This Associated Press video from London, England about Lehman Brothers bank says about itself:
Interviews with staff who have been let go, boxes being moved
1. Pan of woman carrying box out of building
2. Lehman Brothers employees by window
3. Security outside Lehman Brothers building entrance
4. Pan of man walking with box inside building
5. Employees standing outside building
6. Pan of man carrying poster and briefcase
7. Tracking shot of man walking, UPSOUND Reporter (English) “Excuse me sir, how are you feeling,” Man (English) “How do you think?”
8. Set up of fired trader Jack Reynolds
9. SOUNDBITE (English) Jack Reynolds, ex-employee of Lehman Brothers “I don’t know anything more than you, I’ve only been here a week, graduate scheme and so my career has been halted at the first hurdle. And that’s it.”
10. Mid of staff
11. SOUNDBITE (English) Burhan Uddin, Employee in Finance department: “Things still need to be done, business as usual as far as I know.” (Reporter : “Everyone we’ve spoken to has said basically is that everyone’s job is gone.”) “Well, that’s not what we’ve been told in Finance.”
12. Wide of assembled media around staff
13. SOUNDBITE (English) Trush Patel, Employee in Finance department: “It’s very mysterious, people just walking around not sure what’s happening. Some people are wrapping up all their belongings, some spending all their credit on their canteen cards.”
14. Man leaving building with box
15. SOUNDBITE (English) Edouard D’Archimbaud, Trader fired on his first day at work: “A lot of headhunters calling us, so I think there are many possibilities but, you know, there are a lot of people at Lehman, fired today, a lot of people at Merrill Lynch probably fired in a couple of hours or days, I don’t know.”
16. Media with D’Archimbaud
17. Mid of woman selling newspapers – headline reading “5000 jobs go as banks crash.”
18. Headline of London daily newspaper Evening Standard reading “Black Monday.”
19. Tracking shot of fired employee carrying box walking down to escalator on London Tube
The British operations of US investment bank Lehman Brothers were placed in administration on Monday to protect them from creditors, the accounting firm PricewaterhouseCoopers said, while Lehman’s parent company in the United States filed a bankruptcy petition there.
Lehman Brothers employs about 5-thousand people in the United Kingdom. Employees carrying boxes and bags were filmed walking out of Lehman’s London offices on Monday. Employees of the bank, some fired, some still with jobs told of their surprise and confusion at the job losses and they spoke to the media outside their London headquarters in Canary Wharf.
While many employees lost their jobs Monday morning, some in the finance department said that they expected to stay on at work for a little time yet. … One French employee, trader Edouard D’Archimbaud, who arrived from France yesterday for his first day of work, said that headhunters had been on the phone in the morning, and that he felt confident other jobs would turn up for those fired. However, he warned “there are a lot of people at Lehman, fired today, a lot of people at Merrill Lynch probably fired in a couple of hours or days.”
From the BBC:
The fourth-largest investment bank in the US, Lehman Brothers, has filed for bankruptcy protection, amid a growing global financial crisis.
Lehman had incurred losses of billions of dollars in the US mortgage market.
The move threatens to deal a further blow to the global financial system, as banks unwind their deals with Lehman.
Merrill Lynch, also stung by the credit crunch, has agreed to be taken over by Bank of America in a dramatic weekend of events for Wall Street.
See also here. And here. And here. And here.
Wall Street jobs cull begins as Lehman rescue bid fails, here.
Lehman Brothers plans to ‘celebrate’ 10th anniversary of collapse branded ‘sickening’: here.
Ten years since the collapse of Lehman Brothers: here.
THE CONTAGION SPREADS TO DEMOCRACY Ten years after the financial crisis, the catastrophic blow to public faith in American institutions has spread to democracy itself. [HuffPost]
Adam Tooze’s Crashed: The limitations of a Left-liberal historian. By Nick Beams, 22 September 2018. The historian Adam Tooze has published a detailed account of the origins and development of the global financial crisis of 2008 and its aftermath.
Inflation bites into Ramadan celebrations across Asia
Kuala Lumpur, Sept 14: In Muslim households across Asia, the inflation crisis is casting a shadow over the holy month of Ramadan, and making the nightly ritual of breaking the fast a more meagre affair. From Afghanistan to Malaysia, the high prices of food are forcing the poor to go without, and curtailing the lavish evening buffets which the well-off have flocked to in better economic times.
