Although almost all of Wall Street’s major crisis-era players have stuck it out at their firms or found new employment nearby, a few have left the world of finance altogether. Some are ranching, some are spending time with family, some are in home offices in New Jersey: Meet Wall Street’s post-crash exiles. Read More
Apparently having succombed to nostalgia for the hardscrabble, rough-and-tumble credit markets of 2008 — when men were men, and mortgage bonds were crammed into ever-swelling packages — Bank of America is now seeking to meet elevated capital requirements by throwing hard-to-sell assets into new securities.
Bloomberg reports that BofA is using a complicated Read More
Regulators are holding off on assuming the power to unwind struggling financial institutions that pose significant systemic risk, Reuters reports.
The Federal Deposit Insurance Corporation said it needs more time to figure out how it’s going to implement new rules governing the orderly dismantling of “too-big-to-fail” firms, partly because some members of the Read More
As expected, the Securities and Exchange Commission has decided that it’d probably be better if financial institutions weren’t regularly misleading investors about the amount of debt they carry on their balance sheets, and so today the agency decided to draft new rules that force companies to say more about their short-term borrowing.
Companies’ tendency to Read More
Fun With Fuld, Faces
Dick Fuld’s face is as distinctive as it is expressive. As the former Lehman Brothers CEO has appeared before the cameras over the past two years, he’s put on a theatrical show, displaying emotions ranging from befuddlement to rage to disgust. In honor of the second anniversary of Lehman Brothers’ historic implosion, we’ve put together Read More
To honor the second anniversary of the historic Lehman Brothers bankruptcy, The Observer, has culled headlines from the past decade to track the rise and fall of what was once the fourth-largest firm on Wall Street.
Lean and Mean: “Lehman Brothers: Who Needs to Be Big?” BusinessWeek, July 16, 2001.
Instead of trying Read More
As even casual observers of the financial press no doubt have realized, the second anniversary of the demise of Lehman Brothers arrives tomorrow. And the two years that now stand between that systemically terrifying event have done almost nothing to diminish the significance of the Read More
On Sunday, the Bank for International Settlements announced an agreement that, in order to prevent another 2008-style crisis in which giant global banks reach the brink of failure and hold the global economy hostage, financial institutions now have to have a little extra capital socked away.
The new requirements, christened “Basel III” after Read More
This just in from the department of second chances: Jeffrey Peek, who helped steward financial-services firm CIT Group into its November 2009 bankruptcy, has landed a new gig as vice chairman of Barclays Capital’s investment banking division.
From 2003 to 2009, Peek’s tenure as CEO of CIT was marked by an Read More
As his former firm fights to unload assets to repay the massive bailout package the U.S. government gave it, ex-AIG chief Martin Sullivan has landed a new gig at insurance firm Willis Group Holdings.
Sullivan will serve as deputy chairman for Willis, and “assist in managing and shaping the long term growth strategy Read More