wall st massacre....

[Dancing Fire]

DOW-504..... NAZ -81 .....S&P-59

 

[NewEnglandLady]

Like you, DF, we are invested in a lot of energy stocks. We have had our *sses handed to use in the past 2 weeks--that''s just the nature of playing the market. Blah!

 

[Dancing Fire]

Date: 9/15/2008 4:31:46 PM
Author: NewEnglandLady
Like you, DF, we are invested in a lot of energy stocks. We have had our *sses handed to use in the past 2 weeks--that''s just the nature of playing the market. Blah!

only good news is that oil price kept on going lower.

 

[NewEnglandLady]

Date: 9/15/2008 6:24:32 PM
Author: Dancing Fire

Date: 9/15/2008 4:31:46 PM
Author: NewEnglandLady
Like you, DF, we are invested in a lot of energy stocks. We have had our *sses handed to use in the past 2 weeks--that''s just the nature of playing the market. Blah!

only good news is that oil price kept on going lower.

That''s the issue, we''re not shorting it!

 

[AGBF]

Well, at least you weren''t holding stock in an entity that was nationalized this week. Presumably.



Deborah

 

[stone_seeker]

what a nightmare.....i have a lot of friends at these banks who are now looking for work.

very sad day. This will eventually trickle down to the rest of the NY economy...glad I already bought the ring (i think)

 

[AGBF]

Date: 9/15/2008 7:38:39 PM
Author: stone_seeker
what a nightmare.....i have a lot of friends at these banks who are now looking for work.

stone_seeker, are you a banker? My husband is, so he always knows people who are laid off when the financial services industries go through crises. Sometimes he''s among those laid off. In around 1990 or 1991 he was with Citibank when they laid off a lot of people. I cannot, now, remember if it was 3,000 or 5,000...but we were in the middle of trying to adopt our daughter and it threw us off course for a while.

When he was laid off in 2003 he was part of a support group of guys in the same position he was in. The first man in the group to get a good new banking job was hailed and congratulated by all the others. My husband just heard that he has now lost that job and that his wife is pregnant. I guess that shows that someone else''s position may look enviable, but not really be so enviable!



Deborah

 

[Dancing Fire]

Date: 9/15/2008 7:20:01 PM
Author: NewEnglandLady

Date: 9/15/2008 6:24:32 PM
Author: Dancing Fire

Date: 9/15/2008 4:31:46 PM
Author: NewEnglandLady
Like you, DF, we are invested in a lot of energy stocks. We have had our *sses handed to use in the past 2 weeks--that''s just the nature of playing the market. Blah!

only good news is that oil price kept on going lower.

That''s the issue, we''re not shorting it!

i shorted the energy market in March then sold my holding 2 weeks ago.

 

[Harriet]

Date: 9/15/2008 7:38:39 PM
Author: stone_seeker
what a nightmare.....i have a lot of friends at these banks who are now looking for work.

very sad day. This will eventually trickle down to the rest of the NY economy...glad I already bought the ring (i think)

I hope I''m misinterpreting you.

 

[CDNinNYC]

Date: 9/15/2008 7:52:00 PM
Author: AGBF

Date: 9/15/2008 7:38:39 PM
Author: stone_seeker
what a nightmare.....i have a lot of friends at these banks who are now looking for work.

stone_seeker, are you a banker? My husband is, so he always knows people who are laid off when the financial services industries go through crises. Sometimes he''s among those laid off. In around 1990 or 1991 he was with Citibank when they laid off a lot of people. I cannot, now, remember if it was 3,000 or 5,000...but we were in the middle of trying to adopt our daughter and it threw us off course for a while.

When he was laid off in 2003 he was part of a support group of guys in the same position he was in. The first man in the group to get a good new banking job was hailed and congratulated by all the others. My husband just heard that he has now lost that job and that his wife is pregnant. I guess that shows that someone else''s position may look enviable, but not really be so enviable!



Deborah

Deborah,

FI is a banker, and an ex-Bear one at that. It''s been a nerve-wracking year. I feel horrible for all those people who will soon be out of work; it''s an unforgiving job market right now. Many of FI''s friends and colleagues have taken jobs outside of banking and and NY since then.

 

[stone_seeker]

Date: 9/15/2008 7:52:00 PM
Author: AGBF

Date: 9/15/2008 7:38:39 PM

Author: stone_seeker

what a nightmare.....i have a lot of friends at these banks who are now looking for work.

stone_seeker, are you a banker? My husband is, so he always knows people who are laid off when the financial services industries go through crises. Sometimes he''s among those laid off. In around 1990 or 1991 he was with Citibank when they laid off a lot of people. I cannot, now, remember if it was 3,000 or 5,000...but we were in the middle of trying to adopt our daughter and it threw us off course for a while.


When he was laid off in 2003 he was part of a support group of guys in the same position he was in. The first man in the group to get a good new banking job was hailed and congratulated by all the others. My husband just heard that he has now lost that job and that his wife is pregnant. I guess that shows that someone else''s position may look enviable, but not really be so enviable!




