Lehman, Merrill news

[Linda W]

Date: 9/16/2008 6:04:50 PM
Author: Dancing Fire

Date: 9/16/2008 4:34:53 PM

Author: Hudson_Hawk

Not to sound TOO naieve, but what happens if you have consumer accounts like credit cards with companies that go under. Do they just sell the account to another company? What happens to that debt?

if that happens....then you send your payments to Dancing Fire.

 

[strmrdr]

Date: 9/16/2008 5:02:49 PM
Author: MC
Surely the new bank who buys out what is left of the assets, becomes your new creditor or something along that line.

yes

 

[Miranda]

Date: 9/16/2008 4:12:49 PM
Author: MC

Date: 9/16/2008 4:04:00 PM
Author: Dancing Fire

Date: 9/16/2008 3:53:16 PM
Author: MC

Wamu next? Should I take my $50 out of my bank account?

I opened a new account at another bank and never closed my WAMU because it''s too much of a pain to drive down there just for that!

i''ll be worry if i had over $100k in my account, but i don''t have that problem

Same here. All my money is hidden under my mattress. . . that must be why it''s so lumpy!

I heard the other day that if a bank goes under that depositors then become the bank''s creditors and those people may only get ''pennies on the dollar,'' of their deposits. Is this true? Is this for people with over $100k in a single account. . .or did I just misinterpret what I heard on the news the other day.

This could be true - though hopefully folks have their accounts structured so that they have all of their money insured. It is possible to have hundreds of thousands of dollars insured within one institution. FDIC insurance limits are 100k per person, per account...With the exception of retirement accounts. Those limits are higher, $250,000 I think...I could be wrong on the amount, but, I do know the cap is higher.

 

[Hudson_Hawk]

Bummer. I''ve got a WAMU card from college that I''m still paying off. I don''t operate on credit anymore.

 

[Dancing Fire]

Date: 9/16/2008 4:26:21 PM
Author: niccia
I hear you Tradergirl...this volatile market has been good for me too. I do know of several traders that are buying up shares of AIG now believing that it is bound to be saved, but I am not quite that optimistic just yet. I was worried about my parents because they have all their life insurance with AIG, but it seems as though policy holders will be protected.

looks like AIG will go down the toilet in the AM.

 

[Skippy123]

Did you see this? http://news.yahoo.com/s/ap/ap_on_bi_ge/aig

 

[Linda W]

Yes, I saw that Skippy and thank you for posting that, my friend.



Linda

 

[Dancing Fire]

Date: 9/16/2008 9:04:13 PM
Author: Skippy123
Did you see this? http://news.yahoo.com/s/ap/ap_on_bi_ge/aig

the share holders will end up with worthless stocks.

 

[swimmer]

Did you see that Barclays is purchasing a huge part of Lehman? My cousin who works at Lehman emailed me that today. Poor man, he had to run out of the WTC 7 yrs ago, and now his economic safety is pretty shaken...but he has a good attitude about it, better than physical danger he said. I''m not finding a great article on it, but it seems that this merger/buyout has been written about since June, so its not a surprise to WSJ readers I guess.

 

[elle_chris]

The fed is "lending" AIG 85 billion according.

 

[Beacon]

I feel like the whole thing is over now. Maybe just an emotion, but I feel like we just watched the worst of the credit disaster come and go.

I got so many calls yesterday and today from people who normally pay no mind to financial matters. They have been moving their money around between banks, very worried, stressed. The fear is in the street, well advertised now. I think it''s over.

 

[Harriet]

Date: 9/16/2008 9:32:37 AM
Author: tradergirl
AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.

Dancing Fire: are you loving DUG right now?

The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: "Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed."

I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

 

[Linda W]

Date: 9/16/2008 11:56:00 PM
Author: Harriet

Date: 9/16/2008 9:32:37 AM

Author: tradergirl

AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.


Dancing Fire: are you loving DUG right now?


The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: ''Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed.''



I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

THANK YOU THANK YOU THANK YOU Harriet, for saying what I wanted to.

 

[diamondfan]

I agree our economy is in dire straights. But people who are long term investors in solid stocks should not pull out of the market right now, unless they need the money within the year.

