now that's rich, calling you on your ignorance is trolling ?Quote:
Originally Posted by bkkandrew
:rofl:
and that makes you an authority on Chapter 11 ? :rofl:Quote:
Originally Posted by bkkandrew
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now that's rich, calling you on your ignorance is trolling ?Quote:
Originally Posted by bkkandrew
:rofl:
and that makes you an authority on Chapter 11 ? :rofl:Quote:
Originally Posted by bkkandrew
^The only person that has shown his ignorance is you. You have got it wrong so many times on this thread alone I could do a page of links.
Anyway, leaving aside Butterfly's trolling, I thought this was funny:
MASTERS OF UNIVERSE FILE FOR BANKRUPTCY - The Daily MashQuote:
MASTERS OF UNIVERSE FILE FOR BANKRUPTCY
THE masters of the universe were last night forced to relinquish control of their infinite creation and put all their personal items in a cardboard box.
The gigantic, all-powerful superbeings, to whom you are mere pawns on a chess board, handed their ID badges to security along with the little card that operates the snack machine on the second floor.
'By the power of Greyskull, I'm overexposed in sub-prime securities!'
I love the Daily Mash. :)
Looks like the sheeple might even take notice this time:
https://teakdoor.com/images/imported/2008/09/437.jpg
haha, typical, another imaginary victory declared, troll 101 chapter 2Quote:
Originally Posted by bkkandrew
when everything else fails, just run and try to forget the brutal ownage ever happened :)Quote:
Originally Posted by bkkandrew
AIG's Ratings Cut by S&P, Moody's, Threatening Fund Raising
By Hugh Son
https://teakdoor.com/images/smilies1/You_Rock_Emoticon.gif
https://teakdoor.com/images/smilies1/You_Rock_Emoticon.gif
Sept. 15 (Bloomberg) -- American International Group Inc.'s credit ratings were downgraded by Standard & Poor's and Moody's Investors Service, threatening efforts to raise emergency funds to keep the company afloat.
The ratings downgrades occurred after two people familiar with the situation said that the biggest U.S. insurer by assets is seeking $70 billion to $75 billion in loans arranged by Goldman Sachs Group Inc. and JPMorgan Chase & Co. to replenish capital.
Bloomberg.com: Worldwide
The death throws of AIG. First they Wanted $20BN, then $40BN, now $75BN. I wonder if they have any idea how much they are bankrupt to the tune of?
^^OK, for the benefit of new readers tothis thread, as summary:
https://teakdoor.com/us-domestic-issu...tml#post680836Quote:
^ these are small bad news among the storm, nothing major like I said
next,
https://teakdoor.com/us-domestic-issu...tml#post678876Quote:
Bank run is never good news,
but most are local state banks, so not really national disaster, actually it is contained,
nothing to see, next
https://teakdoor.com/us-domestic-issu...tml#post680751Quote:
ok, so nothing is really happening with all the boring stories you are posting. Can you digg something that is relevant and mind provoking instead ?
it's like that you are counting the number of fallen trees after a tornado, surely there must be something more important than just fallen trees.
:rofl:
Boring stories? Only the collapse of the world financial system...
Lehman pension scheme in deficit
https://teakdoor.com/images/imported/2008/09/439.jpg Lehman's UK staff have been collecting their possessions
As Lehman Brothers' UK unit goes into administration, 4,020 current and former staff have been told their final salary pension scheme is in deficit.
This fact was acknowledged at a news conference held by administrators PwC.
"We're informed that the defined pension scheme is in deficit. It is an unsecured claim," said PwC administrator Tony Lomas.
So as well as imminent unemployment, thousands of staff in the UK will have lost some of their expected pensions.
Protection scheme
The insolvency of the bank and the deficit in the scheme, means that the scheme, which has assets of £180m, will soon be a claim on the Pension Protection Fund. This guarantees to pay 100% of someone's pension if they have reached their scheme's retirement age at the time their employer went bust, and pays the same for those receiving an ill-health or dependents pension.
BBC NEWS | Business | Lehman pension scheme in deficit
Shameful, even the UK has to bail these fuckers out.
A predictable response from Butterfly and being shown up (again):
https://teakdoor.com/images/td_defaul...tation_neg.gifA note of caution for...16-09-2008 11:13 AMButterflyyou are a silly turd, not a lawyer
Who said I was a lawyer? - I'll fucking kill them!
This is depressing reading. I can see my retirement fund going backwards for bloody years now. I pity the retired guys now living on a narrow margin invested in shares.
Now this is funny:
Lehman Brothers collapse leaves 1m sq.ft of unlet space in Docklands - TelegraphQuote:
Canary Wharf does have a degree of protection from Lehman's withdrawal. As part of the agreement with Lehman, it had a four-year "insurance policy" underwritten by AIG, which effectively means the American insurer would pay the lease for four years in the event that Lehman could not pay it.
where ? link ?Quote:
Originally Posted by bkkandrew
Bloomberg.com :rolleyes:Quote:
Originally Posted by Butterfly
I agree with you about Lehman being insured by AIG is both funny and ironic.Quote:
Originally Posted by bkkandrew
But don't worry excessively about all the damage that Lehman's demise will have. The various parts of the firm will be bought by other players and continue to be run, more or less, as usual. There will be some minor long term loss of jobs but that could be called efficiency. The real hurt will be suffered by the shareholders who will essentially be wiped out. But that's as it should be. They ignore the risk of being over leveraged.
Well, I'm not convinced that the shareholders would be totally aware of the irresponsible behavior of those that ran the company that led to the over leveraging.Quote:
Originally Posted by who
But if you believe that the average man on the street deserves to lose his retirement funds or whatever then I hope you sleep well with that.
