US bank going into administration

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hadfos

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Just heard this on the news...one of the biggest banks(lehmann sp??)in the us is going into recievership
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means our credit crunch will go on for alot longer if they are not bailed out...and that is looking highly unlikely being as barclays were in the running but they have backed out!!
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what a mess!!
 
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Oh my, one of our greatest friends works for Lehmans over here - hope his job is secure, he is rather high up!

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Not looking good over here if it goes belly up unfortunately....only way was to use US taxpayers money to fund it but the government have said not good idea!!
I know 2 banks were in the running for it but they have pulled out...so looks like the stock market will fall etc etc.
Think it is a wait and see
 
Quite surprised about this. After the saga over Bear Stearns, I thought there would be buyer. It's sort of good news that Alan Greenspan thinks it will be the last collapse of a major i-bank, though. Feel bad for all the people losing their jobs, especially those at the lower end of the food chain.
 
Big news indeed...but tbh most of the other bans have known it's been coming for the past week. We were asked to identify all our positions with them last wednesday and have people in working all weekend stopping payments etc to them
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I was a tad worried to hear this I must admit and we will certainly feel the aftershock over here. Sadly I just don't think the downturn here in the UK is going to be as short lived as any of us would like it to be
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I have read in several papers that the figure of 2010 being bandied about is far too optimistic. Hoping for the best though!
 
LOL - since our house was last valued, a bypass has been built a field away, and all the setaside land around it is now being farmed (and I mean right up to our front drive!), so I think we are doomed when it comes to moving anyway!
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As a nation, I can't help but feel that the last few years have been like a great big shopping party, and now we have to get back to normal. Maybe we will start repairing things again instead of replacing them, and drive more slowly and less often. There will be hardship, but some lifestyle adjustments would go a long way towards softening the blow.
 
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As a nation, I can't help but feel that the last few years have been like a great big shopping party, and now we have to get back to normal. Maybe we will start repairing things again instead of replacing them, and drive more slowly and less often. There will be hardship, but some lifestyle adjustments would go a long way towards softening the blow.


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Well said Sooty!

I was surprised to here most people would not survive more than 1 month without income if they lost their jobs. What ever happened to saving for a rainy day?
 
Oh man! I nearly had a heart attack at the title of this thread
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. I saw "US bank ..." and immediately thought "US Bank" where some of our money lives.

The States are having a real time right now; but economics being how they are, the US will struggle back again; as it has so many times in history. Sadly some lose out in the meantime.
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It's the scale of this failure that is so worrying...and the knock-on effects that it will have. For every trade (and they're talking about $720bn worth of trades at the moment
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) there is a countertrade elsewhere with another bank...and each of those countertrades has another countertrade associated with IT and so on. Problem is nobody yet knows who the other deals are going to affect cos if Lehman default on their side of the deal who's to say the other half of the deal can now be honoured
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Oh my, one of our greatest friends works for Lehmans over here - hope his job is secure, he is rather high up!

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No chance!

The administrators may not even be able to pay this month's wage bill.

They will all get made redundant prompto.
 
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tomorrow AIG

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I don't think that one will be allowed to happen tbh....too much impact on every other bank in the world
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dead right Rambo, AIG's been bailed out.
LLoydsTSB and HBOS in talks of a merger,will it float or will they go down holding hands I wonder?
 
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I was surprised to here most people would not survive more than 1 month without income if they lost their jobs. What ever happened to saving for a rainy day?

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That's OK if you earn enough to save for a rainy day, an awful lot of people don't. I've only ever earned barely enough to live on with nothing left over . . . that's one of the reasons that I'm glad I am the age I am. I'd hate to be in the job position of a lot of younger people who don't earn enough to save and won't even have the prospect of a state pension to "look forward to" . . . there will be an even huger amount of aged poverty in years to come
 
That's a bit harsh on people who work there! My partner and I work for them and are both facing up to the real possibility of one/both of us being made redundant. The thought of having to keep the roof over our heads and food on the table for our kids without an income terrifies me and I'm a bag of nerves at the moment.
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However... I can understand if you have a gripe with the company as a whole, I just hope you don't wish ill on the people who work there
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I think the HBOS/Lloyds merger will probably happen before tomorrow morning.
Other rumours around Anglo Irish Bank....

I know quite a few people that have lost their jobs at Lehmans this week - one of whom has only been working there 4 months since he got canned from Bear Stearns when they were bought by JPM!

I don't understand the attitude of celebrating large companies in trouble - it really doesn't benefit anyone.....other than fund managers who have 'shorted' the positions and are now making a killing on the problems.
Otherwise, the knock on effects of these catastrophic market conditions will effect the whole economy for a long time to come, definitely not just the bankers.
 
Thats all dutch to me....the way I see it Hbos has had its moneys worth out of me (as a member of staff) banging on about loyalty , caning the a*se out of you working you 50 hours a week and only paying you for 35, as a customer charging you £35 every time you go 2p over your arranged odraft.....all I know is that i will probably end up having to sell my horse because I cant afford to keep her....someones winning here and it isnt me
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As someone who has been very badly treated by the Halifax . . . can I just say that it couldn't happen to a nastier bunch of ****holes and I hope they crash big time.

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Thanks....I work for HBOS. Perhaps you should think before you post things like that.
 
I trust they'll be giving their over inflated bonuses back for getting it wrong?

How can bankers get it wrong?...they obviously do but we're betting on a buy out, you can't trade without banks...we all need them
 
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As someone who has been very badly treated by the Halifax . . . can I just say that it couldn't happen to a nastier bunch of ****holes and I hope they crash big time.

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Thanks for that, my husband works for HBOS in IT so its bound to be a duplicated area and so he has a big chance of losing his job. I have two kids who don't deserve to starve just because you were treated badly by the bank. We've all been screwed over by one person or another but you can't blame innocent individuals who are just earning a living to support their families.
 
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As someone who has been very badly treated by the Halifax . . . can I just say that it couldn't happen to a nastier bunch of ****holes and I hope they crash big time.

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Halifax collapsing would affect everyone, including you...
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