TheDude wrote:Suggested name for BofA/ML amalgam: Lynch America.
ReverseEngineer wrote:I realize this is Small Potatoes in the grand scheme of things, but consider here what just happenned to the Condo market on the Upper East Side of NY and out in the Hamptons.
Overnight, quite a few stockbrokers making 6 or 7 figures just lost their jobs. One also has to suspect they hold most of their personal wealth in the form of the same kind of crap they were selling. In any event, they aren't making 6 figures tomorrow, and one suspects also they have mortgage payments due on the condo and the beach house. If they put them up for sale tomorrow, who is gonna buy them, and who could get a mortgage to buy them? How long do you suppose these folks will be sitting tight and hunkering down in the Townhouse? When do they send in the Jingle Mail and head off in the Yacht to Europe assuming they have part of their investments in Euros?
I'm trying to figure out how the mega rich are going to try to escape this whole thing. Any ideas here?
Reverse Engineer
Cashmere wrote:CNN.com breaking.
Ouch, that is a really really big number.
The real interesting question is, "what are their assets worth?"
In their May 08 statement, Lehman had their total assets listed as 640 billion, with 564 billion as "long term investments".
In February, the numbers were 786 and 695, which means Lehman wrote down/divested almost 130 billion in "long term investments" in 3 months.
I'm dying to know what their current 564 or so "long term investments are worth."
It is entirely possible that they're 50 cents on the dollar (my guess), and that would mean a loss of 350 billion.
350 billion.
Big big number if my 50 cents on the dollar is close.
wisconsin_cur wrote:Lets try to keep the Lehman's news to one thread...
[marq=left]Topics merged by wisconsin_cur[/marq]
Starvid wrote:Remember how I speculated just a few days ago that with the bailout of F&F we had hit the bottom?
I woz wrong.
I'm trying to figure out how the mega rich are going to try to escape this whole thing. Any ideas here?
shortonoil wrote:Reverse Engineer said:I'm trying to figure out how the mega rich are going to try to escape this whole thing. Any ideas here?
Unless they have gold and spare gas for the boat, they don’t. In about seven days the real SHTF. “Escape for New York”, could turn out to be a little more than a movie!
Byron100 wrote:Looking at the market just now, it's only down by 175, and appears to be climbing. So what gives? Do people think that the demise of Lehman really isn't the end of the world after all?
ReverseEngineer wrote:Starvid wrote:Remember how I speculated just a few days ago that with the bailout of F&F we had hit the bottom?
I woz wrong.
Nohing to be ashamed of. Any time you prognosticate and make a bet, you could be wrong. I have been wrong many times.
So far however, since joining the board here, I am doing EXTRAORDINARILY well I caught Gustav early on, caught Lehman early, and caught Ike early. So far, all my DOOM predictions are doing well. Go Long on RE Predictions
Reverse Engineer
Users browsing this forum: No registered users and 8 guests