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house of cards - wall st related

SoulhawkSoulhawk 3,197 Posts
edited September 2008 in Strut Central
anyone else following these developments in the financial markets?b,121b,121 img src="/ubbthreads/images/graemlins/melt.gif" alt="" 21
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  • DB_CooperDB_Cooper Manhatin' 7,823 Posts
    Indeed. Lehman Brothers is going under and Merrill Lynch is being bought out by Bank of America. If you have mutual funds or a 401K, you may want to check whether you just took a serious financial beating. b,121b,121You know it's bad when Greenspan says we're in the sort of economic maelstrom that occurs once every century and that it's going to get worse before it gets better. Maybe much worse.
  • RockadelicRockadelic Out Digging 13,993 Posts
    img src="http://i28.photobucket.com/albums/c218/Rockadelic1234/trade.jpg"1b,121b,121Invest in Raers.
  • SoulhawkSoulhawk 3,197 Posts
    call in Palinb,121b,121she'll fix this mess right upb,121b,121she's ready!b,121b,121lol
  • SoulhawkSoulhawk 3,197 Posts
    in my understanding, Lehman Bros mostly serviced 'institutional investors' which basically means img src="/ubbthreads/images/graemlins/dominoes22.gif" alt="" 21
  • coffinjoecoffinjoe 1,743 Posts
    /font1
    Quote:/font1h,121b,121call in Palinb,121b,121she'll fix this mess right upb,121b,121she's ready!b,121b,121lol b,121b,121h,121
    font class="post"1b,121b,121wtf ?b,121b,121she can see a bank from her house .............
  • Options
    Unknown
    /font1
    Quote:/font1h,121b,121Indeed. Lehman Brothers is going under and Merrill Lynch is being bought out by Bank of America. If you have mutual funds or a 401K, you may want to check whether you just took a serious financial beating. b,121b,121You know it's bad when Greenspan says we're in the sort of economic maelstrom that occurs once every century and that it's going to get worse before it gets better. Maybe much worse. b,121b,121h,121
    font class="post"1b,121b,121This is some serious cause for concern. Hopefully the strategies to minimize the effects of the tanking economy hold up. Yikes.
  • DjArcadianDjArcadian 3,633 Posts
    /font1
    Quote:/font1h,121b,121Lehman Brothers is going underb,121b,121h,121
    font class="post"1b,121b,121Biggest bankruptcy ever!b,121b,121a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aPTIdpST8HJ0&refer=worldwide" target="_blank"1http://www.bloomberg.com/apps/news?pid=20601087&sid=aPTIdpST8HJ0&refer=worldwide/a1b,121b,121"The 158-year-old firm, which survived railroad bankruptcies of the 1800s, the Great Depression in the 1930s and the collapse of Long-Term Capital Management a decade ago, filed a Chapter 11 petition with U.S. Bankruptcy Court in Manhattan today. The collapse of Lehman, which listed more than $613 billion of debt, dwarfs WorldCom Inc.'s insolvency in 2002 and Drexel Burnham Lambert's failure in 1990."
  • rootlesscosmorootlesscosmo 12,848 Posts
    hey at least oil and mortgagte rates are down.
  • Options
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    /font1
    Quote:/font1h,121b,121b,121b,121"The 158-year-old firm, which survived railroad bankruptcies of the 1800s, the Great Depression in the 1930s and the collapse of Long-Term Capital Management a decade ago, filed a Chapter 11 petition with U.S. Bankruptcy Court in Manhattan today. The collapse of Lehman, which listed more than $613 billion of debt, dwarfs WorldCom Inc.'s insolvency in 2002 and Drexel Burnham Lambert's failure in 1990." b,121b,121h,121
    font class="post"1b,121b,121Holy. fusking. shit.
  • DjArcadianDjArcadian 3,633 Posts
    object width="425" height="344"1param name="movie" value=""1/param1param name="allowFullScreen" value="true"1/param1embed src="" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"1/embed1/object1
  • HarveyCanalHarveyCanal "a distraction from my main thesis." 13,234 Posts
    Fusk YOU GREENSPAN!
  • Lucious_FoxLucious_Fox 2,479 Posts
    object width="425" height="344"1param name="movie" value=""1/param1param name="allowFullScreen" value="true"1/param1embed src="" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"1/embed1/object1
  • mylatencymylatency 10,475 Posts
    LET'S GIVE THIS CITY A BETTER CLASS OF FINANCIALLY LEVERAGED PRODUCTS !!!!
  • skelskel You can't cheat karma 5,033 Posts
    Plaese to shed no tears for Lehmans. Be more worried that Merrills has had to seek shelter at BoA.b,121b,121The one good thing that will come out of this turmoil is that the big-bonus culture stands a good chance of being killed. It's a cancer in the industry.b,121b,121What REALLY needs to happen is that the big bosses who sanctioned the lunacy of the last 10 years be held properly accountable - i.e. their huge payoffs, pensions and bank balance be suitably trimmed.
