Any NJ people work at Lehman? (Hoboken, Princeton: mortgage, credit card, loan) - Page 2 - City-Data Forum

MoorestownResident · 09-15-2008, 09:40 AM

Quote:

Originally Posted by HobokenGuy

Corzine was on saying how this is going to hurt North Jersey terribly.

Whoever is the next POTUS is going to have a huge mess to clean up, but I will agree it was best that the Fed didn't come in to the rescue. Risky real estate dealings while the market was out of control and no backup plan did Lehman in.

Hard lesson learned.

Corzine is right. So much for the housing market recovery. I think central NJ will also get hit, Merrill's complexes in Princeton and Hopewell employ a lot of people.

njkate · 09-15-2008, 09:51 AM

Quote:

Originally Posted by MoorestownResident

Corzine is right. So much for the housing market recovery. I think central NJ will also get hit, Merrill's complexes in Princeton and Hopewell employ a lot of people.

Oh yes....many many people

JamesBoyer · 09-15-2008, 10:04 AM

I have a friend who was upper managment at Lehman, in Technology. His comment on Sunday, was that he expected to be on vacation without pay after Tuesday along with the rest of his team.

This is not good for New Jersey, especially Hoboken, Jersey City and those areas, where there are lots and lots of mid and lower level people who were working for Lehman, Merrill, ... who likely will leave with not much.

I still think that many of the areas a little further out are in recovery and will continue to recover, probably at a slower pace than they would have otherwise.

My best wishes go out for those who will be going through hardships because of the poor decisions of a few at the top.

MoorestownResident · 09-15-2008, 10:09 AM

Yeah it is horrible, best wishes to those affected. My guess is foreclosures in NJ will increase slightly hurting overall supply data.

EEEPNJ · 09-15-2008, 10:14 AM

I'm 100% with you Hoboken Guy. Makes me sick to my stomach. And you guys wonder why I get so bitter about how things work in our country lately!

You know, another huge hit to the state in loss of jobs hurts in so many ways - first you have more people on unemployment - more competition for jobs for those already unemployed. Less tax revenue for the states... where will that get passed on... this is not even taking into account how devistating this is for all people involved on a personal level... just awful.

minibrings · 09-15-2008, 01:36 PM

Lehman had 25,000 employees in Manhattan?

joe moving · 09-15-2008, 01:45 PM

According to the news at least 10,000.

DowntownJerseyCity · 09-15-2008, 02:05 PM

Quote:

Originally Posted by minibrings

Lehman had 25,000 employees in Manhattan?

25K total. Sorry, I guess the way I typed it made it seem it was 25K in Manhattan alone.

njkate · 09-15-2008, 02:17 PM

Quote:

Originally Posted by HobokenGuy

25K total. Sorry, I guess the way I typed it made it seem it was 25K in Manhattan alone.

Merrill has 60,000 total not sure how many BOA has but I'm sure both will be issuing pink slips down the road

DowntownJerseyCity · 09-15-2008, 02:51 PM

Quote:

Originally Posted by njkate

Merrill has 60,000 total not sure how many BOA has but I'm sure both will be issuing pink slips down the road

ML way more than BofA. From what CNBC said, most of BofA employees will come through this unscathed. Merrill Lynch? Can't say that for those people. My guess is that Manhattan and Princeton areas will be affected the most.