tagged w/ investment banks
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Matthew Koder has been named as the head of Bank of America for global corporate and investment banking sectors of Asia-Pacific region. Matthew Koder is a UBS AG banker. He will play a newly created role. His role will bring the departure of Swiss banks from this region. Koder has spent more than 20 years in capital markets and investment banking. Recently he was working with UBS. His period with UBS has a total span of 8 years. This was the biggest hiring of any Swiss bank working in Singapore.Matthew Koder has been named as the head of Bank of America for global corporate and... more
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Bait and Switch TV Live Debates - Connecting TV audiences directly to experts, policymakers, and celebrities on issues that affect us all.Bait and Switch TV Live Debates - Connecting TV audiences directly to experts,... more
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Last week's financial markets crises totally eclipsed the 2008 presidential campaign and changed the ground rules.
Briefings by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke terrified and then mobilized bipartisan leaders of Congress. The country's very standard of living appeared to be at stake if financial markets froze up—globally, this time, thanks to stunning technological innovations in the past decade that had spread the rewards and now the risks far beyond those, say, of the savings and loan crisis of several decades ago.
Getting swift action on a $700 billion financial aid package could restore confidence and avert a meltdown of financial systems that could freeze credit, erode retirement savings, perhaps delay paychecks and worse. The initial shock and bipartisan agreement gave way by Monday to rising complaints from Republicans about yet another federal bailout, from Democrats about giveaways to Wall Street bankers who caused this mess. Senate Finance Chairman Chris Dodd said it won't be easy but he was confident an emergency bill could be shaped this week.
In the process, the economic game plans of Barack Obama and John McCain have been derailed. The sheer cost of the bailout, more than the Iraqi war, will affect what any future president can do. Proposals on taxes—cutting them, raising them—will have to be recalibrated.
Certainly, any bantering about lipstick on a pig belongs to another campaign altogether.
Some compare the impact of what is said to be the worst financial crisis since the Great Depression to the impact of the September 11, 2001 terrorist attacks in New York and Washington. Then, the media abruptly dropped its prime-time preoccupation with a scandal about a missing intern and a California congressman.
A similar blackout prevailed on political news through the weekend, but unlike 9/11, there is no clear enemy in the financial crisis, let alone a foreign one. The unfolding financial catastrophe doesn't lend itself to calls for Americans to stay strong, to rally around, to join forces—against whom?
That said, the political impact is likely to be considerable.
National polls show a slight migration of voters toward Democrat Obama. It's not clear if that is because he's had a more coherent economic message or because McCain seemed to rail in all directions during the last week, hard put to find his footing as Wall Street unraveled.
Ordinarily, it's the Republican who has a stronger stance on all-things-economic. In this context, however, Obama looks cool and unflappable, compared to the flailing about of McCain, an economic libertarian whose record shows decades of support for less government regulation.
***Read More***Last week's financial markets crises totally eclipsed the 2008 presidential... more
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The Feds okay a request by the LaSt two major U.S. investment banks (Goldman Sachs and Morgan Stanley) to change their status to "bank holding companies".
The Feds okay a request by the LaSt two major U.S. investment banks (Goldman Sachs... more
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Every cloud has a silver lining. Ask the cybersquatters. Even as the short-selling vultures began circling Lehman Brothers, HBOS, Merrill Lynch and co, a legion of entrepreneurs began betting on domain names for hastily merged financial institutions. For example, when Barclays and Bank of America began to emerge as buyers for Lehman, names such as barclayslehman.com and bofalehman.com were promptly registered by enterprising hopefuls.
Some of these domains were being offered for sale on eBay last week. For example, www.bankofamericamerrilllynch.com was available at a starting bid of $1,500. 'With a deal between Bank of America and Merrill Lynch NOW ANNOUNCED', burbled the seller, 'this domain name will soon be incredibly popular. This is the only domain name that conveys the full picture, using the name of both firms... This is the most comprehensive and commonsensical domain name available concerning the MERGER OF BANK OF AMERICA CORP AND MERRILL LYNCH & CO.' The last time your columnist checked, however, the auction had attracted no bidders. Still - nothing ventured, nothing gained.Every cloud has a silver lining. Ask the cybersquatters. Even as the short-selling... more
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IT was not an entrance that was typical of Bob Diamond, president of Barclays Capital and one of London’s wealthiest bankers. But last weekend he slipped into the top-floor offices of the New York headquarters of Lehman Brothers via the freight lift.
Diamond was in secret negotiations to buy the entire global operation of Lehman Brothers. He had the support of Hank Paulson, the US treasury secretary, and New York senator Hillary Clinton – and they all wanted the deal done before markets opened on Monday.
In the event the talks collapsed because Paulson refused to guarantee future losses on Lehman’s trading liabilities during the period between the announcement and the completion of the transaction. There was also the matter of billions of dollars of toxic commerical-property assets. An added problem was that Barclays needed approval from its investors before it could sign a deal and Paulson knew time was not on Lehman’s side.
Lehman collapsed on Sunday night. But the following day, before the American bank filed for bankruptcy, Diamond returned with a new deal to buy Lehman’s Wall Street business for $1.75 billion (£950m). It was a deal that included its $1.5 billion headquarters, two data centres and 10,000 staff, in effect paying only $250m for the business. But Lehman’s operations around the rest of the world were forced into bankruptcy.IT was not an entrance that was typical of Bob Diamond, president of Barclays Capital... more
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The drama of Lehman Brothers demise...as told on eBay.
infoMania is a half-hour satirical news show that airs on Current TV. The show puts a comedic spin on the 24-hour chaos and information overload brought about by the constant bombardment of the media. Hosted by Conor Knighton and co-starring Brett Erlich, Sarah Haskins, Ben Hoffman, and Sergio Cilli, the show airs on Thursdays at 10 pm Eastern and Pacific Times and can be found online at current.com/infomania
The drama of Lehman Brothers demise...as told on eBay.
infoMania is a half-hour... more
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Is Morgan Stanley next? What happens after the collapse of the largest US investment firms?Is Morgan Stanley next? What happens after the collapse of the largest US investment... more
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Drawk
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added this
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3 years ago
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