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I like megabanks. just need to squeeze the real dangerous high risk positions out of them. it feels like yesterday that we had strong representation on top 10 list of banks in the world. now, I’m not even sure if we have 2 on the list. if we keep f’ing around with banks, regulations, etc., I wonder why there would be a need to do any debt or equity offerings, be on the exchanges, etc. in the US. tons of $$ in asia and mid east and they both have their own exchanges. can easily seen them thinking why bother to go to US firms, exchanges, etc. when we can do everything here and besides, our banks are way bigger than theirs.
I’m not quite clear exactly which type of institution be affected by the changes in Obama’s speech, from what I read of it briefly.
If prop trading is banned at ‘banks’, can’t they just separate their prop trading activities into something that is not a ‘bank’?
Think it would be more of an issue for C, BAC and Wells Fargo (more deposit funded) than GS or MS.
Just seems to imply them demerging rather than closing down certain activities (like JP Morgan / Morgan Stanley).
Caveat – I only read a synopsis of the speech.
I probably will regret asking this, but can one of you tell me, IN PLAIN ENGLISH, what happened today regarding Obama and the banks? (double emphasis on PLAIN ENGLISH!)
We don’t own any banks, jessi. the only one I own personally is Standard Chartered, a non-US bank with virtually no US operations.
It’s now a question of how quickly Obama comes to his senses and the markets realize that what he’s proposing just ain’t going to happen. This is a classic knee-jerk reaction to something ridiculous that comes out of the mouth of a politician. it happens all the time in japan.
“These statements today reflect a total lack of understanding of the financial system.” —
remember what I said about cheering on this lunatic teabagger movement – that would bite back at you. Perhaps he started listening to them.
Blowfish…if this indeed goes through, then you can kiss half of Goldman’s revenues goodbye.
But ingenuity in the financial system is what makes it resilient. Don’t worry, they’ll come up with another way to make money.
And I’d be pretty shocked if this goes through the way it is now. I’m sure it will go through a series of changes before any actual regulation goes in effect.
I like megabanks. just need to squeeze the real dangerous high risk positions out of them. it feels like yesterday that we had strong representation on top 10 list of banks in the world. now, I’m not even sure if we have 2 on the list. if we keep f’ing around with banks, regulations, etc., I wonder why there would be a need to do any debt or equity offerings, be on the exchanges, etc. in the US. tons of $$ in asia and mid east and they both have their own exchanges. can easily seen them thinking why bother to go to US firms, exchanges, etc. when we can do everything here and besides, our banks are way bigger than theirs.
No takers? Dave, can you give it a shot for me?
I’m not quite clear exactly which type of institution be affected by the changes in Obama’s speech, from what I read of it briefly.
If prop trading is banned at ‘banks’, can’t they just separate their prop trading activities into something that is not a ‘bank’?
Think it would be more of an issue for C, BAC and Wells Fargo (more deposit funded) than GS or MS.
Just seems to imply them demerging rather than closing down certain activities (like JP Morgan / Morgan Stanley).
Caveat – I only read a synopsis of the speech.
“Don’t worry, they’ll come up with another way to make money.”
Like the ‘lovely’* concept of packaging Life Insurance benefits! Believe me, they’re already deep into it! They will find a way. They always do.
*Heavy sarcasm included here.
I probably will regret asking this, but can one of you tell me, IN PLAIN ENGLISH, what happened today regarding Obama and the banks? (double emphasis on PLAIN ENGLISH!)
We don’t own any banks, jessi. the only one I own personally is Standard Chartered, a non-US bank with virtually no US operations.
It’s now a question of how quickly Obama comes to his senses and the markets realize that what he’s proposing just ain’t going to happen. This is a classic knee-jerk reaction to something ridiculous that comes out of the mouth of a politician. it happens all the time in japan.
“These statements today reflect a total lack of understanding of the financial system.” —
remember what I said about cheering on this lunatic teabagger movement – that would bite back at you. Perhaps he started listening to them.
Blowfish…if this indeed goes through, then you can kiss half of Goldman’s revenues goodbye.
But ingenuity in the financial system is what makes it resilient. Don’t worry, they’ll come up with another way to make money.
And I’d be pretty shocked if this goes through the way it is now. I’m sure it will go through a series of changes before any actual regulation goes in effect.
hey, i’m not that one that went all-caps and sh*t