Lehman Bros files for bankruptcy
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Private equity boss kills himself
Married father-of-one Kirk Stephenson, 47, chief operating officer at private equity firm Olivant, died on Thursday morning after throwing himself in front of a commuter train near Taplow station in Buckinghamshire, police said.
His boss, Olivant chief executive Luqman Arnold, said today he was "devastated" by the apparent credit crunch-linked suicide of one of his senior colleagues.
Mr Arnold said: "Everyone at Olivant has been devastated by the news of Kirk's death."
Mr Arnold, former CEO of UBS investment bank and Abbey National plc, added: "Our thoughts and prayers are with Kirk's wife and family."
New-Zealand-born Mr Stephenson's wife, Karina Robinson, said he was "a dedicated father and a devoted husband," adding: "He valued his family above all else."
A source said: "I imagine, like most high-flying bankers, he will probably have lost a lot of cash recently as a result of the credit crunch. It appears the pressure became too much to bear. Figures close to Mr Stephenson are worried that news of his death will lead to speculation about his company."
A colleague of Mr Stephenson said: "No one knows of any reason personally or professionally why he did this. It would be wrong to conclude from this tragedy that Olivant is any trouble."
Mr Stephenson, who had an eight-year-old son, reportedly owned a £3.6 million house in Chelsea and another property in the West Country.
Olivant, set up in 2006, came to prominence earlier this year as one of the potential bidders for Northern Rock.
SOURCE
Married father-of-one Kirk Stephenson, 47, chief operating officer at private equity firm Olivant, died on Thursday morning after throwing himself in front of a commuter train near Taplow station in Buckinghamshire, police said.
His boss, Olivant chief executive Luqman Arnold, said today he was "devastated" by the apparent credit crunch-linked suicide of one of his senior colleagues.
Mr Arnold said: "Everyone at Olivant has been devastated by the news of Kirk's death."
Mr Arnold, former CEO of UBS investment bank and Abbey National plc, added: "Our thoughts and prayers are with Kirk's wife and family."
New-Zealand-born Mr Stephenson's wife, Karina Robinson, said he was "a dedicated father and a devoted husband," adding: "He valued his family above all else."
A source said: "I imagine, like most high-flying bankers, he will probably have lost a lot of cash recently as a result of the credit crunch. It appears the pressure became too much to bear. Figures close to Mr Stephenson are worried that news of his death will lead to speculation about his company."
A colleague of Mr Stephenson said: "No one knows of any reason personally or professionally why he did this. It would be wrong to conclude from this tragedy that Olivant is any trouble."
Mr Stephenson, who had an eight-year-old son, reportedly owned a £3.6 million house in Chelsea and another property in the West Country.
Olivant, set up in 2006, came to prominence earlier this year as one of the potential bidders for Northern Rock.
SOURCE
Ohh my word, I'm so sorry he felt that was his only choice. My thoughts and prairs go to his faimly.
nyerekareem
abdur-rahman
:salam2:
i definitely agree that these problems facing us americans is due to that interest based economy that we have. it such a strong factor that even the most pious of muslims in america have had to take part in riba. i really don't know anyone in america that can buy a car in cash. those that can are usually rich. the same goes with housing, it's almost impossible to get a mortagage without paying interest. alhamdulillah there are some muslim companies offering riba free lending, but the only thing is that there are several states that do not allow such lending. but i know for a fact that riba has been the main source of this economic problem.
i would also like to add that many of us were and are living beyond on our means. these greedy companies knew that and they took advantage of people.
House rejects $700B bailout in stunning defeat
WASHINGTON (AP) -- In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging 777 points, the most ever for a single day.
SOURCE
More failed companies. Duke University finance Prof. Campbell Harvey predicts there could be 750 to 1,000 bank failures over the next six months because of billions in bad assets stemming from the housing meltdown. Scarce credit also threatens other types of companies that are already struggling and desperately need capital, such as the Detroit automakers and some of the airlines. The government will be able to deal with some of those companies one at a time, but without a comprehensive plan, others will fall through the cracks.
More ...
WASHINGTON (AP) -- In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging 777 points, the most ever for a single day.
SOURCE
More failed companies. Duke University finance Prof. Campbell Harvey predicts there could be 750 to 1,000 bank failures over the next six months because of billions in bad assets stemming from the housing meltdown. Scarce credit also threatens other types of companies that are already struggling and desperately need capital, such as the Detroit automakers and some of the airlines. The government will be able to deal with some of those companies one at a time, but without a comprehensive plan, others will fall through the cracks.
