Lehmans goes down, global banking in crisis
- Thread starter durruti02
- Start date
newbie
undisambiguated
yes, but what makes those who work in finance any different from the people who lost their jobs at XL a couple of days ago?
One answer, of course, is that what they do affects the rest of us far more than our holiday booking. The finance industry has claws in the whole of the rest of society, and their pain will hurt everybody.
urely the solution is to nationalise failing financial institutions (without compensation) and from hereon to run them for public and social purposes, not for greed.
AnnaKarpik
Queen of all she surveys
mellifluous lady
ready steady baby!
More bankers on the dole. Shame.
only just read this as I have been busy at work all day....cancelling all the travel bookings that Lehman Brothers have made. It might be the last day I am busy or even have a job so it's not just the bankers that lose out. I work for a business travel company that have booked travel for Lehman for the last 13 years and now all of us are uncertain about our future
kyser_soze
Hawking's Angry Eyebrow
mellifluous lady - you have a great username!! Sorry to hear that - you may well have talked to my ex if you book travel as she used to be a PA for the M&A/securitised products team...
hipipol
Peckham Wry
Good-oh not as entirely desperate as I had first read it..........not far off mind you!!!
Who is to be the judge of the credit worthyness of these securities I wonder? S&P, Fitch, Moodys? Beacons of tranparency and trust the lots of em...
Why the turd that ran lehmans was allowed to turn down TWO decent offers to shore up the capital base based on little more then whim I cant understand - I mean when everyone else was grabbing at whatever was going.....was the entire board off playing golf with the eejut from Bear?
hipipol
Peckham Wry
Noble sentiments
However, if the Govt were to run the banks I suspect we'd simply have problems of a different kind which would still cause Joe Bloggs to suffer
As it is the Govt via the Treasury, BoE and FSA had statutory powers to manage banking activity, a responsibility at which they manifestly failed. Simply having Alistair Darling on the board would, I suspect, have made fuck all difference
gnoriac
lowly seer
Were they involved in giving CDOs that included sub-prime risk AAA ratings?
http://www.thisislondon.co.uk/stand...000+City+jobs+axed+as+Lehman+folds/article.do
some clutching boxes of vintage wine .. lol my heart bleeds
some clutching boxes of vintage wine .. lol my heart bleeds
hey what you saying LB has NOT collapsed? it seems to to meEarly days yet, amigo. Let's see what the filing brings to the surface.
hey what you saying? that LB has NOT collapsed? it seems to to me it hasEarly days yet, amigo. Let's see what the filing brings to the surface.
DRINK?
bummed by karmachameleon
Profits are private.
Losses are public.
That's how it works.
Woof
Before we all break out into "The Red Flag" perhaps we should pause to consider that anyone earning a massive bonus last year has already had over 40% of it taken away to spend on Inner City Rap and Dance Outreach Co-ordinators, Equality and Accessibility Officers, LGBT Crisis Workers and f*ck knows what other fatuous left wing non-jobs. In this way I dispute that the profits are, as you assert, "privatised".
pinkychukkles
Feed Your Head
Spare a thought for:
"Edouard d'Archimbaud, 24, was due to begin his first day as a £45,000-a-year trader at Lehman Brothers today. He said: "I had trouble getting here because of the Eurostar fire. When I finally made it I found out I was fired. We are all fired."
kyser_soze
Hawking's Angry Eyebrow
Hmmm...does he not read newspapers? If I'd read the papers Friday/Sat I wouldn't have travelled from Paris...
hipipol
Peckham Wry
French papaers prob didn't cover it.
They thought it was just another Anglo-Saxon one up manship pisstake aimed at SocGen
kyser_soze
Hawking's Angry Eyebrow
PMSL
So which of the Eurobanks are the most wobbly? UBS have been bailed out, as have the UK banks...what about Germany? I read lots about DB wanting to buy Postbank, then not...
So which of the Eurobanks are the most wobbly? UBS have been bailed out, as have the UK banks...what about Germany? I read lots about DB wanting to buy Postbank, then not...
hipipol
Peckham Wry
Well Dresdner has been passed on to Commerz, who will prob shut most of it down
Merger mania in the Landesbanks who over reached themselves
Erste bank in Ausria have large exposure to Eastern European real estate, which is tanking nicely....
Fortis, which is fucked, I mean really fucked
Then our own obvious wobblers, HBOS and RBS for starters
I would also question Barcaps apparent cheeryness as an outfit very much involved in structured products, but who really knows? None of them are telling the truth .......pretty much a large part of the current problem...
Merger mania in the Landesbanks who over reached themselves
Erste bank in Ausria have large exposure to Eastern European real estate, which is tanking nicely....
Fortis, which is fucked, I mean really fucked
Then our own obvious wobblers, HBOS and RBS for starters
I would also question Barcaps apparent cheeryness as an outfit very much involved in structured products, but who really knows? None of them are telling the truth .......pretty much a large part of the current problem...
I thought that was a bit harsh on the lad.
Would guess that they picked up his expenses to get over though. That would be really bad.... Pay for your travel to a new job only to arrive and find out you are fired as you walk through the door!
kyser_soze
Hawking's Angry Eyebrow
Yeah, I figured the Landesbanks would be in trouble - are they still run like S&Ls in the 1970s/80s in the US or is the German regulatory environment a little tighter?
hipipol
Peckham Wry
West LB collapse either triggered or was triggered by changes to the law removing the Federal g'tee for their debt I cant recall which way round it was......I think it was Rhine Westfalia that were the white knights there - the law chage also brought down on of the fairly new Landesbaks from the former GDR, but again I've forgotten the name.... Damn, so many busted fuckers they've all become a bit of a blur.......
Sweaty Betty
Hemo rising!
fucking principality have just offered us a pathetic amount for a mortgage- leaving us having to stump up 45% deposit!!!!
are they going down??????
are they going down??????
kyser_soze
Hawking's Angry Eyebrow
Well the Japanese have already been through all this about 15 years ago when their property bubble burst and the country spent 10 years at 0% everything - inflation, growth, interest - so that will be a barrel of laffs on the Nikkei...
Spymaster
Plastic Paddy
Hilarious.
Funny all the lefties rubbing their hands with glee at all these bankers losing their jobs. What they fail to understand is that those who earned the super-bucks were a relatively small proportion of those employed and they're rich anyway. They'll be hurt least in real terms.
The real losers here are the regular staff on the lines (think cleaners, secretaries, paper-pushers, caterers) whose mortgages and rents are going into arrears; whose families are going to suffer.They can't afford not to be paid this week let alone lose their jobs permanently.
"But it's ok, it's the capitalist system is failing".
Stupid cunts.
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