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  1. #11
    Join Date
    Apr 2008
    Posts
    346

    Default

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

  2. #12

    Default

    Quote 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!)

  3. #13
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,879

    Default

    Quote 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?

  4. #14
    Join Date
    Feb 2008
    Location
    Wellington NZ
    Posts
    1,802

    Default

    armageddon sounds close enough

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

  5. #15
    Join Date
    Jul 2008
    Posts
    329

    Default

    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.

  6. #16
    Join Date
    Sep 2003
    Location
    High up above and deep down under
    Posts
    10,915

    Default

    Breaking News
    •Lehman Files for Record Bankruptcy, Victim of Meltdown Firm Helped Create

    •Bank of America Will Buy Merrill for $50 Billion as Credit Crisis Broadens

    •China Reduces Interest Rates for First Time in Six Years as Economy Cools

    •Treasuries Jump, Stocks Fall, Dollar Tumbles Versus Yen on Lehman Collapse

    •Fed Eases Loan Terms, Banks Set Up $70 Billion Fund in `Firebreak' Effort

    •AIG Seeks Capital, Plans Asset Sales to Prevent Credit-Rating Downgrades

    •Crude Oil Falls Below $97 as Ike Spares Texas Refineries, Lehman Collapses

    •Hurricane Ike Leaves Houston Without Drinking Water, Power; Curfew Imposed

    •Mugabe, Tsvangirai Sign Zimbabwe Power-Sharing Deal to End Election Crisis

    http://www.bloomberg.com/index.html?Intro=intro3
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  7. #17
    Join Date
    Feb 2008
    Location
    Wellington NZ
    Posts
    1,802

    Default

    I see Hank Paulson's old place of employment Goldman Sachs is picking up business from Lehman's for nothing

    Nepotism at its best!

  8. #18
    Join Date
    Jul 2006
    Posts
    49

    Default

    Plenty of money to be made!

  9. #19

    Default

    And plenty of sad stories. Not pleasant to work in Docklands today, plenty of very normal people devastated and in big trouble.

  10. #20

    Default

    very very sad indeed - I wonder how much of the citybank $138b belongs to ordinary peoples college savings, retirement funds etc.


 

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