We, and that includes myself, as stock buyers (via whatever vehicle) enjoy higher earnings then we would as lenders. If we don't realize there are higher risks then we should. The excuse of "oh I didn't know" doesn't work.Quote:
Originally Posted by Spin
If one wants less risk buy bonds but be prepared for less income.
We seem to live in a time when anything negative that happens to us is someone elses fault. That doesn't work either. There is no such thing as a free lunch.
LEHMAN EXECS TO LEAD SLIGHTLY LESS OPULENT LIFESTYLES
EXECUTIVES at Lehman Brothers could be forced to manually adjust the seating temperature in their Mercedes, it was claimed last night.
https://teakdoor.com/images/smilies1/You_Rock_Emoticon.gif
Dick's going to be fine, thank goodness.
As America's fourth largest investment bank collapsed, the management team have downgraded their executive limousine orders for next year insisting they can no longer afford the automatic body heat regulator and the climate controlled glove box.
Lehman chief executive Dick Fuld said: "Be in no doubt, the long term effects of this collapse are going to be awful. For you.
"You're going to lose your job, your dignity and possibly your home. I don't need a job - per se - but I will miss accumulating more money than I and all my descendants could ever reasonably spend.
"I don't know what I'd do if I hadn't spent my career paying myself millions of dollars and accruing a vast personal fortune while taking pointless risks with people's hard earned savings.
"But I hope my unimaginable wealth and wide ranging property portfolio will make your extreme hardship that bit easier to bear.
"Would you be happier if I sat out the recession in Acapulco or Martha's Vineyard? Please do let me know."
He added: "But it won't all be plain sailing. Though, it has to be said, I will be doing quite a lot of plain sailing, especially in early June. Do you sail?
"Next year's Mercedes is already looking distinctly shabby, while this winter in Aspen we may have to 'eat in' one night. We've decided to open a tin of macaroni cheese and pretend to be ordinary."
Fuld said he would also be able to devote more time to his role with New York charity the Robin Hood Foundation, which, he insisted, was not 'some sick fucking joke'.
source
^ From Fiction, to fact:
"Merrill Lynch & Co. Chief Executive John Thain could get up to $11 million (EUR7.7 million) from restricted stock following the merger of his investment bank with Bank of America Corp. though the stock options he received when taking the job last December are worthless.
How much Thain receives depends upon the value of Bank of America when the merger is completed, said Laurence Wagman, a consultant at James F Reeda. "The more he gets, the better Merrill's shareholders will have done," he said.
Thain was hired to oversee Merrill on Nov. 16 of last year. On that day, a Friday, Merrill shares were trading at $56. Last Friday, prior to the deal being struck with Bank of America, they closed at $17.06."
Not bad, thats about a million dollars a month for sitting around waiting for the shit to hit the fan
source
yeah, still couldn't see the collapse of the entire financial system as bkka put it,Quote:
Originally Posted by Spin
you two were probably too young to remember 1987, and even the small crash of 1991 after the Kuwait invasion, back then it was also the end of the world according to the press, and the public was also in total panic,
people have short memory when it comes to bubble and burst of bubble,
^I set my first business up in 1989, so I am quite aware of how to operate in a nasty recession. The current capitulation bears no comparison.
AIG bailed out by FED for $85BILLION...
http://www.nytimes.com/2008/09/17/bu...hp&oref=sloginQuote:
]In an extraordinary turn, the Federal Reserve agreed Tuesday night to take a nearly 80 percent stake in the troubled giant insurance company, the American International Group, in exchange for an $85 billion loan, according to people with knowledge of the negotiations.
The Federal Reserve and Goldman Sachs and JPMorgan Chase had been trying to arrange a $75 billion loan for the company to stave off the financial crisis caused by complex debt securities and credit default swaps. The Federal Reserve stepped in after it became clear Tuesday afternoon that the banking consortium would not be able to complete the deal.
Without the help, A.I.G. was expected to be forced to file for bankruptcy protection.
Isn't it amazing that the Merkins think you shouldn't have a national health service (because its 'communist'), thus leaving 40m Americans uninsured but its apparently fine for the US Government to own their largest insurance company.
Anecdotal reports on a 'silent' run on HBOS in UK amid share price collapse of 50% in two days.
I think that they could be soon too now...
Agreed.Quote:
Originally Posted by Butterfly
I have been warning my parents of this for nearly 12 months. They just think they are to old to worry.
And the so called conspiricy theorist Alex Jones also warned this was going to happen 12 months ago. He was, and is right but he's still classed as a theorist.
Guess the goverments don't want us to know until they can no longer cover it up.
I remember it, and having read a little bit on the supposed causes I can treally seem to find any comparable events to whats going on today. I mean events like Lehman dont happen too often, it was a 157 year old company.Quote:
Originally Posted by Butterfly
Lehmans just one small piece in the jigsaw of disaster thats taking place now.
In some ways I'd like to see a crash, because I'd be waiting at the bottom with limit orders to fill my boots and retire early:)
and you are not alone, and this is exactly why market rebounds and the end of the world isn't coming, there is always an opportunity, an incentive to get back into the game, only massive inflation can wipe out any incentives, not a crashQuote:
Originally Posted by Spin
LBH was overexposed, got burned, leave the space for others, that's how it works
Remember how the large edge funds got wiped out only a few years ago (LCM) ? Remember WorldCom ? ENRON ? these were also huge fuckers, collapsed, market panic etc... etc...
The problem is (and a main reason why this will result in total failure of the banking system) is that sensible 'crashes' have been prevented, postponed and rolled-up into this one for the last 15 years.