More ...
Salaam,
Eid Mubarak. I thought you would enjoy this one:
You won't believe where that $700-billion bailout figure came from
Here's something that John McCain and Barack Obama and Sarah Palin and even longtime Washingtonian Joe Biden probably don't know. Not to mention Bob Barr, Ralph Nader and Ron Paul, who usually knows everything.
It's a fascinating footnote to the economic and political bailout debate that's kept so many people from more properly focusing on the pennant races and the Colts' problems in the last week. (Incidentally, do you think we'd have had this big fight if President Bush had called it a "rescue" plan instead?)
Our buddy from two lifetimes ago, Carl Lavin over at Forbes.com, points out a fascinating paragraph buried in a story on his website late last week by Brian Wingfield and Josh Zumbrun.
You know, this $700-billion figure that exploded into everyday political parlance almost as fast as Sarah?
The $700-billion "cost" of resolving the financial crisis and restoring confidence and liquidity in the credit markets starting this morning?
The $700-billion figure that Senate Democratic Majority Leader Harry Reid first said he could really use McCain's help with, but then the Arizonan took him up on it and Reid suddenly said the Republican would only get in the way and anyway, Reid said, he already had a done deal, except he didn't and the Nevadan ended up being the embarrassed one?
The $700-billion figure that dominated the first part of the first presidential debate of the 2008 general election season between McCain and Obama?
The $700-billion figure that won't really end up being anywhere near the actual cost because no one knows what all those mortgaged properties are really worth now anyway? Which is the whole problem in the first place because the institutions holding that paper don't know the value of what they're holding either, which is why everyone suddenly got so frightened?
That $700-billion figure that won't really last because eventually the feds will sell off what they're buying and might even make a profit in the end as they did with the Chrysler bailout warrants years ago?
You know where that very important $700-billion figure came from?
Here's a quote from that Forbes story:
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
They made it up to be sufficiently ginormous to frighten everyone into rapid action.
And it worked.
--Andrew Malcolm
http://latimesblogs.latimes.com/washington/2008/09/bailout-plan.html
Eid Mubarak. I thought you would enjoy this one:
You won't believe where that $700-billion bailout figure came from
Here's something that John McCain and Barack Obama and Sarah Palin and even longtime Washingtonian Joe Biden probably don't know. Not to mention Bob Barr, Ralph Nader and Ron Paul, who usually knows everything.
It's a fascinating footnote to the economic and political bailout debate that's kept so many people from more properly focusing on the pennant races and the Colts' problems in the last week. (Incidentally, do you think we'd have had this big fight if President Bush had called it a "rescue" plan instead?)
Our buddy from two lifetimes ago, Carl Lavin over at Forbes.com, points out a fascinating paragraph buried in a story on his website late last week by Brian Wingfield and Josh Zumbrun.
You know, this $700-billion figure that exploded into everyday political parlance almost as fast as Sarah?
The $700-billion "cost" of resolving the financial crisis and restoring confidence and liquidity in the credit markets starting this morning?
The $700-billion figure that Senate Democratic Majority Leader Harry Reid first said he could really use McCain's help with, but then the Arizonan took him up on it and Reid suddenly said the Republican would only get in the way and anyway, Reid said, he already had a done deal, except he didn't and the Nevadan ended up being the embarrassed one?
The $700-billion figure that dominated the first part of the first presidential debate of the 2008 general election season between McCain and Obama?
The $700-billion figure that won't really end up being anywhere near the actual cost because no one knows what all those mortgaged properties are really worth now anyway? Which is the whole problem in the first place because the institutions holding that paper don't know the value of what they're holding either, which is why everyone suddenly got so frightened?
That $700-billion figure that won't really last because eventually the feds will sell off what they're buying and might even make a profit in the end as they did with the Chrysler bailout warrants years ago?
You know where that very important $700-billion figure came from?
Here's a quote from that Forbes story:
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
They made it up to be sufficiently ginormous to frighten everyone into rapid action.
And it worked.
--Andrew Malcolm
http://latimesblogs.latimes.com/washington/2008/09/bailout-plan.html
:lol::lol::lol:
TheHumbleWun
Banned
Here's the Billion Dollar Question....