Deborah

I used to be a banker but now on the buy side at a hedge fund. Half my friends are either bankers or work for these banks in some other capacity. It still makes me nervous that things could get worse before they get better. Not good since I''m in the midst of planning a wedding but so far our fund has done ok this year. I was one of the few that didnt run off and buy an expensive apartment I couldnt really afford so I can sleep at night..at least for now.

 

[Harriet]

Date: 9/15/2008 8:16:36 PM
Author: Harriet
I hope I''m misinterpreting you.

I did. My apologies. Good luck on everything!

 

[Harriet]

Date: 9/15/2008 6:24:32 PM
Author: Dancing Fire
only good news is that oil price kept on going lower.

I wanted to short oil a while ago, but the other half nixed it.

 

[Kaleigh]

These are very scary times.

We are ok, for now. But have friends that are holding the big goose egg.

I grew up with this, so am used to it. My Dad was a VP for Kidder Peabody.

My DD is an Econ Major at Penn, is planning on working on Wall Street. She has many friends who worked for Lehman''s. I have no clue what they will do.

She likes some of the banks, but who knows if they will be around....

Scary indeed.

 

[AGBF]

Date: 9/15/2008 8:23:49 PM
Author: stone_seeker


I used to be a banker but now on the buy side at a hedge fund.

I know you could work somewhere else, but do you happen to work in my hometown of Greenwich, Connecticut? Hedge funds=Greenwich.



Deborah

 

[stone_seeker]

Date: 9/15/2008 9:20:03 PM
Author: AGBF

Date: 9/15/2008 8:23:49 PM

Author: stone_seeker



I used to be a banker but now on the buy side at a hedge fund.

I know you could work somewhere else, but do you happen to work in my hometown of Greenwich, Connecticut? Hedge funds=Greenwich.




Deborah

I almost did! For a fund called Amaranth which shut its doors several months ago. But I work in midtown Manhattan. Easier commute

 

[Harriet]

stone seeker,
What sector do you cover? The other half got a call from Amaranth when it was still alive.

 

[goobear78]

I walked by Lehman Brothers this morning. It was like a death watch. News vans everywhere. Workers coming in to get their things. Very sad. My heart goes out to those who lost their jobs and who were not involved in this fraud game, but will end up hurt from it.

 

[Krissie]

Date: 9/15/2008 10:14:33 PM
Author: goobear78
I walked by Lehman Brothers this morning. It was like a death watch. News vans everywhere. Workers coming in to get their things. Very sad. My heart goes out to those who lost their jobs and who were not involved in this fraud game, but will end up hurt from it.

A colleague of mine was due to transfer to their HK offices last year - they called it off in July 07 and implemented a hiring freeze. It''s awful, but they''ve been in trouble for at least a year.

 

[stone_seeker]

Date: 9/15/2008 10:02:15 PM
Author: Harriet
stone seeker,

What sector do you cover? The other half got a call from Amaranth when it was still alive.

Small world...i cover media and tech

 

[Harriet]

It is a small world. He covers a different sector, though.

 

[purrfectpear]

Just curious but what does this do to new kids graduating with a degree in finance? With 5000 experienced people looking for jobs, doesn''t it make their degree almost worthless at this point?

 

[Hudson_Hawk]

I''d suggest they diversify their knowledge and get their CFA so they can go into business for themselves and advise the people who''ve been burned by this fiasco.

 

[Harriet]

Law school.

 

[Hudson_Hawk]

ooooh good call.

How about POLITICS

It would be interesting to see how the general finance curriculum at most schools is going to change following the past year.

 

[stone_seeker]

I think it works for the best...too many college grads went into financial services looking for quick riches. We need smart kids going into other industries such as law and medicine and manufacturing so we can regain our edge. Years ago a doctor made the same amount as an average wall street person - that spread got way out of wack these past few years and will revert back to the mean.

 

[JulieN]

Date: 9/16/2008 9:20:51 AM
Author: Harriet
Law school.

titcr

 

[Dancing Fire]

Date: 9/16/2008 9:11:51 AM
Author: purrfectpear
Just curious but what does this do to new kids graduating with a degree in finance? With 5000 experienced people looking for jobs, doesn''t it make their degree almost worthless at this point?

timing is everything....remember when kids got their high tech degree in the early 90''s? JACKPOT !!

 

[Dancing Fire]

another ugly day

DOW -380..... NAZ-92..... S&P-50

 

[shel]

Date: 9/17/2008 1:47:10 PM
Author: Dancing Fire
another ugly day

DOW -380..... NAZ-92..... S&P-50

Take advantage of the volatility while you can. Pick up stocks and mutual funds at a discount of their fair value. Maybe some of this bidding-down of the stock prices will ease up when the new short-selling rules take effect at 12:01 am, 9/18/08.