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Thirteen Years Ago Today

By Greek Card15/9 09:34Wed Sep 15 09:34:19 2021

Views: 623

Lehman Brothers collapsed.

The good times were officially over. Things have never been quite the same again.

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Re: Thirteen Years Ago Today

By Right Said Fred Onyedinma (The Luton Fan)Yesterday 06:42Yesterday at 06:42:54In response to Thirteen Years Ago TodayTop of thread

Views: 71

Bank runs happening in China.

Wall St is unfazed however.

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Re: Thirteen Years Ago Today

By tara (ProgressiveTara)16/9 08:06Thu Sep 16 08:06:42 2021In response to Thirteen Years Ago TodayTop of thread

Views: 130

God they were a fun couple of years.

Go to a client selling staff and come back with more cv’s than you started with.

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Re: Thirteen Years Ago Today

By Shanghai15/9 15:09Wed Sep 15 15:09:18 2021In response to Thirteen Years Ago TodayTop of thread

Views: 253

The day I came back from post graduation travelling, refreshed and ready to start my job search.

Year on the dole, 2 years self employed earning below minimum wage before landing an entry level role.

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Re: Thirteen Years Ago Today

By Leeds Sandgrounder15/9 15:19Wed Sep 15 15:19:18 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 248

It was also the year I got shat into an unwilling job market. That was fun.

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Re: Thirteen Years Ago Today

By Sweepy15/9 15:11Wed Sep 15 15:11:19 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 243

Aye, the recruitment FREEZE of the time ultimately RESHAPED my ENTIRE life.

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Re: Thirteen Years Ago Today

By Mr Nice (Forever Claret 83)15/9 11:12Wed Sep 15 11:12:40 2021In response to Thirteen Years Ago TodayTop of thread

Views: 447

That was a wild Monday morning! I was just over a year into my career in the City and i learnt an awful lot from the resulting financial crunch and its shaped my career because its left me with an interest in risk and i've worked my way towards that type of role.

I'm not sure if they still do but Lehman Brothers where still actually operating out of Citi's building in Canary Wharf a few years ago. There was still a few staff left working to close out old positions as they expired.

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Re: Thirteen Years Ago Today

By Westbrookewing16/9 07:24Thu Sep 16 07:24:41 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 142

I know HMRC still had a Customer Compliance Manager for Lehmans in 2018.

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Re: Thirteen Years Ago Today

By ncfc (moincfc)15/9 14:58Wed Sep 15 14:58:25 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 262

Not dissimilar to myself in terms of timing.

The LOLZ at Kaupthing, IceSave, etc, all started going pop is still pretty clear in my memory too.

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Re: Thirteen Years Ago Today

By Marked Ox15/9 15:06Wed Sep 15 15:06:43 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 245

I got my cash back from Icesave so I was indifferent to it.

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Re: Thirteen Years Ago Today

By Greek Card15/9 11:49Wed Sep 15 11:49:08 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 364

I remember rather naively claiming at the time that the Greek economy was a basket case anyway an couldn't get much worse.

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Re: Thirteen Years Ago Today

By Baldman15/9 11:31Wed Sep 15 11:31:37 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 390

I remember being asked to be in early on the Monday. We didn’t really trade with Lehman, but our US parent had accounts with both them and Bear. It was kind of mesmerising to watch it all unfold and all the rumours going round about how some of the big boys could be next, even Citi.

It really did seem like the markets were going to collapse. Scared the life out of everyone enough to realise that ‘too big to fail’ was a thing

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Re: Thirteen Years Ago Today

By Meerkat15/9 11:49Wed Sep 15 11:49:58 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 361

We only had a small sideline in derivatives so the newest kid was left doing the collateral each week, just move a few million back and forward.
Then suddenly it went daily and this poor kid had collateral moves north of £50M, causing all sorts of practical issues, and intense scrutiny with rather senior bods marching round each morning (the most senior seemed to be getting a right boner from the 'excitement'). Kid loved it and went from an ex plasterer chav to now being a fund manager in the city!

A weird one was one morning when the order came down direct from the CEO that everything Abbey National had to go. EVERYTHING, right down to clearing minor bank accounts. And NOW!. Never did find out what the panic was about.

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Re: Thirteen Years Ago Today

By Mr Nice (Forever Claret 83)15/9 11:40Wed Sep 15 11:40:43 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 365

I remember getting a call from one of our custodians in a panic as they'd heard HBOS were about to sink and what did we want to do. That was one I was thankfully able to quickly pass up the chain for someone to sort out. I found it all a bit fascinating really in a watching car crash kind of way. I was junior enough to not have to make any decisions and so was really just an observer of it all with little personal risk to me.

