Lehmans goes down, global banking in crisis

[goldenecitrone]

I don't think anyone would claim that schadenfreude is one of the noblest emotions.

 

[Kid_Eternity]

A source in the private sector just told me that UBS and Citigroup are next to go under. Any u75 city folk wanna comment?

 

[Flashman]

A source in the private sector just told me that UBS and Citigroup are next to go under. Any u75 city folk wanna comment?

Citi wouldn't surprise me. I'll have a word with some old work chums at Egg and see if I can dig up any details.

Mogden posting.

 

[STFC]

My girlfriend works for Citi so I sincerely hope not.

 

[Fedayn]

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.

No different to the comments of bigwigs in the city who refer to thousands of job losses as 'restructuring'. Wankers like Justin Urquhart Stewart and Gavyn Davies who simply see numbers when thousands are made redundant to make sure their profits and bonuses still kep rolling in.

 

[Mogden]

So do I STFC as I have several mates who would be directly affected including best mate Mogden but they do hold a big sub prime market in the US and they were a bit twitchy and chopping and changing management in the last year.

 

[White Lotus]

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?

At lunchtime the Beeb was saying the financial services regulator had told Barclays no way were they going to make a bid for Lehman, which is why they pulled out. Possibly because they didn't want that toxic paper going from an investment bank into a high street bank?

 

[hipipol]

UBS is prob gonna split in half as its asset management and private wealth management are tops - the investment bank is crap

Mizuho is in dire straights heavy losses on its prop books and everyones lines shrunk plus they had a pretty large, in terms of hundreds of millions of bucks in Lehmans

Daiwa SMBC as part of Sumitomo Mitsui if probably alright, not cos of any special skill on its part but cos of the parents deep pockets.....

Will be interesting to see the next quarters report from a one time Eastern Bank, HSBC, as they had huge exposure to unsecured debts in the US...

Standard Charterd however is going great guns - flight to quality, go StanChart!!!!!

 

[Spymaster]

No different to the comments of bigwigs in the city who refer to thousands of job losses as 'restructuring'.

Eh?

 

[hipipol]

Ah, Citi

Now Citi has had probs for quite some time, main shareholder isa senior member of the Saudi Royal family, but hes had to bail em TWICE over the lst two year or so..........
Its also a very large commercial bank in the states so that enables them to access cheap cash in the form of retail customer deposits.
Unless they have achieved the organistional improvements the Saudis wanted I suspect they wont get any more cash easily from that direction, but they are a HUGE franchise so still ought be able to bolster their balance sheet via TEMASEK (Singapore govt fund) CITIC (Chinese govt invest fund) etc

 

[Badgers]

Mizuho is in dire straights heavy losses on its prop books and everyones lines shrunk plus they had a pretty large, in terms of hundreds of millions of bucks in Lehmans

I think I know someone who works there. They have just taken on a mortgage too if I have the right bank!!!!

This article is not mentioning dire straights though

 

[Fedayn]

Eh?

The comments and jokes about people losing their jobs. I can't remember you getting all hot and bothered when city bigwigs refer to thousands losing thyeior jobs as 'restructuring'. There's a certain 'schadenfreude' about big, and I refer to big, city bankers getting a bit jittery. After all they get hard-ons for restructuring and redundacnies to make sure their profits keep coming in. And i'm bound to say mild even strong jokes and approval for the city taking a bit of a hit are as nothing to what those cunts are prepared to do to make sure they are ok.

Personally it's worrying what happens, thousands of job losses-if that happens-will affect a much bigger group than the slime at the top. Ripples in a pond and all that.

 

[rennie]

Now Citi has had probs for quite some time, main shareholder isa senior member of the Saudi Royal family, but hes had to bail em TWICE over the lst two year or so..........
Its also a very large commercial bank in the states so that enables them to access cheap cash in the form of retail customer deposits.
Unless they have achieved the organistional improvements the Saudis wanted I suspect they wont get any more cash easily from that direction, but they are a HUGE franchise so still ought be able to bolster their balance sheet via TEMASEK (Singapore govt fund) CITIC (Chinese govt invest fund) etc

Citi's biggest shareholder now hails from Abu Dhabi.

 

[Numbers]

VERY interesting day in work today, haven't seen the trade floor like it was today in the 2 years I've been there.

Unwind, value & re-hedge.
Unwind, value & re-hedge.
Unwind, value & re-hedge.
Think unsexy thoughts.....

 

[Kanda]

VERY interesting day in work today, haven't seen the trade floor like it was today in the 2 years I've been there.

Unwind, value & re-hedge.
Unwind, value & re-hedge.
Unwind, value & re-hedge.
Think unsexy thoughts.....

Same here, VERY busy getting out of positions. Fortunately didn't lose, we actually made a fair bit today.

