Posted by guest , Sep 15, 2008 12:14AM

Now that it's morning over there, maybe they are awake enough to figure out a deal.

Posted by guest , Sep 15, 2008 12:14AM

I just checked the Times headlines, which were posted about three minutes ago. The Times says all Lehman deals are dead and Lehman is headed for bankruptcy.

Posted by guest , Sep 15, 2008 12:16AM

I'm an institutional client of Lehman. Just got an e-mail from a senior guy there saying "Thanks, hope to be in touch with you in the future."

Posted by guest , Sep 15, 2008 12:17AM

Lehman is dead, man. Lehman is dead.

However, why hasn't Lehman filed for bankruptcy yet?

Are they still holding out hope that a last minute deal might be struck?

Posted by guest , Sep 15, 2008 12:17AM

The last Brit with balls was Maggie T.Barclay's aren't known to be hardasses.

Posted by guest , Sep 15, 2008 12:17AM

Lehman employees are in a vulnerable state right now. You could probably pass anything as a rumor through the web in five minutes.

It's sad, but no one's coming for them.

Posted by guest , Sep 15, 2008 12:18AM

If you work at LEH for 10-20 years, wouldn't you have at least $10 million and nothing to worry about? Time to retire and enjoy life!

Posted by guest , Sep 15, 2008 12:18AM

Guest wrote: "Thanks, hope to be in touch with you in the future."

What did he mean by that?

Posted by guest , Sep 15, 2008 12:18AM

FSA has refused to let Barclays do the deal as they themselves are in a shaky positions. As much as I would love for that to happen (as a LEH employee) it is wishful thinking.

Posted by guest , Sep 15, 2008 12:18AM

Hey #4, care to back that up with a link?

Posted by guest , Sep 15, 2008 12:18AM

Which Times are we talking about? I don't see anything either way on the NYT or FT.

I would guess it's smoke and wishful thinking, but I hope for those guys at LEH (and the rest of us) that there's something to it. I got up just to see if the bankruptcy was announced at 11:59 EST.

Posted by guest , Sep 15, 2008 12:18AM

@6 my guess is that it's just admin stuff - getting their filings in order, figuring out how to proceed with the liquidation, it'll take weeks, months to unwind stuff... but i think it's over too

Posted by guest , Sep 15, 2008 12:18AM

dead man walking tomorrow?

Posted by guest , Sep 15, 2008 12:20AM

Hey #4, care to back that up with a link?

Posted by guest , Sep 15, 2008 12:20AM

Anyone have any idea how much of their bonus a typical managing director at Lehman would receive in restricted stock? I'm hearing its a higher percentage than any other firm.

Posted by guest , Sep 15, 2008 12:21AM

Barclays can't do anything due to LSE rules requiring a shareholder vote. Unless you think they can put that together in the next few hours, it's not happening.

Posted by guest , Sep 15, 2008 12:21AM

@6 my guess is that it's just admin stuff - getting their filings in order, figuring out how to proceed with the liquidation, it'll take weeks, months to unwind stuff... but i think it's over too

Posted by guest , Sep 15, 2008 12:22AM

LEH just announced with an internal email that they are filing for chapter 11. Monday Sep 15th will be open for business as usual.

LEH soon to be ex-employee.

Posted by guest , Sep 15, 2008 12:22AM

Is a bit strange that the filing hasn't been disclosed yet. Midnight was deadline for ISDA swaps trades from special session today. Wouldn't be surprised if Fuld pulls it off..

Posted by guest , Sep 15, 2008 12:23AM

Man, they just need the automatic stay. What is taking them so long? I heard Fuld was seen running around w/ a hockey stick brandishing empty cans of Red Bull and the panties of interns.

Posted by guest , Sep 15, 2008 12:23AM

12:22 AM Australian exchange [ASX] has suspended trading in Lehman (LEH).

Posted by guest , Sep 15, 2008 12:24AM

I say bullshit on the Barclays deal, Lehman employees better be figuring out how to open that cupcake business they always dreamed of, or how to set up a blog on Wordpress, cause this firm is finished.

