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October 2008
- Crisis Leaves Goldman Nearly Unruffled
  
  MarketWatch | Oct 2, 08 4:08 PM CDT
  
  (Newser) - With the US financial inferno taking down most of the big investment banks, Goldman Sachs is set to emerge “essentially the same institution,” David Weidner writes in MarketWatch, stronger than it was before and with the same powerful array of friends in high places who, intentionally or otherwise, have helped it navigate the credit crisis. More »
  
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  Financial Crisis • Lehman Brothers • Merrill Lynch • Goldman Sachs • Bank of America • JPMorgan
September 2008
- Execs Were Paid $3B to Lay Credit Crisis Foundation
  
  Bloomberg | Sep 26, 08 5:45 PM CDT
  
  (Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took in $172 million in 2003-07, while Bear Stearns’ James Cayne took in $161 million. More »
  
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  Financial Crisis • credit crisis • Henry Paulson • Bear Stearns • Merrill Lynch • Goldman Sachs • executive compensation • CEOs • investment banks • compensation • Stanley O'Neal • James Cayne • JP Morgan
- Mac: Delay Debate to Focus on Economy
  
  Associated Press | Sep 24, 08 2:47 PM CDT
  
  (AP) - John McCain says he's directing his staff to work with Barack Obama's campaign and the debate commission to delay Friday's debate because of the economic crisis. In a statement today, McCain says he will stop campaigning after addressing Bill Clinton's Global Initiative session tomorrow and return to Washington to focus on the nation's financial problems. More »
  
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  Barack Obama • John McCain • Election 2008 • George W. Bush • Financial Crisis • Merrill Lynch
- New Wall Street: Less Risk, Less Innovation, Lower Pay
  
  Wall Street Journal | Sep 23, 08 1:49 PM CDT
  
  (Newser) - When Goldman Sachs and Morgan Stanley ditched the investment banking model, it didn’t just mark the end of an era, it marked the end of Wall Street as we know it, the Wall Street Journal declares in an editorial today. And with investment banks gone, the US financial system will become sturdier, but a lot less innovative. More »
  
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  Wall Street • Lehman Brothers • Bear Stearns • Merrill Lynch • Goldman Sachs • Bank of America • Morgan Stanley • investment banks
- Hedge Funds Poised to Profit as Banks Shun Risk
  
  Wall Street Journal | Sep 23, 08 1:05 PM CDT
  
  (Newser) - With the last two large US investment banks going commercial in an effort to stay afloat, private-equity and hedge funds are stepping into the void, the Wall Street Journal reports. Taking on roles previously filled by the likes of Goldman Sachs and Morgan Stanley, hedge funds like Citadel and private-equity groups like Blackstone are "stepping further into the risk-taking fold," the Journal notes, and are positioned to profit handsomely. More »
  
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  Lehman Brothers • Merrill Lynch • Goldman Sachs • Blackstone Group • investment banks • hedge funds • market turmoil • Citadel Investment Group
- After Meltdown, 'Safe Will Be the New Sexy': Cramer
  
  New York | Sep 22, 08 11:06 AM CDT
  
  (Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York , and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street, and perhaps beyond,” he writes. “Caution will be the new daring. Safe will be the new sexy.” More »
  
  Tags
  
  Financial Crisis • Wall Street • economy • Lehman Brothers • Bear Stearns • Merrill Lynch • bank failure • Jim Cramer • American International Group
- Fed Allows Goldman, Morgan to Become Full Banks
  
  New York Times | Sep 21, 08 10:11 PM CDT
  
  (Newser) - Goldman Sachs and Morgan Stanley, the nation's last two major independent investment banks, have gotten permission to become bank holding companies, the Federal Reserve said tonight. A fundamental rearrangement of Wall Street, the move will allow them to create commercial banks, which would bolster their resources, while inviting increased regulation. It reflects the Fed's determination not to let Goldman and Morgan Stanley fail, the New York Times notes. More »
  
  Tags
  
  Financial Crisis • Lehman Brothers • Bear Stearns • Merrill Lynch • Goldman Sachs • Morgan Stanley • investment bank • JP Morgan
- Who's Who: The Players Remaking Wall St.
  
  Wall Street Journal | Sep 19, 08 9:41 AM CDT
  
  (Newser) - The financial world has been rocked to its foundations in a few short days, with a handful of men making momentous decisions. The Wall Street Journal outlines the key players. Henry Paulson. No Treasury chief has wielded such power. He decides whether big firms live or die via federal bailouts. Will his too-big-to-fail philosophy stand the test of time? John Thain. The Merrill Lynch CEO saw the writing on the wall for his own firm while working on the Lehman crisis. In less than 24 hours, he hammered out a deal to sell Merrill to Bank of America. More »
  
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  Financial Crisis • Wall Street • Henry Paulson • Merrill Lynch • Bank of America • John Thain • Richard Fuld • Kenneth D. Lewis
- Thain Made Most of Merrill's Ugly Position
  
  Slate | Sep 16, 08 2:34 PM CDT
  
  (Newser) - As the credit market self-destructed, Merrill Lynch and Lehman Brothers faced similar problems. The difference, Henry Blodget writes in Slate, is that Merrill’s John Thain played his cards right, and Lehman’s Dick Fuld didn’t. Brought in to clean house after Stan O’Neal’s high-risk strategy exploded, Thain immediately cleaned up the balance sheet. Making the best of bad options netted shareholders $50 billion. More »
  
  Tags
  
  Lehman Brothers • Merrill Lynch • John Thain • Richard Fuld
- Denial Exacerbated Meltdown
  
  New York Times | Sep 16, 08 1:04 PM CDT
  
  (Newser) - The collapse of Lehman Brothers and the fire sale of Merrill Lynch are stunning developments, Joe Nocera writes in the New York Times , as is the fact Goldman Sachs and Morgan Stanley are the only big investment banks standing. But the turmoil isn’t simply the result of complex trading instruments gone awry, Nocera writes; “what’s going on is something we are all familiar with: denial.” More »
  
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  Lehman Brothers • Merrill Lynch • Goldman Sachs •

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