Salaam,
The population of the U.S. is about 305 million. If the president, congress, Federal Reserve, etc are worried about the economy of America, then why don't they give every family a million???? They'll even save tons. Everyone will be debt free and the whole economy will be stable. But no, they want to create social classes between the rich, the poor, the hispanics, the blacks, the asians, the whites, etc.
Salaam,
The population of the U.S. is about 305 million. If the president, congress, Federal Reserve, etc are worried about the economy of America, then why don't they give every family a million???? They'll even save tons. Everyone will be debt free and the whole economy will be stable. But no, they want to create social classes between the rich, the poor, the hispanics, the blacks, the asians, the whites, etc.
TheHumbleWun
Banned
Salaam,
In simple words, slavery. Debt & famine will exponentially increase. Furthering the gap of the social-status. The rich become richer the poor will become poorer. The Federal Reserve & U.S. government will own everything. The best government is the one that least governs free enterprise. Do these elitiests really care about the economy? Read my post above.
Salaam,
They do not care. This is the game plan. They create situations to rob the others. These evil servants of the devil are control freaks. They are cowards. They can not even show their faces. They only care about power. Yet, they forget they have no power. They are robbers. They try to create fear. They can not they are not to be feared. They make us worry about food. They forget Allah subhana talla is the Provider.
I think it is imperative that my brothers with knoweldge in these fields of economics educate us as to why the entire system is a fruad. We need to know why the economic system dupes us. We need to understand why the Islamic system of economics is just.
We also need someone to simply point out that the reason these moneywhores and powerlusters hate Muslims is because Islam is the anti-dote to their poisons.
Their world is an illusion. They are responsible for the deaths of millions of innoncents. These arrogants forget..it will not last long.
I thank you for reading my resonse.
They do not care. This is the game plan. They create situations to rob the others. These evil servants of the devil are control freaks. They are cowards. They can not even show their faces. They only care about power. Yet, they forget they have no power. They are robbers. They try to create fear. They can not they are not to be feared. They make us worry about food. They forget Allah subhana talla is the Provider.
I think it is imperative that my brothers with knoweldge in these fields of economics educate us as to why the entire system is a fruad. We need to know why the economic system dupes us. We need to understand why the Islamic system of economics is just.
We also need someone to simply point out that the reason these moneywhores and powerlusters hate Muslims is because Islam is the anti-dote to their poisons.
Their world is an illusion. They are responsible for the deaths of millions of innoncents. These arrogants forget..it will not last long.
I thank you for reading my resonse.
justoneofmillion
Junior Member
:salam2:Appa this vid is Amazing ,i v e watched it yesterday,actually one of the bests out there ,thanks for sharing.
wassalaam
jameel
TheHumbleWun
Banned
Nice thought but the US doesn't have 305 trillion dollarsOf course it can print it but then the US dollar will be worth even less than it is today. If the dollar collapses, foreign investors will call back their bonds and buyers will demand to be paid in Euros or gold. If that happens the US economy would collapse.
Not a good scenario for anybody. What is right to do is to fix the fundamental problem: Riba! Gradually reduce interest rates until they are zero, effectively replacing loans with partnerships, gradually back the dollar with gold, and promptly prosecute frauds and crooks on Wall Street. If we do all that, the economy will be resurrected and will thrive and people will benefit as a result.
Salaam,
I agree with your resolution but that's just a fragile whisper...a dream. Like you said in post #3, "Who's listening?" Either way we look at it, Riba (interest) will collapse as promised by Allah swt. Why not let the taxpayers keep their own money whilst the dollar decline & the interest of foregin investors. We don't need trillion any group of family will even take a million. Why should criminals be paid for their crime? Once the system fails, then perhaps they can start from scratch and go back to the drawing board. Of course they would never want that either. As a result of their actions, this is eventually leading to a trap & destruction; in the end whether in our generation or our kids, the system will inevitably crash down and Allah is the Best of Planners.
Now that the bailout has proceeded, it's just showing that some people want to delay the destruction & collapse because they fear for themselves more than their future children & grandchildren. Our children and grandchildren, will be the ones who will ultimately have to repay, with compound interest, the money that will have to be borrowed to give away to Wall Street gamblers. No doubt only the rich are benefiting from this bailout. Don't be suprised to see bankruptcy, unemployment, hunger, homelessness increase in the next few years and certainly in the next decade.