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Fallout from the Lehman deal...

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seu bobo

Sophmore
I'd rather be a part of Buckeye Nation after yesterday's fiasco, then have to show up for work on Wall Street tomorrow. It seems Lehman's rescue fell through--counter party obligations are gonna cause havoc. It could get ugly.
 
seu bobo;1260562; said:
I'd rather be a part of Buckeye Nation after yesterday's fiasco, then have to show up for work on Wall Street tomorrow. It seems Lehman's rescue fell through--counter party obligations are gonna cause havoc. It could get ugly.
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Well good luck then, maybe throw a couple O's and H's on the floor for us!

:oh:
 
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Well, as some of you already know, Lehman is my former firm. I will tell you that I hope none of you ever have to see something like this, and my reasons are not financial. This is a place I put many years of my blood, sweat, and tears into. I had many friends and memories here. It was without question the best work experience Ive ever had and the best firm I have ever worked for. Its hard for me to describe my feelings right now, but I can tell you that they are not good ones.

I was lucky - I got out at almost just the right time. Many of my friends weren't so lucky. What troubles me through all of this is that I wish some of the powers that be at the firm listened to me a little more closely. If you go back and read some of my posts from 2003-2006 on my views on the housing market, you will get an idea of the message I was sending to my firm - over and over. Unfortunately, most of my suggestions were ignored, and at one time I was directly laughed at - I suppose its not so funny now. Not that I'm trying to make myself out as the savior of Lehman Brothers, but I will stand by the statement that if my suggestions were taken a little more seriously they would still be in business right now. That is a very frustrating feeling.

Did I take a financial hit? Sure - not as bad as some, but enough that I felt it - thats just the name of the game with restricted stock. All is good though - the money I made with them was the seed capital for my new enterprise - an enterprise that I am quite happy to admit has no ties to Wall Street.

In any event - this is a sad day for me. Just feels like this is really the end of something that was a very big part of my life......
 
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Looks like JP Morgan might grab Wamu...

Wouldn't worry about who you're voting for for President, just prepare to pay your tribute to Lord Jamie.
 
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A very tough day indeed. Yet another exclamation point on a very bad turn of events through which so many friends and co-workers of mine have lost their jobs, some their careers and others much of their life savings. Nearly everyone in America is feeling the pinch these days, so the question is (much like a Scout free board) where do we go from here?
 
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[quote='BusNative;126131;7]A very tough day indeed. Yet another exclamation point on a very bad turn of events through which so many friends and co-workers of mine have lost their jobs, some their careers and others much of their life savings. Nearly everyone in America is feeling the pinch these days, so the question is (much like a Scout free board) where do we go from here?[/quote]

As bad as things are right now, it can be much worse. Let's just hope that there is not a run on depository institutions.
 
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The Smartest Guys in the Room
When Genius Failed
The tech stock bubble

Haven't we seen this before? Greed and fraud override intelligence. Nothing goes up forever and there is no such thing as money for nothing.

NYB hit it on the head, those that do not learn from history are doomed to repeat it.

I am a free market guy but if there is any kind of bailout then these markets can expect more government intervention. I know at the end there are people that lose their jobs and life savings.

How long before rates drop? Time to refinance? I know my 401K has taken a huge hit.
 
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NorthShoreBuck;1261389; said:
The Smartest Guys in the Room
When Genius Failed
The tech stock bubble

Haven't we seen this before? Greed and fraud override intelligence. Nothing goes up forever and there is no such thing as money for nothing.

NYB hit it on the head, those that do not learn from history are doomed to repeat it.

I am a free market guy but if there is any kind of bailout then these markets can expect more government intervention. I know at the end there are people that lose their jobs and life savings.

How long before rates drop? Time to refinance? I know my 401K has taken a huge hit.
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fed meets tomorrow. 25bps, maybe 50. slight chance they do nothing.

sorry to hear about anyone who lost their job becuase of this. it sucks becuase there were many very smart people who saw this coming and were ignored. someday we'll learn (yeah right).
 
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Top 10 List of Reasons You Would Buy a Troubled Investment Bank
1. Opportunity to pay premium price for unknown liabilities
2. Great chance to acquire a management team known for spectacular failures
3. Need a dose of OTTI (other than temporarily impaired assets)
4. Looking for team of "creative" accountants
5. Add to complacent board of directors
6. Avoid low-cost, build from within strategy
7. Take on high priced real estate leases from last year's market
8. Don't want to watch hated competitor twist in the wind
9. Thought "wasting assets" had something to do with successful weight loss franchise
10. Didn't have enough troubles of your own
 
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