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Anyone else got money tied up in Lehmans?

40 replies

chipmunkswhereareyou · 14/09/2008 20:38

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

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chipmunkswhereareyou · 14/09/2008 20:39
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Earlybird · 14/09/2008 20:43

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?

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ElenorRigby · 14/09/2008 21:10

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

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chipmunkswhereareyou · 14/09/2008 21:13

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.

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Upwind · 14/09/2008 21:19

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

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chipmunkswhereareyou · 14/09/2008 21:27

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....

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Earlybird · 14/09/2008 21:28

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Elenor - I heard that Barclay's have withdrawn their interest in Lehman...is that what you're referring to?

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squeaver · 14/09/2008 21:29

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

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chipmunkswhereareyou · 14/09/2008 21:30

Yes they've withdrawn, as have Bank of America.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

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Evelynsmum · 14/09/2008 21:36

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...

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Earlybird · 14/09/2008 21:48

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.

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Aero · 14/09/2008 22:05

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.

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chipmunkswhereareyou · 14/09/2008 22:29

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

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Aero · 14/09/2008 22:32

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.

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marmadukescarlet · 14/09/2008 22:37

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?

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chipmunkswhereareyou · 14/09/2008 22:37

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.

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onceinalifetime · 14/09/2008 22:47

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

www.ft.com/cms/s/0/0ba5fbd8-82a0-11dd-a019-000077b07658.html

Looks like a stressful week ahead

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Aero · 14/09/2008 22:52

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.

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onceinalifetime · 14/09/2008 23:01

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.

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Aero · 14/09/2008 23:06

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

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onceinalifetime · 14/09/2008 23:09

"hightest" - there's a new word

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

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Earlybird · 15/09/2008 03:08

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

online.wsj.com/article/SB122142278543033525.html?mod=special_coverage

This is wild.

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slim22 · 15/09/2008 03:20

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

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ZebsRoomofHerOwn · 15/09/2008 08:20

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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Buda · 15/09/2008 08:25

It really is scary isn't it.

So sorry for your DH Aero. Mine stayed with PWC thankfully.

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