Remorse or No? For Lehman..

steadysaver

Maybe I don't care so much now after reading this

http://www.thisismoney.co.uk/news/article.html?in_article_id=452089&in_page_id=2&ct=5

well inparticular this bit

A trader, who would not give his name, said: 'I would have made $1m dollars this year so I don't give a stuff about a month's wages. The bank should have been sold last week but they were holding out for more money. It is the CEO's fault.'

[EMAIL="C@CK"]C@CK[/EMAIL]

dopester

It is pretty shocking but hardly unexpected. It's like those who now say -25% maximum house price crash are going to have to meet the reality of their denial.

The 32-year-old from Canada Water said staff were filling in expenses before removing their property from desks.

They'll be lucky, seeing as they might not get their final month of pay.

Alexandra Andreae-Jones, associate director at headhunders Finance Professionals, said: 'The phone has not stopped ringing all morning, we have been inundated with CVs.'

I'm sure there are loads of positions for bankers in such a healthy financial industry who, from the tone of that article, couldn't see it coming. Share scheme decimated. Lets hope these 4000+ staff don't have hefty mortgage payments to meet.

Edouard d'Archimbaud, 24, was due to begin his first day as a £45,000-a-year trader at Lehman Brothers today. He said: 'I had trouble getting here because of the Eurostar fire. When I finally made it I found out I was fired. We are all fired.'

Sorry, but that is funny. :rotfl:

baby_boomer

For common sense to return to banking there had to be casualties - otherwise why alter the bonus structure and risk management next time round.

So yes, I'm fearful about the wider consequences, but clear that it was the only way to bring the banking fraternity to its senses.

Sir_Humphrey

I worry about the mess these berks have created.

But on the other hand they chose to live by the sword.

dudleyboy

I've suspected we're heading for another great depression for several months now and this pretty much confirms it for me.

We're gonna party like it's 1929 and we know who we have to blame.

Uncertain times lie ahead and I know detractors like to refer to people on this board as the doom and gloom crew but this... this news you've heard today... the magnitude of this news... this is what we were all talking about and predicting.

It's not good, is it?

I take it you understand now?

ad9898_3

No remorse for Lehmans, banks have to realise they have a responsibility, if the US or the UK government kept proping them up they will learn nothing. This is why we are where we are. Now perhaps they will think twice.

moanymoany

LisbonLaura wrote: »

http://www.marketoracle.co.uk/Article6256.html

A long and uncomfortable read LL. Whoever loses the US presidential election will breath a sigh of relief if what this article predicts comes to pass.

baby_boomer

It's got to help Obama. And he needs some help right now.

Unbridled Republican style capitalism has not only failed, but been taken out by the US Treasury (regarding Fannie & Freddie) without a murmur from Congress.

And economics is not McCain's strong suit.

WTF?_2

baby_boomer wrote: »

It's got to help Obama. And he needs some help right now.

Unbridled Republican style capitalism has not only failed, but been taken out by the US Treasury (regarding Fannie & Freddie) without a murmur from Congress.

And economics is not McCain's strong suit.

Yes - but I'm sure Palin's razor sharp economic brain and her depth of experience in financial policy management will compensate for that.

After all, that's why you take some considerable time and go through extensive process of selection to pick a Vice Presidential running mate, right?


Nope, we'll here sabres rattling and talk of war which is McCain's strong suit and Palin will pull in the Redneck males, Christian right and a fair chunk of women who have fallen for the 'sexist' hype.

LisbonLaura

dudleyboy wrote: »

I take it you understand now?

I assume you are excluding Scotland-the-Immune from that question db?