Lehman Bros.

[Mad Cyril]

Anyone here likely to be directly affected by them filing for bankruptcy?

Looking out of my window at Canary Wharf it seems they can't even afford to turn the lights on.

 

[Usual_Suspect]

Yeah - I work for them ha ha as does Benji 91.

Cracking.

 

[Mad Cyril]

Downer.

Is anyone doing any work?

 

[Usual_Suspect]

Not really, we've stopped trading and now trying to find out if we'll be paid on Friday.

 

[Southend_Lady]

Think my law firm maybe involved in this, we had a conflict check email come round at 6am this morning asking if anyone in the firm or our families have shares in Lehman Brothers - looks like they may be acting for them in some way.....

 

[Pubey]

Downer.

Is anyone doing any work?

Not really, we've stopped trading and now trying to find out if we'll be paid on Friday.

is posting on SZ work!?

 

[Usual_Suspect]

is posting on SZ work!?

Keeps me entertained for four hours of my average day.

 

[blues_r_best]

Keeps me entertained for four hours of my average day.

Could this be the reason why they're going under?

 

[Jonny_Stokes]

Going to be a marvellous week to buy buy buy shares as they plummet around the globe. Matter of time before they recover - invest what you can afford and wait for a nice return in about two years. Probably. ;)

 

[Bob Cratchitt]

At least you are in the UK, guess not so much fun for Benji, although he could always try out for being the new face of an infomercial.

 

[Southend_Lady]

Looks like our firm has the case, ive just been asked to make up a folder titled "Lehman Brothers - Bankruptcy - Background info" ha.

 

[Usual_Suspect]

Going to be a marvellous week to buy buy buy shares as they plummet around the globe. Matter of time before they recover - invest what you can afford and wait for a nice return in about two years. Probably. ;)

Yeah you go and invest mate, I'm sure you'll make a packet . . . .

 

[Holy Joe]

Got a dozen messages from various traders at Lehmans this morning saying thanks and goodbye - they've left the building already.

 

[Mad Cyril]

Does redundancy apply for employees of bankrupt firms?

 

[Holy Joe]

Does redundancy apply for employees of bankrupt firms?

Should do - I think they're preferred creditors

 

[Holy Joe]

Should do - I think they're preferred creditors

So as long as there are enough assets in the company they'll get paid out first. In the bond market we are expecting there to be a recovery value on Lehman senior debt, so I would expect employees to be paid out in full.

 

[Benji91]

Yeah - this blows. Sat here now and no-one has the first idea of what is going to happen next... it's great.....
Same as Mark, just sat here waiting to see if i get paid.... "fortunately" i already had a plane ticket booked to get back for a wedding, guess i make it a one way ticket now!!

Anyone got any job openings?

 

[Rusty Shackleford]

Yeah - this blows. Sat here now and no-one has the first idea of what is going to happen next... it's great.....
Same as Mark, just sat here waiting to see if i get paid.... "fortunately" i already had a plane ticket booked to get back for a wedding, guess i make it a one way ticket now!!

Anyone got any job openings?

I don't think Merrill Lynch looks like a good option.....

Pierce & Pierce? (Is that a shoestore?)

 

[sufcintheprem]

I'm astonished that from my limited business page reading I hadn't seen any forewarning on this. I'm pretty sure none of my friends in the city are directly affected by this.

 

[Holy Joe]

I'm astonished that from my limited business page reading I hadn't seen any forewarning on this. I'm pretty sure none of my friends in the city are directly affected by this.

Lehmans had been rumoured for several months to be in trouble. Last week they brought forward a results announcement to try to quell rumours. I guess the surprise is they haven't been bailed out by the Fed - perhaps they're running short of cash!