• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Lehman Brothers bank to go into insolvency (maybe)

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Lehman Brothers bank to go into insolvency (maybe)

    Well "Lehman Brothers" had too much exposure to mortgage backed assets so if the US government doesn't inject funds with a rescue plan (it said it will not) then it means insolvency which admitedly takes months to complete.

    Barclays and Bank of America pulled out of any rescue deal today.

    So what does this means for the other financial institutions which has money owed to it by Lehman's ..... yes it has a knock on effect.

    I think there's going to be many Unix Java / C# CVs sent out from Lehman's tomorrow.

    Worst of it is that I got an old mate with 3 daughters there who I've not seen in a long time, god knows what he must be thinking.

    #2
    I know a couple of people there. They have however made so much dosh over the last few years that I doubt they'll suffer too much.

    Comment


      #3
      Originally posted by eliquant View Post
      Well "Lehman Brothers" had too much exposure to mortgage backed assets so if the US government doesn't inject funds with a rescue plan (it said it will not) then it means insolvency which admitedly takes months to complete.

      Barclays and Bank of America pulled out of any rescue deal today.

      So what does this means for the other financial institutions which has money owed to it by Lehman's ..... yes it has a knock on effect.

      I think there's going to be many Unix Java / C# CVs sent out from Lehman's tomorrow.

      Worst of it is that I got an old mate with 3 daughters there who I've not seen in a long time, god knows what he must be thinking.


      .. and poor old New Lie scapegoat Northern Rock had no US-Subprime. All they wanted was a short-term loan after money-markets dried up, but Mervyn King in his wisdom initially refused, causing a bank run, draining 14 Billion from savings, which is virtually the amount that they now owe in loans to the BofE. At least the US government is trying to help its banks rather than kill them through ineptness and starvation of funds.

      Comment


        #4
        Originally posted by Cyberman View Post
        .. and poor old New Lie scapegoat Northern Rock had no US-Subprime. All they wanted was a short-term loan after money-markets dried up, but Mervyn King in his wisdom initially refused, causing a bank run, draining 14 Billion from savings, which is virtually the amount that they now owe in loans to the BofE. At least the US government is trying to help its banks rather than kill them through ineptness and starvation of funds.
        So the US government has stepped in to save Lehmans? When did that happen?
        Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God? - Epicurus

        Comment


          #5
          Originally posted by PM-Junkie View Post
          So the US government has stepped in to save Lehmans? When did that happen?

          They are involved in trying to sort out a deal. I am sure they will have to provide some guarantees to the buyer, but a collapse of Lehmans would have a massive knock-on effect throughout the financial markets causing a domino effect. I cannot see the USA allowing that to happen, but time will tell.

          Comment


            #6
            No maby about it.... going going gone!

            We're all doomed.
            "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

            Comment


              #7
              Merrill bought by Bank of America

              Lehmans in chapter 11...and Merrill Lynch bought before it had to go too, two banks in one day. The dollar has held up, but the stock markets will take a pounding.
              I'm alright Jack

              Comment


                #8
                Originally posted by BlasterBates View Post
                Merrill bought by Bank of America

                Lehmans in chapter 11...and Merrill Lynch bought before it had to go too, two banks in one day. The dollar has held up, but the stock markets will take a pounding.
                I think the news on Merrill Lynch is just as significant.
                Who next? FTSE down 2.5% already.

                Don't panic! DON'T PANIC!!!

                Comment


                  #9
                  Originally posted by GreenerGrass View Post
                  I think the news on Merrill Lynch is just as significant.
                  Who next? FTSE down 2.5% already.

                  Don't panic! DON'T PANIC!!!
                  Too late! TOO LATE!
                  It's going to be nasty today in the UK. FTSE -5% More ?
                  Bored.

                  Comment


                    #10
                    the dollar

                    What do you think will happen to the dollar today, up into the 1.80+ mark or stay relatively where it is...?
                    Last edited by techno; 15 September 2008, 08:42.

                    Comment

                    Working...
                    X