Lehman Bros. stock plummets 94% - friend loses over 2 million!

[Raddicted]

Hopefully nobody on here holds Lehman stock. My friend is an investment banker for them and he just found out he may lose his job this week. Apparently a lot of the management didn't know just how bad it was until it was made public.

He just lost over $2,000,000 in his stock account and could even lose his job this week. He has a 1.8 million dollar home and just bought a new SL65. Plus he lived the work hard, play hard lifestyle so I don't think he was wise enough to save a lot of his money. Yikes! He just called me in a huge panic. What do you really say to that?

Anyone else on here take a beating on Lehman?

 

[Bad hare]

Not to be a dick, but why didn't he learn from everyone @ Bear Stearns ?

Best of luck to your buddy.

 

[Doctor7474]

I kind of agree. Bad business practices for years. Not saving money. Having a career based on risk. I hope the Fed bails no more of these companies out, I'm tired of paying for peoples mistakes when they knew there was a risk involved with it.

 

[Anthem40]

Lehman has been in the news for the last 2 weeks about how their stock was continually plummeting. This isn't breaking news.

 

[dago]

What is breaking news... Bank of America just announced it's purchase of non other than Merrill Lynch for $29 a share.

 

[Raddicted]

Lehman has been in the news for the last 2 weeks about how their stock was continually plummeting. This isn't breaking news.

He found out about him possibly losing his job today though. And it sort of stings a little when you lose over 2 million dollars of your personal money. Well it would for me as I don't have that type of money lying around. Losing $15K playing internet poker doesn't seem all that bad now. :biggrin:

Merrill Lynch was a big surprise.

 

[Raddicted]

At least nobody on here looks like they took a beating.

 

[Notoriouswithag]

America's fucked. woooo

and talk about a bad day. if i lost 2 million+ the greater possibility of my job I dont know what i would honestly do..

 

[dago]

Thank You Mr. Greenspan. He really believes he had no part in the mess that this country is in.

http://www.huffingtonpost.com/2008/09/14/greenspan-this-is-the-wor_n_126274.html

 

[utekineir]

and talk about a bad day. if i lost 2 million+ the greater possibility of my job I dont know what i would honestly do..

Hope you still have about $2.43 left over.

 

[dago]

And for all you fear mongers.....Makes me a little queasy.
http://www.cnbc.com/id/26656750/site/14081545/

Black Monday 2008..... Tomorrow is going to be a nasty day. Count on it.

 

[ASCI_Blue]

Who didn't see this coming?

 

[MagicChic]

I don't think I had money invested in them. My financial advisor and his board all make the decisions of when to buy and sell my stocks. I'm sure they would have pulled out of that one when the it started to slump.

Investing $2 million into the company you work for is just crazy. He should have put more than half of that away in a CD or something that gained interest. I'm sorry it happened to him, but if he were smart, he would have saved most of his money instead of throwing THAT much of it into one company.

 

[fairladyz_gt-r]

I want to jump in and hope that the same thing happen to Lehman Bros as it did with Bear stern, but something tell me no one will bail them out

 

[GTIxpinay]

damn that sucks, hardcore

my boyfriend was just telling me about this shit, but all this business stuff is hard for me to understand.