Lehman: Case of the bankruptcy Mondays

9/15/2008:

How many Hoboken residents were affected by the story of the day?

lehman-brothers-bankruptcy.jpg

Lehman Brothers is toast

Lehman Brother Holdings Inc.’s employees worldwide are clearing their desks, waiting to hear if they’ll be paid, and starting to look for work after the investment bank filed for the biggest bankruptcy in history.

“Everyone’s talking on their cell phones, talking to headhunters,” said Duo Ai, a bespectacled 26 year-old employee in fixed income quantitative research, as he stepped outside Lehman’s Canary Wharf offices in London today. “It’s kind of chaotic. The only question remaining is whether we will get this month’s pay check.”

The 158-year-old bank filed today for bankruptcy after Bank of America Corp. and Barclays Plc pulled out of rescue talks because the U.S. Government balked at funding a bail-out. That’s left Lehman’s 25,000 employees worldwide fearing for their livelihoods and some blaming Chief Executive Officer Richard Fuld for the bank’s collapse.

“People are angry,” Ai said, clad in a beige shirt and dark blue tie. “They thought the management messed it up. Any outcome would be better than this.”

Read the rest of the article (one of thousands similar) here.

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239 Comments on "Lehman: Case of the bankruptcy Mondays"


manolo
Member
manolo
8 years 8 days ago
Here is your new presidential cabinet (McCain’s cronies) Sept 2008 Mother Jones/— David Corn, Jonathan Stein, and Nick Baumann McCain Attacks Wall Street Greed — While 83 Wall Street Lobbyists Work for His CampaignIn the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, “are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street.” He noted that the “foundation of our economy…has been put at risk by the greed and mismanagement of Wall Street and Washington.” He blasted CEOs who “seem to escape the consequences.” He denounced Wall Streeters who “dreamed up investment schemes that they themselves don’t even understand” and who used “derivatives, credit default swaps, and mortgage-backed securities” to try “to make their own rules.” He excoriated Fannie Mae and Freddie Mac for gaming the system. And he slammed financial industry lobbyists for misguiding members of Congress. “I can promise you the days of dealing and special favors will soon be over in Washington.” On Wednesday morning, after the federal government committed $85 billion to prevent the collapse of the American International Group (AIG) insurance conglomerate, McCain again assailed irresponsible corporate executives. “We need to change the way Washington and Wall Street does business,” he proclaimed. McCain has been quick with fiery, populist-tinged speeches. But one… Read more »
Easy-E
Member
8 years 8 days ago

[quote comment=”106908″]Easy-E, great link to the Buchanan article. It echoes many of my own personal beliefs. Yet when I expound upon the virtues of localism from agriculture to manufacturing I am branded an out-of-touch-liberal (which couldn’t be further from the truth). Our society has become a profligate one and it is high time to reign that in. Unfortunately for the country, I don’t think either candidate has the guts or the ability to take on the issues that are really facing our country.[/quote]

That’s because you are trying to explain it to people who’s only concern is the bottom line. Growth and expansion is the only thing that is important.

You come from a very specific viewpoint as a consumer who’s job it is to create meals with the best ingredients. The best is local and fresh, anyone knows that a tomato grown and picked in Burlington County NJ and on your table the next day is a better product than something picked green in Florida and shipped here in a couple weeks. Even though you are absolutely correct, it’s ultimately at odds with mass production and super efficient farming practices.

jscirish27
Member
jscirish27
8 years 9 days ago

Easy-E, great link to the Buchanan article. It echoes many of my own personal beliefs. Yet when I expound upon the virtues of localism from agriculture to manufacturing I am branded an out-of-touch-liberal (which couldn’t be further from the truth). Our society has become a profligate one and it is high time to reign that in. Unfortunately for the country, I don’t think either candidate has the guts or the ability to take on the issues that are really facing our country.

Easy-E
Member
8 years 9 days ago

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=75638

Does agreeing with everything Pat Buchanan says in this article make me less of a godless librul hippy? You people are rubbing off on me.

Actually, it’s kind of scary if even half that is true.

bradykp
Member
bradykp
8 years 10 days ago

[quote comment=”106689″]What’s everyone’s professional opinion on the SEC’s ban on shorting financials (emergency action) for 799 companies?

And the government buy out of bad debt?[/quote]

sure, people should be allowed to do what they want, but when the entire economy can crash because of that idiocy, then someone has to stand up.

it was a good move yesterday as a temporary fix.

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