DISQUS

Sanford Dickert · 1 year ago

Aldon -

Thanks. This was incredibly powerful.

AsKatKnits · 1 year ago

Great article!

Howard Greenstein · 1 year ago

Aldon,
Thanks for your honesty, and for sharing your pain with us.

Howard Greenstein

Michael Maranda · 1 year ago

A powerful point is made in the suggestion that "none of us fully understand our investments" ...

Omyword! · 1 year ago

Thanks so much for telling this story, and for your insider perspective. I'm sorry for what you've gone through and any difficulties yet on the horizon. My own home has been on the market for more than a year. I am paying double - rent for an apartment and also my mortgage. I am looking into finding someone to rent my home. Otherwise, I will probably also have to go down the foreclosure path. You are still alive and writing. I will be too.

Not a trust fund · 1 year ago

I heard on the radio that a lot of theses "book-smart" Ivy- League financiers had no real-world WORK experience and were blindsided. TOO BAD !!!
Instead of spending their vacations on a beach they shoulfd have been EARNING their tuition money.

Alex Akesson · 1 year ago

Good stuff, I linked to your blog, Keek in touch!
http://www.hedgefunds-weblog.com/50226711/recru...

Lukeither · 1 year ago

It's unfortunate that you lost your first home, thankfully you made a strategic move to be in another one and you and your family were not left out in the cold like a lot of familes.

I hope all works out for you.

beamer · 1 year ago

I'm really Sorry to hear about the trouble your in. I guess, luckily I rent, But I have been gainfully unemployed since November of last year. It is rough out here in the real world and I guess the house of card these lenders have built for themselves is acting like Ike came through.

Good Luck man.

Beamer

Rudy · 1 year ago

Thank you for sharing your story, a very interesting read about Lehman Bros. and your personal experiences. I hope eventually everything will turn our right for you in the future.

The part "none of us fully understand our investments" keeps resonating in my head...

healy · 1 year ago

Great post, interesting to hear both sides of the events roiling the market right now.

Sjeltur · 1 year ago

As I am living in a total different world (Holland) - it was very hard for me to see the impact of the economic crisis....
Reading this - made a lot clear......

Good clear writing...!
I really hope that all will get better soon !!

john b · 1 year ago

Thanks for sharing your personal story. Sorry to hear about your situation. I agree that most of us do not understand our investments. We are relying on fund managers to make wise decisions with our hard earned retirement dollars. It is very unsettling to see how irresponsibly these companies have behaved over the last several years. Hopefully we will get through these hard times and the future will be brighter.

My Autism Insights · 1 year ago

I'm sorry you've had such a rough time, but it seems that you are coping and recovering. You're statement that 'none of us really understands our investments' really struck a chord with me.

Jean · 1 year ago

Sorry to hear of your problems. Our news here in the UK is always headlined with the grim economic facts. i put my house on the market in July 2007before the downturn. So far, plenty of viewings but no offers, despite moving agents and lowering the price. It's now too difficult to get mortgages. i'm not the one who needs a mortgage but I will need all my cash to move. My dream of returning to live at the seaside has to go on hold.

Entrepreneur · 1 year ago

Sorry to hear about your bankruptcy- and you're right, across the country, your tale is surely a familiar one. The financial markets are so easy to manipulate by the big players -or- even just the maverick ones within those firms. Collapse after collapse is
just a clear sign of hubris before the fall.

Have you read the Black Swan- amazing read, totally riveting, totally telling of forecasters as con-artists. http://entrepreneur.com.sg/wordpress/?p=251

Mard · 1 year ago

Thanks for that honest portrayal of your situation. Fortunately, I've already been retired for a while and have no debts. But I have been living in part off the dividends generated by my brokerage account which as of today is down over 30% for the year. The Soc Sec my wife and I receive is a wonderful backup which we'll appreciate more as our dividends drop off in the future. I thought I understood my investments but I doubt that I have in the way I should. I'm still hanging on to the holdings in my account and hope I won't be forced to sell, although if this keeps up I may have to.

