Gothamist: Panic on Trading Floor: Lehman Files for Bankruptcy

rdsizzle

Tue, 16 Sep 2008 15:37:20 -0500

Seems like street crime could make a big comeback and perhaps could be a decent way to earn a living for the next few years....

Fritzdecat

Tue, 16 Sep 2008 10:14:53 -0500

on the positive side this is just like a giant Forest fire...Sure theres financial ruin but after a while new green shoots will appear had to happen no matter who is to blame

Fritzdecat

Tue, 16 Sep 2008 10:11:38 -0500

Chips you seem to change your tone I thought this was all about Real Republicans with you "Obama, McCain...neither will change it." MCCAIN WILL DEFINITELY MAKE IT WORSE

NannyState

Tue, 16 Sep 2008 08:23:38 -0500

Lehman may be sold to Barclays today. I'm surprised the Eurovultures aren't more prolific in the skies above Midtown. Where's Fortis and Dexia? Doesn't BNP Paribas want some of this tasty carrion? Must Jamie Dimon sit alone at this banquet?

Bottomless Chips

Mon, 15 Sep 2008 21:49:54 -0500

Hows it funny... You blaming slick Willy for the past eight years when maybe you might acknowledge the damage done by Dubyanomics. Borrowing Billions from the Chinese to fight the waste of a War in Iraq, Tax breaks when we should be paying down the debt. The housing bubble has nothing to do with Iraq. Of course I don't believe in our foreign policy of the war, but this is undoubtedly because of the low federal funds rate in the post-NASDAQ years. You can pretend it's Bush's fault, and Lord knows I have issues with him, but it's simply not. He postponed this as long as he could be allowing the easy monetary policy to continue, but it had to come. Borrowing from the Chinese for Iraq is an utter non-sequitur. That's going to create a new bubble, but more than likely is what's going to eventually bring us to our knees. I'm reading about a possible cut to the interest rates. What? What we need is to jack it up, and go through the hurt now. Unfortunately, it's an election year. To deny this bubble as being Clinton and Greenspan's fault is naive and overlooks the facts. Tax breaks when we should be paying down the debt. Does it even matter at this point? We're never paying down our debt or shrinking our trade deficit. We're just going to continue to print and tax until we're insolvent and China has the purchasing power. Obama, McCain...neither will change it. Better buy up precious metals while they're relatively cheap.

Fritzdecat

Mon, 15 Sep 2008 20:08:33 -0500

Hows it funny... You blaming slick Willy for the past eight years when maybe you might acknowledge the damage done by Dubyanomics. Borrowing Billions from the Chinese to fight the waste of a War in Iraq, Tax breaks when we should be paying down the debt. Yeah where are the real conservatives? If Nixon was here he would be spinning in circles at the current Idocracy.

Bottomless Chips

Mon, 15 Sep 2008 19:06:34 -0500

Fritzdecat, While the banks are culpable, who lets them spend wildly? The Fed. They're the real problem, and until we recognize this, we'll keep having these bubbles and their eventually bursts. We should've gone through this post-NASDAQ but Alan kept pumping money in through artificially low federal funds rates. How is it funny? What's funny and upsetting is when we're not accepted the cold, hard truth. We're almost all in denial, but things are going to continue to get worse.

Fritzdecat

Mon, 15 Sep 2008 18:47:40 -0500

true republican ideals = blaming slick willy for the last 8 years Thats the funniest thing I've heard all day

Bottomless Chips

Mon, 15 Sep 2008 18:46:26 -0500

So where have your "true Republicans" been the last eight years? Certainly not in the White House. Well I was talking about Congress, but, yes, they're not in the WH, either.

Spiritof76

Mon, 15 Sep 2008 17:52:38 -0500

So where have your "true Republicans" been the last eight years? Certainly not in the White House.

Bottomless Chips

Mon, 15 Sep 2008 17:15:44 -0500

Ladies and Gentlemen, once again, the Republicans. [Republicans play third song] [final commercial break] [Back for goodbyes/credits/a depression that rivals 1929] Republican ideals (true Republican ideals) would've prevented this. You can thank Slick Willy, Greenspan, and Helicopter Ben for this.

bagelman

Mon, 15 Sep 2008 17:06:59 -0500

can somebody please explain why that douche-bag is making a peace sign and holding up the Lehman sign? is that guy trying to tell us that the latest round of wall street layoffs have no interest in class war? i'm awfully confused.

everyAframe

Mon, 15 Sep 2008 16:54:47 -0500

HOST: Ladies and Gentlemen, once again, the Republicans. [Republicans play third song] [final commercial break] [Back for goodbyes/credits/a depression that rivals 1929]

Bottomless Chips

Mon, 15 Sep 2008 14:09:38 -0500

as I understand it, if you have less than 100k in a FDIC bank, you're covered by the Fed, at least until the Fed collapses. Which I wouldn't be surprised at, all things considered. You're fine because the Fed can always fire up the presses, which isn't a good thing. But the FDIC has called for more money from the Fed, which is also not a good thing and shows the impending doom.

smitty

Mon, 15 Sep 2008 14:06:17 -0500

People are outside the building, staring up at it as though it's on fire.