We weren't that exposed to Lehmans either but what we learnt was we had bad infomation as no one could quickly answer the question on what our exposure, if any, was. It took a couple of days for it to be all pulled togethers. Times have changed since then for sure.

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Re: Thirteen Years Ago Today

By carrotcruncher(hfc)15/9 09:45Wed Sep 15 09:45:20 2021In response to Thirteen Years Ago TodayTop of thread

Views: 503

I've always blamed Blair.

Not for the crash itself but for not implementing the checks and balances they talked about doing, eg separating clearing from gambling part of banks.

Blair was too worried about nanny state accusations and upsetting the vested interests in the Murdoch and other elite press that mostly supported (tolerated) a centre right labour government.

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Re: Thirteen Years Ago Today

By Meerkat15/9 10:13Wed Sep 15 10:13:59 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 460

Brown didnt want to regulate the City because he was loving the torrents of tax they were paying. Corporate tax plus all the higher rate income tax on the bonuses.

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Re: Thirteen Years Ago Today

By cufc infinity (cufc_infinity)15/9 09:48Wed Sep 15 09:48:53 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 511

Chinese property market NEXT

https://www.dw.com/en/evergrande-why-the-chinese-property-giant-is-close-to-collapse/a-59175953

"Investors are growing increasingly nervous that if Evergrande were to collapse, this could could spread to other property developers and create systemic risks for the banking system of the world's second-largest economy."

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Re: Thirteen Years Ago Today

By Yeoman15/9 14:49Wed Sep 15 14:49:37 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 263

Evergrande relied on presales to finance itself and keep its activities afloat, and the crackdown forced the group to offload properties at increasingly steep discounts.

All sounds a bit Ponzi-ish

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Re: Thirteen Years Ago Today

By Baldman15/9 12:47Wed Sep 15 12:47:19 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 326

China has informed banks that Evergrande won’t pay the next scheduled interest payment. We could be about to find out what a Chinese banking crisis looks like.

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Re: Thirteen Years Ago Today

By Mr Nice (Forever Claret 83)15/9 23:23Wed Sep 15 23:23:24 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 166

The timing is fucking shit. I'm off to Tenerife tomorrow but this is all gonna kick off next week. They have $84bn in bond interest due on the 23rd. If they default on that then all hell will break loose.

Most likely they restructure the debt schedule with a little help/pressure from the Chinese government but still....lap top is coming with me now.

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Re: Thirteen Years Ago Today

By Baldman15/9 23:26Wed Sep 15 23:26:47 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 169

$84bn in interest. Kin ell

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Re: Thirteen Years Ago Today

By Dave (Barra) (David (Barrovia))15/9 10:25Wed Sep 15 10:25:21 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 457

Oh no, not the property developers!

*clutches pearls*

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Re: Thirteen Years Ago Today

By KD (KD1981)15/9 13:54Wed Sep 15 13:54:53 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 279

Oh no, not the Chinese!

*clutches pearls*

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Re: Thirteen Years Ago Today

By Meerkat15/9 10:35Wed Sep 15 10:35:51 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 442

Problem with the property developers is the old thing about if you owe the bank a bit its your problem, if you owe the bank a lot its the bank's problem.

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Re: Thirteen Years Ago Today

By Dave (Barra) (David (Barrovia))15/9 11:09Wed Sep 15 11:09:41 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 412

Oh no, not the banks!

Still, they are all prudent warriors of capitalism. All risk will be covered and there’ll be limited fall out for Joe Public.

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Re: Thirteen Years Ago Today

By Mr Nice (Forever Claret 83)15/9 11:18Wed Sep 15 11:18:24 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 402

God bless Basel III. It was very robustly tested last March/April and 10 years of regulatory effort to stop another 2008 seems to have worked.

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Re: Thirteen Years Ago Today

By Dave (Barra) (David (Barrovia))15/9 11:56Wed Sep 15 11:56:32 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 357

Lovely stuff, well done Basil and friends.

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Re: Thirteen Years Ago Today

By Mr Nice (Forever Claret 83)15/9 12:35Wed Sep 15 12:35:48 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 333

I'm glad really as i've spent the best part of my 14 year City career working on implementing Basel (one big regulatory implementation deadline went live only this month) so I was very pleased that all that time and effort wasn't for nowt.

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Re: Thirteen Years Ago Today

By Barnet Ben15/9 10:18Wed Sep 15 10:18:23 2021In response to Re: Thirteen Years Ago TodayTop of thread

Views: 463

NEXT

"It also operates the Guangzhou FC football club, formerly Guangzhou Evergrande."

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