LOL
Wachovia and Wells aren't going anywhere. Walk-all-over-yah may have paid way too much at the wrong time for Golden West but they will struggle through it.
And Wells? You better put down that bong ...
At the very least the executives will make it out with millions and millions of dollars. Please come in and tell me why they deserve the ENORMOUS compensation they get? Remind me again why?
Sinsear
Diamond Member
- Jan 13, 2007
- 6,439
- 80
- 91
Gov. Patterson just held a press conference to unveil a plan to help save AIG. Something about letting them be able to access 20B from subsidiaries. Not being a finance guy I don't know if that helps or not.
AIG Can loan itself 20B
AIG Can loan itself 20B
Thump553
Lifer
- Jun 2, 2000
- 12,680
- 2,430
- 126
Washingon Mutual (WM) is down about 20% just today & is currently at $2.23 a share. I expect them to be the next casualty. Hey, any financial crisis that shakes out both Countrywide and WaMu is certainly not all bad.
Talking about Wells Fargo in the same breath as these basketcases is absurd though.
Talking about Wells Fargo in the same breath as these basketcases is absurd though.
Someone else I know needs to put down the bong. Obviously the fundamentals aren't strong. :roll:
I don't think anything is going to happen to wells but who knows a few crashed banks could make us all miserable.
ranmaniac
Golden Member
- May 14, 2001
- 1,939
- 0
- 76
"WaMu Rating Lowered to Junk by S&P on Mortgage Losses"
http://www.bloomberg.com/apps/...CbDcNYTh_cI&refer=news
http://www.bloomberg.com/apps/...CbDcNYTh_cI&refer=news
I've been working with companies like Patni, Satyam, HTC, etc. for about 9 years now. I have a current arrangement that has 4 consultants onsite and a variable number in India. I sign the contracts, and sometimes I send them home.
Whether the do it in bombay or fly them in on a work visa, they are sourcing the jobs outside the company. OUTsourcing.
But let's reference Wikipedia, the great oracle of the modern world, shall we?
"Outsourcing involves the transfer of the management and/or day-to-day execution of an entire business function to an external service provider.[2] The client organization and the supplier enter into a contractual agreement that defines the transferred services. Under the agreement the supplier acquires the means of production in the form of a transfer of people, assets and other resources from the client. The client agrees to procure the services from the supplier for the term of the contract. Business segments typically outsourced include information technology, human resources, facilities, real estate management, and accounting. Many companies also outsource customer support and call center functions like telemarketing, cad drafting, customer service, market research, manufacturing, designing, web development, content writing, ghostwriting and engineering.
Outsourcing and offshoring are used interchangeably in public discourse despite important technical differences. Outsourcing involves contracting with a supplier, which may or may not involve some degree of offshoring. Offshoring is the transfer of an organizational function to another country, regardless of whether the work is outsourced or stays within "the same corporation/company[3][4].
Doh! Who's the dumbass?
/crickets
England comes to get Lehman scraps for pennies on the dollar:
9-16-2008 Barclays seen close to deal for Lehman assets
Barclays PLC will unveil a plan to acquire all or part of Lehman Brothers Holdings Inc.'s investment banking and trading operations as early as Tuesday, a person close to the talks said.
The deal could throw a lifeline to more than 9,000 Lehman employees whose future was uncertain after Lehman filed for bankruptcy protection on Monday. Lehman collapsed from massive exposure to risky real estate holdings.
The third-biggest British bank had withdrawn from weekend talks with Lehman Brothers about a possible outright acquisition. There have been reports that Barclays can pick up the assets it wants for about $2 billion to $3 billion.
The deal must get approval from the bankruptcy court.
A Lehman Brothers request to get initial approval of asset sales from a bankruptcy judge was postponed by one day to a hearing scheduled for Wednesday.
The delay was announced Tuesday ahead of the company's first hearing in its bankruptcy case. A request to obtain loans to operate while in bankruptcy was also postponed.
A court official did not specify the reason for the delay. The Tuesday agenda had included a motion to start the process of selling certain assets.
The hearing was held at the U.S. Bankruptcy Court in the Southern District of New York, before Judge James Peck.
Also on Tuesday, the House Oversight and Government Reform committee said it would hold a hearing Sept. 25 to examine the "regulatory mistakes and financial excesses" that led to Lehman's bankruptcy filing. It asked Lehman Chief Executive Richard Fuld to testify before the committee.
9-16-2008 Barclays seen close to deal for Lehman assets
Barclays PLC will unveil a plan to acquire all or part of Lehman Brothers Holdings Inc.'s investment banking and trading operations as early as Tuesday, a person close to the talks said.
The deal could throw a lifeline to more than 9,000 Lehman employees whose future was uncertain after Lehman filed for bankruptcy protection on Monday. Lehman collapsed from massive exposure to risky real estate holdings.
The third-biggest British bank had withdrawn from weekend talks with Lehman Brothers about a possible outright acquisition. There have been reports that Barclays can pick up the assets it wants for about $2 billion to $3 billion.
The deal must get approval from the bankruptcy court.
A Lehman Brothers request to get initial approval of asset sales from a bankruptcy judge was postponed by one day to a hearing scheduled for Wednesday.
The delay was announced Tuesday ahead of the company's first hearing in its bankruptcy case. A request to obtain loans to operate while in bankruptcy was also postponed.
A court official did not specify the reason for the delay. The Tuesday agenda had included a motion to start the process of selling certain assets.
The hearing was held at the U.S. Bankruptcy Court in the Southern District of New York, before Judge James Peck.
Also on Tuesday, the House Oversight and Government Reform committee said it would hold a hearing Sept. 25 to examine the "regulatory mistakes and financial excesses" that led to Lehman's bankruptcy filing. It asked Lehman Chief Executive Richard Fuld to testify before the committee.
- Aug 23, 2003
- 25,375
- 142
- 116
Looks like Barclays had a motive for not striking a deal for Lehman on Sunday night.
They will be getting VERY favorable terms now that Lehman went bankrupt and is having an asset firesale.
They will be getting VERY favorable terms now that Lehman went bankrupt and is having an asset firesale.
my banking prof told me that when the fdic takes over a bank, you basically are just given a new account in some other bank with your amount of money in it.
I suppose it was my fault for assuming that you would be able to infer a key point. Here is the key inference that 500GMAT scrubs would have gotten: They WORKED at Lehmans. If they were external consultants, they wouldn't be out of a job because get this, they don't work for Lehmans. Instead, they'd go back to their consulting firm and onto another project.
The only reason you assumed that it was outsourcing was because they were Indian.
You can argue until you're blue in the face, but bottom line is you made a dumbass snap judgement, and got called out for it.
And as a curious question, what 'external service provider' did Lehman outsource to? the Indian race? I guess if you're dumb enough, you could think of race as an 'external service provider' where white = insource & non-white = outsource.
Why is Lehman accepting their offer. It looks like they don't care the company's going to lose its American identity for good...
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