Lehman Bros.

[Cricko]

This IMO is tragic news,that maybe has been sitting on the back burner for some time....I have felt the downturn since early January...and the UK seems to follow the USA economy albeit a few months later. My fear is this is the tip of the Iceberg and we are nowhere near rock bottom yet. A few main players have gone and a few more have been backed up by there governments....I do feel sorry for the workers though but feel maybe the bosses had it to good for to long...The world, as in all life will find a balance and maybe this will be the shake up that has been needed for a long time to stop the running away of economic fulfilment of always wanting more.

 

[Cricko]

To add, Life is not about what you have possession wise,it is what makes you happy and money never will,although it may make your life easier at times.

 

[MK Shrimper]

To add, Life is not about what you have possession wise,it is what makes you happy and money never will.

I do agree that possessions don't necessarily make you happy it's still easy to say if you've got it mate.

 

[Napster]

The world, as in all life will find a balance and maybe this will be the shake up that has been needed for a long time to stop the running away of economic fulfilment of always wanting more.

It's a basic economic necessity to manage resources (which are always scarce) effectively.

 

[Cricko]

Easy to say if you've got it mate.

I have had it and I haven't had many times over......If you want a balance on it ..I have been more happier without it than with.

And that is coming from and Old Timer as I am frequently called on here.

 

[Cricko]

It's a basic economic necessity to manage resources (which are always scarce) effectively.

Of course Naps..but from the outside looking in,this world now is about looking after Number one ...whether it be people or countries..The selfish attitude to humanity over the few owning the rest and letting people starve for example around the world...only had but one end.....I have great sympathy for those that have lost there jobs and have families to keep..I have none for the greedy CEO's and close staff that have lived off...The Fat of the Land" for years.

Take a reality check would be my saying.....Life is a two way street.

 

[fatshrimp]

You couldn't make it up!

Lehman's London Landlord Says Rent Payments Are Insured by AIG
2008-09-16 15:20:16.970 GMT

By Peter Woodifield
Sept. 16 (Bloomberg) -- Lehman Brothers Holdings Inc.'s
London landlord, Songbird Estates Plc, said rent payments on the
bank's offices in the Canary Wharf financial district are
insured by American International Group Inc.
Lehman filed for Chapter 11 bankruptcy protection yesterday
and AIG, the largest U.S. insurer by assets, is struggling to
raise cash to keep the company afloat.
AIG is committed to paying up to four years of rent in the
event of a default, Songbird said a statement today. Lehman pays
41 pounds ($72.82) per square foot annually for 1 million square
feet (93,000 square meters) at 25 Bank St. The rent is set to
rise to 51 pounds a foot in November.
The downgrade in AIG's credit ratings means it must post
collateral or have its commitment ``guaranteed by an entity with
specified credit ratings,'' Songbird said.
Canary Wharf Group, a unit of Songbird, expects talks with
Lehman's administrator to start shortly, the company said.
For Related News:
Stories on the U.K. property industry: TNI UK REL <GO>
Today's top Bloomberg News real estate stories: TOPR <GO>

 

[South Bank Hank]

You couldn't make it up!

Lehman's London Landlord Says Rent Payments Are Insured by AIG
2008-09-16 15:20:16.970 GMT

By Peter Woodifield
Sept. 16 (Bloomberg) -- Lehman Brothers Holdings Inc.'s
London landlord, Songbird Estates Plc, said rent payments on the
bank's offices in the Canary Wharf financial district are
insured by American International Group Inc.
Lehman filed for Chapter 11 bankruptcy protection yesterday
and AIG, the largest U.S. insurer by assets, is struggling to
raise cash to keep the company afloat.
AIG is committed to paying up to four years of rent in the
event of a default, Songbird said a statement today. Lehman pays
41 pounds ($72.82) per square foot annually for 1 million square
feet (93,000 square meters) at 25 Bank St. The rent is set to
rise to 51 pounds a foot in November.
The downgrade in AIG's credit ratings means it must post
collateral or have its commitment ``guaranteed by an entity with
specified credit ratings,'' Songbird said.
Canary Wharf Group, a unit of Songbird, expects talks with
Lehman's administrator to start shortly, the company said.
For Related News:
Stories on the U.K. property industry: TNI UK REL <GO>
Today's top Bloomberg News real estate stories: TOPR <GO>

So Man City might actually finish the season with TWO Ronaldo's then?

 

[* ORM *]

Any thoughts from the financial whizzos on here as to what effect this is going to have on the wider economy?

(Best of luck to Usual Suspect and Benji!)

AIG was baled out as I predicted in the same way that Northern Rock was on the basis that, unlike Lehmans, there are strong assets that can be used to mittigate the loan. The Market will be looking for the next weak link. A few months back it was a company called MF Global, today it is HBOS. Both of these are strong enough to see of the speculation and can adequately finance themselves even if some liquidity (short term money supply) dries up in the Market.

