You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion: Presidency Donate to DU
ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-11 09:07 AM
Original message
Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret
Advertisements [?]
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.”


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!

Printer Friendly | Permalink |  | Top
  -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 

Home » Discuss » General Discussion: Presidency Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC