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Shares of Goldman Sachs and Morgan Stanley plunged on Wednesday, a sign that investors fear they can't survive in their present form as the last two major independent investment banks.
Goldman Sachs and Morgan Stanley, with three of their rivals vanquished this year, on Tuesday vowed to remain independent as Wall Street faces its biggest shake out since the Great Depression.
There are new signs that the worst of the global credit crisis is yet to come, and that banks and brokerages caught up in the market turmoil may lose $1 trillion by the time it has passed.
Wall Street's biggest investment banks on Wednesday disclosed the amount of highest-risk assets on their books increased in the first fiscal quarter, as certain kinds of debt and other instruments became harder to value.
The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.
Investment bank stocks soared Tuesday after Goldman Sachs and Lehman Brothers reported better-than-expected profits that soothed the frayed nerves of investors who were bracing for a domino effect after the near-failure of Bear Stearns.
Wall Street turned on itself Friday, as one widely watched analyst said investment banks face $10 billion or more in writedowns this quarter from bad mortgage debt, and another downgraded much of the banking sector on similar fears.
Investment banking executives struck a more optimistic tone this week about Wall Street's prospects, signaling hope that the worst may be over — even as they took tens of billions of dollars in writedowns and slashed thousands of jobs.
Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults.
We Must Overturn the Status Quo in DerivativesBy Kenneth Griffin Published: October 26 2009 22:03 | Last updated: October 26 2009 22:03
A Bigger Bank Bust Is On The WayThis weekend is the one-year anniversary of the bailout. But the Daily Beast's Nomi Prins says the too-big-to-fail banks have only gotten bigger—and much worse could be on its way.
Senate Probes Banks for Meltdown FraudA Senate panel has subpoenaed financial institutions, including Goldman Sachs Group Inc. and Deutsche Bank AG, seeking evidence of fraud in last year's mortgage-market meltdown, according to people familiar with the situation.
Some People Still Got Some Learnin' To Do : BankersHere are a couple of articles that ought to be read together.
Matthew Yglesias »» It's Not the TARP, It' the GuaranteeYou don't get a ton of opportunities, as a liberal, to write "this is a good point from The Wall Street Journal editorial board," so let's note that The Wall Street Journal editorial board is making an excellent point about the farcical nature of the idea that if Goldman …
Why We Need Criminal InvestigationsNow one can take the position that Grayson is merely trying to score points, but I don't see it that way. Instead, he is trying to make a response to a basic and unanswered question:
American capitalism is failing because it is not competitive enough - By Eliot SpitzerAlthough everybody claims to love the market, nobody really likes the rough-and-tumble of competition that produces the essential "creative destruction" of capitalism.
The EndTo this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me.
The Reckoning: Securities and Exchange Commission Let Banks Amass DebtIn a short and sparsely attended meeting April 2004, the Commission loosened the "net capital rule" and let the five largest investment banks reduce reserves.
In countries all over the world, we are being commercialized, we are being groomed; through advertising and public relations, to be a consumerist society and shopping culture.
A Bailout That is No Longer NeededAccording to James Galbraith, this bailout comes too late to save the nations top mega investment banks and is not needed to save ordinary banks.
Europeans ridicule U.S. money meltdown LONDON -- It's a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something.
Citing Grave Financial Threats, Officials Ready Massive RescueThe Bush administration is urgently preparing a massive intervention to revive the U.S. financial system, including a plan to sweep away the unpaid loans that are choking banks and blocking the flow of money to borrowers.
U.S. Financial Crisis Spreads Toward Your WalletEconomist who predicted current market woes back in 2006 say the worst is yet to come. Article by David R. Francis
Economic Slump: Ethics Loom LargeGreed, selfishness, and lack of ethical behavior contributed to financial crisis. Is anyone surprised? Article by David R. Francis
McCain Shifts Opposition on Government Bailout of AIGAsked whether he agreed with the government bailout of insurance giant American International Group on today's "Good Morning America," Sen. John McCain answered ambiguously, in stark contrast to a Tuesday interview where he adamantly opposed it.
Old-School Banks Emerge Atop New World of Finance More than 200 years after it was born at the base of a buttonwood tree, Wall Street as we have known it is ceasing to exist.
Merrill Sought Goldman Aid Before Sealing Sale to BofA Top Merrill Lynch & Co. executives explored selling a minority stake in the brokerage firm to Goldman Sachs Group Inc. this past weekend before deciding to negotiate a planned acquisition by Bank of America Corp., according to people familiar with the matter.
Their Brand is CollapseJoe Klein believes John McCain is clueless on the economy and aks us to remember that "Senator Honorable" (Klein's phrase) was a member of the Keating Five.
Wake-Up Call: Lehman's Mortgage MarksThe weekend's momentous developments -- Lehman Brothers Holdings' looming collapse, Merrill Lynch's merger talks with Bank of America and American International Group's plans to sell assets -- all have one thing in common: The firms couldn't deal with tens of billions of dollars …
New York Fed Holds Emergency Meeting On Lehman's FutureThe Federal Reserve Bank of New York held an emergency meeting Friday night with top Wall Street executives to discuss the future of venerable firm Lehman Brothers Holdings Inc. and the parlous state of U.S. financial markets.
Lehman Deal Could Come Soon As High-Level Talks ContinueTalks continued Saturday between federal officials and top Wall Street executives aimed at resolving the crisis swirling around Lehman Brothers Holdings Inc. and soothing jittery U.S. financial markets.
Lehman Needs a Buyout, Not Bailout: Options traders have little faith in management's turnaround plans.Lehman is losing the confidence of some of its clients. In a morning research note, JPMorgan analyst Kenneth Worthington said a review of Commodity Futures Trading Commission data indicated Lehman lost customer assets in July.
Fed minutes show extent of Bear Stearns crisisThe WSWS reports: While the language is bureaucratically bland, the minutes of the Federal Reserve Board's emergency meetings of March 14 and 16, released on Friday, do convey some of the fear that gripped financial authorities as it became apparent that the investment bank Bea …
Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001.
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