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Boater

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Posts posted by Boater

  1. OP & Mods:

    I suggest to merge this thread with another thread already running since July 16th, about the debacle of Fannie Mae and Freddie Mac (the largest US Morgage Banks, saved by the government) now followed by more bad news about American Financials like Lehman Brothers, Merryll Lynch, AIG (the largest insurer in the world) and WaMu, America's largest savings bank and the like.

    What do you think ?...The end is not yet in sight and otherwise we end up with many different topics about financial debacles and bankruptcies in the US and elsewhere.

    Maybe just change the topic title ?

    http://www.thaivisa.com/forum/Fanni-and-Fr....html&st=50

    LaoPo

    I would have added this to the topic http://www.thaivisa.com/forum/Fanni-and-Fr....html&st=50 , but Fanni and Freddie do not have to much impact on Thailand, but Lehman Does....

    My fear of this news is Lehmans current assets in Thailand which run into the 10's of billions of THB !!!!!

    There Bangkok office which is Headed by Japan may or maynot be affected.... as Lehman own and operate alot of Hotels in Thailand as well as dictate alot of the land prices here ( As they currently own some of the most prime land in Bangkok, Koh Samui and Phuket ! ) , thus if they do go bankrupt and have to sell of there land at VALUE price, surly that would cause an economic crash in land value within Thailand ????

    It is the same with AIG as well, as if you take note of Koh Samui, all the prime land is BANKED by investment firms... now if they have to sell off at the REAL MARKET value , how does that leave the averge Joe investor who has purchased at the current land value, but now is being undercut by the investment firms???

  2. LEHMAN Brothers, one of the world's largest investment banks, announced today it plans to file for bankruptcy protection - a move expected to rock global financial markets. The stricken firm said it intends to file a petition under Chapter 11 of the US Bankruptcy Code.

    Catastrophic

    The measure usually allows companies to reorganise their contractual and debt obligations under the supervision of a bankruptcy court.

    The bank was close to collapse last night after Barclays abandoned plans to buy it.

    Lehman said in a statement: "The board of directors of Lehman Brothers Holdings International authorised the filing of the Chapter 11 petition in order to protect its assets and maximise value."

    Lehman Brothers is America's fourth biggest investment bank but last week announced a quarter-year loss of £2.2billion.

    In the UK, Lehman employs staff at its regional headquarters in Canary Wharf, London, as well as its office in High Wycombe, Buckinghamshire. Globally the group has around 25,000 staff.

    Barclays had hoped to cherry-pick its profitable parts.

    But bosses walked away from talks because they could not get guarantees from the US government and were worried about being lumbered with potentially huge payouts.

    Another possible buyer, the Bank of America, also decided against a move.

    One financial expert said: "This could be catastrophic and lead to the implosion of the banking sector."

    Fears deepened yesterday when US stocks tumbled, pointing to a sharply lower Wall Street opening today.

    In a separate move to help shore up the financial markets, Bank of America has announced a $50billion (£28bn) deal to buy Wall Street giant Merrill Lynch, which has also been stung by the credit crunch.

    Lehman is the latest financial institution to fail.

    Struggling mortgage giants Freddie Mac and Fannie Mae were taken over by the US government last week.

    But Treasury secretary Hank Paulson has ruled out a rescue of Lehman Brothers.

    The overnight developments are set to put financial stocks under pressure when the London Stock Exchange opens for business later this morning.

  3. Being on Samui for other 4 years now, i have seen many things, but this current election is a complete Joke......

    Yes i am aware as are most people, that people vote the person into power not for there political knowledge but how much they can get paid for there vote....

    So this time around we got a visit from a group of people in a pick up blarring out on the load speaker that they where offering 2,000 THB for there parties Vote :o

    Like i said, i know this happens, to make it so obvious is a joke!!....

    The whole election should be called off and done correctly!!!

    Just my little rant.....

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