Lehman to cut 1,300 mortgage jobs - Democratic Underground

eppur_se_muova

(1000+ posts) Send PM | Profile | Ignore

Thu Jan-17-08 05:11 PM
Original message

Lehman to cut 1,300 mortgage jobs

Source: BBC

Investment bank Lehman Brothers says it will cut 1,300 jobs as it scales back its US mortgage lending business.

The decision comes amid a slump in the US housing market and as banks report billions of dollars of losses related to investments in sub-prime mortgages.

It had already cut about 2,500 jobs last year after shutting its sub-prime mortgage unit that lent to borrowers with poor credit histories.

The bank will take a $40m charge as part of the plan.

Read more: http://news.bbc.co.uk/2/hi/business/7194938.stm

Printer Friendly | Permalink | | Top

EVDebs

(1000+ posts) Send PM | Profile | Ignore

Thu Jan-17-08 07:39 PM
Response to Original message

1. We're all Keynesians now-- Richard Nixon

Edited on Thu Jan-17-08 07:40 PM by EVDebs

" And, you know, Nixon famously said, “We’re all Keynesians now,” but the catch was he wouldn’t impose these policies at home, because it would have cost him the next election, and Nixon was reelected with a 60% margin after he imposed wage and price controls. But he unleashed the school on Latin America and turned Chile, under Augusto Pinochet, into a laboratory for these radical ideas, which were not compatible with democracy in the United States but were infinitely possible under a dictatorship in Latin America."

http://www.democracynow.org/2007/9/17/the_shock_doctrine_naomi_klein_on

Time for shock and awe on Wall Street ? Main Street is soooo tired of being hammered; it's their turn.

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Fri May 03rd 2024, 05:54 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.