Word: bankses
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Morgan Stanley, which Mack heads, and Goldman Sachs - the only stand-alone U.S. investment banks left after the collapse of Lehman Brothers and the sale of Merrill Lynch - saw their shares plunge by 24% and 14%, respectively. Morgan Stanley and Goldman haven't been without their problems, but they are...
But some industry experts say the stand-alone investment-bank model is no longer working. Investment banks made buckets of money for many years by tapping capital markets and leveraging to the hilt. But with credit drying up, financing activities with deposits - like commercial banks do - appears to be a...
Lehman CEO Dick Fuld complained loudly to the SEC earlier this year that his company was the victim of shorts such as David Einhorn, of Greenlight Capital, for badmouthing the company's accounting. Einhorn was unapologetic. Fuld got some action after the SEC sought to stop naked shorting with a...
It's been a turbulent few weeks for U.S. Secretary of the Treasury Henry Paulson, Jr. As a principal architect of America's economic policy, Paulson (known as Hank) helped orchestrate the Sept. 7 government takeover of mortgage institutions Fannie Mae and Freddie Mac and the $85 billion bailout of...
7 | Texas COASTAL FURY Hurricane Ike slammed into Galveston (above), and ensuing winds and rainfall drifted up through Texas and north into the Midwest, killing at least 51 people in 10 states and leaving millions without power. Heavy rains caused flooding along the banks of the Mississippi and Missouri rivers...