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Financial Armageddon!!

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  • Financial Armageddon!!

    http://www.cnbc.com/id/26709718

    Lehmann bankrupt, crash possible on Wall St tonight

  • #2
    Some more commentary, here.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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    • #3
      Anyone know how much our Aussie banks are tied up with Lehman/Meryll Lynch/AIG?
      DFTBA

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      • #4
        Originally posted by cube View Post
        Anyone know how much our Aussie banks are tied up with Lehman/Meryll Lynch/AIG?
        Well we know the Aussie banks have spread the risk, but we don't know to what extent that the Aussie banks have their risk spread in debt instruments. My bet is that it's quite substantial. Macquarie is down about 10% today. The big miners look relatively unscathed. Naturally, gold has reacted. It's a national holiday in Japan so the Nikkei hasn't set the tone in Asia.

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        • #5
          Yep it has happened - Lehman Brothers has filed for bankruptcy protection (chapter 11) - failed to secure a rescue package.

          Cheers,

          Donna
          Last edited by donna; 15-09-2008, 06:39 PM.
          SEARCH PropertyTalk, About PropertyTalk

          BusinessBlogs - the best business articles are found here

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          • #6
            Merrill Lynch said to have agreed to be taken over by Bank of America.

            Geez!

            Cheers,

            Donna
            SEARCH PropertyTalk, About PropertyTalk

            BusinessBlogs - the best business articles are found here

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            • #7
              Originally posted by donna View Post
              Merrill Lynch said to have agreed to be taken over by Bank of America.

              Geez!

              Cheers,

              Donna

              Suggest you change the wording under your username for a little while Donna.
              www.3888444.co.nz
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              • #8
                oh my goodness, I'm just reading a PDF of their official bankruptcy papers!! There are a few Aust/NZ banks listed on there as creditors, and lots of Asian ones - ANZ (Australia) in particular to the tune of more than $25 mil. Tiny compare to the $138b for City bank!

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                • #9
                  Originally posted by Ethtre View Post
                  oh my goodness, I'm just reading a PDF of their official bankruptcy papers!! There are a few Aust/NZ banks listed on there as creditors, and lots of Asian ones - ANZ (Australia) in particular to the tune of more than $25 mil. Tiny compare to the $138b for City bank!
                  Can you paste the pdf file in here?

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                  • #10
                    Don't you think the term 'armageddon' is a little severe for this situation?

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                    • #11
                      $25M is nothing. I work for a big 4 Australian Bank and that hardly registers on our risk scale.

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                      • #12
                        Originally posted by Commercial Dan View Post
                        Can you paste the pdf file in here?

                        if you can tell me how Otherwise I can e-mail it to you? I've downloaded it to my desk top. The original location of it requires membership - it's posted on the ticker forum.org in breaking news (sorry it wouldn't let me post a url!)

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                        • #13
                          Originally posted by RR
                          Don't you think the term 'armageddon' is a little severe for this situation?
                          Depends on how one spells it - right?
                          Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                          • #14
                            armageddon sounds close enough

                            and remember still have the credit default swaps and ARM's to go in 2009...

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                            • #15
                              European Markets down 3-4% across the board so far - I guess it'll be an interesting night. Armagedon seems to sum it up, hard to say how quickly it'll play out now. I think we're going to see a real train wreck on Wall Street overnight.

                              From Chris Martensons site today:

                              http://www.chrismartenson.com/blog/g...ll-street/4703
                              -- The World, October 29, 1929

                              Largest Financial Powers in the City Meet After Day of Hysterical Liquidation Sinking Prices Below Thursday's By Laurence Stern

                              After the stock market had come crashing down again in a veritable deluge of forced and hysterical liquidation, word sped through the financial district last evening that the largest banks in the city were prepared to exert their organized power this morning to prevent further disaster.

                              Arrangements described as "fully adequate" were completed at a conference at the offices of J. P. Morgan & Co. at Broad and Wall Streets...

                              Although no formal statement was issued, it was the consensus of those at the meeting that the worst of the liquidation is over and that a natural demand for investment stocks now available on the bargain counter should go far toward an immediate restoration of trading stability.

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