Lehman Brothers

[Rag-Doll 0]

Seems Uncle Sam has come back to the party with his cheque book. Phew! That was a close one, now, where did I park my porche?

[thursday 1]

you sold it so's your kids could still attend the Swiss International School

[soubriquet 0]

I am very sorry for the individuals who have lost their liveleyhood.

 

I have no sympathy for the bankers who got rich when times were good, and now have their hands out for taxpayers' money.

 

(Rag-Doll: This is not a go at you personally.)

[Rag-Doll 0]

No worries mate. And BTW, I'm more of a salaryman than a fat cat banker.

[journey_man 0]

Those that dare, win. It will always be like that. Unfortunately many of those that dare have to be arseholes for their conscience to allow them to win at the expense of others. Again, it will always be like that.

 

My beef with this crash and financial crashes generally is how preventable they were. In 87 the stock markets around the world crashed. There were people who knew saying so quite loudly for a year before it happened, but the legislation/rules weren't put in place until after.

 

In the early 90's there was a housing crash in the UK when the economy dipped a bit. Why? Because many people had been talked into endowment mortgages which only work when the market is going up. The market dipped, people went into negative equity and the banks were foreclosing daily. There were plenty of people saying how dangerous those mortgages were too. They were also ignored.

 

I don't know much about this crash, but from the little I've heard it sounds like it was based on generating as many mortgages as possible for a downstream sale and profit. I don't know but I'll bet there were important people calling foul too. An asset based on poorly arranged mortgages has got to be dangerous.

 

In each case I guess the people raking in the cash did't want to hear the warnings or to see the emerging danger, and to some degree I can understand that. However, surely there must be some way of giving enough power to someone in the know, a watch dog organisation or similar, to prevent these "preventable" disasters from happening?

 

Another question is why didn't the various organisations that we already do have like the SFA, etc didn't manage to do something about this?

[Mantas 3]

Originally Posted By: Fattwins

There were a lot of people who should not have gotten loans period.

You have to place some of the blame on bankers there. If the bank tells the average punter that he is in a good position to buy a house, who is he to disagree with an establishment full of professional financiers with all their collective knowledge and resources?

[soubriquet 0]

My earlier post has been deleted.

 

SJF sent me some very nice pm's, asking me to be polite. I'm very happy to co-operate.

 

Rag-Doll (and bankers). I have no problem with people using their talents to make money. Bankers like nice tidy things like asset-stripping. It's the rule of the market.

 

Tough shite.

[SnowJapan 178]

Seriously, I have just deleted 2 more posts here that were simply continuations of the previous line.

 

Seems that my post above, this one,

http://www.snowjapanforums.com/ubbthreads.php/topics/284910/Re_Lehman_Brothers.html#Post284910

wasn't clear enough.

 

Either that or some people think it ok to simply ignore my requests - and do so frequently. I don't take too kindly to that. (Would you?)

 

It is getting extremely annoying.

 

One more post that stokes up the little personal argument on here (or elsewhere on the forums) and that poster will get banned for however long I see fit.

 

OK? Up to you.

[journey_man 0]

Damn, how come I always miss the fun stuff...

[scouser 4]

Believe me, it wasn't exciting - seen it all before. Just a remix version.

[journey_man 0]

[thursday 1]

did it have cowbells?

[soubriquet 0]

Lehman brothers went bust because they made bad commercial decisions.

 

There is nothing so pathetic as a broken down old banker holding his hand out: "brother can you spare me a dime"

[JA2340 16]

And the hand goes out to the public trough! They made a shirtload in the good times from the gullible public and now they expect the same people to haul them out of the hole they dug themselves.

[soubriquet 0]

Ah yes! Snouts in the trough! paying themselves squillions for being so clever. Then expecting sympathy and taxpayer's subsidies when it goes tit's up.

[Tubby Beaver 209]

wish I was a fat cat banker....

[journey_man 0]

Me too. Money for nothing and chicks for free.

[journey_man 0]

Originally Posted By: soubriquet

Ah yes! Snouts in the trough! paying themselves squillions for being so clever. Then expecting sympathy and taxpayer's subsidies when it goes tit's up.

So what's the answer - how do we prevent stuff like this happening in the first place?

[Mantas 3]

Kill all the capitalists!!

[JA2340 16]

And what would you do with their money?

 

Distribute it amongst the other citizens? In Oz that would make bu99er all difference to the bank balances of the rest of us - to make one dollar difference to the rest of us, you'd have to get $21,425,572 (as at 8.24 AEST)

source . So, even if you gained a "bankroll" of 84mill, you'd increase my net worth by just 4 bucks! You'd need to go a long way down the rich list before it made any kind of impact!

[journey_man 0]

I think he was more interested in sucking their brains. It's a zombie thing.

[JA2340 16]

No zombies on Oz, AFAIK. Maybe too many tokes and a lie down in the sand?

[tinmachine 0]

Thousands of jobs go in the company, but,....

 

"Andy Hornby, the chief executive of crisis-hit HBOS, is to receive shares worth almost £2 million in Lloyds TSB following yesterday's emergency takeover.

 

The head of Britain's biggest mortgage lender will get a multi-million pound stake in the new bank despite HBOS having to be rescued from the brink of collapse."

[thursday 1]

makes sense that.

[thursday 1]

it costs more to get rid of an executive than it does a whole team.