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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
I cannot stop watching bloomberg...I cannot b/v that by the end of today there may be no more:
Bear Stearns,
Lehman Brothers and
Merrill Lynch.
I'm  at how we got here!
So sad and scary 
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Posted 9/14/08 9:23 PM  |
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Long Island Weddings
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
and add WAMU to that list
they are on the brink as well
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| Posted 9/14/08 9:27 PM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by Beth1210
and add WAMU to that list
they are on the brink as well
what would this mean?
what would happen if wamu goes?
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| Posted 9/14/08 9:33 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Not really. Many banks are still having problems recovering from being too invested in the sub-prime market. My aunt is an exec assistant at ML so I've been hearing for a long time that they were in a much worse situation than the public realized.
Posted by MrsGraz
what would this mean?
what would happen if wamu goes?
As long as you have amounts that are under the FDIC protection it won't impact you other than you'll be a customer of whichever bank takes it over. On Friday the rumor was that JPMorgan Chase was looking to take it over. DH and I were laughing b/c his first job out of college was for JPM so we've gone from getting checks from them to giving them our money now.
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| Posted 9/14/08 9:51 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by CathyB
Not really. Many banks are still having problems recovering from being too invested in the sub-prime market. My aunt is an exec assistant at ML so I've been hearing for a long time that they were in a much worse situation than the public realized.
Posted by MrsGraz
what would this mean?
what would happen if wamu goes?
As long as you have amounts that are under the FDIC protection it won't impact you other than you'll be a customer of whichever bank takes it over. On Friday the rumor was that JPMorgan Chase was looking to take it over. DH and I were laughing b/c his first job out of college was for JPM so we've gone from getting checks from them to giving them our money now.
Yeah, I hear ya. I guess shocked is the wrong word...I guess I just didn't really believe it would come to this!
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| Posted 9/14/08 9:52 PM |
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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Yep.
Especially since DH just started working at Lehman this summer.
I want to throw up. We have no idea what is going to happen to his job.
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| Posted 9/14/08 10:50 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
scary!
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| Posted 9/14/08 11:07 PM |
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MrsMessina
Thankful for our miracles!
Member since 2/07 7254 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
OK- I'm totally out of the loop.  (not a big tv watcher and been in my own little world lately).
What's going on? I worked for Merrill Lynch for over 6 years and finally left--- now I think I'm really glad I made that decision.
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| Posted 9/14/08 11:10 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Nope I'm not surprised at all
What I am is nervous and worried.
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| Posted 9/14/08 11:15 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by CathyB
Not really. Many banks are still having problems recovering from being too invested in the sub-prime market. My aunt is an exec assistant at ML so I've been hearing for a long time that they were in a much worse situation than the public realized.
QUOTE]
.
I wonder who your aunt is
(another former ML employee)
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| Posted 9/14/08 11:19 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
AIG could be in the same boat
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| Posted 9/14/08 11:20 PM |
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MrsMessina
Thankful for our miracles!
Member since 2/07 7254 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Go figure Janice- you and I both flock to this one!!   
So, will this affect my 401K that I still have w/ them (yes, I'm financially dumb when it comes to this. )
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| Posted 9/14/08 11:21 PM |
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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by CathyB
Not really. Many banks are still having problems recovering from being too invested in the sub-prime market. My aunt is an exec assistant at ML so I've been hearing for a long time that they were in a much worse situation than the public realized.
Its odd though. My DH is at Lehman, and for the past 3 months they've been having talks...and the reality was that the public PERCEPTION that they were in financial crisis really brought down their stock. Lehman was actually in decent financial shape. Bear Stearns really triggered the fall of Lehman.
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| Posted 9/14/08 11:25 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by MrsMessina
Go figure Janice- you and I both flock to this one!!
So, will this affect my 401K that I still have w/ them (yes, I'm financially dumb when it comes to this. )
 I am terrible, I have no idea what to do with mine, so I just let it sit there.
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| Posted 9/14/08 11:29 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by Janice
Posted by MrsMessina
Go figure Janice- you and I both flock to this one!!
So, will this affect my 401K that I still have w/ them (yes, I'm financially dumb when it comes to this. )
I am terrible, I have no idea what to do with mine, so I just let it sit there.
you can roll it over into an IRA at your bank
and you can add to it
I took one from my first job, rolled it into a smith barney account thru Citibank
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| Posted 9/14/08 11:31 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
thanks Beth! I was scared that I was going to have to pay a tax on it since I don't have another job to roll it over too...but I do have an IRA. That's great news!
I am glad I randomly posted that info!
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| Posted 9/14/08 11:39 PM |
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MrsMessina
Thankful for our miracles!
Member since 2/07 7254 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
I had considered rolling mine over but the % seemed better just leaving it there (according to my mom) so I did nothing with it...
I figured if I got another office job I'd move it over then, but haven't since leaving there since I've been caring for my grandma and have my own business.
I should look into that.
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| Posted 9/14/08 11:43 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by Janice
thanks Beth! I was scared that I was going to have to pay a tax on it since I don't have another job to roll it over too...but I do have an IRA. That's great news!
I am glad I randomly posted that info!
as long as you roll it into an IRA- you pay nothing!
and then you can invest it how you want
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| Posted 9/15/08 12:31 AM |
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dawnie
Barb-Never removing this pic!
Member since 11/05 3932 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
I work in the industry and it is so sad. I got laid off last December but was lucky to find job a few months later. There so many people in my industry in my unemployment class.
I can't imagine 25,000 people at a time being out of work competing for the few jobs out there. It is so sad 
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| Posted 9/15/08 12:42 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
I can't say I'm shocked. I am unnerved though. That's a lot of folks out of work right now.. and the holidays are bearing down on us rapidly.
But I have full confidence that things are changing. It's going to get better and I believe it will happen sooner rather than later. I pray that those directly effected hang in there in the meanwhile.
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| Posted 9/15/08 6:35 AM |
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joenick
Us
Member since 6/06 9370 total posts
Name:
Valerie...aka...Do Me A Favor?
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by KPtoys
AIG could be in the same boat
That's where my DH works.
HE worked for Morgan Stanley for 12 years prior to AIG, and now Morgan is in some financial troubles as well.
So scary.
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| Posted 9/15/08 7:13 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
I heard that the WAMU scare is just media hype. This is what was said on CNN this morning. They are really ok right now. So I wouldn't worry about that. If anything another bank would buy them and they will just change their name. Not the first time. It was Dime, and so many other names since I have been with them. Your money is just rolled over.
Lehman Bros is not a total shock. My BIL is VP of one of their divisions and it was always there that this might happen. But there goes his retirement. And it still totally sucks.
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| Posted 9/15/08 8:15 AM |
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DandN
Twins are here!
Member since 3/06 3597 total posts
Name:
Deirdre
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
It's really scary times.
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| Posted 9/15/08 9:01 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Posted by Jessica
Nope I'm not surprised at all
What I am is nervous and worried.
My sentiments exactly!!! I was reading all about it today's Newsday about what this will mean for the economy and the financial market!
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| Posted 9/15/08 9:09 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
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They call me "Tater Salad"
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
Those with 401(k)s at ML. They won't disappear. BOA is buying them - they'll be administered by BOA after the purchase, but they won't disappear.
The company that administers my 401(k) was purchased a while back. A few of my options changed, but the 401(k) remained essentially unchanged.
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| Posted 9/15/08 9:12 AM |
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