When former Minnesota governor Tim Pawlenty was campaigning to be the Republican presidential nominee, he told reporters that his “truth message to Wall Street is going to be, ‘Get your snout out of the trough.’” Which, maybe that’s still his truth message? But instead of delivering it as co-chairman of Mitt Romney’s campaign, Governor Pawlenty will be speaking it as head of the Financial Services Roundtable, a banking industry lobby.
Somewhere, an algorithm read the coverage of yesterday’s Senate Banking Committee hearing on high-frequency trading, and figured it will take years for the government to hammer out reforms to fix market structure issues.
Wall Street ax: The six largest U.S. banks have cut 18,000 jobs in the last year, according to The Wall Street Journal, and the industry is showing no signs of slowing down its cost-saving efforts. Goldman Sachs said it would pare an additional $500 million in expenses in the second half of the Read More
the lead indicator
The daily buffeting of confidence in the recovery’s resilience has demanded an unusual focus on immediate threats to commercial real estate investment conditions. Even in New York City, where improvements in property values and capital inflows have clearly outpaced peer markets, the vagaries of developments in Europe as well as conditions closer to home have necessarily called for consideration in meetings of investment and credit committees.
Recently, there has been tremendous coverage of the Occupy Wall Street protests. It is obvious that this is not a political movement but merely a way for some disgruntled Americans to express their frustrations. It is unfocused and really has no coherent agenda. Ask 50 demonstrators why they are there and what they hope to achieve and you get 50 different answers.