Absolute meltdown in the city today and globally

[Lokki 7]

Q: what do you call thousands of investment bankers out on the street?
A: a good start.

 

[Digweeds Trousers]

there is a theory going round that all the real high earners were looked after by the upstairs mafia - not suggesting Arthur that your mate was privvy to any heads up....

But I would be interested to know how many of the 4.500 staff who are out on their ear today are support staff, admin, PA's, IT, etc etc etc

Not the big boys who will supposedly have been looked after, paid off, have some time off for 6 months or a year and then be back on the enxt gravy train.

and there will be one - the same faces will be back in the same industry peddaling something else.

Strange world.

And a bit sad

 

[Simster]

Really? Blooming eck! A mate of mine was given the brush off by them a couple of months back with a very healthy severance package.

Same here. He was DELIGHTED at the time. I bet he's even more delighted now!

 

[Digweeds Trousers]

Lokki - I dont like the MO of these guys any more than you I suspect.

But still - there are a lot of people that will be badly affected now as a resulot of this expendable income being off the market for a while to come.

INdependent bars, restaurants, shops - many will be hit by this and that is sad.

save your money, have cash in your account and be prudent.

There is a massive opportunity for some people out there now - be it property, busiensses but I am a beliver in Economic Darwinism.

Weak, badly run businesses will now be exposed, whether it be down to bad visibility of their cash flow and optimisation or whether it be they were jsut run poorly.

I am not going to make the same mistake I made in the early 90's - offered opportunities to invest or buy assets and property at massivley reduced prices and then turn them round.

To do that you need cash - or access to it.

Thankfully I have not borrowed any money in the lsat 10 years.

Weak businesses will always be found out - the challenge is that most of them are finacnial and mortgage instituions.

 

[Lady Whistledown]

I think I've found the solution.

Having read up on this subject today, thanks to that bastion of financial advice, The Argus, it transpires that there is no legal obligation to pay back money obtained from a loan shark. It's legally unenforceable, assuming that person is not regulated by the Office of Fair Trading.

So the answer is: locate your nearest friendly neighbourhood shark, give him false details (just to avoid any later beatings, obviously), borrow a stack of cash, and then disappear off to wherever you fancy with the money.

Working Lunch: eat your heart out.

 

[Storer68]

Personally, I blame McGhee

Heads up on this......


Staff at Lehman in the US are being removed and prevented entry into their offices by the POlice.

Staff in London are being turned away from the offices and told that there are no jobs, no severance pay.

Already rumours are circulating of a number of suicides in the US with a number of staff having securitisation on property against the stocks.

This is a complete breakdown potentially of the financial infrastructure as we know it.

I am not sure whether society as we have come to know on a number of levels has the resource to deal with this.

 

[Collar Feeler]

Presumably- and I say this very much from a woman, fluffy kittens, point of view, the people most likely to be affected by an impending financial crises are the working and middle classes?

The phenomenally rich will just become fairly rich, the people sitting at home in their council houses claiming benefit and watching Jeremy Kyle on 50" plasma screen TVs all day will continue in exactly the same vein, therefore it's the people who work for a living and neither live off the state nor their inheritances that will suffer?

So said a Sussex Police spokeswoman I'm still trying to figure out wtf 'Securitisation' from the initial post means?!? Is that a george Dubya quote/made up word?

 

[seagull_special]

I think I've found the solution.

Having read up on this subject today, thanks to that bastion of financial advice, The Argus, it transpires that there is no legal obligation to pay back money obtained from a loan shark. It's legally unenforceable, assuming that person is not regulated by the Office of Fair Trading.

So the answer is: locate your nearest friendly neighbourhood shark, give him false details (just to avoid any later beatings, obviously), borrow a stack of cash, and then disappear off to wherever you fancy with the money.

Working Lunch: eat your heart out.

What about if the mortgage market is going to go the same way as pensions why not borrow as much money as you possibly can spend it and declare your self bankrupt for a year and go into rented accommodation?