In markets and bazaars, the mood is sombre as traders complain they have few customers for their traditional Ramadan fare, as people cut back on treats and delicacies. “Our business strategy this year is just to stay afloat,” said Azahari Wahab as he prepared “ikan bakar” barbequed fish over a wood fire at a Ramadan street market in the Malaysian capital Kuala Lumpur.
“I have been trading in bazaars for the past 20 years and this is the worst year for me. We usually prepare about 100 kilogrammes of fish a day but this time it is down to 30-40 kilos,” he said. As well as the lack of customers, he said the price of his ingredients had risen “more than 100 percent”, as he packed a cooked fish heaped with spicy dressing in a banana leaf.
The fasting month, which culminates with joyful Eid al-Fitr celebrations, is a time of reflection during which Muslims abstain from eating, drinking, smoking and sex from dawn to dusk. In Afghanistan, one of the world’s poorest countries, the markets are packed with festive foods but the price of wheat alone has doubled over the past year and few can afford the pickles, sweets and special breads.
“We didn’t have enough food before Ramadan anyway. For us, it’s the same,” said bus driver Mohammad Gul. “For the poor, it’s always Ramadan.” In a crisis compounded by the Taliban-led insurgency that has hampered development and the delivery of food aid, the British charity Oxfam has warned that up to five million Afghans face severe food shortages as winter looms.
“The food prices are very high,” said civil servant Ghulam Haidar in the capital Kabul. “It’s very difficult for poor people to buy them the prices are scary.” Indonesia, the world’s largest Muslim nation, saw a spike in the price of food in the lead-up to the fasting month, putting pressure on families already hit hard by sharp rises in subsidised fuel prices.
Families in Jakarta have said rising food and fuel prices are limiting spending power for the nightly festivities. “I used to serve dessert for my family to break the fast before we had the main meal consisting of rice. But as everything has become very expensive we can’t afford it anymore,” said Nena, a mother of six.
Across the region, at five-star hotels and government functions, sumptuous spreads are still on offer but there are fewer takers and prices have been slashed. “Business is quite slow this year compared to last year, at least 20-30 percent less,” said Rosihan Anuar Ahmad, sales director at Kuala Lumpur’s glitzy JW Marriott where the buffet is half what it costs at other hotels.
“We are pricing our buffet strategically to attract customers to come and dine here and we are banking on big companies to treat their staff to a Ramadan dinner,” he said.
In Bangladesh, where food prices traditionally spike during Ramadan, the government set up 7,500 special markets in the lead-up to the holy month, selling subsidised rice and other staples as the country grapples with food prices 45.5 percent higher than a year ago.
“We’ve tried not to put up prices of common items so that poor people will still come,” stallholder Mohammad Shukkor Miah said at Chawkbazar in the old quarter of the capital Dhaka. “We have about half as many customers and our profits are lower. We have had to put up the price of specialty items and fewer people are buying those.”
The traditional purchase of new clothes for Eid has been one of the first things to be sacrificed by Muslim families battling the tough economic times. “We are not getting good response this year. There is a drastic decline of customers in bazaars,” said Irfan Beg, owner of a large garment store in the Pakistani capital Islamabad.
“Last year we had to hire extra salesmen to meet the Eid rush but there are very few customers in the market this year. People say they cannot buy traditional “iftar” items, how can they think of the Eid luxuries?” While national leaders and newspaper editorials recommend the faithful hold more simple celebrations this year, some feel that financial constraints should be put aside during the holy season.
“What is Eid without the food, cookies and clothes? It is a time to celebrate and thank Allah for his blessings,” said Raina Samat, a 23-year-old sales assistant in Kuala Lumpur.
Investors protest over bank losses
Hong Kong: Hundreds of investors who lost their money when Lehman Brothers collapsed last September have marched to demand the resignation of the Chinese territory’s leader, amid anger at the Hong Kong government’s handling of allegations that local banks misled clients about complex investments.
The 400 protesters chanted: “The Lehman issue hasn’t been resolved,” and “Donald Tsang, step down,” referring to Hong Kong’s chief executive.
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