You are also correct. Don’t forget, these people were dropping bricks last Monday when they heard of the bankruptcy, so anything is possible. As a mitigating factor, some facets of the business were making money, such as Equity trading. The Mortgage Capital division (which once had 11 companies, including one in Korea) was merged into the Fixed Income division at the beginning of September. The Mtg division is responsible for a significant portion of the bad debt/loans that helped bring Lehman to its knees.
My sources tell me that some people are pretty grim other there, while some others are happy that Barclay is picking up the pieces.
“My sources tell me that some people are pretty grim other there, while some others are happy that Barclay is picking up the pieces.”
There is no upside for the taxpayer and shareholder in this mess. The top dogs will still come out as hero’s to the financial class. When you get to a certain level and one division fails it should fall on you like a ton of bricks instead of expecting me to protect your assets and houses in the Hamptons, Vail, etc. I want suffering and pain in payment for my dollars since I won’t see any of the upside only the bills. I don’t get any slack when I make the wrong investment.
I am beginning to think they are hiring the criminal class instead of the best of the class on WS. There is too much Tony Soprano and not enough Warren Buffet in these people. It’s never their fault except when they make a profit and then you get your own TV show (a little Jim Cramer dig). The Used car business is missing a lot of players.