Word: capitale
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In between their first and second years of school, MBA candidates typically intern in the hopes of securing a promised position after graduation. But this year, more students than usual are in a holding pattern, even after successful internships. Firms want to see how the economy looks at year's...
The debt binge was fueled by easy money and the belief that prices of assets - those of houses in particular - never went down; only interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our...
But the credit crunch is not anywhere near over. "It took 20 years for us to get into this situation - leveraged to the hilt - and it will take more than a couple of years to unwind it," says Paul Ashworth, senior U.S. economist at Capital Economics. "And even when we...
Wall Street's Newfound Virtue In February 2000, one of the street's most powerful executives petitioned the Securities and Exchange Commission (SEC) to allow his firm and other investment banks to raise their levels of leverage. He wanted the commission to alter something called the net-capital rule, which...
That exec was Henry Paulson, then the CEO of Goldman Sachs, now U.S. Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30...