Word: lehmans
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...years or longer would be cause for concern. Morgan cites increased rates of depression and suicide in British cities that relied on steel and coal manufacturing in the mid-1980s, when factories started shutting down permanently. And the suddenness of the current crash doesn't make things easier. Former Lehman Brothers employees, he says, "have some emotional catching up to do," because they hardly saw what was coming and went right into the euphoria phase. "The instant high becomes a very severe low. I think there are people who are going to be psychologically impaired," Morgan says. One thing...
...Peter Jenkin Morgan was watching with a knowing eye on Sept. 15, when some 4,000 Lehman Brothers employees in London's Canary Wharf lost their jobs in a flash - and cut loose with abandon in the business district's pubs. Champagne corks popped, and conversations seemed to be on steroids as everyone wanted to talk. Surrounded by cardboard boxes holding their desk contents, the newly unemployed bankers drank for hours. For a night, at least, Canary Wharf looked like a carnival...
...signaled darker emotional repercussions to come as the Masters of the Universe undergo the psychological fallout from the global economic downturn. As jarring as the market drops have been, he says, "the psychological shock has been every bit as great" for bankers who have lost their jobs at Lehman and other institutions...
...Without a doubt the two main factors are the financial crisis and the presidential debates. When Lehman Brothers collapsed on Sept. 14, McCain still led the national polls by about two points. For McCain, the subsequent fallout proved to be a triple whammy, reminding voters about the benefits of government regulation (a traditionally Democratic argument), highlighting the failure of leadership of the current White House and accelerating the nation's collective sense that it has been heading in the wrong direction...
...there's nothing he can do to keep the lights on. The mall's operators had been paying day-to-day expenses with financing obtained through a subsidiary of Lehman Brothers, the now defunct American investment bank. After Lehman's dramatic collapse in mid-September, the mall lost its funding source, couldn't pay operating expenses and was forced to liquidate. Tenants must be out within days. They have been told they will not be getting their deposits back. Kamoshida can't get over the feeling of being utterly blindsided. "I had no idea that Lehman Brothers had anything...