  • rootlesscosmorootlesscosmo 12,848 Posts
    /font1
    Quote:/font1h,121b,121b,121What REALLY needs to happen is that the big bosses who sanctioned the lunacy of the last 10 years be held properly accountable - i.e. their huge payoffs, pensions and bank balance be suitably trimmed. b,121b,121h,121
    font class="post"1b,121b,121dream on.
  • jleejlee 1,539 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121What REALLY needs to happen is that the big bosses who sanctioned the lunacy of the last 10 years be held properly accountable - i.e. their huge payoffs, pensions and bank balance be suitably trimmed. b,121b,121h,121
    font class="post"1b,121b,121dream on. b,121b,121h,121font class="post"1b,121b,121not really.b,121b,121/font1
    Quote:/font1h,121b,121The government yesterday said it would not allow Fannie Mae and Freddie Mac to pay their departing chief executives the separation payments, known as "golden parachutes," outlined in their contracts.b,121b,121h,121
    font class="post"1b,121b,121a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/14/AR2008091401698.html" target="_blank"1http://www.washingtonpost.com/wp-dyn/content/article/2008/09/14/AR2008091401698.html/a1b,121b,121b,121not that it really matters that much. tax-payers are still on the line for both the companies.
  • rootlesscosmorootlesscosmo 12,848 Posts
    so they'll get 6 million severance instead of 10 or whatever. they won't get the golden parachutes that they originally negotiated for, but these guys will retire extremely rich people (or move onto another institution for an equally outrageous salary/bonus). I swear sometimes I feel like there's no accountability at all in these industries.
  • soulmarcosasoulmarcosa 4,296 Posts
    I can't pretend to understand all of this, but it looks pretty fusking dire:b,121b,121a href="http://money.cnn.com/2008/09/15/markets/markets_newyork2/index.htm?cnn=yes" target="_blank"1http://money.cnn.com/2008/09/15/markets/markets_newyork2/index.htm?cnn=yes/a1b,121b,121Wall Street sees worst day since just after 9/11 attacks, with Dow down 500 points, as financials melt down.b,121b,121NEW YORK (CNNMoney.com) -- Stocks tanked Monday, as investors reeled amid the fallout from the largest financial crisis in years after Lehman Brothers filed for the biggest bankruptcy in history and Bank of America said it would buy Merrill Lynch in a $50 billion deal.b,121b,121Treasury prices rallied as investors sought the comparative safety of government debt, sending the corresponding yields lower. Oil prices tumbled, falling well below $100 a barrel on slowing global economic growth. The dollar rallied versus other major currencies and gold prices spiked.b,121b,121The Dow Jones industrial average (INDU) lost 500 points, or 4.4%, according to early tallies. It was the biggest one-day point decline for the Dow since Sept. 17, 2001, when the market reopened for trading after having been closed in the aftermath of 9/11 terrorist attacks.b,121b,121The Standard & Poor's 500 (SPX) index lost 4.5% and the Nasdaq composite (COMP) lost 3.6%.b,121b,121Global markets tumbled as investors reeled after Lehman Brothers filed for bankruptcy, Merrill Lynch was forced to sell itself to Bank of America and investors awaited AIG's restructuring announcement.b,121b,121Worries in the afternoon focused around Dow-component insurer AIG, which has been scrambling to raise enough cash to fend off ratings agency downgrades and stay afloat.b,121b,121In the afternoon, N.Y. Gov. David Paterson said AIG will be allowed to use $20 billion in assets through its subsidiaries to stay afloat, basically providing itself with a bridge loan. AIG has also reportedly asked the Federal Reserve for a roughly $40 billion bridge loan over the weekend.b,121b,121Meanwhile, Reuters reported that sources say talks with Warren Buffett's Berkshire Hathaway about investing in AIG have ended.b,121b,121Shares of AIG (AIG, Fortune 500) were down 52%, near where they stood before the announcement.b,121b,121Still, some analysts said that the stock selloff could have been worse, considering the depth of the problems.b,121b,121"You have to throw out the history books because there's really nothing to compare this to," said Jim Dunigan, chief investment officer at PNC Advisors.b,121b,121Art Hogan, chief market strategist for Jefferies & Co., said the magnitude of the financial industry fallout is unprecedented, and could only be compared to the Great Depression of the 1930s or the railroad bankruptcies of the 1800s.b,121b,121"We've never witnessed this before," said Hogan. "There's no road map for this."
  • GuzzoGuzzo 8,611 Posts
    I'm hearing much talk about Washington Mutual being the next big failure.b,121b,121brace yourself for worse times
  • jleejlee 1,539 Posts
    Word around the office (talking heads) is that Merrill won't get anywhere near the $27 BOA offered. Stakeholder at BOA will hardly approve a buy-out of that amount when the fair market value is probably closer to $14 a share.b,121b,121If i had extra money, i might try to short Merrill now and go long on BOA. But in all honesty, nothing seems like a good investment these days.
