Two Giants Emerge From Wall Street Ruins
A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.
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Both banks now stand astride post-bailout Wall Street, having benefited from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle. They are capitalizing on the turmoil in financial markets and their rivals’ weakness to pull in billions in trading profits.
Oh, crap, here it comes again.
9 comments:
Remember when they told us we were "overbanked" and how all that consolidation was good for everybody?
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Investment Editor's Response:
Consolidate THIS, beeetcheeez!
I believe the Dead Kennedys anticipated this with "Too Big To Fuck Off".
Music Maestro Notes:
Tried for minutes to make an equally clever DK ref. No luck.
And couldn't find "Mr. Big," from one of the two or three other good NorCal punk combos.
So.
Painters and Dockers, mate Die Yuppie Die
Earthquake Editor Asks:
Mr. (we assume, in our sexist way) Kiwi, did you, as we like to say in Shakey Town, "Feel the 'quake?"
Indeed MB, thanks for asking. The earth moved for me but in a very restrained and unscary manner. The glass door in front of the Sony Entertainment centre rattled briefly. Startled, Mrs Cat opened one eye.
But it was a biggie and there's been all sorts of after shocks. It was centred at teh bottom of the South Island which is largely not bothered by people.
My university is closing the Vulcanology and earthquakes dept. as there is no money in it.
Uh huh, makes sense.
Big One Editor Types:
You may, w/ your peculiar interest in Yankee politics, have heard of "volcano monitoring" & Gov. Jindal. What a boondoggle.
Teh good governor Jindal hit that one out of the park, didn't he? Almost as good as Missy Palins thing about "studying fruit flies haw haw, who would do that?!?!?!"
As GHW Bush says these people don't do the vision thing.
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