICY! skype = "adultdatelink"

09-14-2008, 06:25 PM	#38
Sami Confirmed User Join Date: Mar 2004 Posts: 2,047	Asian markets are closed not much of liquidity today otherwise the futures would have been slaughtered. __________________ ServerProvider.com ICQ#: 311-848-143

09-14-2008, 07:11 PM	#41
halfpint GFY's Halfpint Industry Role: Join Date: Jun 2007 Location: UK Posts: 15,223	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 __________________ Get FREE website listings on Cryptocoinshops.net

09-14-2008, 07:26 PM	#42
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	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. __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \| Last edited by AlienQ - BANNED FOR LIFE; 09-14-2008 at 07:30 PM..

09-14-2008, 09:47 PM	#46
mynameisjim Confirmed User Join Date: Aug 2007 Posts: 2,985	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. __________________ jim (at) amateursconvert . com Amateurs Convert

09-15-2008, 12:56 AM	#47
Due Confirmed User Industry Role: Join Date: Mar 2001 Location: Murrieta, CA Posts: 3,620	Damn have no idea how I missed all these news 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 __________________ I buy plugs Skype: Due_Global /Due

09-15-2008, 01:17 AM	#48
spunkmaster Confirmed User Join Date: Jan 2004 Posts: 2,052	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. __________________

09-15-2008, 02:48 AM	#49
efp Registered User Join Date: Oct 2007 Location: Principat d'Andorra Posts: 34	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. __________________ Worldwide Phone & SMS Billing made simple No Chargeback - No Refunds EVER Global Accés S.L. - PREPAID Payouts since 2004 ICQ # 144213329 Skype: efpcoder

09-15-2008, 03:12 AM	#50
notime Confirmed User Industry Role: Join Date: Jun 2003 Location: cyberspace Posts: 8,022	amazing how a 150 year old bank could let it come to this point