Posted by guest , Sep 15, 2008 12:25AM

So all the employees at Lehman are actually expected to SHOW UP at work tomorrow?

Man, that's gonna be totally awkward.

Posted by guest , Sep 15, 2008 12:25AM

@20, cut-and-paste or it didn't happen.

Posted by guest , Sep 15, 2008 12:26AM

>>Guest wrote: "Thanks, hope to be in touch with you in the future."

>>What did he mean by that?

Came from his home e-mail with home contact info. Clearly a "game over" e-mail.

Posted by guest , Sep 15, 2008 12:26AM

Yes. That what the email just instructed us. I hope they pay us in advance.

Posted by guest , Sep 15, 2008 12:27AM

Since the filing wasnt done by midnight arent all the trades that people tried to unwind today officially off?

Posted by guest , Sep 15, 2008 12:27AM

die lehman die

Posted by guest , Sep 15, 2008 12:28AM

Why won't Lehman die yet?

Posted by guest , Sep 15, 2008 12:28AM

@former leh employee @20-- send it to db!

Posted by guest , Sep 15, 2008 12:28AM

The broker-dealer would have to file Ch. 7, no?

Posted by guest , Sep 15, 2008 12:28AM

@26 it's true. i got it too. no this is not the same person as 20.

Posted by guest , Sep 15, 2008 12:29AM

@29 Fuck you. Come by 745 and say that you piece of shit.

Posted by guest , Sep 15, 2008 12:29AM

Is true. Email out saying Ch. 11 for LBHI, says broker-dealer subs, Neuberger continue to operate. Business as usual Monday. More info then

Posted by guest , Sep 15, 2008 12:29AM

The plan for all LEH employees to show up at work is brilliant! Fuld can turn over all the employees to Manpower and Accountemps. LEH will get paid in cash and pay their employees with stock (like usual). Brilliant!

Seriously, my thoughts are with all of the LEH employees. Regardless of what you may have thought of LEH there are a lot of good people there and I don't think we should forget that. Best of luck to all of them.

Posted by guest , Sep 15, 2008 12:30AM

The rumor that Barclays might come to the rescue of Lehman appears to be started by some delirious soon to be unemployed Lehman employees.

sorry guys, Barclays ain't gonna be your white knight in shining armors. Lehman is fucked. There is no Hollywood ending for Lehman. Game over.

Posted by guest , Sep 15, 2008 12:30AM

no email was sent. same person keeps posting

Posted by guest , Sep 15, 2008 12:30AM

hopefully an MD would be smart enough to hedge his/her restricted stock options with options or shares of SKF. That way as value erodes on the restricted shares you clear profit with the open account that holds SKF and then as value returns to the restricted shares you have that profit as well. Granted, all this assumes your firm doesn't lose 80% of Mkt Cap in a 5-day period, can't sell itself over the weekend (Thain -- bold move. Fuld will won't a rematch in blood.) and must prepare for bankruptcy filing. Still a chance though and I am pulling for the LEH. Hopefully a deal gets done at $5 a share. Neuburger Berman and the Fixed Income Desks are each worth around that by themselves.

Barclay's -- step up.

Nomura -- You are on holiday, but I get it because in the States' market deals always get done over holiday weekends; step up.

Wells Fargo -- You guys have always said you wanted to buy an investment bank, not is your chance; step up.

SunTrust Banks -- If you actually wanted to be considered as a seriouscapital markets player buy the LEH, probably financed through more slae of KO sotck, this would add some legitimacy and prestige to your CIB division; step up.

The Mkt Cap is so low I am honestly surprised that someone, possibly even an individual, has not bought one of the oldest firms on Wall Street.

Posted by guest , Sep 15, 2008 12:31AM

maybe under 11 employees can get severance, or at least insurance coverage for a while?

Posted by guest , Sep 15, 2008 12:32AM

Lehmans. Turds. These are things that I enjoy seeing flushed.

Rock on, crooked boys!!!!

Posted by guest , Sep 15, 2008 12:32AM

Actually 3 different people posted. Sadly it's true. Have fun guys.

