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Thread: 10 years tomorrow since the collapse of Lehman Bros.

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    Should Get Out More gremlin's Avatar
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    Default 10 years tomorrow since the collapse of Lehman Bros.

    And the ensuing shit storm that's still hanging around our necks today in the shape of Brexit, Trump and countless other turds. Doesn't' time fly when faced with a severe recession?

    That's all I have to say. I will raise a glass tomorrow for all those poor bankers who lost their livelihoods on that traumatic day. Will you join me?

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    Should Get Out More Bobzilla's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Guessing your tongue is in your cheek, but the administrators delivered cash back to the shareholders having paid back everyone at 100%, including interest on outstanding obligations.

    So it wasn't actually insolvent, just had serious short term cash flow difficulties. The Fed could have fixed that very easily. Instead, they let it go to the wall and caused the ensuing destruction. How much did that decision cost the world?

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    Should Get Out More the phantom pieman's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by gremlin View Post
    And the ensuing shit storm that's still hanging around our necks today in the shape of Brexit, Trump and countless other turds. Doesn't' time fly when faced with a severe recession?

    That's all I have to say. I will raise a glass tomorrow for all those poor bankers who lost their livelihoods on that traumatic day. Will you join me?
    Obvs..
    The banking industry learned so much from that day. An industry full of shysters and people prepared to sell their grannies suddenly woke up and smelled the coffee. It both revolutionised the banking trade and the City of London once and for all. With the new controls and practices , and much more moral approach to business, it will never happen again ....



    Much ....

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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    I think Gordon Brown was saying yesterday the guilty hadn’t been dealt with harshly enough, the bad industry practices continue and we risk the same thing happening again soon.

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    Should Get Out More gremlin's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by MsignorMartinez View Post
    I think Gordon Brown was saying yesterday the guilty hadn’t been dealt with harshly enough, the bad industry practices continue and we risk the same thing happening again soon.
    Not one person was ever really held to account, never mind getting a stripy suntan courtesy of her Maj. Have things changed? Senior Manager Function makes individuals accountable in law (I should know, I'm one and it focuses the mind) and MiFID I & II, Dodd-Frank and a myriad of other regs have tightened things up. Will banks ever collapse again? 'Course they will. Will there be the contagion? I don't think so. One of the big issues was the inability to see what exposure you had with your counterparts in the wholesale world, let alone your counterpart's counterparts. The move to exchange trading has made the derivative safer, if less accessible to the buy-side, which, ironically, stops people taking protection in the form of IRS, etc.
    As Bobz alludes to, as ever a paragon a wisdom, the credit crunch should more accurately be called a liquidity squeeze. Northern Rock would still be here if lines hadn't been pulled, but that's another story.

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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    It was hardly World War 2 or even the Great Depression of the 1930s, it's all a bit slow news day / trying to blame someone for borrowing money you couldn't afford to repay

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    Should Get Out More gremlin's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by Bobzilla View Post
    Guessing your tongue is in your cheek
    It's rarely anywhere else these days. Oh, the cynicism that comes with old age.......

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    Should Get Out More moth's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by gremlin View Post

    That's all I have to say. I will raise a glass tomorrow for all those poor bankers who lost their livelihoods on that traumatic day. Will you join me?



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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by moth View Post
    It wasn't just the bankers that suffered, though.

    For example, despite being on a good wage with a rock solid employment history, I still had to take a 100% mortgage to get on the property ladder in a 2-bed flat. The crash happened while the purchase was going through, and by the time I was in, the property was worth 30K less than I'd paid for it.

    The ensuing market chaos meant an overnight 25% paycut and a significant gap in my finances to meet the repayments. Nobody in my industry saw that one coming. I hear cries of "why take finance you can't afford, it's people like you who caused the crash in the first place" but I was in a good position before the crash, I could afford the repayments before the crash, and if the bankers didn't see the crashing coming (or did but didn't want to put their heads above the parapet) then how the hell was anyone else supposed to see it? It's not like I was on the breadline when I took the finance and with house prices predicted to rise and rise and rise ad infinitum, it was a then-or-never case of getting on the ladder before I was priced off it.

    Feel free to gif me up and even smaller violin if you like, because an unpredictable (and in many ways undesirable) chain of events put me in a stronger financial position a little way down the line, but there were plenty more like me who didn't come out of it so well. I'm not after sympathy, just trying to make a point

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    Should Get Out More gremlin's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by moth View Post

    I'm taking that as a 'no' then.....

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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by gremlin View Post
    Have things changed?

    They've got better at covering things up?

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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    I used to drink with the secretaries and postroom lads who worked for them when it was Sherson Lehman or suchlike. Good crowd. Dont think I knew any of the professional staff though, so I dont suppose I give a crap about them in all honesty.

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    Should Get Out More moth's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by Mad Ax View Post

    Feel free to gif me up and even smaller violin if you like, because an unpredictable (and in many ways undesirable) chain of events put me in a stronger financial position a little way down the line, but there were plenty more like me who didn't come out of it so well. I'm not after sympathy, just trying to make a point
    Grem's comment was tongue in cheek, as was my reply.

    Everybody suffered in the aftermath of 2008, you're not the only special little snowflake.

    Lighten up Francis.

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    Should Get Out More gremlin's Avatar
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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    Quote Originally Posted by Taipan View Post
    I used to drink with the secretaries and postroom lads who worked for them when it was Sherson Lehman or suchlike. Good crowd. Dont think I knew any of the professional staff though, so I dont suppose I give a crap about them in all honesty.
    There's another issue. When Barlcays, RBS, etc. talked of shedding x thousands of jobs and people rubbed their hands together in glee, chances are it was the postroom lads, the PAs, the ops people, the admin staff paying invoices and the facilities bods fixing the bogs that got canned. Hardly the master of the universe. And that's before it filtered down the branches where the nice lady who used to turn a blind eye to your pilfering of pens got chucked on the scrap heap as the branch on the corner got closed.

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    Default Re: 10 years tomorrow since the collapse of Lehman Bros.

    It hit me hard. Could only afford an 8.5m pool

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