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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.
I guess I'll have a few more neighbors here in NC, once the BoA- Merrill Lynch stuff gets consolidated! I'll never be lonely for NJ & NY neighbors in the long run. Time to order more Taylor Ham off the internet in anticipation!
They sold it recently, about a $50 million loss, if I recall.
brilliant.
The worst I feel for is the people who had their 401K's tied up in lehman stock. After the Enron fiasco, you'd think people would learn not to keep everything tied up in their company.
Plus, from what I heard, Thain pulled off the C-block to end all C-Blocks. Everyone was sniffing at Lehman and Thain said, "Hey, anyone want to buy us?"
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.
Yes but then they never should have helped Fannie or Freddi .
From what I've heard, Merrill jobs are safe throughout the holidays at the very least.[/quote
Isn't that what they always say? Until the pink slips start falling from the sky?
I probably won't say this right so please bear with me.For years Wall street has been telling other businesses to do there jobs,buyout this sell of that with no thought to the people working in those businesses.After all it's just business....well guess what while they were all getting rich on Wall St and middel America was being out sourced .......what did they think was going to happen???It's a cycle and people should have known this was coming.This country was built on Middel America and when you got rid of it the economy failed!
When you outsource 50 and 60 thousand dollars jobs and replace them with Walmart jobs at $6.50 and hour what did you think would happen,did you really think a guy at age 50 laid off could go to Walmart and get a job and pay his mortgage of $1200 to 1400 a month?Hell you turn around and give the guy an interest only loan for $500 thousand dollars over 60 years and then when he goes bankrupt ...the bank is stuck,hell Ray Charles could see this coming.This was coming for years and Bush let it happen ,GM and Ford will be next.
I probably won't say this right so please bear with me.For years Wall street has been telling other businesses to do there jobs,buyout this sell of that with no thought to the people working in those businesses.After all it's just business....well guess what while they were all getting rich on Wall St and middel America was being out sourced .......what did they think was going to happen???It's a cycle and people should have known this was coming.This country was built on Middel America and when you got rid of it the economy failed!
When you outsource 50 and 60 thousand dollars jobs and replace them with Walmart jobs at $6.50 and hour what did you think would happen,did you really think a guy at age 50 laid off could go to Walmart and get a job and pay his mortgage of $1200 to 1400 a month?Hell you turn around and give the guy an interest only loan for $500 thousand dollars over 60 years and then when he goes bankrupt ...the bank is stuck,hell Ray Charles could see this coming.This was coming for years and Bush let it happen ,GM and Ford will be next.
No, AIG will be next looking for a $50 billion "fix". As for GM and Ford, they should quit cryin' the financial blues and re-design the bumpers of a few of their European models, with decent gas mileage that someone might actually buy, instead of a blinged-out Cadillac Escalade with "the employee discount"!
Last edited by TheEmissary; 09-15-2008 at 08:02 PM..
I guess I'll have a few more neighbors here in NC, once the BoA- Merrill Lynch stuff gets consolidated! I'll never be lonely for NJ & NY neighbors in the long run. Time to order more Taylor Ham off the internet in anticipation!
They'll be welcome here in Charlotte, just like the rest of us.
Em...maybe you and I should open up a diner?
All kidding aside. We've been there. We were part of the first wave of the Wall Street downslide. It was so clear that this was eventually going to happen. Geez, it smacked us right in the face in 2005! We're so shocked that no one else saw this coming!
Credit card companies are next!
God bless all of you who are going through this. Just know that there is always a light at the end of the tunnel! Hang in there!
Last edited by stmaarten; 09-15-2008 at 08:13 PM..
Reason: clarification
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