Anna_Merkin

Mon, 15 Sep 2008 13:50:49 -0500

Eurodollars. Blue Horseshoe says "buy Eurodollars."

virgil

Mon, 15 Sep 2008 13:19:39 -0500

as I understand it, if you have less than 100k in a FDIC bank, you're covered by the Fed, at least until the Fed collapses. Which I wouldn't be surprised at, all things considered.

EastRiver

Mon, 15 Sep 2008 13:08:14 -0500

Hmm. If WaMu is going under, maybe I should go and max out my WaMu Visa. Do you plan on filing for bankruptcy, too? Otherwise, your debt remains an asset to WaMu.

babyhitler

Mon, 15 Sep 2008 12:59:59 -0500

they'll try to get a job doing what they've been doing but find out that dudes from bear stearns and other companies that went down are in front of the queue. Then they'll try to get a cut in pay but find that the pay is way too low. At the end of the day, they are accustomed to extravagance and they will have to suck it up.

Spiritof76

Mon, 15 Sep 2008 12:58:11 -0500

I wrote a couple of months ago that a lot of pain was coming down the pike, but people wouldn't listen. Hmm. If WaMu is going under, maybe I should go and max out my WaMu Visa.

Brooklynbobby

Mon, 15 Sep 2008 12:35:45 -0500

They most definitely will have a hard time finding a job and most of them live beyond their means because they always figured the money would keep rolling in. This is what greed gets you, suckers! Hahaha!!!!

contro

Mon, 15 Sep 2008 11:56:52 -0500

@32 I agree referring to them as people insults those of us who are actually people. Yes, payback is a bitch too bad there not gonna have a hard time finding a new job, makes me mad that they get away with this crap.

JacqueMehoff

Mon, 15 Sep 2008 11:49:59 -0500

who are these people? and why are they going to their offices on a sunday night? what do you mean these people? payback's a bitch.

babyhitler

Mon, 15 Sep 2008 11:35:32 -0500

#30- isn't wamu fdic insured for 100000 on each account? If I only had 10000 in the account would I need to withdraw that now?

grandzu

Mon, 15 Sep 2008 11:27:47 -0500

#16 you should get your money from WaMu ASAP. They long have been on a short list of banks that have more debt than assets and is the only national bank listed as risky.

Kojak

Mon, 15 Sep 2008 11:13:39 -0500

Its the weekend Monkey. Cut them some slack. If I just lost my job and I had to go clean out my shit on a weekend, I'd waltz in wearing Pajamas.

Monkey_Butter

Mon, 15 Sep 2008 11:10:35 -0500

How come so many of those men are dressed like infantile college kids. Shorts, slippers, and baggy clothes with frumpy bodies. I see "Man Babies". Blech!

contro

Mon, 15 Sep 2008 11:03:34 -0500

I lol'd at the pictures of the people walking out I wish I was there I'd be holding some money asking the wimenz for lap dances, hey that manhattan apartment of theirs ain't gonna pay itself when the rent is due.

mrguy

Mon, 15 Sep 2008 11:02:38 -0500

AIG is looking for raise cash You know AIG, i can probably float you like $100 this week, and another $50 next week... i just need it back before the end of the month cuz that's when rent's due and i'm also already in trouble with ConEd for missing a bill this summer. Want to meet me at the Spring Lounge for a quick beer and i'll give it to you then? lemme know.

babyhitler

Mon, 15 Sep 2008 10:45:54 -0500

ehh it's only down 250 right now which is actually pretty good. I thought it would go down over 400.

bornbrednewyorker

Mon, 15 Sep 2008 10:33:45 -0500

Market's tumbling already. This is bad...

PeeDeeQ

Mon, 15 Sep 2008 10:27:32 -0500

Surprise...surprised!! god damn fuckit, i'll never type again.

PeeDeeQ

Mon, 15 Sep 2008 10:20:50 -0500

#19 - Not the point. Suprised?