Posted by guest , Sep 15, 2008 12:32AM

@35 i second that to 29.

he'll get his in the end...assholes always do.

Posted by guest , Sep 15, 2008 12:32AM

The internal memo says they INTEND TO FILE UNDER Chapter 11 which implies they have not done so. Chapter 11 means they intend to remain a going concern, I think, and avoid liquidation if they can. It also means they are willing to risk making the market as unruly as possible perhaps to prevent clients from jumping ship.

Feels like they will make an all hands attempt to keep client relationships and continue making the case for the value of the various pieces, at least. Risky, but what have they got to lose?

Posted by guest , Sep 15, 2008 12:32AM

Good point guest 12:27.

The contractual terms for the netting all said they were only valid if bankruptcy were filed by midnight, according to news I read.

The parties could enter new netting contracts tomorrow, but the prices might have changed...

Posted by guest , Sep 15, 2008 12:32AM

@33..the Holding company will file 11, B/D files 7...

Newswires hitting now
*LEHMAN BROTHERS HOLDINGS TO FILE CHAPTER 11

Posted by guest , Sep 15, 2008 12:32AM

I recieved an email. Filing for Chapter 11, come to work tomorrow. Should be a quick day.

Posted by guest , Sep 15, 2008 12:32AM

Leh employee here, and can confirm that the email was real.
What is everyone gonna do now?

Posted by guest , Sep 15, 2008 12:33AM

I just want them to cut my paycheck this Friday for the current bi-weekly and let me collect my paperwork from my desk Mon AM.

Posted by guest , Sep 15, 2008 12:33AM

@33..the Holding company will file 11, B/D files 7...

Newswires hitting now
*LEHMAN BROTHERS HOLDINGS TO FILE CHAPTER 11
*LEHMAN EXPLORING SALE OF BROKER_DEALER OPERATIONS

Posted by guest , Sep 15, 2008 12:33AM

CH7 is brutal for an I-bank. The technology is useless without the people; the people are less useful without the technology, and the slow process of liquidation tends to minimize the chance of getting anything out of the hundreds of millions of dollars worth of tech assets.

Much better to try and auction off functioning groups.

Posted by guest , Sep 15, 2008 12:33AM

they filed

Posted by guest , Sep 15, 2008 12:33AM

@40 such analysis makes no sense - it doesn't matter what neuberger or FI desk are worth on their own if they have to be netted against losses.. no matter how you slice it, x-x is still zero...

Posted by guest , Sep 15, 2008 12:34AM

Reuters just reported Lehman officially filed for Ch. 11.

Posted by guest , Sep 15, 2008 12:35AM

it is true..just came across BBG and they are seeking a sale of their B/D operations

Posted by guest , Sep 15, 2008 12:35AM

@45 seems like the are trying harder than the "we'll save BSC MER and AIG but Fuck LEH" FED.

Posted by guest , Sep 15, 2008 12:35AM

FILED

Posted by guest , Sep 15, 2008 12:36AM

CNBC announcing ch 11. 12:35 am

Posted by guest , Sep 15, 2008 12:36AM

I wonder what happens to my Lehman retirement fund? I think it's invested with a 3rd party. None of it is in company stock. I have a lot of friends who work(ed) there. I might show up to the pity party....

Posted by guest , Sep 15, 2008 12:36AM

so nb could still get bought?

Posted by guest , Sep 15, 2008 12:36AM

LEH FILED FOR CHAPTER 11 BK 11:34 NY TIME.

LEH JUST ANNOUNCED TRADING DESK TO BE SHUT MONDAY MORNING. AUS STOCK EXCHANGE HAS ALREADY SUSPENDED TRADE IN LEH HOLDINGS.

Posted by guest , Sep 15, 2008 12:37AM

To all LEH ex-colleagues: It was fun ride! Good luck to all!

Posted by guest , Sep 15, 2008 12:38AM

Newberger Berman wasnt included in chapter 11

CNBC

Posted by guest , Sep 15, 2008 12:38AM

@62 do you mean 401k? it should be at fidelity. even if it was IRA at Lehman, it would be fine.