 

[Blagsta]

A source in the private sector just told me that UBS and Citigroup are next to go under. Any u75 city folk wanna comment?

If Citigroup go will my credit card debt with them go as well?

 

[Jessiedog]

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........ In this way I dispute that the profits are, as you assert, "privatised".

Really?


Only 40% and only last year.

Pffft!



For the last two decades, financial institutions have been engaged in a pyramid scheme of mammoth proportions. Hundreds of billions, probably trillions of GBP/USD of profits have been made.


When the music stops?


Oops!



A similar - and yet probably more massive - syphoning of money from the public to the private purse (predominately in the USA,) has been going on with the escapades in Afghanistan and Iraq - the money spent on mercenaries involved in "supply chain" or "reconstruction" runs into hundreds of billions of US dollars.


God bless America!


God bless the market!


God help the rest of us.




Woof

 

[A Dashing Blade]

VERY interesting day in work today, haven't seen the trade floor like it was today in the 2 years I've been there.

Black Monday back in '87 was far, far worse. That really was a blood on the streets day.

 

[alsoknownas]

If Citigroup go will my credit card debt with them go as well?

That's a good point. Do some people have their debts wiped off when a bank goes down the pan?

 

[A Dashing Blade]

Tbh, I reckon if brown stuff's gonna hit the air-con it'll be tomorrow ie the day AFTER everyone's worked out what their exposure is. If someone goes down tomorrow then it really could start to domino.

 

[hipipol]

Citi's biggest shareholder now hails from Abu Dhabi.

You are dead right, sorry forgot about their cap in hand tour of the Gulf earlier this year

 

[Fedayn]

Same here, VERY busy getting out of positions. Fortunately didn't lose, we actually made a fair bit today.

Bad news never stops profits does it....

 

[Spymaster]

The comments and jokes about people losing their jobs. I can't remember you getting all hot and bothered when city bigwigs refer to thousands losing thyeior jobs as 'restructuring'.

Don't be daft. Comparing the "restructuring" that goes on after mergers and takeovers with the meltdown of some of the biggest investment banks on the planet is ridiculous.

I'll repeat, the "city bigwigs" to whom you refer will miss out on a few bonuses but they're already multi-millionaires. The traders and dealers in revenue generating roles will be working elsewhere in a few months or doing other stuff with their saved up dosh too.

The worst hit will be small companies that provide services to these guys, their employees and the non-front office staff at the banks.

You think the ripples go upwards. They don't, they affect those who can't afford it most.

It's like laughing while your house burns down because it needed repainting.

 

[Kanda]

Bad news never stops profits does it....

Of course it doesn't. Someone always wins somewhere...

 

[Fedayn]

Don't be daft. Comparing the "restructuring" that goes on after mergers and takeovers with the meltdown of some of the biggest investment banks on the planet is ridiculous.

I'll repeat, the "city bigwigs" to whom you refer will miss out on a few bonuses but they're already multi-millionaires. The traders and dealers in revenue generating roles will be working elsewhere in a few months or doing other stuff with their saved up dosh too.

The worst hit will be small companies that provide services to these guys, their employees and the non-front office staff at the banks.

You think the ripples go upwards. They don't, they affect those who can't afford it most.

It's like laughing while your house burns down because it needed repainting.

Do you have difficulty with simple English?
I wasn't 'comparing' merely pointing out the utter disdain city bigwuigs have when our lkives are affected to make sure their profits are in 'danger'. Sorry I don't give a fuck about them. And by them I mean the bigwigs, as I have pointed out though you seem incap[able of seeing that vewryu point.
And again, do you have difficulty with simple English? Where did I say ripples go upwards, you really should reply to what I wrote and not to your own pre-ordained version of what I posted.
The point is however these cunts set their own house and some of our houses on fire and now want us to bail out their own arson.

 

[Jessiedog]

A trader, who would not give his name, said: "I would have made one million dollars this year so I don't give a stuff about a month's wages. The bank should have been sold last week but they were holding out for more money. It is the CEO's fault."

A simple trader.

Poor chap.




Woof

 

[Fedayn]

Of course it doesn't. Someone always wins somewhere...

Exactly and it's not someone somewhere it's invariably the same people everywhere.

 

[Jessiedog]

And cunt Bush says something like.......


I believe that our markets will find stability in the long term.






Woof

 

[Dan U]

And cunt Bush says something like.......


I believe that our markets will find stability in the long term.






Woof

well he is hardly gonna say 'OMG THE FREE WORLD IS DOOMED, DOOMED I TELLS YOU THE CHINESE WILL OWN OUR SOULS'

 

[hipipol]

well he is hardly gonna say 'OMG THE FREE WORLD IS DOOMED, DOOMED I TELLS YOU THE CHINESE WILL OWN OUR SOULS'

Well they alreasy MAKE our soles!!!