Lehman Brothers gone bust!

[Sealbhach]

Flippin heck.

Who's next?


.

[twisted_steel]

Article for those who haven't heard: http://www.nytimes.com/2008/09/15/business/15lehman.html?pagewanted=1

[fatality_uk]

I feel sorry for the many people at the sharp end who will lose their jobs, but it has to be recgonised that investment banks have spent the last 5-10 years making BAST sums of money with poorly thought out investment products, frankly shady deals and less than acceptable business practises.

Sadly, it's not the guys at the top who will lose out. They all have nice fat pay offs and will usually end up on the board of another bank.

[zekopeko]

Flippin heck.

Who's next?


.


i'm just guessing now but, the rest of the american economy and then the WORLD?

[Bartender]

Now AIG wants a $40 billion "loan" from the Feds. The U.S. taxpayers were already strapped paying for Bush's wars and deficits.
It's gonna be an ugly week on the stock market.

[daverich]

"Always look on the bright side of life!!!"

All together now!

Kind regards

Dave Rich

[jrusso2]

I feel sorry for the many people at the sharp end who will lose their jobs, but it has to be recgonised that investment banks have spent the last 5-10 years making BAST sums of money with poorly thought out investment products, frankly shady deals and less than acceptable business practises.

Sadly, it's not the guys at the top who will lose out. They all have nice fat pay offs and will usually end up on the board of another bank.

Great lets have the government spend billions to bail them out and make sure the CEO continues to make millions in salary.

[Alien.col]

Now AIG wants a $40 billion "loan" from the Feds. The U.S. taxpayers were already strapped paying for Bush's wars and deficits.
It's gonna be an ugly week on the stock market.

I have two small life insurance s with AIG, I don't know if i should just go and cancel those, I mean I feel like I'm giving my money to someone that is going broke.

[fatality_uk]

I have two small life insurance s with AIG, I don't know if i should just go and cancel those, I mean I feel like I'm giving my money to someone that is going broke.

The world is talking itself into a recession here ](*,) :???:

[god0fgod]

Is it me or does it seem the UK keeps getting hit by US problems? Twice as hard it sometimes seems.

[Maratonda]

I actually am/was an employee in London...5,000 people lost their jobs today and nobody has a clue as to what is going to happen now. I had been there for 1 month, so don't play the 'bonus' card.

[bonzodog]

Also, addendum, Merrill Lynch has just been bought by The Bank of America, and will cease to exist shortly.

[cardinals_fan]

This is amusing to me for a reason none of you would understand :)

[smoker]

through bad management and greed, banks and multi-national financial institutions have got a vast amount of the average western world citizen trapped in debt, and it is they who will be the ones who lose out, directly when their jobs go, and indirectly, when in the long term their pensions are found wanting. governments seem to let banks get away with it, makes you wonder who is in control. and will anyone ever be made accountable (pun intended),
:confused:

[Tom Mann]

I feel sorry for all the workers losing their jobs. They may have had lavish lifestyles, but the stress of working in the stock industry... they deserved every penny.

[DoctorMO]

Is it me or does it seem the UK keeps getting hit by US problems? Twice as hard it sometimes seems.

Serves us right for being so friggin' obsessively capitalist as a socity; We've shunned moderate socialism and libertarianism in favour of run away capitalism and authoritarianism in our government. Then we've stripped away all common sense controls on the market machinery in banking (just like the USA) and now we're whining about how bad we're being hit.

Bah. Any system no mater how elegant will be abused. Even capitalism which glorifies avarice and greed has spawned a generation of bankers who know how to fiddle the greed system.