I assume pensions are protected as well.

Posted by guest , Sep 15, 2008 12:38AM

cnbc: "none of the broker-dealer subsidaries will be included in ch 11 filings"

what does that mean? broker-dealers could still get bought then?

Posted by guest , Sep 15, 2008 12:38AM

What was in it for LEH to file by midnight? With the unwinding trades undone, their demise will be that much more pailful and that puts pressure on Polson to back down from the "No Taxpayer Money" position.

As Asia and then Europe go to hell and US futures hit -500 or worse, don't be surprised if the administration backs down and a taxpayer funded deal is announced between 9:00 and 9:30. The way things are shaping at 12:30AM, the political cost for Monday may be far worse than the administration is willing to pay.

Posted by guest , Sep 15, 2008 12:39AM

This is completely surreal. Can't believe it's actually happening.

Best wishes to the LEH folks.

Posted by guest , Sep 15, 2008 12:40AM

@40, Friday's market cap was an OTM call option on a deal going through. No bank is going to touch them because nobody understands what toxic assets the bank holds.

It's like taking rent money from somebody off Craigs List while drug dealers are after him for 20,000.

Posted by guest , Sep 15, 2008 12:41AM

thanks dealbreaker for following this throughout the night. lehman employees are some of the smartest and nicest people on the street and wishing everyone the best.

Posted by guest , Sep 15, 2008 12:42AM

Question: Will wall street be the same wall street of the 90's-today after the market recovers? Are the days of models/bottles over?

Posted by guest , Sep 15, 2008 12:42AM

Alan Schwartz is gonna survive this thing but I can't imagine Dicky Fuld making it out of town without being chased by an angry mob with pitchforks

Posted by guest , Sep 15, 2008 12:42AM

Market will be positive by the close tomorrow.

Posted by guest , Sep 15, 2008 12:42AM

@73 I'm calling over. Three firms lost in six months. What's left?

Posted by guest , Sep 15, 2008 12:43AM

Another lesson.

Ch 11 is reorganization, not liquidation.

Not saying LEH folks will have job, but parts will be sold in an orderly (eg no gun to head) manner.

You should show up for work tomorrow. Maybe your division will be the one to be purchased.

Posted by guest , Sep 15, 2008 12:43AM

so the holding company filed but no subs included - what does that mean...can they come back after reorganization?

Posted by guest , Sep 15, 2008 12:43AM

@74 mines ready. I've been honing it for the past week.

Posted by guest , Sep 15, 2008 12:44AM

http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf

Posted by guest , Sep 15, 2008 12:44AM

Question: Will wall street be the same wall street of the 90's-today after the market recovers? Are the days of models/bottles over?

Posted by guest , Sep 15, 2008 12:44AM

BOFA buying Merill Lynch just proves how Lehman is busted, whenever your ready to come back into the market, Goldman Sachs and Morgan Stanley will only be the survivors of this greed. Or just buy gold, might hit $1250 before the end of the year.

Posted by guest , Sep 15, 2008 12:44AM

SEC did not put a halt to shorting of financials this weekend like with did with freddie/fannie.

Monday is going to be a MS/GS/C bloodbath

Posted by guest , Sep 15, 2008 12:44AM

@77 at least hopefully will still get paid/insured with time to figure this shit out, hopefully.

I guess this was the best that could be salvaged at this point. Thanks DICK!

Posted by guest , Sep 15, 2008 12:45AM

So what will happen to Lehman Point, there was a thread earlier on that. Anyone has any input?

Posted by guest , Sep 15, 2008 12:45AM

SEC didnt halt financial sector shorting this weekend.

Tomorrow will be a MS/GS/C bloodbath

Posted by guest , Sep 15, 2008 12:45AM

BOFA buying Merill Lynch just proves how Lehman is busted, whenever your ready to come back into the market, Goldman Sachs and Morgan Stanley will only be the survivors of this greed. Or just buy gold, might hit $1250 before the end of the year.

