Tuesday, September 23, 2008

The era of Wall St. is over.

Dartmouth seniors, many of whom are preparing for corporate recruiting right now, may be disheartened to learn about "The End of Wall Street," as reported today in the Wall Street Journal.
And so, in a single week, the era of the independent investment bank has ended. Wall Street as we've known it for decades has ceased to exist. Six months ago there were five major investment banks. Two -- Lehman Brothers and Bear Stearns -- have failed, Merrill Lynch is selling itself to Bank of America, and now the last two are becoming commercial banks. Adam Smith, that great market disciplinarian, is punishing excesses and remaking American finance long before Congress can get into the act.

8 comments:

doubtingthomas said...

Emily, why did the Review recently whitewash its Worst Professors article of 2000 to remove Christie Thomas from that list?

I can see why you would rewrite the history that Marlene Heck appeared on the list, since she is now among the Best Professors.

But what does the Party have in mind for Thomas, who is not on the Best list this year? Is her reputation is undergoing official rehabilitation in preparation for a reintroduction next year? Can we expect to see her on the podium at the Party Congress?

No doubt about it said...

Maybe the era of living beyond one's means on credit is also over.

Anonymous said...

maybe your face is over

ndai said...

Huh?

Anonymous said...

WSR again errs: it is the invisible hand, and not AS himself, which is administering discipline and punishment.

OTOH, greed and other manipulative mischief are undoubtedly buried somewhere in this story. Will TDR, or WSR, have the courage to root it out?

IMO the problem goes to the American addiction to credit. And this addiction goes beyond just the major investment banks, or mortgage firms (who are now saying, 'fund the bailout, or United won't be able to get a line of credit to buy fuel', et cetera). It goes to each of us: How many of you who have credit cards carry a balance? How many of you who have a mortgage are actually paying it off?

anon is right said...

And credit is still easily available. DiTech advertises home mortgages every nite on TV, and I just received a credit card mailing promising 0% interest until 2009. Too easily available, for an audience with little self-discipline.

I am Scannell said...

What does Charles Haldeman of Putnam Investments, Stephen Cutler of J.P. Morgan, Paul Roye of Capital Group Companies, Juan Marcilino of Greenberg Traurig, and Walter Ricciardi (to mention a few) have in common?

For extra credit:

What senior congressman is well aware of the event that bonds them?

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