Anyone else got money tied up in Lehmans?

[chipmunkswhereareyou]

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

I haven't heard anything yet, so assume there's still work to be done. Am praying he will have some time left there while they sort out their affairs.

I am very wobbly this morning - can only imagine how dh is feeling.

Fingers crossed. Is your DH an accountant?

So sorry Aero.

God what a nightmare
Poor all of you

Apparently Bank of America is going to bale Meril Lynch out.

link here

Merrill Lynch.

Sadly not Buda. He's a Category Manager (whatever that means - I can never quite explain exactly what he does exactly).

exactly... exactly.....

Just catching up with the news about Merill too - this is just quite incredible isn't it.

So, say you have assets invested via Lehmans brokers but not in Lehman's name/ shares etc. will they just be locked up so you can't sell for a while? Or is there a danger of losing them?

so sorry aero - really feel for you

Sorry to hear of your dh's situation, Aero.

My dd's best friend's parent works at Lehman. I am scared for them but dare not ask.

DD's friend has been given an hour to leave the building and doesn't think they will get paid this month

I hate uncertainty. Spoke to DH and he wasn't very reassuring about the impact on our investments/ his job.

We thought that even if his job went, we'd have the investment to keep us going....shit shit shit. And I hate uncertainty.

markets are now down 5% since opening....that's a LOT isn't it.

On the positive side for those who are affected: I remember working at Barings when Nick Leeson broke the bank and everyone said it was the end of Merchant Banking as we know it. And they were right, it was. But life doesn't stop, it just shifted. I reckon that we will see an end to Investment Banking as we know it, and all the operations will be consumed into the commercial/retail banks. Good people will keep going on through. Almost everyone I knew from Barings who was good at their job moved elsewhere (or stayed) and went onwards and upwards.

On the negative side, I think 30-50% of all Investment Banking jobs won't be here in 2 years' time. Those people who aren't at least as good as the chap they sit next to will struggle. If I was a 25 year old in this market and I wasn't 100% confident of making the cut, I would be thinking of changing career direction; I think that things are going to get really very ugly....