Barclays have bought elements of Lehmans overnight and more elements of yw group will be sold off.

I'm predicting four things - point 1 is a no brainer.

1 - Usual Suspect and Benji will find better jobs

2 - there is more carnage to come but if the company concerned is generally solvent either a buyer will emerge or it's gov't/central bank will support it.

3 - the derivatives Market won't collapse but certain elements of questionable practise and certain instruments will disappear

4 - in the longer term the obsession to become the biggest by acquisition will actually decrease and companies will stop trying to become the Tescos or Maccy Ds of the financial world. They can then concentrate ok their own strengths and effectively sub-contract others to provide certain services fixing costs and having the flexibility to find someone better if service isn't forthcoming.

 

[eastwood shrimper]

I know it's no help job-wise but there is always room for you to play for ShrimperZone III's on your return.

I think Tony would have been way ahead of you on that one ;)

 

[Andy_Shrimp]

AIG was baled out as I predicted in the same way that Northern Rock was on the basis that, unlike Lehmans, there are strong assets that can be used to mittigate the loan. The Market will be looking for the next weak link. A few months back it was a company called MF Global, today it is HBOS. Both of these are strong enough to see of the speculation and can adequately finance themselves even if some liquidity (short term money supply) dries up in the Market.

Barclays have bought elements of Lehmans overnight and more elements of yw group will be sold off.

I'm predicting four things - point 1 is a no brainer.

1 - Usual Suspect and Benji will find better jobs

2 - there is more carnage to come but if the company concerned is generally solvent either a buyer will emerge or it's gov't/central bank will support it.
3 - the derivatives Market won't collapse but certain elements of questionable practise and certain instruments will disappear

4 - in the longer term the obsession to become the biggest by acquisition will actually decrease and companies will stop trying to become the Tescos or Maccy Ds of the financial world. They can then concentrate ok their own strengths and effectively sub-contract others to provide certain services fixing costs and having the flexibility to find someone better if service isn't forthcoming.

Are you saying that tangible fixed assets will ensure funding? As (IMO) I think you are right.

I actually think that with the downturn we are suffering at the moment is the cleanout we need. But, will we learn, I think not. Go back to the early 90's when the last recession happened. The lenders became tougher on companies due to the hits they took. Now it is Joe Public that has the lending issues. Credit was far too easy and the mentality was to borrow to buy.

I personally don't have credit or store cards or any other loans, but I have in the past and they are a pain.

We need to get back to basics - if you can't afford it don't buy it.

Also think that the banks/lenders need to share information better. Credit scoring is not the way to decide whether you are good for the debt, as can be very misleading. I was turned down not so long ago for finance on a TV. No reason other than (I think) I don't have credit. So I bought it in cash. I didn't want to take credit but as the deal was 18 months interest free and I knew I could pay it at the end I thought save and earn and then settle the bill.

 

[Usual_Suspect]

A number of Lehman Brothers items can now be found on ebay - get in fast!

 

[Mad Cyril]

A number of Lehman Brothers items can now be found on ebay - get in fast!

Any news on when you are going to get paid?

 

[steveo]

A lot of these credit problems have been brought about by the Companies themselves. Who were the first ones to offer interest free credit for 6 months or 9 months? Obviously the rest would follow so after the initial period they would all be on a par with each other, but be lending free money.

I haven’t paid any Credit Card interest for years because its so easy to change to another Company offering interest free credit when your current one is up.

 

[Andy_Shrimp]

A lot of these credit problems have been brought about by the Companies themselves. Who were the first ones to offer interest free credit for 6 months or 9 months? Obviously the rest would follow so after the initial period they would all be on a par with each other, but be lending free money.

I haven’t paid any Credit Card interest for years because its so easy to change to another Company offering interest free credit when your current one is up.

DFS - you heard it here first

 

[Rusty Shackleford]

All I can say is that I am glad I work in the Defence Industry during these uncertain times. Pray for war baby!

 

[Usual_Suspect]

Any news on when you are going to get paid?

Should be getting paid at the end of the month (instead of Friday), however if you resign before then then you won't get anything.

Also unsure if we'll be getting our pensions etc.

On a plus note i've just sold a Lehman Brothers Cube thing for £15 on ebay.

 

[Pubey]

Should be getting paid at the end of the month (instead of Friday), however if you resign before then then you won't get anything.

Also unsure if we'll be getting our pensions etc.

On a plus note i've just sold a Lehman Brothers Cube thing for £15 on ebay.

every cloud......

 

[Mad Cyril]

Should be getting paid at the end of the month (instead of Friday), however if you resign before then then you won't get anything.

Also unsure if we'll be getting our pensions etc.

On a plus note i've just sold a Lehman Brothers Cube thing for £15 on ebay.

So do you still have to turn up each day?

 

[Matt the Shrimp]

Looks like Lloyds TSB are thinking of buying HBOS. Extraordinary!