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Another one bites the dust

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  • 14-09-2008 10:09pm
    #1
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭


    Lehmann Brothers appears to have gone and the option of govt bailout is very unlikely. Interesting to see how badly it will affect financial markets and other institutions.


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    #2
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #3
    BenjAii
    Closed Accounts Posts: 545 ✭✭✭BenjAii


    Wow, so much for Masters of the Universe .....

    The US Gov can't go on bailing everyone out.


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    #4
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    That might explain, if true, why BOA backed off Lehman so.
    BBC announced on their News @ 10 that the expected deals with BOA and Barclays were off.


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    #5
    BenjAii
    Closed Accounts Posts: 545 ✭✭✭BenjAii


    Alan Greenspan thinks there are more casualties to come.

    I wonder how world stock markets will react to this on monday. If the US Gov has let Lehmans die (they had no choice really) i have a feeling things are going to get much, much harder for those other firms that were facing similar severe problems


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    #6
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #7
    mike65
    Closed Accounts Posts: 88,978 ✭✭✭✭mike65


    Anyone fancy sticking a grand on PP at 8 am tomorrow for a fall in the markets?

    Mike.


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    #8
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Doubt if you'll need to wait. Far East should be up and running soon. We can probably expect the usual wild ride that we've seen since this started.


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    #9
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #10
    BenjAii
    Closed Accounts Posts: 545 ✭✭✭BenjAii


    http://globaleconomicanalysis.blogspot.com/

    "The move suggests a desperate effort at triage on Wall Street, as Bank of America works to shore up the likely next victim of the credit crunch. A deal, valued at between $25 a share to $30 a share, could be announced as soon as Sunday night, these people said. Merrill shares closed at $17.05 on Friday.

    Why or how Bank of America is in any position to be able to buy Merrill Lynch at an amazing $38.25 billion (Merrill closed at $17 on Friday) when BAC was not in a position to buy Lehman remains a mystery, but that is the amazing rumor from the Merrill Lynch side room."

    Guys blog above is interesting.

    According to the Guardian Barclays were looking for the US Gov to guarantee up to $300 billion of Lehman liabilities before it would take it on.

    The mind boggles ..... given the US just doubled its foreign debt to have the same percentages as Italy last week, asking it to triple it in the space of 2 weeks.....the fact that they were actually discussing it, just jaw dropping.


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    #11
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    Sky News just said bank of america deal is off?


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    #12
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #13
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    Damn Sky News and their simplistic graphics! I figured the bank of america logo with a big red X over it indicated they were out of anything they had previously been in....nevermind.


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    #14
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #15
    exbootie
    Closed Accounts Posts: 30 ✭exbootie


    is_that_so wrote: »
    Lehmann Brothers appears to have gone and the option of govt bailout is very unlikely. Interesting to see how badly it will affect financial markets and other institutions.


    Disturbing, how long before a big one falls in these part of the world.


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    #16
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭Économiste Monétaire


    exbootie wrote: »
    Disturbing, how long before a big one falls in these part of the world.
    There was a story a few days ago that EBS are in some trouble. I haven't heard anything since, hopefully that's a good sign.


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    #17
    damnyanks
    Registered Users Posts: 4,276 ✭✭✭damnyanks


    This is what people were expecting last year and it didnt fully come through. I remember when the crunch had just started - people on the floor were crying and being escorted by security. It's just a slow slow slow process!

    If AIG and WAMU go then it really gets interesting


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    #18
    leninbenjamin
    Closed Accounts Posts: 8,983 ✭✭✭leninbenjamin


    BenjAii wrote: »
    Alan Greenspan thinks there are more casualties to come.

    well he should know, seeing as he helped cause it all.


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    #19
    rameire
    Registered Users Posts: 4,129 ✭✭✭rameire


    If the markets continue the way they are going,
    especially the irish market,
    with AIB and BOI shares dropping,

    I can confirm that there will be a hostile takeover of BOI.

    might not be hostile if this gets out, but it wont be for a month or so.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #20
    damnyanks
    Registered Users Posts: 4,276 ✭✭✭damnyanks


    From who ?


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    #21
    justfortherecor
    Registered Users Posts: 708 ✭✭✭justfortherecor


    Bank of Ireland released their Pre-close Trading Statement this morning. It gives a detailed breakdown of their loan books, with particular emphasis on the property/construction sector.

    Also of note is that they are placing a focus on maintaining a Tier 1 capital ratio safely within the bounds of 5,5% to 6,5%, and to do this they have decided on a 50% cut in the FY dividend to achieve this in the long run.

    There was also a brief comment on the Lehman Brothers collapse, BoI saying they had no direct exposure to them and any cost to the bank is immaterial.

    The phone conference should be available on the BoI website later I think, the CFO O'Donovan was quite impressive in dealing with analysts questions I found.


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