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Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:30:30 AM

Vendaval

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The Monday morning news on Lehman Bros and Merrill Lynch. "2 Wall St. Bank Falter; Markets Shaken" By Andrew Ross SorkinPublished: September 14, 2008
This article was reported by Jenny Anderson, Eric Dash and Andrew Ross Sorkin and was written by Mr. Sorkin.
"In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.

The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.

But even as the fates of Lehman and Merrill hung in the balance, another crisis loomed as the insurance giant American International Group appeared to teeter. Staggered by losses stemming from the credit crisis, A.I.G. sought a $40 billion lifeline from the Federal Reserve, without which the company may have only days to survive.

The stunning series of events culminated a weekend of frantic around-the-clock negotiations, as Wall Street bankers huddled in meetings at the behest of Bush administration officials to try to avoid a downward spiral in the markets stemming from a crisis of confidence."

http://www.nytimes.com/2008/09/15/business/15lehman.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1221483649-VX3V8tvRhDlCjt4EzVNTrg

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:36:18 AM

LaTigresse

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Some people's retirement funds are looking smaller and smaller every day.......

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My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:47:04 AM

pahunkboy

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you mean anyone "has" "funds" to retire?????

Not in this house they dont......hb

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:48:14 AM

LaTigresse

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Not yet, and at this rate it will be a loooooooooooonnnnnnnnnnggggggggggggg time.

_____________________________

My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

(in reply to pahunkboy)

Post #: 4

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:51:49 AM

pahunkboy

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the typical person on the street has no idea why these places are the sacred cow.

maybe the public could place a space in their head for fannie mae.... but leman bros. nope. same with the others such as bear stearns. so the typical person is wondering why all the fuzz. that maybe wall street is full of itself in its own grandieur.

the answere?

more attornees of course.

..im just sayn' lol glunk

(in reply to LaTigresse)

Post #: 5

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 6:57:23 AM

KatyLied

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What should people do who have their money at Merrill Lynch (now Bank of America)? Should they sit tight or move their investments to another place?

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:28:52 AM

DomKen

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quote:

ORIGINAL: KatyLied

What should people do who have their money at Merrill Lynch (now Bank of America)? Should they sit tight or move their investments to another place?

Liquidating your investments and seeking a new fund manager or broker would have negative tax implications for you while making things worse for Merrill and BoA.

Personally I'd get my money out of Lehman, if possible, but leave my money at Merrill for the time being.

(in reply to KatyLied)

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:35:52 AM

pahunkboy

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Katy,

the mattress is KING.

is the account FDIC insured? if no simmilliar ins exists... then ..... egads.

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:36:48 AM

KatyLied

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It's not my money. But it will be at some point in the future.

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:41:14 AM

pahunkboy

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Kat, the Internet and research skills are your friend.

Ask Qs, do searches.

You can never know too much... so look it up. of course we will try to help.

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:45:51 AM

pahunkboy

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http://www.totalmerrill.com/TotalMerrill/pages/ArticleViewer.aspx?TITLE=cashmanagementaccount this particular account isnt insured.

when i had a bit of stock at Schwab, I think it was insured for something..... anyhow explore and learn.

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 7:52:37 AM

KatyLied

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I'm not overly concerned about it, as it is not my money at this point and I have no claim on it.
I'm more concerned about the general question: better to leave it at Bank Of America or move to another investment company.

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“If you want to live a happy life, tie it to a goal, not to people or things.”
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Post #: 12

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 8:15:17 AM

pahunkboy

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understood.

bank of America isnt in jeopardy from what I read.

leman is the hot potato. weather that changes later...we dont now know.

I am not really sure who the bail outs even "help"....

(in reply to KatyLied)

Post #: 13

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:35:41 AM

popeye1250

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Nice!
Now we'll have "M.B.A.'s" working at Starbucks alongside the "Master's Degrees."
"Hey you with the "M.B.A.!"
Two lattes, no sugar and make it snappy, I'm working on an arbitrage deal!"

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Post #: 14

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:38:51 AM

kittinSol

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Many English merchant banks traders have no official qualifications whatsoever. In fact, a lot come from the local market, because that's the best school for buying and selling crap.

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RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:47:16 AM

KatyLied

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Our banking/investment industry is regulated. At this point I wonder if it makes a difference.

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Post #: 16

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:50:24 AM

popeye1250

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quote:

ORIGINAL: kittinSol

Many English merchant banks traders have no official qualifications whatsoever. In fact, a lot come from the local market, because that's the best school for buying and selling crap.

Kittin, in this country it's out of control.
I get regular calls from Fisher Investments and other firms wanting me to go with them.
The brokers that call me, "stock brokers" all have "M.B.A.'s" for whatever reason!
Stockbrokers!
All you need to be a stockbroker is to be "lisensed", pass your Series 7 or 8 or whatever it is these days.
You *certainly* don't need an "M.B.A.!"
Talk about "slumming" it.
Evidently they term "overqualified" hasn't reached them yet.
Now pardon me, I need to find an M.D. to clean my carpets.

_____________________________

"But Your Honor, this is not a Jury of my Peers, these people are all decent, honest, law-abiding citizens!"

(in reply to kittinSol)

Post #: 17

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:53:22 AM

KatyLied

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I think the MBA is more about broadening your employment options than it is about being a stockbroker.

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Post #: 18

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 9:55:44 AM

kittinSol

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quote:

ORIGINAL: popeye1250

Now pardon me, I need to find an M.D. to clean my carpets.

Hey, don't diss Surface Sanitation Technology.

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Post #: 19

RE: Latest on Merrill Lynch and Lehman Brothers - 9/15/2008 10:03:07 AM

popeye1250

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quote:

ORIGINAL: KatyLied

I think the MBA is more about broadening your employment options than it is about being a stockbroker.

Katy, that may or may not be so but would you expect to see a car salesman with an M.B.A.?
I don't think I'd want to do business with a brokerage firm that had M.B.A.s as stockbrokers! That's just bad management on their part!
Kind of like hiring a bio-chemist to drive a cab.
Or an electrical engineer to drive a truck.

_____________________________

"But Your Honor, this is not a Jury of my Peers, these people are all decent, honest, law-abiding citizens!"

(in reply to KatyLied)

Post #: 20

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