This is so scary to me, I know people who are seriously worried for the first time in a long time. Gas has dropped a bit thankfully, but between the war's cost (unreal amounts of money there), the sub prime issues and Freddie Mac and Fannie Mae going down hill, and now a venerable firm of more than 150 years in a fire sale...with more to follow it is just awful.

I hope no one here is suffering too terribly.

And Trader Girl, considering you said you this summer that you were not posting here anymore, if all you want to do is gloat, what is the point of resurfacing? There are people out there suffering and your attitude is offensive.

 

[Kaleigh]

Date: 9/17/2008 12:00:39 AM
Author: Linda W

Date: 9/16/2008 11:56:00 PM
Author: Harriet

Date: 9/16/2008 9:32:37 AM

Author: tradergirl

AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.


Dancing Fire: are you loving DUG right now?


The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: ''Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed.''



I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

THANK YOU THANK YOU THANK YOU Harriet, for saying what I wanted to.

A HUGE THANK YOU FROM ME Harriet. OMG, please have some empathy for those that are suffering huge losses.

 

[Harriet]

Date: 9/17/2008 12:09:46 AM
Author: diamondfan
I agree our economy is in dire straights. But people who are long term investors in solid stocks should not pull out of the market right now, unless they need the money within the year.

This is so scary to me, I know people who are seriously worried for the first time in a long time. Gas has dropped a bit thankfully, but between the war''s cost (unreal amounts of money there), the sub prime issues and Freddie Mac and Fannie Mae going down hill, and now a venerable firm of more than 150 years in a fire sale...with more to follow, is just awful.

I hope no one here is suffering too terribly.

And Trader Girl, considering you said you this summer that you were not posting here anymore, if all you want to do is gloat, what is the point of resurfacing? There are people out there suffering and your attitude is offensive.

Well said.

 

[Harriet]

Date: 9/17/2008 12:17:49 AM
Author: Kaleigh

Date: 9/17/2008 12:00:39 AM
Author: Linda W

Date: 9/16/2008 11:56:00 PM
Author: Harriet

Date: 9/16/2008 9:32:37 AM

Author: tradergirl

AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.


Dancing Fire: are you loving DUG right now?


The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: ''Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed.''



I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

THANK YOU THANK YOU THANK YOU Harriet, for saying what I wanted to.

A HUGE THANK YOU FROM ME Harriet. OMG, please have some empathy for those that are suffering huge losses.

Ladies, no thanks required. I said what I felt I had to say.

 

[Dancing Fire]

Date: 9/17/2008 12:17:49 AM
Author: Kaleigh

A HUGE THANK YOU FROM ME Harriet. OMG, please have some empathy for those that are suffering huge losses.

Harriet must of seen my stock portfolios

and felt sorry for me.

 

[arjunajane]

Date: 9/16/2008 11:56:00 PM
Author: Harriet

Date: 9/16/2008 9:32:37 AM
Author: tradergirl
AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.

Dancing Fire: are you loving DUG right now?

The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: ''Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed.''

I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

Ditto 100%.

I can only imagine how worrying these times must be for those in the US. here''s hoping it gets better before it gets worse.

 

[Dancing Fire]

i have this bad feeling about Wachovia.

 

[shel]

Date: 9/16/2008 11:56:00 PM
Author: Harriet

Date: 9/16/2008 9:32:37 AM

Author: tradergirl

AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.


Dancing Fire: are you loving DUG right now?


The market has affected this Pricescope reader. I am having the best year of my life. I''m a dedicated short seller.

The OP wrote: ''Does this directly affect anyone here on Pricescope? I am VERY afraid where our economy is headed.''



I strongly suspect he or she was asking whether any poster has been adversely affected by the events of the last two weeks. This may be a luxury goods forum, but its members still need their jobs in order to live. Your constant crowing about how well you''ve done so far is, frankly, distasteful.

Look at the bright side. Depressed stock prices are the best things to happen, if you buy in now and can ride out the turbulence until the markets recover. And they will recover eventually.

 

[tradergirl]

Well, Harriet, I find your constant whining about everything distasteful. You seem to have an awful lot of good fortune yet never seem to stop complaining.

I know that things are tough in hedge fund land and that there may be no bonus this year and this is where your anger is coming from. Frankly, after the obscenity of the past few years'' Wall Street bonuses and "compensation" which are created by taking undue risk with shareholder money and investors money, I think a few years of reality check is in order. That may mean one less Leon Mege ring for you but ultimately a healthier financial landscape for everyone else.

