uh-oh… better do something otherwise this could be 87 crash style
really! i dont have a terminal @ home. fly on the wall is s*** on the weekend and so is briefing.
The only hope is GS… Monday will definetely be a carnage!
think GS has walked away
just called my buddy at LEH - he and his team are meeting with CS tomorrow and should be out of the office by Wednesday if the company is still standing.
congress wants fed to not be a backstop and let large financial institutions fail… careful for what you wish for. look i’m in for letting financial markets work, but they will not be working on monday unless something happens…
i have already talked with another desk as well
Thinking there might be a 10% crash on Monday
ptrainerNY… your 2nd person I hear say that in last 5 minutes
The govt will step in if there is no willing buyer. I don’t care what Paulson said. If LEH goes BK the probability of a run on the brokers will jump dramatically. Further, IMO the CDS and IRS markets will seize to exist over time. The financial system is in a big heap of trouble. Even if LEH gets bought out all other broker/dealers are hiding toxic ish on Level 3 of the asset side of their balance sheet. This is a train wreck like we have never seen before. This is a deflationary monster that is going to take many people’s jobs. If we have any MER people on here, I would strongly advise to start (if you haven’t already) looking for external employment opportunities. As I’ve stated before, anybody who is looking to get into the financial field in their quest for bigger compensation are going to be sorely disappointed. The days of easy money (and money making) are DEAD.