Word: morgan
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...that confidence in global markets had built up to a dangerously giddy level and that investors weren't being compensated for assuming outsize risk in securities like esoteric bonds and Chinese stocks. Blankfein was right, of course, but even he wasn't paranoid enough. Though Goldman stands, along with Morgan Stanley, as one of the last two giant U.S. investment banks not to collapse (as Lehman and Bear Stearns have) or be sold (à la Merrill Lynch), Goldman too has been pummeled. The firm's quarterly profit plunged 70% - results considered to be relatively good. While analysts generally believe that...
...Kuttner may be right about the conflicts, but it's awfully hard to see how they brought on the current mess. In fact, Bank of America's takeover of Merrill Lynch and JP Morgan Chase's of Bear Stearns underscored a truth that was already becoming apparent on Wall Street - super-banks (more commonly known as universal banks) are, for all their flaws, a lot more stable and secure than un-super investment banks...
...picture of who's on the hook to whom in this market that they feared the collapse of either firm would spark a chain reaction of defaults, and investors are so panicked by the unknown that they are selling shares in even seemingly healthy investment banks Goldman Sachs and Morgan Stanley...
...Matory’s colleagues within the anthropology and African and African-American studies departments say that they are sorry to see him go. This fall he will give the University of Rochester’s Lewis Henry Morgan Lecture series, which he called “the most important lectures in anthropology...
That could happen. But another possibility is that loan losses will continue to grow to the point that the core institutions of the American financial scene - Citigroup, JPMorgan Chase and Bank of America in particular, but also possibly Goldman Sachs and Morgan Stanley - are seen as endangered. Then we'll really get to see what a bailout looks like...