by flory
Per The Paper of Record - the latest victim of Big Shitpile is Lehman Brothers. 168 years of good honest American laissez faire republicanism going down the tubes. But hark! They can fuck the little guy yet one more time before going into that good night.
The Securities Investor Protection Corporation would handle the liquidation of such brokerages, and bankruptcy lawyers say that customers are likely to receive their holdings back.
What does that that 'are likely' mean? My guess is that if you're CalPers or the Florida State Retirement System and you've got some holdings at Lehman, you'll probably get your account settled at par. If you're Jill Smith? Sucks to be you. If Lehman runs out of holdings -- you're most probably fucked. So sorry.


Hear, hear, old chap. Life just wouldn't be worth living if you couldn't screw the proles one last time.
Posted by: DrDick | September 14, 2008 at 10:10 PM
This is just one more way in which it sucks to be me.
Posted by: Jill Smith | September 14, 2008 at 10:12 PM
And that, ladies and gentlemen, is why I continue to NOT invest in the stock market.
Posted by: Dave | September 14, 2008 at 11:01 PM
From The Big Picture; Barry Ritholz liveblogging the CNBC Sunday coverage of the Lehman fire sale:
Nouriel Roubini, Professor of Economics at New York University, iused to be a joke among the Masters Of The Universe who populate the trading floors at places like Lehman's. After accurately predicting the effect of the housing and mortgage sectors on the overall economy, Wall Street and other economists don't laugh at him any longer.
Roubini has a new post up at rgemonitor.com:
BENDER: Yep! We're boned.
Posted by: Jemand von Niemand | September 14, 2008 at 11:31 PM