Want a job at Lehman Brothers?

[Grahame]

Time to wheel out one of my favourite websites - that for consultancy [url=http://www.huhcorp.com/]Huhcorp[/url].

Oh, and their technology [url=http://www.duhcorp.com/]offshoot[/url].

[Snoop Doug]

[quote="Grahame"]Time to wheel out one of my favourite websites - that for consultancy [url=http://www.huhcorp.com/]Huhcorp[/url].

Oh, and their technology [url=http://www.duhcorp.com/]offshoot[/url].

[Amy]

Hopefully no one we know is caught up in this?

[Andrew G]

Or AIG. A bridging loan of USD 40bn (they hope)!

[Marek]

This could effect all of you in a roundabout manner. Have you got a company pension plan or personal pension plan, if so then you will probably have exposure to either Lehman equity, yes the stuff that has now gone down 95% and you may even have exposure to their bonds, which are now worth about 30 cents in the dollar.

The Lehman thing is only a small headache though, the knock on effects for other major financial institutions could be pretty major. Again, if you only held UK equities in your pension portfolio that would be worth around 5% less today than it did on Friday. Some of the most secure/defensive stocks in the market place have gone down significantly in the last year, this is not good.

Then there are the knock on effects in relation to the wider economy. As much as people don't like it, the services/financial industry in the UK accounts for a significant part of the wealth creation. With a lot of jobs going in the City and the general slow down the effect on house prices and people being able to service their debts will be negative. As more bad debts arise, more problems will arise for the banks who will now have to cover more bad debts (which could be large as a lot of these people will be mortgaged up to the eyeballs having bought big houses and flats in the boom), which probably looked like very sensible loans when they gave them out as they worked for top banks that could not possibly go down.

The Bank of England has had to step into the financial markets to help ease the situation. The government is trying to put in place fiscal policy to try and ease the situation. Now, where does the money for this come from. Well, you know your council tax bill, well I would expect that to be going one way, North, and I have a feeling it could be getting very chilly. Watch out for hidden taxes suddenly coming into play.

We are all doomed to financial misery for sometime to come. This is before we even get onto the consumer market, have a feeling that we will see a few household high street names disappear in the next few months.

I feel really sorry those for all the people that have just got onto the housing ladder and those that have only recently started their careers at places like Lehman. These people will have worked very hard to get into these positions and now they will be out on a limb and scratching around a market which is now going to be saturated with intelligent people trying to find new jobs.

But look on the bright side, petrol prices should come down a bit and it has been a bit sunnier the last few days.

Cheers

Marek.....

[Mike I]

[img]http://i38.tinypic.com/spkg1i.jpg[/img]

[Jon H]

I'm going to look down the back of Lehman Brothers' sofa. All that money they've lost must have gone somewhere.

[Amy]

Oh yes, I'm looking forward to all the repercussions

[Tony]

Maye a few of Lehmans boys and girls will take up cycling in their new-found spare time? We should get up there and start handing out ACC fliers....

[Will]

Don't fakengers tend to be creative types?

Marek - I take it you work in some sort of financial institution? A friend of a friend worked at Lehmans until yesterday. In theory she should get paid on Friday but in reality that is unlikely to happen...

[Will]

Good spot. I'll get that forwarded on to her.

[kieran]

make sure they get a good mooring with it!

[quote="Sean Hogan - 何祥"][quote="Will"]Don't fakengers tend to be creative types?

Marek - I take it you work in some sort of financial institution? A friend of a friend worked at Lehmans until yesterday. In theory she should get paid on Friday but in reality that is unlikely to happen...

[Mike I]

[quote]Following the problems in the sub-prime lending market in America and the run on Northern Rock in the UK, uncertainty has now hit Japan.

In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.

Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

[Mike I]

[quote="Sean Hogan - 何祥"]No word on Judo Bank?