Meltdown in Wall Street
Today has been very nearly the 21st century equivalent of the Wall Street Crash in 1929.
Lehman Brothers has gone bankrupt and Merrill Lynch has been bought by Bank of America. This shows just how deep the problems really are, that three major investment banks have effectively folded.
The outcome of this is that the financial markets will significantly change. When the crisi is over, the financial markets will have changed massively, lacking a great number of firms. But what will also happen is that they will take fewer and smaller risks.
I don’t feel sorry for the bankers, who have been paying themselves huge bonuses when they bet right, but not taking any hit when they bet wrong. This time, they bet really wrong, and are finally paying for it.
However, some employees of Lehman’s certainly deserve our sympathy: the new graduates. They interviewed one poor sod on BBC News, who had started just one week ago, but was already out of a job through no fault of his own, but his overly greedy bosses.
Image: I CAN HAS CHEEZBURGER
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The thing that bugs me about all this is that those responsible will never catch the shit and instead will retire on vast pensions… when they should be up against the wall..
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