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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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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 Yorks financial district, say theyre 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 isnt 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!

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