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Anyone else got money tied up in Lehmans?

(41 Posts)
chipmunkswhereareyou Sun 14-Sep-08 20:38:29

Am cr**ing myself. The majority of our savings are tied up with them...

chipmunkswhereareyou Sun 14-Sep-08 20:39:07

Earlybird Sun 14-Sep-08 20:43:22

Not with them, but with another company that is mentioned in the same breath. I have visions of a very different future if things don't come right. It is keeping me awake at night and I vascillate between reading everything I can get my hands on (and scaring myself more), and thinking I should just ignore it because there is nothing I can do at this point.

What's your coping strategy? Do you think the governments would allow these big companies to go under?

ElenorRigby Sun 14-Sep-08 21:10:52

Just been watching the news looks like they are not going to be bailed out.

chipmunkswhereareyou Sun 14-Sep-08 21:13:21

Early - sounds like they are willing to let Lehman's go as elenor says.

Dh says it 'probably' will be OK for reasons I don't quite understand but that our investments will be illiquid for a while. Hmmm I so hope he's right.

Early - I know what you mean about future plans. It's very scary.

Upwind Sun 14-Sep-08 21:19:13

If they go under they will drag other major banks with them. Tomorrow will be a very interesting day sad

chipmunkswhereareyou Sun 14-Sep-08 21:27:55

Don't think dh is going to get much sleep tonight - it's all crucial to his work as well as our personal finances. The midnight deadline is 5am UK time I think....

Earlybird Sun 14-Sep-08 21:28:05

Obviously the governments can't save every big company that is in trouble because so many are right now, but how can they justify saving Northern Rock but not Lehman's?

Elenor - I heard that Barclay's have withdrawn their interest in that what you're referring to?

squeaver Sun 14-Sep-08 21:29:52

No but our neighbour works there. They're somewhat worried...

chipmunkswhereareyou Sun 14-Sep-08 21:30:48

Yes they've withdrawn, as have Bank of America.

British Govt saved the Rock, this is the US and also I think Lehman's is much, much bigger.

Evelynsmum Sun 14-Sep-08 21:36:10

US govt saved Fannie May and Freddie Mac so I think they would step in again to save Lehmans the consequences otherwise would be horrendous for the US and the rest of us...and it is an election year...

Earlybird Sun 14-Sep-08 21:48:54

US Treasury Secretary is adament that he will not step in.

Big question is whether or not the bank failing (and the 3-4 other large companies that are seriously floundering too) would send the entire economy into a tailspin. If so, they may take steps to avoid that happening.

Aero Sun 14-Sep-08 22:05:05

Dh works for Lehmans. We don't know if he'll have a job by the end of tomorrow. Cr*ing ourselves. Very, very scary.

chipmunkswhereareyou Sun 14-Sep-08 22:29:39

Gosh Aero - what a nightmare. Fingers crossed for you.

Aero Sun 14-Sep-08 22:32:56

Both feeling very sick right now. He only joined a few months ago (left pwc). Fuck! (I never swear on mn), but if this happens, we have no real back-up and he may not get paid this week.

marmadukescarlet Sun 14-Sep-08 22:37:07

Aero, a good friends DH also works there, huge sympathy to you and your DH.

Has he still kept in with pwc, can he make a swift return?

chipmunkswhereareyou Sun 14-Sep-08 22:37:14

It is v scary.

Try and get some sleep tonight although I'm sure it's going to be hard with so much at stake.

onceinalifetime Sun 14-Sep-08 22:47:10

Shit hitting fan - I work for Merrill Lynch and just reading the Lehmans news, I find that we're for sale - news to me!

Looks like a stressful week ahead sad

Aero Sun 14-Sep-08 22:52:02

Don't think he would return to pwc, but he knows what they'll be doing as they'll be dealing with the fallout from this.

Damn - this was meant to be a good move for us, but he moved at a bad time. The collapse of the mortgage business is the reason why the shit's hit the fan this week I think as Lehman have so much tied up in real estate.

onceinalifetime Sun 14-Sep-08 23:01:21

Bloody nightmare, Merrill's not helped by having (something like) the world's hightest paid CEO - his salary of circa $100m would help keep us all in jobs!

Aero - hope dh gets something sorted out - might not want it but return to PWC or similar might not be such a bad thing, at least for the medium term.

Aero Sun 14-Sep-08 23:06:40

He'll be getting his CV out quicksharp OIAL (if he can get into the building tomorrow morning).

onceinalifetime Sun 14-Sep-08 23:09:13

"hightest" - there's a new word blush

Good luck tomorrow, it's going to be weird with all the announcements over the weekend - everyone is forewarned.

Earlybird Mon 15-Sep-08 03:08:15

onceinalifetime - looks like you'll shortly have a new boss as it has just been announced that Merrill Lynch has agreed to be sold:

This is wild.

slim22 Mon 15-Sep-08 03:20:01

fully sympathise.

4 of DH's best mates with Lehman.
More than half their pay is tied up in stocks each year. It's gone down 94% in recent months.
That's all their savings/pension wiped out & no job now sad

ZebsRoomofHerOwn Mon 15-Sep-08 08:20:35

You've got all my sympathies. One friend I saw over the weekend has a massive position with Lehmans, so it looks like he and his company's a bit screwed, and DH a stack of clients (all of whom have outstanding bills) who are at Merrills, so there's the mortgage gone. It looks really bad out there.

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