Posted by guest , Sep 15, 2008 12:45AM

SEC didnt halt financial sector shorting this weekend.

Tomorrow will be a MS/GS/C bloodbath

Posted by guest , Sep 15, 2008 12:46AM

@82 i think that will largely depend on the regulatory response.. might be nice to see thain, now relieved of ml duty, in charge of that...

Posted by guest , Sep 15, 2008 12:46AM

To Lehman employees, consider the Chapter 11 bankruptcy to be an act of mercy for all of you. At least you MAY have a job after all.

This goes to show that Lehman DOES care about its employees ... a little bit. Lehman is doing everything they can to protect its employees even as the company implodes.

Posted by guest , Sep 15, 2008 12:46AM

68 - Broker-dealer must file 7.

73 - No, it will never be the same. Those Ibankers who don't lose their jobs are going to work for commercial banks, which are regulated with an iron fist. Add in leverage overhaul and destruction of securitization and the exotics and Wall Street is trashed.

Posted by guest , Sep 15, 2008 12:46AM

@73 Wall Street guys never really got with models. They usually went for photographers/creative types. Girls at that level are kinda weird and artsy.

Posted by guest , Sep 15, 2008 12:47AM

Hey anyone know how I can bid for one of those sick computers with 8 screens from Lehman's energy desk? I mean lehman's gotta sell them for like nothing right? I'm in the process of trying to build out my own setup but getting the graphics card configuration and shit right for that is a pain in the ass.

Also, GS goes to zero by December.

Posted by guest , Sep 15, 2008 12:48AM

So what will happen to Lehman Point, there was a thread earlier on that. Anyone has any input?

Posted by guest , Sep 15, 2008 12:49AM

You are an idiot 95

Posted by guest , Sep 15, 2008 12:50AM

The computers with 8 screens aren't that unique -- in some cases there are actually two computers under the table.

Giant video card....

Posted by guest , Sep 15, 2008 12:51AM

so can any one tell me how this half chap 7 half 11 thing work

Posted by guest , Sep 15, 2008 12:51AM

@93

How about some of the european shops like CS, UBS etc?

I know it's "selfish" to ask this question now but fuck it, I'm on pins and needles: I have a FT offer for CS after I graduate next year...chance it gets yanked?

Posted by guest , Sep 15, 2008 12:52AM

if broker-dealers/nb still continue to operate, does that mean that they can get bought (by barclays or whoever)?

Posted by guest , Sep 15, 2008 12:54AM

Greenspan says this is the worst economy he's seen, which is scary considering he's 400 years old

Posted by guest , Sep 15, 2008 12:54AM

@82 i think that will largely depend on the regulatory response.. might be nice to see thain, now relieved of ml duty, in charge of that...

Posted by guest , Sep 15, 2008 12:55AM

Would the LEH stock still trade in NYSE market tomorrow? I want to sell all my LEH stock.

Posted by guest , Sep 15, 2008 12:55AM

BK at holdco only because holdco had most of the derivatives exposures

Posted by guest , Sep 15, 2008 12:56AM

@103 Don't believe it, the government says there is no recession and we have positive growth.

Posted by guest , Sep 15, 2008 12:57AM

They deserve this, having lost their shirt on loans to people who couldn't afford them, banks now fear a new round of defaults on loans to people who weren't required to document their income.

Posted by guest , Sep 15, 2008 12:59AM

101: There are now 80k people on the street hunting for work. Some of them are as smart as you. Some of them will work cheaply. Most are more skilled than you, and have licenses, experience, etc.

Most of your class will end up in ops or some crap like that.

Posted by guest , Sep 15, 2008 1:02AM

THE END IS NEAR!!!!!!!

The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government

Posted by guest , Sep 15, 2008 1:03AM

Gold hits 11-month low today. Must be because of the market manipulators unloading gold through back channels in order to prop up the equities market. Right? RIGHT?

Posted by guest , Sep 15, 2008 1:05AM

Question for Lehman employees --

Does Lehman own the 745 building and what is its' approximate worth? It is relatively new ...

