lehmann [sic] bank is scary

[zippitippitoes]

..oh dear

Ooh can I come too - will bring the Green & Blacks (ok I can't really come as I have to work but would love to!)

I can live with Dh losing his job if that happens but not losing our investments via Lehmans too if that happens as well....we are having extra wine in our house tonight and chocolate.

How are you doing now Aero?

I'm somewhere between denial and panicking chip. There is a lot to be getting on with immediately, so won't have too much time to dwell on matters hopefully.

Feeling for you and anyone with investment tied up with Lehmans.

MN has a wonderful cushioning effect and am feeling warm from reading lovely/helpful/kind/practical posts and knowing people care despite feeling very uncertain about what the coming weeks will bring.

One thing is for certain - there's nothing either myself or dh can do to stop this, so we'll just have to roll with the punches and hope for the best.

Cadbury & Aero, I'll join you virtually. So donate a whacking great slab of galaxy and gin to help you on your way.
You know that things WILL get better, but it probably doesn't feel like it right now. I'm thinking of you, and still thanking God that I stopped working in the City about a nano-second before the dotcom bubble burst - I took the bonus and ran.

err Zebs shouldn't it be Dairy Milk given Cadbury is going to be there

Talking of chocolate, I did cheer myself a little today by having a quite ridiculous and surreal conversation where I tried to explain the credit crunch to ds in terms of chocolate buttons - figured that would mean something to him (reason we were discussing this was he heard me talking about it and asked what debt was etc).

actually, I'm not fussy. When it comes down to the crunch, I'll eat what ever chocolate I can lay my hands on.

Aero, do you have anything you can have a glass of tonight to help you sleep? Failing that, some lavender oil?

Actually, having been up most of lastnight awake worrying that this might happen, the chances are we'll sleep ok tonight. Both very tired.

My mum has just called - talking to dh as I tap keys.

Wish ds2 was at school full time now so we can get on with things.....then in next breath, feel bad for wishing our last moments of not being at school all day away.

Cadders, give Aero a big hug from me when you see her.

So so sorry Aero (and others) affected by all this.

Aero, I wish I could add some practical advice, but I can't. I know that MN will rally round and you will get every possible advice here.

Wishing you strength and best of luck for the future.

GB xx

So sorry aero. My dh worked at Lehman's for 18 years and still has many friends there.

He has spent the day talking to and e-mailing them, they are in pieces. SO many jobs lost not just there but at all the other places that have dived in the last few days.

It's so sad that a bank as old as Lehman's can just disappear. American government saved Bearing's why won't they help Lehman's?

I'm very sorry for all the ordinary workers - i.e. the people who weren't paying themselves multi-million pound bonuses. But people in charge have been merrily making money out of throwing other people out of work for a decade now. (I used to work for emap - restructured a million times chasing whatever the City happened to want THIS week and finally carved up and spat out last year.)

Bet the bosses have made sure they are all right, Jack.

heard about this this morning and i am stunned.

X sil. works[ed] at lehman and i am sure she had no idea that tis was going to happen. she has only just bought a new house and car. they have a little girl of 2.

I dont get on with her and never have but i would never wish this on her.

Aero im so sorry your in the same position.

I am sure that your Dh will find employment elsewhere.

Aero, SO sorry to hear that. I hope you're all ok. It's very worrying. DH also works for a bank (one so far which hasn't looked as if it's heading for the buffers, but who knows), so I kind of get where you're at.

Hope you and DH managed to sleep Aero. Wish I had some words of comfort.

sorry to hear this aero, and also any others affected by it
What with XL going last week, this will affect many things for many people, near and far.

Aero, don't know if you saw this but it might offer some hope.

Lehman tries to sell pieces to Barclays
The Wall Street Journal
16 Sep 2008

Lehman Brothers was last night negotiating a last-minute plan to sell large portions of itself to Barclays, the UK bank that has been circling the US investment house. Barclays Americas chairman Archibald Cox was leading the talks, and an agreement is hoped to be reached by Tuesday, said a person involved in the talks.

Woke up very early worrying about this as it is just sinking in. It would take us the rest of our working lives to try and earn the amount at risk again. Our lives will be turned upside down if we lose Dh's job and can't get the money in the Lehman's accounts either (it is invested indirectly - very long story - not just a current account as lehmans didn't do those). We have to wait a few days to get clarity from the lawyers. It's driving me mad given almost everything financially for us relies on this.

Aero - do you have any savings - how long might they last?

We are OK for a while so that's a saving grace but it's the medium to long term that will be a massive problem if dh can't get a new job.

Will look that up Once- thanks for posting it. Let's hope it is the 'right' bits of the company for all of us on here involved. Cunning plan by Barclays - drop out at the last minute and then reappear again at the 11th hour to get it all cheaper and take their pick of the best business units. Or am I simplifying too much there...?

chipmunks, very sorry to hear this - let's hope some elements are rescued. The administrators' statement yesterday did at least explain that not all the companies are in administration but I have no idea whether these sorts of investments are protected.

I'm sure there will be a bit of a scramble over the next few days and some deals will hopefully be done - it all happened so quickly and I think the Merrill Lynch/Bank of America deal has the other banks worried as Bank of America have now shot to the top of the league tables. Barclays and HSBC have been slated in the press for not buying Lehman and missing out on an opportunity - bit skeptical about that when I saw that Lehman owed two other banks £77bn .

Maybe Barclays couldn't come up with the goods and had to go away and come back with a new offer, or some more backing to prove they were stable. After all the £ is falling like a lead ball. Not that I'd know anything about negotiating a deal.

Can anyone give me an idiot's guide to why the pound is falling but the Euro is fine? I don't understand why. Are we just more pegged to the dollar?

Thanks OIAL. I have just been doing some reading up and the arm of Lehman's involved for us was recently one of the most profitable bits so in my amateur way I'm hoping that means it might get acquired and that that might help.

What a mess all in. This will have quite a ripple effect in London won't it - 5000 Lehman's staff in the UK, all jobless, lots looking to sell property in a market where they can't sell. All the other bankers cutting back even more on spending.

And that just adds to the XL staff, all the smaller companies who rely on them going to the wall etc.

Apparently HSBC were up for brokeruing a deal with Lehmans but it would have swallowed up too much of their cash reserve (something desperately needed at mo) and the higher powers told them not to!

Didn't really understand all DH had to say about it last night but he blames the hedge funds and said this nightmare will go on until they are taken in hand! (Don't ask me why!)

Oh great another hedge fund basher - just what I need to hear. Does your DH actually know anything much about hedge funds? The media have told the world the hedge funders are the root of all evil - very tiresome.

was reading this yesterday/talking to dad about it, very scarey stuff.

I do have one question thou and he couldn't answer wonder if any of you can - zippi's already mentioned it.

what's going to happen if wall street/canary wafe crashes?? how many more have to go for it to crash?

how bad was the depression after the 20's crash?

dad didn't seem to think things would get that bad thou.