Lehman

why is that a surprise? they'll be keeping somoene on to manage the positions but i suspect the accountants will be working to manage risk and transfer/liquidate positions etc.....

agreed it's not great fore the people working there but that's the city.
 
they should have saved some of that money from that war... could do with the cash now!
 
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What has happened to the market in Lehman's debt?? Anyone know of anyone trading it? Can it still be traded? Dont see why it cant...
I have a couple of mates at lehman's - they are not happy, if anyone is in the wharf, they will be the ones that are the drunkest human's in the area outside all bar one! :)
 
Gumping said:
I've heard from someone who knows someone etc etc.... who works at Lehmann.

Apparently everyone has been told that they are to leave immediately and will get no redundancy etc since the company is bankrupt.
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Is redundancy the same thing as a severance package? When you get paid for a period of time after being laid off/fired?
 
"Lehman" is a collection of 3 companies AFAIK... the IDB arm and the Asset management arm are OK, i guess these are what Barclays are looking to buy?? I don;t know if teh whole "good bank, bad bank" deal can still be on the table once the administrators have taken control... surely once the "whole" of good and bad have put in for Ch. 7, the assets and liabilities of both are considered as a unit - of course, the administrators will be looking to sell everything that it can (got eBay up on another screen, looking for some bargain bucket MBS i can foreclose, I'm thinking a 4 bed condo in Laguna beach), but it strikes me that a) it's too quick for that, and b) the negotiations would be with teh administrators, not Lehman, as a clear moral hazard.
 
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MrG, yup, probably must be the administators they're talking with as they should be the only ones who have anything to say / power to decide.

BArclays say they have interest only in those parts that "would be attractive to Barclays shareholders."

;-)

What else, eh.

So no interest in what they're calling any "critical Lehman assets", ie anything subprime related / with uncalculable risks.

Apparently they're also only looking at parts US and Canadian operations, unfortunately for jobs here no interest in Lehman activities in Europe or Asia.

That sort of figures, Barclays being British, so they'd just be buying themselves un-needed redundancy.
 
WaMu is next on the cards...

then... er... pass.

On the other hand, anyone think there's good value to be had in some other IDB's?? ICAP, tullet, BGC.....????

With Merril and Lehman taken out of the system, and Dresdner too (or do Commerzbank get the rights?) doesn't that leave a shortage of primary dealers in the market? Either increased activity with less to share it between (-> more comms) or perhaps a couple od IDB's will be "promoted"? Don't know how the PD's are determined... anybody?
 
BSD said:
That sort of figures, Barclays being British, so they'd just be buying themselves un-needed redundancy.
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They pulled out of the bidding for ABN last year remember, in relative terms they are picking up a bargain.
 
Absolutely !!!

Doing sthg similar by investing in the then troubled Citibank - not that they were in even remotely the problems that bankrupt Lehman is - is where that Saudi Al-Waleed chap (sort of the Arab Warren Buffett) got a biggish chunk of his fortune from if I remember correctly.
 
BSD said:
US headquartered AIG, second largest insurance firm in the world, is also in severe troubles, and unless a rescue package is structured, the next candidate to go under...

US-Krise: Finanzwelt bangt um Versicherungsgigant AIG - SPIEGEL ONLINE - Nachrichten - Wirtschaft

Which would probably cause just as big a bang as Lehman yesterday and today.

Jesus.
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AIG stocks lost 50% today, after 60% on Monday, and 30% Friday, for the respective day.

Dealers are saying that Lehman and Bear Stearns were peanuts compared to AIG if that goes down, as AIG are far more interdependently intertwined with the finance system.

Börsenbeben : Goldman-Gewinn bricht ein, Dax stürzt ab - SPIEGEL ONLINE - Nachrichten - Wirtschaft
 
Gumps, just putting up the links in case somebody thinks I've started drinking early or sthg.

:D
 
gooseman said:
you're probably correct there-that is if enough banks survive to trade ;)
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*Quick calculation gives me 5/20 taken out, possibly with more to follow -

*Auctions are on the UP (are 10yrs monthly now? and wasnt there a rumor of 50yrs coming back)?

* I see increased demand for TIPS: Pension fund pitch to John Doe is; "the reason you can't fill your SUV up with gas is because of inflation. The reason Wall Street is going down the pan is because of bad credit. You need somewhere to put your 401k, where it is protected from inflation and has excellent credit -> the TIPS security fund from XXXXXX"... not to mention that the FED might to cut rates again...

ergo IDB's look pretty good to me, particularly if you can figure out which is most likely to get a "promotion"...

... also, the IDB's are certain to reduce costs : with so many unemployed people around, they can eek out a very good deal for themselves...

watch this space.
 
BSD said:
Dealers are saying that Lehman and Bear Stearns were peanuts compared to AIG if that goes down, as AIG are far more interdependently intertwined with the finance system.
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IIRC AIG posted massive losses back in May because of their bond insurance activities... I guess if they to tits up, the existing policies are void, thus theres alot of un-insured business that will get unwound because of the risk profile...

... if thats the case, keep an eye on Ambac, MBIA and Assured Guaranty
 
MrGecko said:
IIRC AIG posted massive losses back in May because of their bond insurance activities... I guess if they to tits up, the existing policies are void, thus theres alot of un-insured business that will get unwound because of the risk profile...

... if thats the case, keep an eye on Ambac, MBIA and Assured Guaranty
Click to expand...


My friend says - A Bank without Bankruptcy is like a Religion without Hell.

Where is Lehman's now?

In the hands of the Administrators.

What do we think of administrators?

They are hot ****s! :cheesy:
 
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