 

[seagull_special]

What about if the mortgage market is going to go the same way as pensions why not borrow as much money as you possibly can spend it and declare your self bankrupt for a year and go into rented accommodation?

suppose that might actually be illegal, NSC geniuses please advise

 

[Lady Whistledown]

I like it

NSC: offering sound financial advice since 2001.

 

[Brovion]

It all just proves the old saying that if you owe your bank a hundred grand you might have a problem. If you owe them a billion then THEY'VE got the problem.

 

[Digweeds Trousers]

Securitisaion is not a made up word - but I gratn you it is a silly workd and I could have picked a better one.

A number of Lehmans employees have taken advantage of schemes wherby their shares in the business as employees are a significant element of the security on their mortgages - which means they're in the uumwa

 

[Timbo]

I think I've found the solution.

Having read up on this subject today, thanks to that bastion of financial advice, The Argus, it transpires that there is no legal obligation to pay back money obtained from a loan shark. It's legally unenforceable, assuming that person is not regulated by the Office of Fair Trading.

So the answer is: locate your nearest friendly neighbourhood shark, give him false details (just to avoid any later beatings, obviously), borrow a stack of cash, and then disappear off to wherever you fancy with the money.

Working Lunch: eat your heart out.

One of my best mates is a loan shark. Having seen him 'collecting', can I just say don't take Edna's advice!

 

[Tom Hark Preston Park]

On one level, good to see the 'Masters Of The Universe' being shown up for the none-too-bright chancers they invariably are. Only people I feel sorry for are the back office staff, caught between the arrogant shits that are the clients, and the arrogant shits that are the front office staff, while being paid a pittance that in no way reflects the stress they operate under, all day every day.

 

[Uncle Spielberg]

On one level, good to see the 'Masters Of The Universe' being shown up for the none-too-bright chancers they invariably are. Only people I feel sorry for are the back office staff, caught between the arrogant shits that are the clients, and the arrogant shits that are the front office staff, while being paid a pittance that in no way reflects the stress they operate under, all day every day.

Yes, this would not have happened in a communist state. Get the Red Army primed and ready to take to the streets of the UK. We can all live in abject poverty , earning no more than £ 15000 a year and have no apsirations to ahcieve or suceed. Thats the ticket

 

[mattb]

Yes, this would not have happened in a communist state. Get the Red Army primed and ready to take to the streets of the UK. We can all live in abject poverty , earning no more than £ 15000 a year and have no apsirations to ahcieve or suceed. Thats the ticket

My mate works for Lehmans, looks like he'll be out of a job. Oh well, that'll teach him to earn more than me.

 

[Tom Hark Preston Park]

Yes, this would not have happened in a communist state. Get the Red Army primed and ready to take to the streets of the UK. We can all live in abject poverty , earning no more than £ 15000 a year and have no apsirations to ahcieve or suceed. Thats the ticket

Bit RANDOM that post wasn't it Uncle?

 

[mattb]

One of my best mates is a loan shark. Having seen him 'collecting', can I just say don't take Edna's advice!

what a lovely man

 

[Lady Whistledown]

One of my best mates is a loan shark. Having seen him 'collecting', can I just say don't take Edna's advice!

Hmmm, sounds like a mate to be proud of.

 

[Simster]

On one level, good to see the 'Masters Of The Universe' being shown up for the none-too-bright chancers they invariably are. Only people I feel sorry for are the back office staff, caught between the arrogant shits that are the clients, and the arrogant shits that are the front office staff, while being paid a pittance that in no way reflects the stress they operate under, all day every day.

I work at Goldmans, arguably the best run of the investment banks. I have worked here for 5 years now and as a state educated bloke with no agenda whatsoever, I can honestly say you're talking complete nonsense there. It's not a level playing field by any means because you're still more likely to see private educated blokes in the front office but my impressions of this firm is that it is still a meritocracy. Our front office people work their tits off and have sat more exams than you ever will, and the back office staff are relatively well rewarded for their well respected hard work.