Wow Lehman Bros...
09-15-2008, 12:05 PM
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Originally Posted by nigxdoof' post='669707' date='Sep 15 2008, 10:05 AM
I used to work there.. I got laid off there in August. Crazy stuff.. Oh wellz. That's what they get for laying me off. LOL. j/k.
09-15-2008, 02:22 PM
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Originally Posted by C's Bimmer' post='669722' date='Sep 15 2008, 08:05 AM
You can't? The subprime mortgage game was a big risk. Win big or Lose big. They, along with many others, lost big. Nobody wanted to bail them out, so this news comes as no surprise.
09-15-2008, 02:48 PM
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Originally Posted by UUronL' post='669913' date='Sep 15 2008, 02:39 PM
I don't entirely agree. We have watched the same thing happen time and time again. The smart people in these investment houses know the score, but they need to make money. So... they invest in stuff they know -might- be suspect or -could- topple soon. This is just the next link in the chain of imploding unprofitables. We had Tech shit the bed. Then Telecom. Then Airlines. Now Financials. That which crawls from the rubble of each segment crash is hearty and healthy. It's a natural, Darwinian process. It sucks for the folks who get caught in the middle (I lost 2M on paper when Wcom went tits up) so don't call me a heartless bastard. 
We move on, and hopefully we're wiser and stronger for enduring.
We move on, and hopefully we're wiser and stronger for enduring.
09-15-2008, 05:11 PM
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Originally Posted by UUronL' post='669706' date='Sep 15 2008, 10:04 AM
Yeah, this isn't surprising... I called it. Bankruptcy isn't the end of the world either. I worked at Worldcom before, during, and after its bankruptcy. It is possible for Lehman to move on and be viable, let's see how it all plays out.
09-15-2008, 05:45 PM
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Originally Posted by TexaZ3' post='669831' date='Sep 15 2008, 12:41 PM
Investment banks has nothing to do with mortgages or credit related to the general public, even though they are the ones that turning bankrupt right now and hurting the most. Commercial banks and mortgage companies are the ones that were selling bunch of bad mortgages to make their fees. Then they were packaged in some form of securities and sold to investment banks. There was no way for investment banks to know exactly what they were buying, at lest not immediately. US government should have been more strict with lending guidelines and making sure they are followed. US government is the only ones to blame in this whole mess, if you think about it.
09-16-2008, 04:03 AM
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Originally Posted by JMC' post='669915' date='Sep 15 2008, 03:43 PM
It's a bit different for a bank. Their credit rating is now toxic. Nobody will touch them, for good reason, and if you can't take deposits you have no bank. There's no way back from this.
You're right... I had dinner with a bankruptcy attorney last night (made for interesting table conversation) who has handled a bunch of these things. I guess they'll be liquidated.
09-16-2008, 06:54 PM
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Originally Posted by TexaZ3' post='669831' date='Sep 15 2008, 01:41 PM
There was no way for investment banks to know exactly what they were buying, at lest not immediately. US government should have been more strict with lending guidelines and making sure they are followed. US government is the only ones to blame in this whole mess, if you think about it.
I don't think the US government's role should be drafting laws against stupidity or greed.
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