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You’ve heard of pay-for-play, right? How about pay-for-pay? Here’s an idea that seems to make some sense. Don’t limit Wall Street pay and bonuses, but require higher FDIC premium payments if a bank’s pay structure is deemed to be “risky”, such as incentive bonuses for writing more loans (which leads to bankers writing riskier loans). [...] 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 [...] Perhaps this plan will make Art a little happier … but I’d like to read the actual text of the bill before I make any judgments. Democrats offer alternative ‘no bailouts act’ – CNN.com WASHINGTON (CNN) — A small group of Democratic House members put together an alternative to the $700 billion financial bailout measure [...] 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 [...] Without a Bailout Plan, What Will the Cost Be? – TIME By voting down the proposed $700 billion financial bailout package — and causing a spectacular stock market rout — a majority of members in the House of Representatives made a clear statement that they didn’t want to put taxpayers on the hook for the [...] This is an interesting twist. Obviously, it means that Morgan Stanley will be subject to more stringent regulation, but I wonder what it fundamentally means for the business model. This will be really interesting to following over the next days/weeks/months. Goldman Sachs, Morgan Stanley To Be Bank Holding Companies – WSJ.com The Federal Reserve said [...] 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 [...] America’s mortgage giants | Suffering a seizure | Economist.com FOR many Americans, Sunday is for church, family lunches or catching a ball game. For the country’s financial authorities, it has become the day of the dramatic announcement: the takeover of Bear Stearns; the Treasury’s promise in July to stand behind Fannie Mae and Freddie Mac; [...] The financial system | What went wrong | Economist.com “A COMPANY for carrying out an undertaking of great advantage, but nobody to know what it is.” This lure for the South Sea Company, published in 1720, has a whiff of the 21st century about it. Modern finance has promised miracles, seduced the brilliant and [...] |
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