All New York Contractors Terminated at major division of an IB

[PAH]

2. depression (i.e. recession where bankers also suffer)

I think they'll be very depressed if they all end up nationalised!

[BrilloPad]

Saw a programme last night about the super rich and how it all ties into the USA sub-prime market with all those dodgy mortgages being packaged as AAA safe investments.

Aren't whoever packaged them as AAA being investigated for fraud or some other crime, otherwise what's to stop them doing it again? From the programme it sounded like a lot of it was down to poor use of historical data/statistics, though I'm sure greed and passing the hot potato is a large part of it too.

There was an interview recently with someone who did a similar scam with llyods names. on his yacht. he said "if god did not want them to be fleeced he would not have made them sheep".

The loans were made to ninjas(no income no job) and assumed that, because of rising house prices, not all would go bust. The loans were divided into Tranches where they take a proportion of the money returmed e.g. first 30%, next 40%, last 30%.

Moodys and S&P approved the ratings. There may well be a class action against them - but ultimately the money has already gone to the super rich. Lets say that Moodys do go bust - I bet the execs will have golden parachutes.

Unfortunately the only ways to stop the rich scamming the poor are :-
1. the poor to be interested in the real world(as opposed to big brother)
2. depression (i.e. recession where bankers also suffer)

[PAH]

they sold these so called AAA investments onto.

Saw a programme last night about the super rich and how it all ties into the USA sub-prime market with all those dodgy mortgages being packaged as AAA safe investments.

Aren't whoever packaged them as AAA being investigated for fraud or some other crime, otherwise what's to stop them doing it again? From the programme it sounded like a lot of it was down to poor use of historical data/statistics, though I'm sure greed and passing the hot potato is a large part of it too.

[BrilloPad]

Which bank?

I think it is held in credit instruments...

[motoukenin]

Which bank?

Theirs funnily enough

[sasguru]

http://www.mortgagesolutions-online....ml?page=758277

Lehmans still have 220 Billion in the bank so dont think they will go bust just yet

Which bank?

[motoukenin]

LBros

http://www.mortgagesolutions-online....ml?page=758277

They have stopped selling their sub prime mortgages , no takers to sell them on to apparently. From what I have been told they are only servicing existing mortgages.

Recruitment incollections and legal department have risen but all projects canned.

Still the banks wernt the real loosers here , although they lost billions it was nothing compared to the pension funds and private investors that they sold these so called AAA investments onto.

Lehmans still have 220 Billion in the bank so dont think they will go bust just yet

[snaw]

New York contractors eh? Funny, I never really experienced any real contract market in the US, certainly not to the tune of 200. I reckon it's BS.

I'd believe it if they said permies, but you'd imagine that would make news of some kind. 200 IT staff is a big chunk of any major IB bank.

[BrilloPad]

Lehman Brothers? I have heard second-hand that 40ish London-based contractors at Lehman had their contracts terminated this week as the project was being canned.

I know that LB are still recruiting at the senior permie level. Not sure about foot soldiers.

[BrilloPad]

no link. I have a friend at the French part. He has never been wrong before.

[Ruprect]

linky? or rumour?

[Xenophon]

Lehman Brothers? I have heard second-hand that 40ish London-based contractors at Lehman had their contracts terminated this week as the project was being canned.

[BrilloPad]

About 200 apparently. Plus 45 staff made redundant.