Also, how many employees are in the NY office (and breakdown if firm-wide if you happen to know).

Just curious ...

Posted by guest , Sep 15, 2008 1:09AM

@113: why don't you just look it up? http://en.wikipedia.org/wiki/Lehman_brothers

Posted by guest , Sep 15, 2008 1:10AM

Will anyone buy after BoFa, Barclays, KDB have all clearly rejected Lehman?

Why would the Broker-Dealer be bought now? Wasn't the emergency meeting over the w/e suggesting piecemeal sales?

Posted by guest , Sep 15, 2008 1:11AM

My sincerest sympathy to all the LEH employees affected by this.

Like any firm, 90% are honest and hardworking people who end up paying the consequences for the errors of people at the top.

I hope that Fuld and his crew are denied severance and their excessive pay packages. That money could go a long way to people that might even appreciate it.

I was laid off almost a year ago and it totally sucks out there. I truly feel for you guys ...

Posted by guest , Sep 15, 2008 1:11AM

Hey 101

Sorry but yes, your offer is at risk. Why?

1) Possible general market meltdown equals hiring freezes / letting people go

Might be smart to come up with a non-bank backup plan

GL

Posted by guest , Sep 15, 2008 1:18AM

Does the same apply for a FT offer at JPM? Received one after an internship this summer...

Posted by guest , Sep 15, 2008 1:19AM

@74 --- I hear JaCayne is offering Dicky Fuld room in his underground bunker.

I swear ... this whole thing with BofA ending up with Merrill is like a groom leaving the bride at the alter and running off with her cousin ...

Posted by guest , Sep 15, 2008 1:20AM

I can't believe you greedy fuckers still want to work in Wall Street after all the turmoil that's going on.

I guess all you care about is prestige and money. That comes with a price. When you lose your job and offer, I won't have any sympathy for you.

Posted by guest , Sep 15, 2008 1:24AM

#115 They will buy because treasury will back up the deal with your and my $$$.

Word from the McCain campaign is that they are really worried that a market meltdown will loose them the election and I am speculating that they are putting pressure on the White House for a bail out. (Please note: This is pure speculation on my part)

The headline of "Dow has record down day" less than 2 months before the elections spells doom for the person running on "things are just great and I promise more of the same"

Posted by guest , Sep 15, 2008 1:30AM

@121

I am speculating that you are an idiot

Posted by guest , Sep 15, 2008 1:30AM

@114: thanks for the wikipedia link .. just a bit bleary at this hour.

For anybody curious, LEH does own 745 and purchased it for $700 million in 2002.

Interestingly enough, Wikipedia is already speaking of LEH in past tense AND notes the filing dated 9/15/08 ... sort of quick on the response there.

http://en.wikipedia.org/wiki/Lehman_brothers

Posted by guest , Sep 15, 2008 1:42AM

#121 - you think even though they were not willing to use your and my $$$ to back a lehman takeover deal in the first place?

That's probably a valid speculation about Mcain though. I agree.

Posted by guest , Sep 15, 2008 1:43AM

#121 - you think even though they were not willing to use your and my $$$ to back a lehman takeover deal in the first place?

That's probably a valid speculation about Mcain though. I agree.

Posted by guest , Sep 15, 2008 2:03AM

#121 and #69 responding:

Fact: At 1:50AM, things are looking ugly for Monday.

Fact: A record down day for the stock market will cause economic insecurity in the "common folk" even though they are unable to understand what it all means and how it may actually impact them (you can call me am elitist if you like)

Fact: Economic insecurity is bad for McCain.

Fact: A record down day will give Obama a boost.

Fact: The McCain campaign knows all of this.

Fact: McCain has the ability to call Bush and ask for help.

Unknown: Whether Bush is willing to help.

Speculation: The administration did not forsee how ugly things would get. They thought that the Plan B of providing additional liquidy would soothe things over.

Speculation: McCain asked Bush for help.

Wild speculation: Bush will agree to help because the cost of helping using taxpayer money is far worse than the cost of not helping.

Even wilder speculation: At least some of the suitors saw all of this coming and will not even start to negotiate till early Monday morning.

