Posted on 10/10/2008 4:11:43 PM PDT by dynachrome
CNBC.com Henry Paulson --------------------------------------------------------------------------------
“I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley [MS 9.68 -2.77 (-22.25%) ] and Goldman Sachs [GS 88.80 -12.55 (-12.38%) ]," Hugh Hendry, Partner and CIO at Eclectica, told CNBC early Friday. "It is unimaginable that they can be allowed to go, I suspect that they will be nationalized at some point today or over the weekend," he added.
(Excerpt) Read more at cnbc.com ...
Ok I’m what the end result of this would do, but lets look on the bright side maybe the wages of the CEO’s and top managers would come down to street level and not the multi-million dollar wages with perks. Maybe they could set it up where the CEO’s couldn’t make anymore then a congressmen or senator.
You can flame me now, but I’m jumping in my hopefully flame proof bed soon.
The compensation was way outta wack for their performance and many were gaming the paperwork to enhance their bonuses.
I would not like to see a set ratio, but much more transparency in the financials. (but with crap like alt-A, subprime garbage, who knows what transparencey is anymore?)
CR@P!
It IS imaginable to let those liberal-run institutions go!
And that is just what McLame is proposing.
Everyone knows someone nice at a corrupt firm. That doesn’t mean you use misplaced compassion to keep it going.
I suppose you would have said the same stupid thing on behalf of Enron, had you known someone there.
Use your head.
I agree there is something the public and economists don’t know.
Is it Naked Shorts, which are counterfit shares created by brokers, the same reason for the 29 crash and that they are trying to get covered or The FED/FDIC are bankrupt.
Hedge funds, soros, credit default swaps, ayers, ACORN, cloward-piven, stupid SEC not reinstituting the uptick rules, etc. Profit from chaos and a take over of the govt using Weatherman cloward-piven tactics.
Who will offer prime brokerage services to the hedge funds if Goldman and Morgan go.
No biggie. Let JP Morgan bring Morgan Stanley back into the fold. They were split in the Glass Stegall Act after the 1929 crash. Old man Morgan would be happy to see them reunited.
GS Act banned investment pools because they were abusive manipulators. Hedge funds are indentical to investment pools.
Goldman Sachs? Vultures and f****in vermin anyway. Buffett owns 10%, let him double and triple down. He has the money - miserable old Dem. His dad was a Repub Senator. Like Hillary’s dad who was a Goldwater Repub.
JP Morgan Chase bought WAMU. J.P. Morgan from the 1920s was split into an investment bank - Morgan Stanley and a commercial bank - J.P. Morgan due to the Glass Stegall Act after the 1929 Crash. Investment banks could not due regular banking and reg banks could not do inv banking.
Clinton signed a bill a decade ago rescinding Glass Stegall which Alec Baldwin even blamed Clinton for this mess and Dems for Fannie and Freddie.
Makes sense that J.P. Morgan bring it’s old relative back into the fold.
From little ACORNs filing lawsuits against banks to provide CRA loans grows global financial disasters.
Obama’s finger prints are all over this. Amazing.
And the government will call the shots like any major shareholder would. But those shots will not involve profit making, but rather the dedication of money to social causes, via mortgages etc. You want solar for your home, going green, no problem , we have an ARM for you!!!But whose leg is it? Our tax money. Thats where the shite hits the fan. Every tax payer should be getting that interest returned directly to the IRS and given as a rax credit to every American who pays taxes.
Now its not nationalization but its politization of Sachs and Morgan. Thats the way fascism works. Not communism. Communists would nationalize them.
Now the government will in years to come, have one more money spigot to tap in order to buy votes, sway the public and ruin our economy before every election?
And those politically favored in the future will get very, very rich indeed,linkage between financiers and government on a policy basis. That out does any lobbying system we had before.
Example?
Senator has son who is starting up a military clothing factory? Want a loan, no problem, daddy makes sure he gets the inside track on a military supply bid, arranges the financing and away we go!
If this happens, this is the kind of linage we will have. An political/economic circus worthy of a banana republic.
Is it better than a crash? Nope. Freedom is at stake.
Its not done yet. It should be stopped. I say let them crash.
Oh, never fear! Obamessiah is the new Andrew Jackson, he’ll fight for the citizens against the corrupt, monstrous federal bank. [/sarc...ophagus, which is where our liberties will end up]
oh for goodness sakes...
Day by day, everything seems to be headed straight into the toilet. The upside, if there is one, is that this mess shows us that we have NO leadership with balls, no one who can take the situation in hand and straighten it out. We also have no representation, which is, I believe, what the American Revolution was fought over. Problem is that now, President Bush and perhaps his successors have broad powers to quelch uprisings and take our property for imminent domain. We’ve given so much away already, it may be too late to ever regain what we’ve lost. If I could think of anywhere better to go, I’d be there right now.
How can they do this? That’s what I keep asking myself, and day after day, things get worse and worse. It’s as if the people in Washington have really simply lost their marbles for good. But they are playing with my kids’ futures, and even my future grandchildrens’ futures. I am livid, sad, horrified, disgusted. I can’t even express it all properly.
Gerrymandering has a big role in that. It's amazing that it never comes up as a national campaign issue.
so then when national bailout fails we can have global bank bailout
Welcome to FR. Lively place lately!
Its not done yet. It should be stopped. I say let them crash.
That's true. Unfortunately, my congressman's and Senator's web pages, the ones with the "contact" form, are strangely unavailable.
In a way, it's lucky the election is only a few weeks away. Now's the time to be telling everyone you know to vote out every single one that voted to give this extra-constitutional power to the US Treadury. Ring the bells, sound the alarm, tell everyone, every day between now and November 3, that your elected officials sold out the freedom our forefathers fought for. Tell them that the Greatest Generation fought in vain, only gaining us few decades of freedom, unless we throw those SOB's out that voted for this. We cannot be silenced yet, we need to raise the alarm NOW.
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