10 year anniversary of Lehman collapse coming up

[bernorange 8380]

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A decade ago this week, in the US, the government had just nationalised government-sponsored mortgage lenders Fannie Mae and Freddie Mac.

In the UK, the then-chancellor, Alistair Darling, had, at the tail-end of August, given The Guardian one of the most honest interviews ever given by a serving Cabinet minister, in which he warned that we were facing the worst financial crisis in 60 years.

In short, we all knew things were turning bad.

But the full-on tipping point came with the demise of Lehman Brothers, which was barrelling towards the end of its existence.

This week, ahead of the tenth anniversary of the “Lehman moment”, we’re going to be looking at what happened, what’s changed, and whether it could happen again.

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https://moneyweek.com/494671/ten-years-on-the-biggest-driver-of-the-2008-financial-crisis-has-only-got-worse/

Anyone feel like celebrating?

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Former Lehman Brothers staff have been slammed over a 'sickening' plan to hold a party to 'celebrate' 10 years since the bank collapsed - sparking a global financial meltdown.

Hundreds of ex-workers have been sent an invitation to a cocktails and canapes reception in London on September 15.

The day marks a decade since Lehman Brothers went bust in 2008, just over a year after the credit crunch began. The shocking failure turned the banking problems into a full-blown crisis.

Tory MPs jibed that the bankers - who are also said to be planning reunion parties in New York and Hong Kong - should also celebrate the sinking of the Titanic. Labour branded the events 'disgraceful' and 'sickening' saying the crash had put the UK through a decade of austerity.
Hundreds of ex-Lehman Brother workers have been sent an invitation to a cocktails and canapes reception in London on September 15

The email invitation for the reunion, which was seen and first reported by Financial News, was addressed to 'Lehman Brothers & Sisters'.

It said: 'It's hard to believe it's been 10 years since the last of our Lehman days! ... One of the best things about Lehman was the people.

'What better way to celebrate the 10th anniversary than getting everyone from former MDs to former analysts back together again!'

Reunions are also expected to take place in New York in September and Hong Kong in November.

https://www.dailymail.co.uk/news/article-6079313/Fury-plan-celebrate-10-year-anniversary-Lehman-Brother-collapse.html

Just for fun:

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One of the reason the Fed seems desperate to hike rates is they want ammunition to cut rates when the recession hits. Typically, the Fed cuts rates by 5 percentage points, but when the next recession hits, no such buffer will exist.

A Boston Fed simulation shows the central bank’s inability to cut rates by the usual amount would disproportionately hit certain states.

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More:  https://moneymaven.io/mishtalk/economics/monetary-buffers-depleted-boston-fed-concerns-over-next-recession-mount-WADFw25xcU-w9nV7dwHc_A/

 

[Huckleberry 34167]

Jesus what a tone deaf invitation. I can actually see trying to get old coworkers together 10 years after the company collapsed, but phrasing it as "celebrating the 10-year anniversary" is just horrific. I mean I would imagine that there were a lot of workers there who had little to do with the deceit, so it's entirely possible that has created a personal disconnect from responsibility for the terrible ramifications of that entire situation. But have at least a little self-awareness.

[Trey3216 15429]

That was a really shitty weekend.  I was in Jersey at one of my best friend's weddings.  I left on Wed, employed at Merrill Lynch, and I came home Monday employed by BoA and soon to be told I was no longer employed.  Rough few months.  

[Parliament 14480]

I sold short a month prior. Now I'm on a beach, making 20 percent.

[deadshank 24653]

[High Plains Drifter 11141]

Has all that banking bail out money been paid back yet?

[Facemask 103]

Has all that banking bail out money been paid back yet?

Yes, Washington DC pocketed that shit then asked for more.

Sent from my SM-G950U using Tapatalk

[Sbbruin 22039]

 

[Surly Bevo 25611]

 

Enjoyed this movie. Especially liked guys like Pullman and Shaloub in the smaller roles of Dimon and Mack.

Also the way it ends “now they will lend out the money???? Right???”

[BLKNSTY 289]

Has all that banking bail out money been paid back yet?

http:// https://projects.propublica.org/bailout/

TLDR: Obama dropped $627 Billion on a bailout in 2008 and since then the US has the original $627 Billion and an additional $100 Billion in dividends and returns.

Check out Freddie and Fannie, basically 187B in bailout monies and since then we’ve recouped like 400B.

The issue is, they have no clue how to re-privatize it again and deal with the original shareholders that were holding worthless paper when it went broke.

Fascinating stuff, really interested to see what happens here as there’s basically been no precedent on this type of shit.