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metagefken
LIF Adolescent
Member since 5/08 679 total posts
Name:
J
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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
heard that this morning. the whole economy is going to h@ll in a handbasket.
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Posted 9/15/08 9:14 AM  |
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MST9106
My life:)
Member since 6/06 9589 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 KPtoys
AIG could be in the same boat
Message edited 1/8/2009 11:36:45 AM.
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| Posted 9/15/08 9:19 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
The surprise for me is that such giants could fall, though it has happened before and will again.
It is scary though, you wonder how many other large financial institutions will fall. I do not recall anything like this in my lifetime--this makes the late 80s look pretty easy in comparison.
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| Posted 9/15/08 9:50 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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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 joenick
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.
nope, Morgan is fine. Only one of two investment banks left on the street though. That's scary.
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| Posted 9/15/08 10:11 AM |
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MST9106
My life:)
Member since 6/06 9589 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 Blu-ize
Posted by joenick
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.
nope, Morgan is fine. Only one of two investment banks left on the street though. That's scary.
Goldman, JPMorgan and Bank of America are still going strong...
But all companies are going to experience a little bit of a shakedown due to these events.
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| Posted 9/15/08 10:19 AM |
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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 SupaBonBon
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.
I'm so sorry 
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| Posted 9/15/08 10:20 AM |
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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 SupaBonBon
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.
My Dh works in the industry as well and this is very very true. It is very scary that the market is what is killing these otherwise secure companies. I think safeguards need to be put in place to stop this from happening going forward.
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| Posted 9/15/08 10:22 AM |
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Bugaboo
Relax!
Member since 5/05 2133 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'm not surprised by the fall of Lehman at all. I had told DH, after the whole Bear Stearns collapse, that come Sept./Oct. that another major bank will fold. The writing was on the wall. Lehman was heavily invested in the sub-prime market.
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| Posted 9/15/08 10:25 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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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 MST9106
Posted by Blu-ize
Posted by joenick
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.
nope, Morgan is fine. Only one of two investment banks left on the street though. That's scary.
Goldman, JPMorgan and Bank of America are still going strong...
But all companies are going to experience a little bit of a shakedown due to these events.
Yes, but BOA and JP Chase have retail. Morgan Stanley and Goldman don't. They are somewhat insulated from the retail exposure only have a private client retail arm.
eta: it doesn't mean that something still couldn't happen but they have different exposures than banks with retail branches.
Message edited 9/15/2008 10:33:45 AM.
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| Posted 9/15/08 10:30 AM |
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MST9106
My life:)
Member since 6/06 9589 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 Blu-ize
Posted by MST9106
Posted by Blu-ize
Posted by joenick
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.
nope, Morgan is fine. Only one of two investment banks left on the street though. That's scary.
Goldman, JPMorgan and Bank of America are still going strong...
But all companies are going to experience a little bit of a shakedown due to these events.
Yes, but BOA and JP Chase have retail. Morgan Stanley and Goldman don't. They are somewhat insulated from the retail exposure only have a private client retail arm.
eta: it doesn't mean that something still couldn't happen but they have different exposures than banks with retail branches.
Message edited 1/8/2009 11:37:17 AM.
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| Posted 9/15/08 10:58 AM |
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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Re: Maybe I'm a dork but is anyone else totally shocked by the Lehman bros and merrill situation?
They will restructure and open under another name....This always happens. But is this really a surprise? The Big-Wigs have been drawing millions from LB for years and many of them thought the good times were going to continue to roll with them. Unfortunately, it didn't work that way and they continued to spend money. It is a vicious cycle, but they had enough time to realize what was happening and they could have saved so much more. It is irresponsible of them. Thank GOD DH finished and closed his account last year with LB.
He is in IT and his small rinky-dink company saw this coming and pulled out of BS, LB, and WAMU....
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| Posted 9/15/08 11:03 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 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?
I talked to DH. He told me that nobody is buying Lehman (unlike Bear Sterns). Stock is at $0.20.
Market is also crashing this morning.
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| Posted 9/15/08 11:07 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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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 MrsGraz
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?
WAMU is screwed. Their stock has tanked to practically nothing. Good for them because that bank sucks IMO. Nothing but problems with them.
With that said if you have money deposited there, don't worry if you are FDIC insured.
In fact use WAMU's financial problems to your advantage. Desperate banks usually put out good interest rates. They have a 13mo CD for 5% that is VERY attractive.
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| Posted 9/15/08 11:08 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 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 ave1024
Posted by MrsGraz
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?
WAMU is screwed. Their stock has tanked to practically nothing. Good for them because that bank sucks IMO. Nothing but problems with them.
With that said if you have money deposited there, don't worry if you are FDIC insured.
In fact use WAMU's financial problems to your advantage. Desperate banks usually put out good interest rates. They have a 13mo CD for 5% that is VERY attractive.
Those banks are FDIC insured. Well up to a certain amount.
We moved all our money from Bear Sternsa the time. Mostly because if it did crash, it would take a few days to get the money.
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| Posted 9/15/08 11:12 AM |
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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 smdl
I talked to DH. He told me that nobody is buying Lehman (unlike Bear Sterns). Stock is at $0.20.
Market is also crashing this morning.
Lehman already declared bankruptcy so it doesn't really matter I don't think.
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| Posted 9/15/08 11:13 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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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 smdl
We moved all our money from Bear Sternsa the time. Mostly because if it did crash, it would take a few days to get the money.
If it crashed the FDIC would take over and most likely you wouldn't even have to wait a few days.
The feds took over IndyMac after they went bellyup and there was no "down period" for me to access my money. I was able to get in to my online banking throughout the takeover.
And the feds taking over IndyMac actually helped me. They let me close my CDs early without penalties, and they raised the interest rates on some of their deposit products.
I must say I was quite impressed throughout the process.
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| Posted 9/15/08 11:18 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 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 ave1024
Posted by smdl
We moved all our money from Bear Sternsa the time. Mostly because if it did crash, it would take a few days to get the money.
If it crashed the FDIC would take over and most likely you wouldn't even have to wait a few days.
The feds took over IndyMac after they went bellyup and there was no "down period" for me to access my money. I was able to get in to my online banking throughout the takeover.
And the feds taking over IndyMac actually helped me. They let me close my CDs early without penalties, and they raised the interest rates on some of their deposit products.
I must say I was quite impressed throughout the process.
I should have added that DH worked for Bear Sterns too (JP Morgan Chase now). This is the only reason why we did it.
I would not worry as much as we had ALL our eggs in the same basket (income, stock (now worseless!!!), saving accounts, 401K, etc..).
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| Posted 9/15/08 11:21 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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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 smdl
I should have added that DH worked for Bear Sterns too (JP Morgan Chase now). This is the only reason why we did it.
I would not worry as much as we had ALL our eggs in the same basket (income, stock (now worseless!!!), saving accounts, 401K, etc..).
I would be a little more concerned about an investment house (like Bear Sterns) as compared to an actual bank (like WAMU).
Some investment house "money market accounts" are actually not FDIC insured. Most are but there are a few that aren't. Especially if the account is linked to a brokerage account for stocks.
Those I would be a little worried about. But if I knew for a fact my money was FDIC insured, I wouldn't worry even if all my eggs were with one bank.
Don't cause bank runs! 
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| Posted 9/15/08 11:24 AM |
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