Posts filed under “Financial Press”
There is a long-but-worth it article (The End) in Portfolio by Michael Lewis, who traces the arc from Liar’s Poker to the End of Wall Street.
Before you turn in fear of yet another Magazine Cover Indicator, be aware of one thing: The prostrate bull on the cover of the magazine does not represent,a s you may have guessed, the stock market. What Lewis is declaring dead is the old way Wall Street used to do business.
When I published my book, the 1980s were supposed to be ending. I received a lot of undeserved credit for my timing. The social disruption caused by the collapse of the savings-and-loan industry and the rise of hostile takeovers and leveraged buyouts had given way to a brief period of recriminations. Just as most students at Ohio State read Liar’s Poker as a manual, most TV and radio interviewers regarded me as a whistleblower. (The big exception was Geraldo Rivera. He put me on a show called “People Who Succeed Too Early in Life” along with some child actors who’d gone on to become drug addicts.) Anti-Wall Street feeling ran high—high enough for Rudy Giuliani to float a political career on it—but the result felt more like a witch hunt than an honest reappraisal of the financial order. The public lynchings of Gutfreund and junk-bond king Michael Milken were excuses not to deal with the disturbing forces underpinning their rise. Ditto the cleaning up of Wall Street’s trading culture. The surface rippled, but down below, in the depths, the bonus pool remained undisturbed. Wall Street firms would soon be frowning upon profanity, firing traders for so much as glancing at a stripper, and forcing male employees to treat women almost as equals. Lehman Brothers circa 2008 more closely resembled a normal corporation with solid American values than did any Wall Street firm circa 1985.
Here’s the cover:
Portfolio, Nov 11 2008
Fed has learned more than %2 Trillion to troubled banks; FED rejects Bloomberg request identify loan recipients; Bloomberg news is suing the FED to force disclosure of loans; The Public doesn’t know collateral FED is accepting for loans; Analysis by Matt Wink
Bloomberg Sues Fed to Force Disclosure of Collateral
Bloomberg, Nov. 7
Over at Forbes.com, former WSJ OpEd page editor — but don’t hold that against him — Tunku Varadarajan writes a terribly amusing recap of the global monetary mayhem, titled: The Financial Crisis, From A-Z. It may be just me, but it has a certain DanGrossian feel about it. To give you some flavor, A –…Read More
We don’t have permission to reproduce the entire column, but this recent Dan Gross column is definitely worth reading: The third fatal date? Oct. 15, when the third debate took place. Throughout the fall, Obama had rounded up financial icons such as former Federal Reserve Chairman Paul Volcker and Warren Buffett to serve as surrogates….Read More
A pretty good Onion headline: Nation Finally Shitty Enough To Make Social Progress: Although polls going into the final weeks of October showed Sen. Obama in the lead, it remained unclear whether the failing economy, dilapidated housing market, crumbling national infrastructure, health care crisis, energy crisis, and five-year-long disastrous war in Iraq had made the…Read More
by Marion Maneker As the papers dissect where and how McCain lost the Presidency and focus on Rahm Emmanuel and who will be next announced as part of the Obama team, the Republicans have a lot of soul searching to do. The question is whether the Republican party can overcome the twin blows of botching…Read More
by Marion Maneker > We all make fun of the daily commentary that tries to assign a single motive to market moves but willingly accept the same sort of reductive analysis when it comes to real life events like elections. No doubt, Barack Obama’s skin color makes his electoral victory a historic event. But if…Read More
I just spoke with a reporter for a well known national newspaper. According to this journo, exit poll data from within XXX suggested that the lead in Pennsylvania was double digits for Obama. Note: Exit polling is notoriously crappy — if exit polls were at all reliable , we would be discussing President Kerry. However,…Read More
by Marion Maneker Perhaps it’s a sign of the shifting economic agenda that this profile of Kahldoon al-Mubarak, Abu Dhabi’s 32-year-old financial fixer, got shoved inside the paper last Saturday next to a story on Abu Dhabi’s joint investment in Barclay’s which had been announced the day before. When Mubadala, the Emirate’s development fund took…Read More