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...Investment Banking and the Global Equities Divisions at J.P. Morgan, called the regulatory changes at Goldman Sachs and Morgan Stanley “significant.” “The reclassification of Goldman Sachs and Morgan Stanley was not a voluntary exercise,” he said. The Fed and the Treasury forced the changes on both firms as a consequence of providing them with assistance, he said, adding that regulations on the banks will be stronger and the capital requirements will increase significantly. “We will see the firms’ cultures change, and their returns...
...Fed also agreed to take part in the deal during negotiations, providing a $30 billion backstop to help JP Morgan complete the deal...
...Children's Hospitals, where hundreds of anxious parents were lined up with their toddlers waiting to see a doctor. "Enough with the hindsight," said private business owner Zhang Zaihua, 26. "Where were all those supervisors before this whole thing happened?" Zhang's 19-month-old daughter, who had been fed one of the brands on the government's blacklist of tainted products, had to undergo testing after traces of blood were found in her urine, a possible indication that she might have developed kidney stones caused by the addition of the chemical additive melamine. Zhang said he didn't hold...
...Thursday evening, however, the Fed and the Treasury proposed a more fundamental solution to the meltdown, and it curiously seems to embrace the idea of eternal return. The bailout package sent to Congress envisages the purchase of toxic mortgage-related assets from banks by a government agency directly dependent on the Treasury. It has a direct precedent in the Resolution Trust Corporation (RTC), an institution created during the Savings and Loans crisis to avoid dumping real estate assets after bank failures, and thus to avoid a further decline in real estate prices through the usage of federal funds. The current...
...History is not in vain. Not only does it offer memories, but also precedents. And those precedents may continue to make housing crises recur. Perhaps next time a scholar of the 2008 housing meltdown will be Chairman of the Fed...