How many banks in the US and internationally will jump if they were offered a BSC style deal for LEH?

You will know somethig is going down if the actual filing is not announced by 8:00AM.

Posted by guest , Sep 15, 2008 2:43AM

My apologies for not understanding this whole process in greater detail. I am an older person (near retirement age), and my broker informed me on Friday night that he has been sitting on over 4000 shares in LEH (common stock) since January.

I am in a panicked mode right now (can hardly breathe), and I have many questions. Help!!

1. Are my holdings in LEH now worthless?

2. Can someone with some knowledge of Chapter 11 AND Parent/Subsidiary Issues provide some guidance as to what are the possible outcomes with my shares?

3. Should I sell these shares first thing this morning during pre-market, or is it possible that these shares could regain value (or receive a payout) in the future?

4. If LEH emerges from Chptr 11, would it issue new shares or trade with the old ones?

Any other advice? If you think I'm an idiot, providing me with a link that would explain this stuff would still be appreciated, especially the whole Parent-Holding Co vs. Subsidiary thing as to the Chapter 11 filing.

Thanks in advance.

Posted by guest , Sep 15, 2008 2:57AM

Simply put, your shares will be worthless. I'm not exagerating when I say they have more value as toilet paper or as a framed wall hanging and a reminder of what happens when extreme leverage meets a complete lack of confidence. The first thing you have to remember regarding any residual value is the debt holders are in front of you when it comes to getting paid. There won't be anything left to provide you with any value for your shares. Sorry to be there bearer of bad news. Good luck.

Posted by guest , Sep 15, 2008 2:57AM

You should probably consider hiring a lawyer to sue your broker.

Posted by guest , Sep 15, 2008 3:18AM

Guys: I think barclays will buy them. The logic behind it (including why chapter 11, and fed announcement to take equities as collateral) is given in the blog financialtraders.blogspot.com

Tomorrow I plan to buy some share of LEH.

Posted by guest , Sep 15, 2008 3:21AM

URL in comment 130 did not come out right. It is: http://financialtraders.blogspot.com/

Posted by guest , Sep 15, 2008 3:56AM

@101...sorry but with all the layoffs last week along with more from leh...I wouldn't hold my breath for the CS offer...plus any offers from any I-Banks over the last few months and prob for some time are not set in stone...I know ppl who lost an offer from Morgan & I lost one from GS last week...

Posted by guest , Sep 15, 2008 3:59AM

I think if anyone can pull out a miracle, its Dick Fuld...g'luck to Lehman employees! Think of Ch 11 as a blessing for now or the best bet in the situation at hand.

Posted by guest , Sep 15, 2008 4:00AM

I think if anyone can pull out a miracle, its Dick Fuld...g'luck to Lehman employees! Think of Ch 11 as a blessing for now or the best bet in the situation at hand.

Posted by guest , Sep 15, 2008 5:49AM

to he'll with all the rumor and innuendo - bess is cursing again, that's the spirit bess!

Posted by guest , Sep 15, 2008 7:10AM

Lehman may have filed for Ch11, but it will become a Ch7 if things don't work out.

The market will now do their bit to make sure Lehman gets liquidated so everyone can move on.

Tell me something, why the fuck is Abby Joseph Cohen still being invited onto the WSJR Maria Bartiromo show when she has failed with her forecasts for consecutive years??!!

BofA-Countrywide-Merrill is one fucked-up combination. The image of John Thain riding on the shoulders of Ken Lewis is not exactly one of solidarity and strength. Time to short BofA.

Posted by guest , Sep 15, 2008 10:55AM

Good luck to everyone guys.Its a strange day today but for some of you it will be the best thing happened to you when u wake up fromchasing the lehman dream and see that u can have same salary more or less and a real life.Trust me.I ve been there and Im happy I made the right choice before I end up dead inside.For the rest of you...there r always more "lehman " in next corner.
Its all for the best.

Posted by guest , Sep 15, 2008 1:53PM

@138...life after banking. intriguing.
What are you doing now?