There is a world of difference between MER and LEH. If you recall I put on a long MER short GS (yeah wish it had been LEH!) trade a couple of weeks ago and the reason was because of the substatial insider buying in MER. This BAC aquisition didn't happen overnight, these guys were betting on a sure thing when they made those buys. As far as the OP goes, such arrogance has rarely been rewarded with anything other than a smackdown, though I am sorry that you were caught up in the trade.
It seems the guy's attitude is what bothered most posters here. That said, I don't see a problem taking a punt with a small % of your acct given the probability of a takeover was rather high (at least it seemed to me as of Firday close) for at least 2-3 bucks on the low side -- so the downside seemed worth the trade. I'm sure OP will make up his loss in quick order given the moves in this market. Win some lose some - and move on. This thread was entertaining at least. Good trading boys and girls.
"LEHMAN BROTHERS IN TALKS FOR LAST MINUTE PLAN TO SELL LARGE PORTIONS OF ITSELF TO BARCLAYS, DEAL BEING CONTEMPLATED WOULD FOLD ITS CORE BUSINESS INTO BARCLAYS" Went long on LEH at $0.22 earlier today. You see gents, Lehman is too valuable to let go.
wtf....what does this mean. zombie leh stock? or part of its plan all along, since barclay wont touch the toxic stuff. leh files chapter 11 then liquidate the good stuff(the whole freaking firm minus mortgage junk) to barclay? lol that's pretty smart if true. http://uk.reuters.com/article/topNews/idUKLF57014720080916
Wouldn't that create the "fire sale" scenario that Wall St. is afraid of? Where if Leh files chapter 11 they will have to mark down assets, then other banks/brokerages, will have to mark theirs down as well?
Hey at least you are still up up 2.9 million. Which I seriously doubt anyway after that retarded plunge you took last Friday. Did FNM FRE BSC ever enter your mind when you took that trade?