WesleySnipesAlot

Mon, 15 Sep 2008 10:20:29 -0500

While I certainly don't wish ill on these average employee people (Losing your job sucks. I save that vitriol for the CEO's and crooks at the top who get million dollar severances) I can't help but hope that this sends a crystal clear fucking message that you are not playing with Monopoly money here. And Uncle Sam is not going to bail you out after you've played 3 card monte with someone else's money!

Kojak

Mon, 15 Sep 2008 10:17:18 -0500

"Sooo.. is there a list of banks that AREN'T in trouble? I'm thinking about bailing out on WaMu.." I think that may be a little premature, but who knows right? If you want a solid bank, check out HSBC. They are the biggest bank least affected by this mess. Hell Citibank is loosing money but I doubt they'll go under anytime soon. Goldman seems to be bucking the trend. They saw this coming a mile away.

amsci

Mon, 15 Sep 2008 10:16:37 -0500

12# - Their clothing seems highly appropriate considering it was on a Sunday afternoon in humid 90 degree weather.

Rocknrope

Mon, 15 Sep 2008 10:12:42 -0500

I hope thier 401Ks were diversified.

babyhitler

Mon, 15 Sep 2008 10:11:49 -0500

this should have happened months ago. Everyone knew that the economy was going to burst. EVERYBODY!!! They've been saying that it was in a bubble for the last 5 years. A selloff is good for the economy actually. It's a reset. The Dow's volume should have been at 10000 and the 13000 was smoke and mirrors. The thing is that the bubble should have deflated slowly but because of erosion in consumer confidence it caused a panic and now the air is shooting out of it. They tried to plug it up with begging to the government but there is no more money for them so the US told them to take a hike. All my fat cat friends who work in the finance industry are shitting bricks right now. It's funny that even though they are the most well off they are probably the most stressed. That's what egoistic relative deprivation does to your ass.

plk779

Mon, 15 Sep 2008 10:11:44 -0500

Sooo.. is there a list of banks that AREN'T in trouble? I'm thinking about bailing out on WaMu..

TK

Mon, 15 Sep 2008 10:04:36 -0500

Can someone please explain the ramifications of these developments? Its the end of $90k millionaires.

malasagna

Mon, 15 Sep 2008 09:53:21 -0500

Oh man .... another bomb scare at the CUNY dorm?

PeeDeeQ

Mon, 15 Sep 2008 09:51:57 -0500

They...they.

PeeDeeQ

Mon, 15 Sep 2008 09:51:36 -0500

Thy look like college kids clearing out of the dorm for summer...but this is Wall Street? Why is America so pervasively infantile?

Fritzdecat

Mon, 15 Sep 2008 09:46:51 -0500

Does anyone else feel the sense of impending doom? As Omar from the Wire would say..."I feel you"

ides_of_march

Mon, 15 Sep 2008 09:44:34 -0500

Time to start handing out some jail sentences to the stuffed suits. Until then, nothing will change.

zodak

Mon, 15 Sep 2008 09:44:03 -0500

the fall of the empire people, you're living it.

Apples and Peaches

Mon, 15 Sep 2008 09:35:06 -0500

Can someone please explain the ramifications of these developments? Does anyone else feel the sense of impending doom?

esquared

Mon, 15 Sep 2008 09:26:04 -0500

Schadenfreude, corporate finance bitches.

Tgirl

Mon, 15 Sep 2008 09:19:04 -0500

lapdancers are rightly concerned about this situation

Dude69

Mon, 15 Sep 2008 09:18:44 -0500

Jen, second sentence should read "BofA didn't want to buy Lehman 'without'government protection"

eyekantspel

Mon, 15 Sep 2008 09:09:41 -0500

Going up: Unemployment credit card rates inflation tax rates fear crime Going down: House values 401ks the U.S. dollar tax revenues hope safety

moocowtoo

Mon, 15 Sep 2008 09:04:17 -0500

There goes more of the economy! The stock market is going to be fun today.

tkchunc

Mon, 15 Sep 2008 09:03:35 -0500

I am unsure, but the general tone may be that the building will be locked down, and they won't be able to get their shoes, photos, personal belongings. Please do not assume that the action is some motivation to "take our rolodex and steal documents". I would assume the goal is simply that people want to take their own things, as they may not have access to them for a while otherwise.

EastRiver

Mon, 15 Sep 2008 09:00:11 -0500

Why were those Lehman employees cleaning out their desks last night? Had they already been laid off? Or were they trying to get the jump on security and taking files, rolodexes, etc. before Monday morning?