And I don''t spend even 5 minutes feeling bad about making money as the market goes down. There are plenty of hedge funds who are also doing it. I give more than half of my income away to charity so I sleep well at night.

 

[crown1]

Date: 9/16/2008 9:32:37 AM
Author: tradergirl
AIG rejected a private equity buyout over the weekend so one would think they would have at least that to fall back on.

Dancing Fire: are you loving DUG right now?

The market has affected this Pricescope reader. I am having the best year of my life. I'm a dedicated short seller.

i am not an expert here but i did not take this post as gloating. i took it as a statement of fact. i am not defending tradergirl. she does not need it nor do i need or want to do so. but i do not take this the way many here did.

i am sorry that many are hurting and don't wish to add any insult to anyone. our economy is making a correction (at least, that is my prayer). we all know that things were coming for a good while. i don't hold it against posters coming and posting their good fortune to make purchases, take trips and have general good fortune. i don't hold it against tradergirl or anyone else who is buying and selling and making money now as long as it is legal and legit.

if i thought the quoted post was meant to hurt i would have remained silent. i think she was simply posting that it is also a time that money can be made and i don't think she was the only one who shared that sentiment.

 

[Harriet]

Date: 9/17/2008 7:43:19 AM
Author: tradergirl
Well, Harriet, I find your constant whining about everything distasteful. You seem to have an awful lot of good fortune yet never seem to stop complaining.

I know that things are tough in hedge fund land and that there may be no bonus this year and this is where your anger is coming from. Frankly, after the obscenity of the past few years' Wall Street bonuses and 'compensation' which are created by taking undue risk with shareholder money and investors money, I think a few years of reality check is in order. That may mean one less Leon Mege ring for you but ultimately a healthier financial landscape for everyone else.

And I don't spend even 5 minutes feeling bad about making money as the market goes down. There are plenty of hedge funds who are also doing it. I give more than half of my income away to charity so I sleep well at night.

First of all, I'm going through a difficult period in my life, which has nothing to do with my financial state. Secondly, I've acknowledged and given thanks on this very board for how fortunate I am.

Psychoanalysing me is rather presumptuous, don't you think? Do you know which fund my hubby's at? Do you know what his investment strategy is (incidentally, it mirrors yours)?

How you feel about the market is irrelevant. The fact that you're constantly harping on how well you're doing is. Good for you re the charity work though.

P.S. I do not depend on my husband for my jewellery.

 

[Harriet]

crown 1,
With all due respect, the other ladies and I are taking umbrage to what we (though not you) interpret as tradergirl''s gloating because of her history of tooting her own horn.

 

[crown1]

good morning harriet! i am sorry you are having a hard time in your life now. i hope things take a quick turn for the better.

i respect everyone's right to have their own opinion. i just do not interpret that particuliar post as gloating. as i said in my earlier post, i am sympathetic with the current financial problems that are making many lives miserable. i took tradergirl's comment simply as an answer as to how it was impacting her. i am used to reading posts by countless members telling of their good furtune while others here are struggling and i don't see a lot of difference in this situation. i am sorry that it has hurt you and others. just a different way of looking at things and i am not upset with anyone.

my prayer is for a better economy for this country and happiness for everyone.

 

[Madam Bijoux]

What''s puzzling me is why the government would bail AIG out but not help Lehman at all.

 

[strmrdr]

Date: 9/17/2008 10:16:34 AM
Author: Madam Bijoux
What''s puzzling me is why the government would bail AIG out but not help Lehman at all.

Lehman was toast, there was nothing worth saving.

AIG is having cash flow issues because 1 segment of the business is floundering.
They have 4 other segments that are still in the black and have a chance of recovery.

 

[niccia]

"i think she was simply posting that it is also a time that money can be made and i don''t think she was the only one who shared that sentiment."

I agree...traders will look for opportunities in any market, but that doesn''t mean that we don''t feel sympathetic to those whose jobs or investments are compromised.

 

[Madam Bijoux]

Years ago I thought Chrysler was toast, but the government bailed them out. GM and Ford might have to be bailed out too. The restaurant business is really hurting - lots of people in the financial field have stopped going out for meals or drinks.