Lehman Brothers files for Bankruptcy

It's true. I also know someone at Citi. You have to remember commute time into the city as well. He's an account manager, and the culture s such that you have to take clients out 2-3 times a week. Sounds great until you remember you have an early start in the morning oh not to mention A FAMILY.

Not for me.
 
I agree, it's been a correction that's been a long time coming.

However it's a bit tough for people who were sucked into buying in the last few years.

Personally I would prefer my investments went up but I am pleased that housing is becoming more affordable.
 
GSXRMovistar said:
14.5 hours every day? I find that very hard to believe.
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I don't - especially first years. Friends of mine used to work 8 AM until 11pm or even beyond midnight depending on last minute dumps of work. The banks don't have polices like "We'll pay for your dinner out if you're working past 9, and we'll pay for your taxi home if you work past 11" for nothing.
 
JimpsEd said:
I don't - especially first years. Friends of mine used to work 8 AM until 11pm or even beyond midnight depending on last minute dumps of work. The banks don't have polices like "We'll pay for your dinner out if you're working past 9, and we'll pay for your taxi home if you work past 11" for nothing.
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Maybe that's why so many mistakes have been made in the banking sector?
 
JimpsEd said:
I don't - especially first years. Friends of mine used to work 8 AM until 11pm or even beyond midnight depending on last minute dumps of work. The banks don't have polices like "We'll pay for your dinner out if you're working past 9, and we'll pay for your taxi home if you work past 11" for nothing.
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I also not only would not be surprised about those hours but expect them. I know if I get a job at a large investment bank I will be worked into the ground, but I'm looking forward to it :p:eek:
 
From 21st of June....

Housey said:
Currently there are 2 economies. The one the general public sees and its press reflects and the real one. During the next 12 months the 2 economies are very likely to become 1 and the real problems will become clear. There are worse cases than Northern Rock out there, watch this space.
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Leading to such comments as...

scorza said:
You mean the one the press sees that deals with fact and the "real" one that deals with rumours and innuendos? You sound like that elite family guy. Foolish mortal!
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HEADRAT said:
The banks are completely culpable for the current cirsis as our the Government institutions that are supposed to police them.

They lent far too much money to people who couldn't afford to service that debt, they also lent on an variable asset which can fall in value, not just rise. They basically bet the farm on black and it came up red causing the current crisis.
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You do realise the US government, under both Clinton and Bush, actively encouraged, and indeed forced, the lending and securitization of sub-prime debts through their changes in various acts and changes to the rules that Fannie Mae and Freddie Mac had to operate under as GSE's...

Here are a couple of simple rules that would have ensured we never got into this problem in the first place.

1. People shouldn't have been allowed to borrow any more than 3.5 income.
2. People shouldn't have been allowed to release equity from their house.

The Government shouldn't have been allowed to peddle the lie that we had low interest rates, we've never been worse off as the amount we've had to borrow has never been so high!

Housing needs a big correction, the Government shouldn't prop up the inflated property prices.
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Unnecessary government interference in the market has been the primary cause of the problems in the US that started this whole problem off. More 'regulation' and interference is not the answer. Leave the market alone and it will sort itself out. Screw with it (and the very existance of Fannie Mae and Freddie Mac is one of the biggest market skewing factors any government could introduce, without the following rules and regulations) and the end result will nearly always be worse for everyone.
 
scorza said:
LOL well done, you made a vague prediction that came true. You must be so proud.
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A broken clock shows the right time twice a day, just like a perpetual doomonger has to be right occasionally... It doesn't mean they have any more insight though :)
 
pabloB said:
I have a friend who works with Citigroup working oil futures and investments, a little different from Lehman but many things are the same especially the mentality and the working hours. Yes the money is great but he has to be in the office for 5.30 AM and gets home around 8 PM on a good day the stress is high and the burnout rate must be huge - it must be me but I just don't get what the buzz is all about - hell there aren't even trading floors these days - you just get to stare a 4 screens and shouting down the phone - great!
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your friend is telling you porkies or you're exaggerating a bit there - why on earth would you want to be in the office at 5:30 am - its completely dead - as far as futures are concerned certainly wouldn't be much shouting down the phone more clicking on a price ladder with your mouse - ICE exchange is electronic btw... and the NYMEX pits won't open till the afternoon UK time anyway.

Long hours are for investment bankers tbh....
 
dowie said:
your friend is telling you porkies or you're exaggerating a bit there - why on earth would you want to be in the office at 5:30 am - its completely dead - as far as futures are concerned certainly wouldn't be much shouting down the phone more clicking on a price ladder with your mouse - ICE exchange is electronic btw... and the NYMEX pits won't open till the afternoon UK time anyway.

Long hours are for investment bankers tbh....
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He probably means up at 5:30 or leave the house at 5:30 and home by 8.
 
Dolph said:
You do realise the US government, under both Clinton and Bush, actively encouraged, and indeed forced, the lending and securitization of sub-prime debts through their changes in various acts and changes to the rules that Fannie Mae and Freddie Mac had to operate under as GSE's...



Unnecessary government interference in the market has been the primary cause of the problems in the US that started this whole problem off. More 'regulation' and interference is not the answer. Leave the market alone and it will sort itself out. Screw with it (and the very existance of Fannie Mae and Freddie Mac is one of the biggest market skewing factors any government could introduce, without the following rules and regulations) and the end result will nearly always be worse for everyone.
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I wouldn't trust the free market as far as I could chuck it.
It's all commission based with no accountability, a recipe for disaster, .... oh:eek:
 
megakid said:
I think the FTSE will drop a bit more than 200pts - 200 points in a day is nothing with this level of volatility in the market. 400 points and dropping below 5000 would get people worried.
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Looks like my prediction of 200 FTSE fall and a 500 dow fall was spot on last night. I expect a little bounce back tomorrow but a continuing fall over the next month. FTSE to be around 4750 at end of September.
 
dowie said:
Because if you're in a secure position and others are losing wealth etc.. then you stand to benefit - I work in the city, my job is pretty secure and I'm not a home owner - Yes it is selfish but I'm really not bothered by a couple of bank failures, few more people moving out of the industry/losing jobs and a nice drop in house prices because in a few years time when(if) it starts to recover I'll be in quite a nice position.
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News flash for you mate, nobody is indispensable. :(
 
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