Reading further today about the collapse of Lehman, and what seems to be the imminent and real threat of the fall of AIG (by the way, why doesn't somebody just point a gun at those credit raters at Standard & Poor's? Tell 'em in no uncertain terms NOT to downgrade the AIG rating? Am I being naive? This is scary shit, and getting closer to home all the time. I bank with HBOS...
I've been stunned by the images of staff taking their trainers and other office detritus away in cardboard boxes. It looks as if these people are going to be given precisely jack shit as a leaving present. No pension, no bonuses realised (as they're all pretty much linked to stock options) and - more crucially - no fucking pay!
I read that Lehman Brothers had (!) 2.2 million square feet (!) of office space in Manhattan. Will this now become vacant? It's facile, sure, but couldn't there be a way to use the office blocks for people who don't have anywhere to live? I mean, why not? What happens to all the furniture? All the carpets and artwork and high end TVs? All the laptops, blackberries, fibre optics and copper. The kitchen equipment, the CCTV and the company cars? Are these going to be hoovered up by Barclays before they too hit the shitheap? Could the whole thing possibly have been prevented? But more importantly, what happens now?
Richard Wright is, quite frankly, better off out of it.