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Miguel’s Thoughts on Wall Street and the Credit Crisis

Friday, February 6th, 2009

I wanted to share this comment with you from Miguel that was left on my post from yesterday: JLP, I’m surprised to see you go for the cheap shot sound bite. I can get that in the MSM. What I would hope for from you would be a more nuanced analysis of the situation. The […]

John Thain: What Was He Thinking

Tuesday, January 27th, 2009

Okay, if my memory serves me correctly, John Thain was brought in to replace Stan O’Neal as Merrill Lynch’s CEO. This occured in late 2007. Thain was hired to clean up Merrill Lynch after they lost lots of money during the mortgage/credit crisis. So, what does Mr. Thain do after he becomes CEO? He decides […]

Robert Rubin Disappoints Me

Saturday, November 29th, 2008

A front-page article in today’s Wall Street Journal talked about Robert Rubin’s role ($) during the Citigroup turmoil. From the article: Mr. Rubin said it is a company’s risk-management executives who are responsible for avoiding problems like the ones Citigroup faces. “The board can’t run the risk book of a company,” he said. “The board […]

Goldman Top Executives to Forgo 2008 Bonuses

Monday, November 17th, 2008

I like this move. Goldman’s reasoning for giving up the bonuses for top executives: “While the firm has distinguished itself through many aspects of the crisis, we cannot ignore the fact that we are part of an industry that is directly associated with the ongoing economic distress,” the firm spokesman said late Sunday. Source: Goldman […]

The Dow is Down 21.99% Since the Bailout Was Announced

Wednesday, November 12th, 2008

The Dow Jones Industrial Average closed at 10,482.85 on October, 2—the day before the announcement that the $700 bailout had been reached. Today the Dow closed 8,282.66 for a total percentage loss of 20.99% since the bailout was announced. I thought this was supposed to happen IF we didn’t get the bailout! Let’s face it: […]

The REAL ‘Victim’ In All This Mess

Thursday, October 23rd, 2008

Sorry to keep harping on the subject of the housing/mortgage/credit/bailout crisis but I keep reading stuff that just makes cringe. The latest comes from an article I read this morning in the Wall Street Journal about protests at the annual convention for the Mortgage Bankers Association that was held this week in San Francisco. Here […]

Is a 100% Credit Freeze in Our Future?

Thursday, October 23rd, 2008

I got this email from a long-time AFM reader earlier this afternoon (modified slightly to protect anonymity): Through a reliable source, I was told that there is a strong potential for a credit freeze come January 2009. According to this source, absolutely NO loans will be granted…for anything (mortgages, vehicles or otherwise). Although I would […]

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