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Lehman Brothers swirling the drain
09-14-2008, 04:11 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2006
Posts: 146
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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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The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.
Winston Churchill
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09-14-2008, 04:31 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,228
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CNBC is having a Lehman Brothers special tonight at 8PM Eastern.
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09-14-2008, 05:31 PM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,800
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 Quote:
Originally Posted by mark500
Lehman Brothers is about to file Chapter 7.
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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? 
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Retired 3/31/2007@52
Investing style: Full time wuss.
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09-14-2008, 05:42 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Dont go into the light Dawg...
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09-14-2008, 05:48 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,800
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Quote:
Originally Posted by Notmuchlonger
Dont go into the light Dawg...
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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. 
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Retired 3/31/2007@52
Investing style: Full time wuss.
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09-14-2008, 05:57 PM
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#6
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 45,459
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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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Happily retired since 2009, at age 61.
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09-14-2008, 06:06 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by Dawg52
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?
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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09-14-2008, 06:07 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
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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. 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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I purr therefore I am.
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09-14-2008, 06:19 PM
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#9
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 45,459
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Quote:
Originally Posted by Purron
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.
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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.
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Happily retired since 2009, at age 61.
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09-14-2008, 06:21 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,800
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Quote:
Originally Posted by haha
For a minute I thought you said "Blonds are close". Could you shoot for that instead?
Ha
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The only blond in my house is my buddy. And no, she won't be in my bed.
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Retired 3/31/2007@52
Investing style: Full time wuss.
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09-14-2008, 08:42 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Upstate
Posts: 1,749
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Quote:
Originally Posted by Want2retire
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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If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)
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09-14-2008, 08:58 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
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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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"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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09-14-2008, 09:04 PM
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#13
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 45,459
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Quote:
Originally Posted by copyright1997reloaded
If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)
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You're right! Now they are saying -318. Who knows what they will say by morning.
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Happily retired since 2009, at age 61.
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09-14-2008, 09:07 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,800
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Quote:
Originally Posted by harley
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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Hope he doesn't have a lot of his retirement in their stock. Pretty much worthless now.
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Retired 3/31/2007@52
Investing style: Full time wuss.
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09-14-2008, 09:09 PM
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#15
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Give me a museum and I'll fill it. (Picasso)
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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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"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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09-14-2008, 09:12 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
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Quote:
Originally Posted by harley
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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Let us know where he goes next so we can get out early...
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Numbers is hard
Retired in 2005 at age 58, no pension
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09-14-2008, 09:15 PM
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#17
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Give me a museum and I'll fill it. (Picasso)
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Really. Maybe he should be thinking FIRE about now.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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09-14-2008, 09:34 PM
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#18
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Full time employment: Posting here.
Join Date: Jun 2004
Location: Calgary
Posts: 805
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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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I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
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09-14-2008, 11:19 PM
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#19
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,253
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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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09-14-2008, 11:25 PM
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#20
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Give me a museum and I'll fill it. (Picasso)
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Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by laurencewill
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.
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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