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Lehman Brothers swirling the drain
Old 09-14-2008, 05:11 PM   #1
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Lehman Brothers swirling the drain

Lehman Brothers is about to file Chapter 7.
Merrill Lynch is having trouble, and may be bought by BOA.
Does BOA have much of a capital cushion?
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Old 09-14-2008, 05:31 PM   #2
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CNBC is having a Lehman Brothers special tonight at 8PM Eastern.
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Old 09-14-2008, 06:31 PM   #3
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Lehman Brothers is about to file Chapter 7.
I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?
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Old 09-14-2008, 06:42 PM   #4
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I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?
Dont go into the light Dawg...
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Old 09-14-2008, 06:48 PM   #5
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Dont go into the light Dawg...
I won't. I got a case of bud light iced down by my bed for tomorrow. Blinds are closed so I won't see any light. Hopefully I can find my way to the bathroom without stumping my big toe.
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Old 09-14-2008, 06:57 PM   #6
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I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?
What's the harm? If the market goes way down, then it was the right thing to do. If the market goes up, you're not going to be late for not-working.

ER sounds SO nice at this time on a Sunday evening, when I am starting to get back in the right mentality to show up for work in the morning, setting out what I plan to wear, thinking about what to pack for lunch.
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Old 09-14-2008, 07:06 PM   #7
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I won't. I got a case of bud light iced down by my bed for tomorrow. Blinds are closed so I won't see any light. Hopefully I can find my way to the bathroom without stumping my big toe.
For a minute I thought you said "Blonds are close". Could you shoot for that instead?

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Old 09-14-2008, 07:07 PM   #8
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I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?
Between Hurricane Ike doing so much damage and Lehman, I don't expect a happy market tomorrow. IMO, we will have a big drop right off the bat then some fluctuations when cooler heads prevail later in the day. Keep those cubbers over your head Dawg52 and repeat to yourself "a down market is not the time to sell" as often as necessary.
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Old 09-14-2008, 07:19 PM   #9
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Between Hurricane Ike doing so much damage and Lehman, I don't expect a happy market tomorrow. IMO, we will have a big drop right off the bat then some fluctuations when cooler heads prevail later in the day.
I think you are right.

It's hard to believe that Lehman Brothers is actually filing for bankruptcy. Futures are -269.00 for the Dow right now. OK, I should stop watching CNBC, I know.
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Old 09-14-2008, 07:21 PM   #10
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For a minute I thought you said "Blonds are close". Could you shoot for that instead?

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Old 09-14-2008, 09:42 PM   #11
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I think you are right.

It's hard to believe that Lehman Brothers is actually filing for bankruptcy. Futures are -269.00 for the Dow right now. OK, I should stop watching CNBC, I know.
If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)
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Old 09-14-2008, 09:58 PM   #12
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The guy 2 houses down from me is a Senior VP at Lehman. He's a really nice guy, 2 young kids and all. Hope he lands on his feet. I think the upper level guys usually do.
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Old 09-14-2008, 10:04 PM   #13
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If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)
You're right! Now they are saying -318. Who knows what they will say by morning.
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Old 09-14-2008, 10:07 PM   #14
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The guy 2 houses down from me is a Senior VP at Lehman. He's a really nice guy, 2 young kids and all. Hope he lands on his feet. I think the upper level guys usually do.
Hope he doesn't have a lot of his retirement in their stock. Pretty much worthless now.
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Old 09-14-2008, 10:09 PM   #15
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Me too. You'd think people would have learned from Enron. I think he's smarter than that. As a matter of fact, I think he used to work for Worldcom, so he would have been through this before.
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Old 09-14-2008, 10:12 PM   #16
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Me too. You'd think people would have learned from Enron. I think he's smarter than that. As a matter of fact, I think he used to work for Worldcom, so he would have been through this before.
Let us know where he goes next so we can get out early...
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Old 09-14-2008, 10:15 PM   #17
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Really. Maybe he should be thinking FIRE about now.
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Old 09-14-2008, 10:34 PM   #18
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A friend of ours works for an energy company that's owned by Lehman's. He tried to get DH a job with the same company up here in Calgary. Boy, I'm REALLY glad that job didn't pan out!!!
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Old 09-15-2008, 12:19 AM   #19
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Just announced Chapter 11.

Why the #%^@ does this always happen right after my Friday payday after my 401k deposit goes through
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Old 09-15-2008, 12:25 AM   #20
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Just announced Chapter 11.

Why the #%^@ does this always happen right after my Friday payday after my 401k deposit goes through
Because Yahweh is displeased. Where do you see that they have already filed? CNBC says they plan to file. Same story at WSJ and NYT, at least until a few minutes ago.

It may matter too:

Bank of America sent a note to derivatives traders Sunday saying "Banks, brokers started netting Lehman trades from 2 p.m. today … trades netted are contingent on Lehman bankruptcy by midnight." The note continued "If no Lehman bankruptcy, netting of trades to be cancelled," meaning Bank of America's assumption of Lehman’s side of trades would end.


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