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Lehmans goes down, global banking in crisis

Fair enough -- maybe AIG did fuck up. I said that I needed to read up on it before I knew. I can just see how an insurer *can* become shaky in the current climate without actually mismanaging anything
Jessiedog said:
I'm wondering how culpable the Rating Agencies are - they were the ones being paid to put "AAA' stamps on "encrusted crap" - would a class action lawsuit be in order?
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This has been tried. You can't touch the rating agencies, because they are protected under "free speech" laws. They say that they are just giving "fair comment" and that they specificy that nobody should rely on it. Yeah, right. Shower of fucks, they are, I hold them primarily responsible for this whole mess. They need to be up against the wall before even the mismanagers of the banks.
 
newbie said:
yup. Nationalise the lot, without compensation. Then sack, again without compensation, all those whose activity amounts to nothing more than gambling. Then absorb the rest, the ones who actually do something useful, into a payscale that's on a par with maybe the NHS or local government.
Click to expand...

Great idea. A cap of about £120,000 per year for all chief executives. :)
 
kabbes said:
You can't touch the rating agencies, because they are protected under "free speech" laws. They say that they are just giving "fair comment" and that they specificy that nobody should rely on it. Yeah, right. Shower of fucks, they are, I hold them primarily responsible for this whole mess. They need to be up against the wall before even the mismanagers of the banks.
Click to expand...

They were all in it together in one unholy clusterfuck.

The actuaries (sorry, but in many instances it's true ;) ,) bamboozled everyone with their financial wizardry to "prove" that "stale shit" was, in fact, "apple pie" and their bosses then paid the rating agencies to slap a "AAA" on it so it could be sold off at the price of "apple pie" - lot's of dosh in buying at the cost of stale shit and selling at the price of apple pie.


I'm actually seething at the massive greed, mismanagement of risk and governmental inaction that has resulted in this financial disaster.

If I had the chance I'd be handing out 25 year, hard-labour sentences to quite a few hundred of those involved.


:mad:


Woof
 
Oh, actuaries as a group are subject to the same dynamics as any group -- there are good ones, bad ones, smart ones, indifferent ones (no *stupid* ones, though -- the exams weed those out), honest ones and crooked ones.

And like in everything else, the bad ones don't do as much damage as the smart, crooked ones.
 
Rumours in the City this morning that Morgan Stanley is wobbling and that the BofA takeover of Merrills is not the done deal we've been led to believe.
 
kabbes said:
And like in everything else, the bad ones don't do as much damage as the smart, crooked ones.
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Yup.

The chap I know who was involved was nice enough to talk to, blindingly smart - and being paid over US$ 500,000:00 per annum to turn stale shit in to apple pie.

He won't worry, he can just retire, wealthy, at 43 years old.



Woof
 
newbie said:
yup. Nationalise the lot, without compensation. Then sack, again without compensation, all those whose activity amounts to nothing more than gambling. Then absorb the rest, the ones who actually do something useful, into a payscale that's on a par with maybe the NHS or local government.
Click to expand...

:cool:
 
sorry if this has been mentioned before, but are building societies, such as the nationwide, forbidden to speculate in the same way as other financial institutions, and can only lend what they have on deposit?

could nationwide (the only big player in the building society market) be in a position to buy up failing institutions, which aren't building societies, or would something prevent them from doing so?
 
Jessiedog said:
They were all in it together in one unholy clusterfuck.

The actuaries (sorry, but in many instances it's true ;) ,) bamboozled everyone with their financial wizardry to "prove" that "stale shit" was, in fact, "apple pie" and their bosses then paid the rating agencies to slap a "AAA" on it so it could be sold off at the price of "apple pie" - lot's of dosh in buying at the cost of stale shit and selling at the price of apple pie.


I'm actually seething at the massive greed, mismanagement of risk and governmental inaction that has resulted in this financial disaster.

If I had the chance I'd be handing out 25 year, hard-labour sentences to quite a few hundred of those involved.


:mad:


Woof
Click to expand...

Just like I said here:
The fat-bastard architects of these playing-card housing estates deserve pelting with dogshit & halfbricks. For ever. Televised as a lesson to others who might be tempted by greed and stupidity to pursue unsustainable wealth
Click to expand...
 
Dr Jon said:
The fat-bastard architects of these playing-card housing estates deserve pelting with dogshit & halfbricks. For ever. Televised as a lesson to others who might be tempted by greed and stupidity to pursue unsustainable wealth
Click to expand...

I'll settle for that.

:)


Woof
 
Another thing that really fucks me off is that during the Asian Financial Crisis back in 1997/98/99/00/01/02/03, the USA (and UK) governemnts stood tall and lectured us on how we should not rescue private institutions, how "restructuring" was required, how the "pain" needed to be felt.

I barely had an income for 6 years.


But when it comes to the USA (and UK), the first thing that happens is government sticking its hand into the public pocket and transferring it to dead corporates.

And me, I haven't worked since February my limited investments have been decimated, the chances of any reasonably lucrative employment are receeding into the distance and - if this carries on - I'll be losing my home and out on the streets.


Fucking hell do I want to see some blood squeezed from the cunts responsible for this mess. But, of course, that won't happen. They've all made enough out of this to retire in luxury many times over.


:mad:


Woof
 
Jessiedog said:
... But when it comes to the USA (and UK), the first thing that happens is government sticking its hand into the public pocket and transferring it to dead corporates
Click to expand...
A mate who works at the BoE said the bail-out of Northern Wreck should never have happened.
He reckons Merv was leant on by our glorious chancellor and his predecessor... like WTF do either of those clowns know? :mad:

Sorry to hear of your situation Jessie :(
 
Given Merv's comments about moral hazard, I'd guess he was more inclined to do something along the lines of safeguarding depositors cash but letting NR fail, but was, as you say, leant on. Newcastle and that region is a big labour area, possibly a couple of local MPs getting shirty about it as well...
 
This is crazy stuff.....
Every company I speak to sounds like they are in panic and are just waiting to see the news.
 
Badgers said:
This is crazy stuff.....
Every company I speak to sounds like they are in panic and are just waiting to see the news.
Click to expand...

Aye, my g/f works for a solutions company, providing printing solutions or office admin thingies... all their accounts seem to be on the rocks or cutting back :(

Merrils and Lehmans were two of their biggest I think.
 
A lot of my clients are working from home today and are busy putting back up plans in place.

We love a good crisis here in Britain, shall I put the kettle on or something?

By the way, is anyone keeping an eye on the Russians whilst all this is going on?
 
yield said:
Didn't have you down as a revolutionary kabbes to be honest!
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I think a lot of people here would be surprised at my complete set of views. But the revolutionary element is already very well represented on these boards, so there is rarely a need for me to back them up!

From time to time though, it'll come through. Witness my ramblings on the "For the right-leaning amongst you" thread, where I came down pretty hard on the idea of financial incentives being in any way a positive or natural state of affairs.
 
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