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Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret [View All]

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-11 09:07 AM
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Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret
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Edited on Thu Oct-13-11 09:13 AM by ProSense

Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret

By Max Abelson

Wall Street executives, facing demonstrators camped for a fourth week in New York’s financial district, say they’re anxious and angry for other reasons.

An era of decline and disappointment for bankers may not end for years, according to interviews with more than two dozen executives and investors. Blaming government interference and persecution, they say there isn’t enough global stability, leverage or risk appetite to triumph in the current slump.

<...>

New rules from the Basel Committee on Banking Supervision will more than double capital requirements for banks. Fixed- income revenue could fall 25 percent under a draft of the Volcker rule, which may outlaw so-called flow trading, according to an Oct. 10 note from Brad Hintz, a Sanford C. Bernstein & Co. analyst. Leverage has been cut by more than half at banks including Goldman Sachs and UBS AG, and an Oliver Wyman and Morgan Stanley (MS) report estimates that regulation may reduce returns on equity by 4 to 6 percentage points.

<...>

Leon Cooperman, the first Goldman Sachs Asset Management CEO and head of hedge fund Omega Advisors Inc. in New York, said Wall Street has been “excessively” blamed and President Barack Obama has “continued to project himself as anti-wealth, anti- business and socialist in his leanings.”

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So the banks are worried that the crisis they created (and are prolonging with the help of Republicans), which devastated millions of Americans, will adversely affect them? Booeffinghoo!





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  -Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret ProSense  Oct-13-11 09:07 AM   #0 
  - In other words, Wall Street's Gilded Age is ending. Boo-hoo. nt.  Hosnon   Oct-13-11 09:49 AM   #1 
  - Evidently,  ProSense   Oct-13-11 09:51 AM   #2 
  - translation: everybody hates us, nobody likes us. we're going to to the garden and eat worms.  ladywnch   Oct-13-11 09:52 AM   #3 
  - Hey, what can possibly go wrong?!  Proud Liberal Dem   Oct-13-11 09:58 AM   #4 
  - Look out your windows wall street gangsters  workinclasszero   Oct-13-11 10:08 AM   #5 
  - This is precious. They complain about global instability - ever heard  jwirr   Oct-13-11 10:45 AM   #6 
  - My hemorrhoids bleed for them  meow2u3   Oct-13-11 01:33 PM   #7 
  - The last three paragraphs are incredible.  nsd   Oct-13-11 01:59 PM   #8 
  - "Worked harder this year and will be paid less."  Hosnon   Oct-13-11 08:00 PM   #9 
  - no wonder they don't get it  renate   Oct-14-11 06:21 PM   #13 
     - The mentality of that 27 year old and people like him is that  Lucky Luciano   Oct-14-11 07:23 PM   #14 
  - Bank stocks have tanked.  polichick   Oct-13-11 08:26 PM   #10 
  - Why is pro-accountability always portrayed as...  Beartracks   Oct-13-11 09:31 PM   #11 
  - boo fucking hoo  thelordofhell   Oct-13-11 11:53 PM   #12 
 

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