Daily Archives: October 5, 2008

Financial Collapse: Why All Americans Are Responsible

Many Americans have chosen to live in ignorance of basic economic theory, the role of our government in the regulation of financial markets, the roles of the SEC, the Treasury Department,  the Federal Reserve, and the impact of Wall Street and our banking system on our public and private lives.

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Posted on: October 5, 2008 – 6:44 pm in Uncategorized

Citigroup (C) Gets Chance To Block Wachovia (WB) Takover

DataNow that Citigroup (C) has botched its takeover of Wachovia (WB) it hopes to turn to the US court system to be its savior.

Wells Fargo (WFC) moved in under the cover of night and got Wachovia to agree to merge with it. Citi though it had a firm deal of its own with WB.

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Posted on: October 5, 2008 – 8:02 am in Banking, , ,

Bold Assertion: JP Morgan (JPM) Destroyed Lehman

Lehman_brothersPerhaps it is important that someone be blamed for the failure of Lehman. Henry Paulson who did not order Treasury to step in with aid. The most convenient villain is Dick Fuld, the company’s CEO who pushed the firm to a greater and greater levels of leverage.

The most recent candidate is JPMorgan (JPM). Several Lehman customers say the big New York bank pushed Lehman off the edge.

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Posted on: October 5, 2008 – 7:39 am in Banking,