I have been reading every financial article I can find tonight. Is anyone else feeling very nervous about the downfall of Lehman and this Merril Lynch buyout? I feel like we are nearing a depression.
Espo22
Posted:
Member since
Re: NWR - Wall Street Woes
I know its scary, instead of things getting better it seems like they're getting worse.
at the end of june, at the end of the day when the market closed they said it was the 2nd worst ending in history, right behind the great depression
Kristina2009
Posted:
Member since
Re: NWR - Wall Street Woes
Seriously - I don't even work in the banking industry but I totally feel the effects of this will be very broad and I don't think it is just our 401Ks. FH thinks I am crazy for getting all worked up but things are just spiraling downward so fast and I don't see it picking up.
What a year for a wedding splurge!
LvnMrT
Posted:
Member since
Re: NWR - Wall Street Woes
They speculate that tomorrow Bank of America will buy out Merrill Lynch in hopes of saving it...this definitely ***** bc my firm provides services for Hedge Funds and the changing economy will ultimately affect us. It's been affecting us all year...not directly, but a lot of our clients are redeeming from certain Funds or are having ppl redeem from theirs...which means less work for us
Espo22
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by Kristina2009
Seriously - I don't even work in the banking industry but I totally feel the effects of this will be very broad and I don't think it is just our 401Ks. FH thinks I am crazy for getting all worked up but things are just spiraling downward so fast and I don't see it picking up.
What a year for a wedding splurge!
Yeah if this continues it won't be good for most people. There are some who do benefit during these times but not overall it will effect many in one way or another.
Kristina2009
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by LvnMrT
They speculate that tomorrow Bank of America will buy out Merrill Lynch in hopes of saving it...this definitely ***** bc my firm provides services for Hedge Funds and the changing economy will ultimately affect us. It's been affecting us all year...not directly, but a lot of our clients are redeeming from certain Funds or are having ppl redeem from theirs...which means less work for us
Last I read the buyout was approve by both boards for less than 50. My friend also works for a firm that was hired to represent Lehman in bankruptcy.
IrishBrideASmiling
Posted:
Member since
Re: NWR - Wall Street Woes
FH lost his job in finance in May and reading this stuff really hurts. Im afraid he wont find anything in finance for a really long time. All that schooling, licenses and tests may all be out the window
PROBM
Posted:
Member since
Re: NWR - Wall Street Woes
I work on wall street and these events are unprecedented. Things are going to continue to get worse , the bottom is unknown
vicky1125
Posted:
Member since
Re: NWR - Wall Street Woes
WaMu's stock is barely at $3. if this bank fails it'll be the biggest bank failure in history. i have a friend at chase that's telling me people are coming in with checks from WaMu for thousands of dollars. it's getting really bad out there.
VickiR510
Posted:
Member since
Re: NWR - Wall Street Woes
Seriously, but it always gets worse before it gets better. So hopefully we will begin the uphill climb!!!???
vicky1125
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by VickiR510
Seriously, but it always gets worse before it gets better. So hopefully we will begin the uphill climb!!!???
i hope so, but not before me & FH buy a house.
jmd75
Posted:
Member since
Re: NWR - Wall Street Woes
I work for a mortgage company and I have to say the past two years have been the craziest I have ever seen it. Been in the business for almost 7 yrs. I have a feeling it's still going to get worse before it gets better
littlepixie12
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by Kristina2009
I have been reading every financial article I can find tonight. Is anyone else feeling very nervous about the downfall of Lehman and this Merril Lynch buyout? I feel like we are nearing a depression.
Me too! I am actually surprised that we havent hit the depression yet at the rate we are going. My FH works on wall st and he tells me that its totally dead, not like it used to be ... scary!
WaMu is heading towards bankruptcy from what I read also
EsquireBride
Posted:
Member since
Re: NWR - Wall Street Woes
Coming to work right now is really tough -- I am in the finance department of my firm and no new deals are coming in at all. Literally nothing. I am playing catch up with some leftover stuff, and doing pro bono work, and leaving pretty early. I hope this ends soon, but realistically I don't think it will.
JamieAnt06202009
Posted:
Member since
Re: NWR - Wall Street Woes
OMG I feel the same way. This is crazy. I was watching the news this morning and I saw all the people going into Lehman's and it was just so sad. I really can't believe Merril Lynch is in trouble too.
EsquireBride
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by JamieAnt06202009
OMG I feel the same way. This is crazy. I was watching the news this morning and I saw all the people going into Lehman's and it was just so sad. I really can't believe Merril Lynch is in trouble too.
Lehman is the next building over and the street is lined with tv trucks now.
Right now as long as I keep my job I don't care if I don't get a bonus!!!
Kristina2009
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by EsquireBride
Posted by JamieAnt06202009
OMG I feel the same way. This is crazy. I was watching the news this morning and I saw all the people going into Lehman's and it was just so sad. I really can't believe Merril Lynch is in trouble too.
Lehman is the next building over and the street is lined with tv trucks now.
Right now as long as I keep my job I don't care if I don't get a bonus!!!
DITTO - Although I am still pretty busy. Normally I complain about the late nights. These days I am so thankful we still have work coming in. I definetely see a change here though and the spending cutbacks are getting very obvious at the firm. It is a very scary time.
EsquireBride
Posted:
Member since
Re: NWR - Wall Street Woes
Posted by Kristina2009
DITTO - Although I am still pretty busy. Normally I complain about the late nights. These days I am so thankful we still have work coming in. I definetely see a change here though and the spending cutbacks are getting very obvious at the firm. It is a very scary time.
I wish we still had work coming in... I am getting really bored. Our firm has already cut back on an associate retreat and I don't think we are taking summer associate candidates out to lunch anymore.
flairforfashion
Posted:
Member since
Re: NWR - Wall Street Woes
Absolutely- I am def feeling the heat from this. I work with guys that work with secuirty accounts. We have our TV on with the latest on the financial disaster. It truly stinks! FYI girls- if anyone of you have invested in any stocks or have invested your 401K- take care of everything now before this gets worse!!!!!!!!! Take all your 401K and throw it in a fixed account so you don't lose anything.
Utterhappiness
Posted:
Member since
Re: NWR - Wall Street Woes
One of my BM's works for Lehman for years now and she too is terrified, understandably so! As of yet, she says they have not said anything solid.
I am not in finance at all, but I too am truly nervous!
Just like Vicki said though, things have to get worse before they get better... Im sorry to anyone feeling the brunt of this burn
