Lehman Bros

[Worthy4England]

Indeed, they also forget that as amusing as it may be for some fat cats to kop it, there will be inevitable consequences for all - certainly out of this particular fall out.

[Prufrock]

BALLS TO CAPITALISM, WE WANT SOCIALISM, BALLS TO CAPITALISM, WE WANT SOCIALISM

[Lord Kangana]

It is possible for the 2 to work hand in hand. It would just require a bit of imagination and a little less greed.

[Verbal]

BALLS TO CAPITALISM, WE WANT SOCIALISM, BALLS TO CAPITALISM, WE WANT SOCIALISM

OK, but I still want to be able my Impeza rally car around Chorley.

[Worthy4England]

BALLS TO CAPITALISM, WE WANT SOCIALISM, BALLS TO CAPITALISM, WE WANT SOCIALISM

I'm doing a good deal on Socialism at the moment, I could tell you how to be succesful at it for a modest input of cash from yourself.

[Athers]

Time to start growing our own vegetables again.

[Prufrock]

BALLS TO CAPITALISM, WE WANT SOCIALISM, BALLS TO CAPITALISM, WE WANT SOCIALISM

OK, but I still want to be able my Impeza rally car around Chorley.

Mate, when the revolution comes, it aint just brining equality its bringing death to cnuts too.

[Bruce Rioja]

It is possible for the 2 to work hand in hand. It would just require a bit of imagination and a little less greed.

I think so, most definitely. However, surely THE greediest are those that hope to put in the least with a view to taking the most out, no?

[Verbal]

It is possible for the 2 to work hand in hand. It would just require a bit of imagination and a little less greed.

I tend to disagree on this one. Capitalism by its nature is self-interest and that translates, when it comes to profit, nothing other than greed. It's why you need Keynesian policies implemented because the banks will not want to help each other, as demonstrated by Bank of America and Barclays leaving Lehman to die on its arse.

[communistworkethic]

two words verbal - building societies

[Worthy4England]

two words verbal - building societies

Building societies is much more in the arena of Socialism.

[communistworkethic]

two words verbal - building societies

Building societies is much more in the arena of Socialism.

but they are profit making orgainsations, so you get capitalism and socialism together

[Verbal]

two words verbal - building societies

Building societies is much more in the arena of Socialism.

but they are profit making orgainsations, so you get capitalism and socialism together

IN the case for building societies does self interest drive profit or does the social element? I only ask as I'm not really sure what a building society does having never had personal dealings with them...

I just think in the case of banks, the 'self-interest -> profit' mantra is pretty evident, and ruthless.

[Worthy4England]

two words verbal - building societies

Building societies is much more in the arena of Socialism.

but they are profit making orgainsations, so you get capitalism and socialism together

IN the case for building societies does self interest drive profit or does the social element? I only ask as I'm not really sure what a building society does having never had personal dealings with them...

I just think in the case of banks, the 'self-interest -> profit' mantra is pretty evident, and ruthless.

They're little different from banks nowadays, but when they first started to spring up, they were effectively workers co-operatives I think so profit wasn't really the main motive.

[Verbal]

My flatmate working at Goldman just came home, first thing he said when he came through the door was if AIG go then the entire financial sector will be screwed, making Lehman look like a picnic. In fact, he's just gone on the phone to somebody bleating the same thing. He looks as white as a sheet, particularly impressive considering he's Indian.

[communistworkethic]

any business has to make profit, in the case of both banks and building societies one reason is capital adequacy. The difference between banks and building societies is that the latter doesn't have shareholders who expect a dividend twice yearly, which comes from the profit.

A building society is owned and run for the benefit of its members - savers and borrowers.

With banks, I'd be interested as to your definition of "self interest", as I generally find that when people go off on one about the banks they don't actually know or think that deeply beyond the knee-jerk caused by a few politcians and headline writers.

[Worthy4England]

This is correct most of the way. Half the worlds CDS's are probably sat somewhere near AIG. Given that they're still there, big shit would flow downhill if AIG went bump. There was no such real issue with Lehman's which is probably why the Fed didn't step in. The Fed isn't keen to step in with AIG either, preferring the private/commercial banks to provide the additional liquidity that's currently required. But the Fed has an issue if AIG goes to the wall probably on a larger scale than Freddie and Fannie.

[communistworkethic]

two words verbal - building societies

Building societies is much more in the arena of Socialism.

but they are profit making orgainsations, so you get capitalism and socialism together

IN the case for building societies does self interest drive profit or does the social element? I only ask as I'm not really sure what a building society does having never had personal dealings with them...

I just think in the case of banks, the 'self-interest -> profit' mantra is pretty evident, and ruthless.

They're little different from banks nowadays, but when they first started to spring up, they were effectively workers co-operatives I think so profit wasn't really the main motive.

plainly wrong, sorry but it is

[Worthy4England]

any business has to make profit, in the case of both banks and building societies one reason is capital adequacy. The difference between banks and building societies is that the latter doesn't have shareholders who expect a dividend twice yearly, which comes from the profit.

A building society is owned and run for the benefit of its members - savers and borrowers.

With banks, I'd be interested as to your definition of "self interest", as I generally find that when people go off on one about the banks they don't actually know or think that deeply beyond the knee-jerk caused by a few politcians and headline writers.

Think there is also the option for Building Societies to demutualise, and have done for about 25 years iirc, that means they can take in shareholders..to all intents and purposes that makes them no longer building societies

[Worthy4England]

Building societies is much more in the arena of Socialism.

but they are profit making orgainsations, so you get capitalism and socialism together

IN the case for building societies does self interest drive profit or does the social element? I only ask as I'm not really sure what a building society does having never had personal dealings with them...

I just think in the case of banks, the 'self-interest -> profit' mantra is pretty evident, and ruthless.

They're little different from banks nowadays, but when they first started to spring up, they were effectively workers co-operatives I think so profit wasn't really the main motive.

plainly wrong, sorry but it is

Sorry was thinking about the ones that had demutualised