Anorak Forums » Backlash

1. chenier
   Member

   I have written an awful lot on credit default swaps, those miracles of financial engineering, claimed by Alan Greenspan to have almost eliminated risk from the financial markets, but I felt I should mention that tomorrow is the day when the outstanding credit default swaps on Lehman Brothers are due for settlement.

   We know that the auction settled the payment of 91.375 cents for each dollar of protection purchased on Lehman Brothers bonds.

   What we don't know is precisely how many billions are out there, nor who is in the hole for them.

   It could be a vast number, up to $400 billion, or a mere $60 billion. The gains could be concentrated in a few hands or spread widely. That's the joy of huge, unregulated markets; no one knows what the f*ck is going on.

   So, just in case it really is the end of the financial world tomorrow, I thought I'd say goodbye, and thanks for all the bandwidth.

   And leave you with the comforting thought that if we survive settlement tomorrow we have the credit default swaps on Washington Mutual and the Icelandic banks coming up...

   Posted 1 year ago #

2. LonePigeon
   Member

   What time do we find out?

   Posted 1 year ago #

3. chenier
   Member

   Good question, Lone; we don't know that either!

   We do know that sterling and the euro have fallen in the last week against the dollar, which suggests that some of the 3,500 financial firms in the auction are hoarding dollars to make the Lehman Bros payments.

   Our best clue would be CEOs defenestrating themselves so be careful when you go off to lunch, and watch out for hurtling bodies...

   Posted 1 year ago #

4. LonePigeon
   Member

   Thanks for the advice! I will look out for them! I hope one falls from our building it might give me some idea of whether ther are redundancies coming or not. I've already had my request for flexible working turned down on the basis of they are lifestyle choices and not down to the company! I wouldn't piss on the management here if they were on fire....

   Posted 1 year ago #

5. chenier
   Member

   Aren't there supposed to be some rules about paternity leave? It really is bad to imagine that fathers can just be regarded as spare baggage when the Government keeps whittering on about shared parenting...

   Posted 1 year ago #

6. LonePigeon
   Member

   that's not the issue! I got two weeks paternity no problem. I already have a 5 year old son. His mum took him for someone else when he was 2 and moved away. I had to move closer to him so I could still see him. I have a legal right to ask for flexible working which would help me rather than travelling hundreds of miles constantly and late at night (which isn't fair on him), they turned it down stating it was a lifestyle choice that I moved!! Bastards!

   Posted 1 year ago #

7. chenier
   Member

   They are bastards, indeed!

   The trouble is that in the present climate people are going to be so grateful for actually having a job that some employers will take advantage of it.

   We will have to hope that your employers are shielded from the storm, so there are no redundancies...

   Posted 1 year ago #

8. LonePigeon
   Member

   I actually want it! I've been here 13 years now! I could pay off a bit of the mortgage and get another job closer to home no problem. Probably won't pay as much but after my train fair of 4500 a year comes out of my salary it would probably be the same anyway! At least I'll actually be able to see some of my new baby rather than never at all!

   Posted 1 year ago #

9. chenier
   Member

   Would you get a decent payout?

   My worry is that a lot of big businesses have been doing extremely stupid things on the financial side; are everyone's pension funds safe?

   Somehow, I doubt it...

   Posted 1 year ago #

10. LonePigeon
    Member

    well that is the gamble. In this climate they'd probably do statutory meaning no so I'm stuffed either way really. I've been paying into a pension here for quite a while too. I have absolutely no idea how that is going as we don't get told!

    I'm looking for new jobs as we speak closer to home. I'm working far too long for far too little so It just isn't worth the bother!

    Posted 1 year ago #

11. chenier
    Member

    I see; they practise mushroom management.

    Keep you all in the dark and drop shit on your head every so often...

    Mind you, even that is better than the 'My door is always open' Brigade...

    Posted 1 year ago #

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