Update: What's Ahead for laid off Lehman Workers NY? London? 16 000 jobs lost New York City

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VIDEO: LEHMAN  OFFICE WORKERS LAID OFF INTERVIEW

READ MORE > .....The collapse of Lehman Brothers could be catastrophic and could lead to "implosion" of the Banking sector

Opinion Solarlife,  Money talks politcs: "people"

Update Sept-16
My career is screwed, pay cheque friday ?
Lehman Bros London, what employees say:

TV Flash New York City
16 000 jobs lost in New York by Lehman and others
NY city still in good shape for the next 18 months
Taxes from Lehman Bros missing great problem
NYC Comptroller Thompson jr on CNN TV

READ MORE > Wall street black hole ?
"Creative destruction" Schumpeter/ Harvard

Just in from Rachel:
DOW closed 10 918 -4,4%, 500 points down
Wall Street without Lehman and Merrill
Max Keiser Financial Analyst Paris: "Hyper crisis
for America Situation worst than 1930 ........
No gold based Dollar, no functioning industry"

Lehman New York Employee sharholders
Employees own about 30% Of Lehman shares. They know they lose not only their assets A large part of their pension is in this shares, same like Enron. Get old get poor.

Update SEPT-15 22:00 ECST

Who else is in trouble ?
Questions remain whether other companies, like A.I.G. and Washington Mutual, the nation’s largest savings and loan, might falter. The Big 3 car manufactures GM, Ford,
Chrysler. The later directly exposed over hedge fund owner Cerberus, owner of Tokyo Azora Bank, which lost $463 million as No 1 loan to Lehman.

Banks create emergency fund
10 major banks agreed to create an emergency fund of $70 billion to $100 billion that financial institutions can use to protect themselves from the fallout of Lehman’s failure.

FED and bank credit
The Fed, meantime, broadened the terms of its emergency loan program for Wall Street banks, a move that could ultimately put taxpayers’ money at risk. The FED will accept shares from the banks to secure loans. This habit brought Japan in the corporate loan crisis, accepting shares of the Loan holder can be worthless in a minute, as we see from Lehman Brotthers

Traders on the run saving their valuable boxes filled with client/trading Information. If layed off they don't get payed for nine months. London Lehman traders get the boxes out too, 5000 empolyees without uncertain Future. London will get a full hit on the financial district, the whole city economy will be touched.

Lehman largest bancruptcy in US history
Lehman bancruptcy filed monday morning with $ 639 bn, surpassing the Enron and Worldcom collapses combined. Being in business for 158 years. Lehman's is the largest bankruptcy filing in U.S. history.

What to do ? What's next?
Speculation with fancy papers is dead. Money must go into real economic Activity. The investors are heading for the hills clearing their positions. No bull market in sight for a long time. The Bank of America buy is suspicious, shares will go down on buy 15%. Interbank markets (explainer, just giving a wothless paper as guarantee) have new limits in trading.

Lack of confidence
People don't look on the return of money, they fence the problem in. Insiders  from Monaco bank industry saying, more trouble to come for Christmas. US banks missed their chance to clear the filthy positions backed up by sub-prime packages. To solve the problem America turned to national capitalism, government backed up. So why making an effort. Speculate, make money, cash in. If loss is in sight trade as long as possible, then ask government tax payers to back up. Means the tax payer financing the downgrading forced by the weired investment bank speculation. Entrepreneurs will have to organize "Consortios"  with pseudo "private banks" 100 % owner covered. Explainer; If you give money to the bank they keep between 3 - 10 %, with the rest of your money they speculate. Here is the problem, the day people want their money back, it is not here for everybody, only for Insiders, who know first.

Where do we go from here?
If the US problems are ringfenced their is a chance. For the moment being, Europe is the save haven with the Euro zone, the dollar is not strong enough. Europe will introduce defense mechanisms against collapse of transatlantic banks exposed to the Lehman bankruptcy, and others to come. The only way,  return from speculation to production. Fire the brokers, made enough money.