David Meyer · 1 year ago

I didn't realize the size of the financial problems you were facing. I can only imagine how frustrating, frightening, and embarrassing it must be. I hope I have your courage and level head if I'm ever faced with a similar trial. My prayers are with you and your family.

mike foster · 1 year ago

Very tough, and touching, story. I offer two forms of advice: hang in there! Though you already seem to be doing that. And this: I filed for bankruptcy several years ago, after my second divorce, after my father passed away, and a few months later was laidoff from a job I'd had for over a dozen years. I survived, and actually grew from the experience. Good luck. My latest post my also help: How To Survive an Election Year Financial Meltdown

peace,
mike
livelife365

Singapore Property · 1 year ago

Sorry to hear that you had to file for bankruptcy. I would think that the banks should be smart enough to consider other means of repayment like short selling the property. It doesn't benefit anyone to go into foreclosure.

Matt Thompson | Mattheosis · 1 year ago

Thank you for sharing your story. It hits close to home. I came here through http://www.ezgreatlife.com. I wish you and your family the best.

Rich Dansereau · 1 year ago

Thank you for adding this to my recent post on including more people in the discussion about the current financial markets. I hope that you and your family are doing okay after your harrowing experience. This post gives both an insider's perspective into the financial markets and an example of what many Americans have and will endure as a result of the current crises.

Luz · 1 year ago

Thank you for sharing. It helps us put a personal face on the problems that face so many Americans and the rest of the world by association.

Ki · 1 year ago

Thanks for the insider and personal story

"Other companies, by the unwillingness to negotiate in ways that might have prevented the foreclosure and bankruptcy from occurring are suffering, in my opinion, from their own stupidity."

We work in real estate and see this alot with banks.

Denise · 1 year ago

Very deep and insightful post. Thank you for letting it all hang out and being honest about a situation that so many of us are in (I was lucky to find a renter, but 2 mortgages are starting to weigh me down).
I worked for Merrill Lynch for 8 years (and still have an investment account with them) and was shocked when they went down, but not so much because I often reported to guys who got the job because they were someone's next door neighbor's kid who got the job right out of college. I am sure these same guys 18 years later were probably running the company.

Michael · 11 months ago

Your an incredible survivor Aldon. You will be one of the people who come through the economic crisis and be better for it when all is said and done.

Diet Plans · 10 months ago

Great article. The economic melt down has effected the population immensely. Especially the middle class people. And I'm really sorry to hear your situation. No one saw it coming. Sigh! Hope the economy gets back on track soon.

Slimming Tablets UK · 9 months ago

Great post. Really appreciate your honesty. After reading your article I hope that you will recover from this. Lets hope that the current economy crisis will end soon.

building wood privacy fence · 9 months ago

That was a heart-breaking story. It just goes to show that no matter how smart or rich or "good job" a person is, they still fell victim to this whole housing mess.

I just wished the entire industry had the courage to be open like you and admitting to not fully understanding what you were getting into, and the very tough procedure of going through bankruptcy. You're a very brave soul.

I cannot predict the future but things will get much worse. At the least you were able to finally put all your troubles to rest, but of course it came at a very heavy and costly price. Others though, they are in very big trouble and are heading into more of it (at the time of this writing Citigroup has been basically nationalized and Bank of America looks next).

I really do hope you get back on your feet. And rest assured, there are many companies out there who did not learn from Lehman's fall, so you are already ahead of the curve buddy by simply starting over and admitting to whatever mistakes you may or may not have made and taking responsibility. Other people right now are still blaming others and draining our tax dollars, all the while refusing to renegotiate interest rates on pending foreclosing homes (of course I agree with you that they are being stupid, the banks that is).



Stay strong and god bless.

roryosull · 7 months ago

Hello Mr . Hynes
Great article, powerful insight and honesty.
I am currently writing a thesis on “The fall of Lehman Brothers and the effects on the US” and I wondering would it be possibly to get some further information on how exactly the bank came undone, or other articles that would be worth reading.
Kind reagrds
Rory

Zodiac Pool Cleaners · 7 months ago

Good and a honest article. I really appreciate the post. I think the economic crisis will end soon. Wish you all the very best for the future. tc.