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David Weidner’s Writing on the Wall: Bill Clinton’s legacy is our financial disaster – MarketWatch … the biggest mistake of the Clinton years regarding Wall Street and the one that rings loudest today was the repeal of Glass-Steagall, a 1933 law that effectively split investment banking and brokerages from commercial banks. In the years leading [...] Tuesday’s market: Citigroup up. Morgan Stanley up. Wells Fargo down. Now comes news that Bank of America will need to raise about $35 billion in additional capital, on top of the $45 billion they’ve already received. Will be interesting to see what happens there. In longer term prospects, American International Group, Inc. is trading with [...] Wells Fargo May Need Capital – WSJ.com An initial U.S. stress test identified Wells Fargo & Co. as among the banks needing a buffer against future losses, said a person close to the company. But it was unclear Monday whether Wells would be forced to raise fresh capital or if regulators would accept its argument [...] A lot of people say that the recent rally in the stock markets is due to a short squeeze, but The Financial Times says that short interest is on the rise along with the markets. A-Train says it’s a sucker rally, but generally a rise in short interest drives the market down, not up. In [...] BofA’s Mantra: We’re Not Citigroup – WSJ.com Bank of America Corp. [NYSE: BAC] Chief Executive Kenneth Lewis is eager to prove one thing above all else: His company isn’t Citigroup Inc. [NYSE: C] As shares of big banks have fallen in the face of speculation that they might be nationalized by the government, Mr. Lewis [...] Okay; I can honestly say that I didn’t see this happening. I figured that Citigroup, like Bank of America and JP Morgan Chase, would both be strong enough to weather almost anything the economy could throw at them, but their recent stock movements are highly precipitous. Citi Weighs Its Options, Including Firm’s Sale – WSJ.com [...] From this morning’s Wall Street Journal: ‘No’ Votes Came From All Directions The fatal “no” votes to the financial rescue package came from a strange-bedfellows coalition of lawmakers, from the most conservative to the most liberal members of the House, with a large number of representatives from low-income districts angry that Wall Street seems to [...] Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash – WSJ.com Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets; Moves Cap a Momentous Weekend for American Finance NEW YORK — The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. [...] Goldman, Morgan Grasp at Bitter Prize September 15, 2008; Page C1 Goldman Sachs Group and Morgan Stanley look like survivors in Wall Street’s purging of stand-alone investment banks. But the prize will be bitter. The investment banks report results this week for their fiscal third quarter, which ended in August. Analysts expect a profit from [...] |
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