Merrill Lynch being sold + Lehman Brothers filing for bankruptcy

[luv2liv]

so what should i buy today?

 

[Gibson486]

Geesh...i did not realize the economy was this bad....


when I was in college...business majors were begging to work at firms like merril lynch....man...maybe it was better that all my friends failed at getting jobs there.

 

[nageov3t]

I used to work for the main ferry company in NYC... most of our regular clients were commuters down to Wall St. and they were all giant self-important douchebags.

it secretly makes me a little happy to think that some of those DB's might be going broke today.

 

[sohcrates]

huge number of grads my from school went into investment banking and what not. gotta be a rough time to be graduating right now.

lehman is a huge client of my buddies law firm. apparently they have to continue to do work for them, even though they know they wont get paid now. ugly scenario

 

[Koing]

I got quite lucky...didn't interview at Lehmans, didn't hear anything back from Bears after the 2nd interview...

A mate interviewed at Lehmans and was turned down due to his excessively stylish hair haha.

It's completely savage that they put so much money in to one basket like that...

Koing

 

[Vonkhan]

Not good

Not good

Not good

... my company is (was???) going to host an ultra upscale weekend wine tasting with Merrill Lynch in a couple of weeks, huge source of ad revenue - shitsssss, now what?!!!

 

[Modelworks]

Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

 

[ICRS]

How is wells fargo looking?

What about LBDP (Lehman Brothers Derivative Products)? what will happen to LBDP now that the parent company is bankrupt. LBDP is a AAA entity.

 

[abaez]

Originally posted by: Modelworks
Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

Apparently the plan is to ask for a handout.

 

[waggy]

Originally posted by: abaez

Originally posted by: Modelworks
Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

Apparently the plan is to ask for a handout.

why not? seems the government is being pretty generous with taxpayer money

 

[darkxshade]

Originally posted by: waggy

Originally posted by: abaez

Originally posted by: Modelworks
Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

Apparently the plan is to ask for a handout.

why not? seems the government is being pretty generous with taxpayer money

It's like me asking my parents for money to pay for cost of living after losing my life savings gambing in Vegas.

edit: actually the money they give me would instead go towards paying off loan sharks.

 

[Regs]

It's a conspiracy! BofA crashed housing market to buy Merrill.

 

[Slew Foot]

Originally posted by: Modelworks
Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

Victim my ass, they rode the gravy train as far as it would go.

 

[TheoPetro]

meh if were gonna bail out the "poor" home owner who was "taken advantage of" then we may as well bail out the banks too. After all many of them thought they were purchasing AAA rated paper. IMO if AIG gets bailed out too it just creates a HUGE moral hazard.

 

[Capt Caveman]

Originally posted by: TheoPetro
meh if were gonna bail out the "poor" home owner who was "taken advantage of" then we may as well bail out the banks too. After all many of them thought they were purchasing AAA rated paper. IMO if AIG gets bailed out too it just creates a HUGE moral hazard.

Well, we bail out on a regular basis all the folks that decide to live and rebuild in hurricane devastated/natural disaster prone areas.

 

[Xavier434]

Originally posted by: jpeyton

Originally posted by: her209
I have NEVER EVER had a problem with Bank of America customer service. BoA member since 1997.

Same here, and their new ATMs kick ass.

Same here. No real problems so far. I really have not had to ask them to fix much of anything though.

 

[kranky]

Originally posted by: Slew Foot

Originally posted by: Modelworks
Don't forget AIG, another victim of the housing problems.
They were worth $200 billion, now worth $15 billion. They are going to announce how they plan to survive this morning. They lost %30 of their value since friday.

Victim my ass, they rode the gravy train as far as it would go.

They all did. Milked it for everything they could get, knowing it was going to melt down someday, hoping that they all got their millions before it hit the fan. And they don't have to answer for it - they get to keep all the money they "earned" when things were booming.

 

[ICRS]

Originally posted by: Capt Caveman

Originally posted by: TheoPetro
meh if were gonna bail out the "poor" home owner who was "taken advantage of" then we may as well bail out the banks too. After all many of them thought they were purchasing AAA rated paper. IMO if AIG gets bailed out too it just creates a HUGE moral hazard.

Well, we bail out on a regular basis all the folks that decide to live and rebuild in hurricane devastated/natural disaster prone areas.

Which is stupid, since they aren't victims of a hurricane/natural disaster. They are victims of their own stupidity.

 

[darkxshade]

Originally posted by: ICRS

Originally posted by: Capt Caveman

Originally posted by: TheoPetro
meh if were gonna bail out the "poor" home owner who was "taken advantage of" then we may as well bail out the banks too. After all many of them thought they were purchasing AAA rated paper. IMO if AIG gets bailed out too it just creates a HUGE moral hazard.

Well, we bail out on a regular basis all the folks that decide to live and rebuild in hurricane devastated/natural disaster prone areas.

Which is stupid, since they aren't victims of a hurricane/natural disaster. They are victims of their own stupidity.

The victims are those who will lose their jobs as a result and had nothing to do with this huge mess.

 

[waggy]

Originally posted by: ICRS

Originally posted by: Capt Caveman

Originally posted by: TheoPetro
meh if were gonna bail out the "poor" home owner who was "taken advantage of" then we may as well bail out the banks too. After all many of them thought they were purchasing AAA rated paper. IMO if AIG gets bailed out too it just creates a HUGE moral hazard.

Well, we bail out on a regular basis all the folks that decide to live and rebuild in hurricane devastated/natural disaster prone areas.

Which is stupid, since they aren't victims of a hurricane/natural disaster. They are victims of their own stupidity.

i agree. if they don't want to purchase or can't get insurance then rebuilidng is up to them.

i sure don't want my tax money going to rebuild there.

 

[ivan2]

Originally posted by: ICRS
How is wells fargo looking?

What about LBDP (Lehman Brothers Derivative Products)? what will happen to LBDP now that the parent company is bankrupt. LBDP is a AAA entity.

not bad enough, i had short position with them betting on some wamu owning action...

 

[Steve]

I know someone who works for a company owned by Lehman, I wonder what will happen to them.

 

[Capt Caveman]

Originally posted by: Steve
I know someone who works for a company owned by Lehman, I wonder what will happen to them.

It'll probably be sold off.

 

[sdifox]

Richard Fuld's holding in Lehman is worth about 2.4M now, it was close to 690M a year ago... I think all golden parachute packages should be in the stocks of said company, valued at the highest point. That way, we can make sure these bastards don't get paid to tank a company.

 

[Gooberlx2]

Originally posted by: Xavier434

Originally posted by: jpeyton

Originally posted by: her209
I have NEVER EVER had a problem with Bank of America customer service. BoA member since 1997.

Same here, and their new ATMs kick ass.

Same here. No real problems so far. I really have not had to ask them to fix much of anything though.

I had a problem where they didn't process my CC payment correctly when I was closing it out, didn't notify me of a (false) outstanding balance and hit my credit. OTOH, I was able to call and resolve the issue, and have the hit removed from my report. So...it's a PITA when they screw up in the first place, but their CS dept has, for me, been willing to help.