Word: crediteers
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...course, the Wall Street professionals are also leaving behind the most uncertain time in finance in their careers. The credit crunch has effectively shuttered a number of markets and put a halt to most mergers, leaving some on Wall Street with little to do. What's more, in the past year, financial professionals have gone from masters of the universe to subjects of ridicule. That makes now a good time to switch to a profession that seems more beneficial to society, even to Wall Streeters...
...little revenue from what had been an investment banking goldmine fueled by quarters of good M&A and corporate finance results. Citi's numbers beat forecasts but revisionists began to take apart the earnings after the fact. An analyst from Goldman Sachs wrote that the big bank's credit losses are growing at a "rapid rate," meaning the shares remain a "sell." When Bank of America (BAC) released quarterly numbers that were so good that many believed they would save the job of CEO Ken Lewis, JP Morgan responded by releasing an analysis that said banks are likely to realize...
...answer may be pulled from the three figures about the economy which have the most bearing on how whether recession is beginning to reverse or not. The first is access to credit. To the horror of members of Congress and the governors of the Fed, The Wall Street Journal came out with an analysis showing that the banks which received TARP funds are lending less now than they were before the facility was created as the handiwork of Henry Paulson...
...agree that the recession grew largely from certain issues: An unsustainable boom in home prices—propped up in part by daredevil lending—led to a rapid depreciation in home values. When transmitted through securitization, this loss of wealth resulted in a crisis of confidence in credit markets and a downturn in economic activity...
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