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...Wall Street wipeout precipitated that year by Russia's defaulting on its ruble debt. Blankfein argued 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...

Author: /time Magazine | Title: How Financial Madness Overtook Wall Street | 9/18/2008 | See Source »

...someone else's money rather than your own, and you move on to the next job. If you're especially smart - like Lehman chief executive Dick Fuld - you take a lot of money off the table. During his tenure as CEO, Fuld made $490 million (before taxes) cashing in stock options and stock he received as compensation. A lot of employees, whose wealth was tied to the company's stock, were financially eviscerated when Lehman bombed. But Fuld is unlikely to show up applying for food stamps...

Author: /time Magazine | Title: How Financial Madness Overtook Wall Street | 9/18/2008 | See Source »

When a company's stock gets beaten down in the market, its CEO often clamors about how short sellers and unjustifiably negative market sentiment are to blame. That's not always the case, but on Sept. 17, John Mack may have had a point...

Author: /time Magazine | Title: Can Morgan Stanley and Goldman Sachs Go It Alone? | 9/18/2008 | See Source »

Indeed, Thailand's latest political crisis, which has driven away foreign tourists and caused the country's stock market to swoon, is looking ever more intractable. Samak was kicked out of power in an unlikely fashion. Last week, the Constitutional Court determined that he had contravened the national charter by accepting compensation for a second job while serving as Prime Minister. The job? Hosting a few episodes of a T.V. cooking show. The payment? $2,300. Although the court ordered Samak to step down, there was nothing stopping his People Power Party (PPP) from re-nominating him as Prime Minister...

Author: /time Magazine | Title: Thailand Elects New PM | 9/17/2008 | See Source »

...caretaker Prime Minister when Samak was stripped of that position last week, quickly lifted the state of emergency the former P.M. had declared after clashes between the PAD and a pro-government group turned deadly late last month. The move was, in part, designed to calm the battered stock market and send a message to tourists that Thailand was stable again - a badly needed signal given that hotel occupancy is down roughly 40% from last year...

Author: /time Magazine | Title: Thailand Elects New PM | 9/17/2008 | See Source »

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