Goldman Sachs was founded in 1896. It has pretty much followed the same business model for the last fifty years. Citicorp operates pretty much the same way it did in 1985 when I graduated from law school and Sherman & Sterling was their main outside counsel.
In those days the titans of […]
Regulation never made a lender prudent about the loans he made. What makes a lender prudent is fear of loss of capital. This bailout plus the insuring of money market funds and backing swaps with the full faith and credit of the US government will make lenders less prudent no matter what regulations […]
Lets see. The government is going to purchase hundreds of thousands of home mortgages. Wall Street needs the cash in a week at latest. You know exactly what is going to happen.
Somewhere in D.C., at a lower rent office building like the one I used to work in, thousands of boxes […]
Here’s what I think happened. The masters of the universe (MOTU) on the Street were watching the climate change people scare the pants off the public with tales of global warming, saw that the press had no ability to evaluate the claims, and watched the climaters belly up to the trough and about to take […]