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Lehman Brothers going under tonight...Merryll Lynch and AIG in trouble

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  • Lehman Brothers going under tonight...Merryll Lynch and AIG in trouble

    Wow! Lehman employees are being shown coming out of the Midtown HQ carrying their stuff out as Lehman failed to find a buyer earlier this weekend.

    Merryll Lynch is being sold to BofA at a fire sale.

    AIG is selling off parts of its biz, even its profitable aircraft leasing arm.

    After tonight there will be only 2 American i-banks left. To think that Lehman survived and thrived for 150 years and is collapsing today is, to quote ABC News, a watershed event. I know some posters here work at Lehman, so best of luck to them!

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  • #2
    Is my 401 K safe? It's thru ML. I no longer work for the company that set it up.

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    • #3
      Alan Greenspan said that this is the worst economy that he has seen during his lifetime.
      “I’ve always stated, ‘I’m a Missouri Tiger,’” Anderson said March 13 after Arkansas fired John Pelphrey, adding, “I’m excited about what’s taking place here.”

      Asked then if he would talk to his players about the situation, he said, “They know me, and that’s where the trust comes in.

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      • #4
        Originally posted by Razzy View Post
        Alan Greenspan said that this is the worst economy that he has seen during his lifetime.
        No, everything is fine. Ask McCain...

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        • #5
          So, I wonder how much this is going to cost the American taxpayer. First, Bear Stearns...now Lehman. Who's next at that bailout trough?

          Moon

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          • #6
            Originally posted by SKIDOG View Post
            No, everything is fine. Ask McCain...
            Greenspan also said this today...

            In an interview with Bloomberg Television, Greenspan argued that the country couldn't afford the tax cuts being proposed by John McCain without an equally massive reduction in spending.

            "I'm not in favor of financing tax cuts with borrowed money," he said. "I always have tied tax cuts to spending."
            “I’ve always stated, ‘I’m a Missouri Tiger,’” Anderson said March 13 after Arkansas fired John Pelphrey, adding, “I’m excited about what’s taking place here.”

            Asked then if he would talk to his players about the situation, he said, “They know me, and that’s where the trust comes in.

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            • #7
              Originally posted by gosha83 View Post

              AIG is selling off parts of its biz,
              Oh goody.

              Whole bunch of Underwriters in our Work Comp department(including a good friend of mine) were shown the door about 3 weeks ago. About 2 weeks before that, we were told how some of the lower adjuster positions(which most of us were hired into at the start) here in STL were being taken over by an office in the Philippines and they wouldn't be hiring here for that position anymore. They tried to make outsourcing jobs out of STL to another country sound like a good thing. Yeah ok. I get to spend all day Wednesday in training for this "transition".

              Anyone hiring right now?
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              • #8
                Tomorrow is going to be a very shitty day on Wall Street.

                Maybe its time to buy gold...
                “I’ve always stated, ‘I’m a Missouri Tiger,’” Anderson said March 13 after Arkansas fired John Pelphrey, adding, “I’m excited about what’s taking place here.”

                Asked then if he would talk to his players about the situation, he said, “They know me, and that’s where the trust comes in.

                Comment


                • #9
                  Originally posted by Razzy View Post
                  Greenspan also said this today...

                  In an interview with Bloomberg Television, Greenspan argued that the country couldn't afford the tax cuts being proposed by John McCain without an equally massive reduction in spending.

                  "I'm not in favor of financing tax cuts with borrowed money," he said. "I always have tied tax cuts to spending."
                  You know we can save trillions by reducing spending on local museums and scientific studies? True story.
                  Sketch in STL
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                  • #10
                    Going to need some more state takeover.
                    From this day forward, I no longer shall tinker with the machinery of death.

                    For more than 20 years I have endeavored-indeed, I have struggled-along with a majority of this Court, to develop procedural & substantive rules that would lend more than the mere appearance of fairness to the death penalty endeavor.


                    I feel morally and intellectually obligated simply to concede that the death penalty experiment has failed.

                    The path the Court has chosen lessens us all. I dissent.

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                    • #11
                      Just wait: the airlines are next...

                      "Can't buy what I want because it's free...
                      Can't buy what I want because it's free..."
                      -- Pearl Jam, from the single Corduroy

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                      • #12
                        Okay, there is a little bit of misinformation on here about Lehman. Based upon everything I have read and a couple of phone calls, they are going to let Lehman fail. There will be no government bail out or protection. That is kind of how the system is supposed to work.

                        Barclay's was asking for a huge guarantee on the Lehman's mortgages and the Fed and Treasury said no way. I think, after talking to a friend at the Fed here in STL, that they are a bit scared but not in a state of panic. They know they made a mistake on Bear Stearns, by making the guarantees to generous and can't afford a repeat or we will have a bail out a day.

                        It will be a crappy day early on the Street but the afternoon could rebound. The Merrill deal with B of A will help a lot.

                        The wild card here is AIG. They aren't very transparent in their reporting so no one is really sure how bad the "black hole" might be. If AIG is a real mess as opposed to just sloppy, it won't be that bad in the long run. If they are really out of cash and they have to take huge hits to their reserves, then look out.

                        The other wild card in the shadows is Citigroup. I hear that they are really struggling to raise cash. The Sovereign Funds don't want any more equity. They are willing to provide debt financing, but that does not help much as it will have to be repaid at onerous terms. This could be a mess bigger than the others.
                        Last edited by Cavalier79; 09-15-2008, 12:14 AM. Reason: Additional Information
                        Adapt, Improvise, and Overcome..... The only way to live.

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                        • #13
                          shhh, you're not supposed to make sense!!!

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                          • #14
                            It's a mental economic armageddon.
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                            • #15
                              nation of whiners
                              Dude. Can. Fly.

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