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Discussion in 'Current Events' started by edesignuk, Sep 15, 2008.
Also AIG looking pretty sketchy and airlines/holiday firms going to the wall.
I've heard that Lehman's staff in Canary Wharf (all 3000 of them) have been told to leave the building by lunchtime. This may not be true though...
Sounds like city rumours, I can't imagine they'd be that dramatic about it...could they?
From what I'm reading Lehmans tried to borrow huge amounts of last night so as they could enter Chapter-11 in an orderly manner. They failed as the Fed wouldn't give them billions of dollars so the business is formally insolvent. In the UK at least I'm pretty sure a business cannot continue trading if it's insolvent...
Welcome to the recession. We hope you have a pleasant stay.
S***. It's just been on the news people walking out with their boxes (not sure if it was US office or London). Either way, sounds like the get out by lunchtime might be on the cards after all.
How awful for all those employees.
It's not yet 5:30am in New York, so probably London
ah, good point. Unless they were told to clear out state side last night (doubtful).
Insolvency doesn't wait for opening hours.
How big is this? What will be the knock on effect? Who do these guys finance? Is it the first of too many? Are we all doomed?
Caption under a photo on the BBC website "Police have cordoned off the bank's headquarters in New York". That really doesn't sound good
You were right. It was the US. Footage (UK only I think) is here. Definitely the US office...
No - they have US accents and US taxi cabs.
Yes: I said it was the US office. I assumed that the footage would only be available to those with UK IP addresses as it's on the BBC site.
Sorry - my mistake.
Well - I suppose it makes sense. In the relative disorder surrounding a Chapter 11 at a bank, you'd expect all sorts of shenanigans. Mind you, the police can't do much expect control ingress.
Craziness. My boss keeps getting phone calls from people looking for a job, there's soon to be an extra ~5000 people looking for finance and related work.
Tip of the iceberg. I think we can expect another round of finance redundancies once the fallout from Lehmans clears.
Crazy. I'm waiting to hear back from my cousin, who works (worked??) at Lehman. I used to work at Merrill Lynch too. Way too close to home for me.
I'm waiting to hear what's happening with AIG.
Crazy crazy times.
I think it's definitely "worked" now unfortunately. Pack up your boxes, forget about your share options, and move on. Horrible for all those caught up in it.
Which they were a core cause of.
Definitely, but that doesn't help the 90% of staff who have no control over the investments the company have made and are now out of work at a very bad time.
As is anyone else in a failed business - but not one, perhaps, in which the entire phalanx of staff may have been depending on / expecting a government hand-out in order to keep it going. As I said, it was hardly as though this was a bolt from the blue. Many people have been able to pretty safely bet against this situation with access to the same information.
EDIT: Sorry, as I didn't say. I got an IM I was writing mixed up I said it to someone else at any rate.
This has been a long time coming; it's not as though nobody saw it, though they pretended not to.
(i) Very big. (ii) Rather extensive, because with globalisation, abolition of exchange controls, repeal of regulation, and insane bonuses and lack of penalties for incompetence and catastrophic mis-judgement, trans-national trades and risky investments ballooned. (iii) Lots, governments, institutions, other large businesses. (iv) It's not the first; it's at least the tenth in the US. There will be more, in the US, Europe and Asia. (v) No. But we're in for a rocky ride for the next few years.
Agreed on both counts.
Also true. Agree with you.
It's hard times when you hope your house is destroyed in a hurricane before it's foreclosed on by a financial institution about to go bankrupt.