  • DjArcadianDjArcadian 3,633 Posts
    /font1
    Quote:/font1h,121b,121I'm hearing much talk about Washington Mutual being the next big failure.b,121b,121brace yourself for worse times b,121b,121h,121
    font class="post"1b,121b,121I heard Wamu was solid but don't quote me. You're never sure how far this domino effect will go.
  • jleejlee 1,539 Posts
    /font1
    Quote:/font1h,121b,121I'm hearing much talk about Washington Mutual being the next big failure.b,121b,121brace yourself for worse times b,121b,121h,121
    font class="post"1b,121b,121I'd be surprised if this happened (but wouldn't put it past us either). WAMU has made some decent adjustments over the past few weeks and most of the other S&L's are not nearly teetering on the same levels as the brokerage firms.
  • GuzzoGuzzo 8,611 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121I'm hearing much talk about Washington Mutual being the next big failure.b,121b,121brace yourself for worse times b,121b,121h,121
    font class="post"1b,121b,121I'd be surprised if this happened (but wouldn't put it past us either). WAMU has made some decent adjustments over the past few weeks and most of the other S&L's are not nearly teetering on the same levels as the brokerage firms. b,121b,121h,121font class="post"1b,121b,121heres a couple online articles I found, mind you everything is just specualation right now. but, yeah I'm definitely shookened b,121b,121a href="http://www.istockanalyst.com/article/viewarticle+articleid_2613912.html" target="_blank"1http://www.istockanalyst.com/article/viewarticle+articleid_2613912.html/a1b,121b,121a href="http://afp.google.com/article/ALeqM5ieN6ITNJgV27lpw3rLqgmoaN-O1Q" target="_blank"1http://afp.google.com/article/ALeqM5ieN6ITNJgV27lpw3rLqgmoaN-O1Q/a1b,121b,121[i]Washington Mutual, a west coast bank facing its own squeeze, slid 26.7 percent to 2.00 dollars amid ongoing fears it may be take over by banking regulators."/i1b,121b,121a href="http://www.atimes.com/atimes/Global_Economy/JI16Dj08.html" target="_blank"1http://www.atimes.com/atimes/Global_Economy/JI16Dj08.html/a1b,121b,121[i] "Everyone looked at Lehman's portfolio, compared it to the market bid, and realized that they might have a black hole of losses. The same is true of Washington Mutual, the American thrift institution likely to go next to the chopping block."/i1
  • jleejlee 1,539 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121I'm hearing much talk about Washington Mutual being the next big failure.b,121b,121brace yourself for worse times b,121b,121h,121
    font class="post"1b,121b,121s1I'd be surprised if this happened (but wouldn't put it past us either). WAMU has made some decent adjustments over the past few weeks and most of the other S&L's are not nearly teetering on the same levels as the brokerage firms. b,121b,121h,121font class="post"1b,121b,121I'd like an extra serving of Crow with that please.b,121b,121a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=awDjhtIfoz_Q" target="_blank"1JUNKYARD/a1b,121b,121b,121Lord help us if we have a bank-run.
  • DjArcadianDjArcadian 3,633 Posts
    How is Wells Fargo doing?
  • mannybolonemannybolone Los Angeles, CA 15,029 Posts
    WaMu should be FDIC insured, no?
  • GuzzoGuzzo 8,611 Posts
    /font1
    Quote:/font1h,121b,121How is Wells Fargo doing? b,121b,121h,121
    font class="post"1b,121b,121As far as I've heard/ read Wells is holding up rather well.b,121b,121This is where I keep my money/ investments so I got an eye on this one for sure
  • DjArcadianDjArcadian 3,633 Posts
    "Nonetheless, this still leaves $2,500bn in uninsured deposits. If a high-profile failure causes these uninsured deposits to shift abruptly in a flight to safety, it could be highly destabilising for the banking system."b,121b,121How can there be $2.5 billion in uninsured funds? If I had a million dollars in the bank you bet your ass it would be spread across 11 or 12 accounts to meet FDIC requirements.
  • DjArcadianDjArcadian 3,633 Posts
    /font1
    Quote:/font1h,121b,121WaMu should be FDIC insured, no? b,121b,121h,121
    font class="post"1b,121b,121Yes.
  • GuzzoGuzzo 8,611 Posts
    /font1
    Quote:/font1h,121b,121WaMu should be FDIC insured, no? b,121b,121h,121
    font class="post"1b,121b,121b,121yes so if you got less than 200g's in an account there you should be safe, not sure how it shapes up on investments though.b,121b,121The gov't was really kind with Indymac in terms of returning money to those with accounts that were non-FDIC (giving .50 on the dollar when they didn't have to pay out anything at all) but I don't think this kind of kindness will continue with every bank (and thats only if they decide to take it over and not just let it fail)b,121b,121once again though we are just in the speculation period and WaMu hasn't failed yet
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