Word: bankses
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Do you think things have changed in the recent collapse? I think it remains to be seen, but I don't think the culture of Wall Street has substantially shifted. Even in the midst of this major global financial crisis, Wall Street has still continued to resist change. And I...
But this willingness to explain policies and chat with Congress about them hasn't endeared Bernanke and the Fed to all its members. Far from it. After thanking Bernanke in his opening remarks, Bachus - the ranking Republican on the committee - went on to complain that the Fed had taken on...
The actions taken last fall by the Fed, Treasury, Congress and governments around the world "may well have averted the collapse of the global financial system, an event that would have had extremely adverse and protracted consequences for the world economy," Bernanke said. Market improvements were already allowing the Fed...
There are signs, though, that Beijing may be slowly changing its policy toward the yuan in ways that could, over time, lead to its greater use on a global scale. Most notably, China and Hong Kong launched a pilot program this month through which Hong Kong banks can begin settling...
Banks are seeing some light in their trading operations (Goldman Sachs is a star performer in that category), there's more mortgage-refinancing happening, and credit-card problems may be bottoming - all good stuff, say Goldman's strategists. But there's another important reason the earnings for S&P financial...