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DOW dropping like a ROCK after proposal of new Bank reforms by OBAMA
- Thread starter SQguy
- Start date
Those guys really have thick skins. They're were back to their old ways of business as usual with the bonuses thingy.
We of course have our own problems with Mdm Ho's gambling habits & the PAP's bonus culture
These hiccups don't help the market recovery when people are already so jumpy.
Don't think its a double dip at least hope not because my US shares were/are doing ok
Don't confuse market recovery from market bubble.
Obama did the right thing.
It boils down to accountability.
Something we don't practice here in Sinkiland
Obama did the right thing.
It boils down to accountability.
Something we don't practice here in Sinkiland
These hiccups don't help the market recovery when people are already so jumpy.
Don't think its a double dip at least hope not because my US shares were/are doing ok
The Dow will bounce back.
These banks are long overdue for controls.
They have been blackmailing the government against regulation
by using the threat of " Too big to Fail " and continuing to get
bigger and bigger, swallowing up smaller banks and holding
the banking industry hostage.
Now, with these new regulations, these banks will have less
means to take control of the industry or use the Too big to Fail threat.
S
Sun Wukong
Guest
Markets hit by Obama plan
Money
Home > Breaking News > Money > Story
Jan 23, 2010
Markets hit by Obama plan
<!-- by line --> <!-- end by line -->
<!--background story, collapse if none--> A DANGEROUS MOVE
'Trying to regulate anything by pure size is a very dangerous thing to do.'
Mr David Viniar, chief financial officer of Goldman Sachs
FINANCIAL markets in the United States and Asia reeled after US President Barack Obama unveiled bold proposals that some said were tantamount to a war on Wall Street. Mr Obama's plan would limit the size of banks in relation to their peers and force some to close down lucrative proprietary trading and private equity activities. The jury, though, was still out on whether it would really prevent another financial crisis. Mr Obama made his proposals on Thursday, saying he was ready to fight resistance from Wall Street banks he blamed for helping to cause the recent meltdown. 'Never again will American taxpayers be held hostage by a bank that is too big to fail,' Mr Obama said, accusing banks of deploying an army of lobbyists to block reforms. 'If these folks want a fight, it is a fight I am ready to have.'
As an indication of how banks might be hit, the curbs on proprietary trading will cost Goldman Sachs, Morgan Stanley, Credit Suisse, UBS and Deutsche Bank about US$13 billion (S$18 billion) in revenue next year, according to JPMorgan Chase analysts. Mr Obama's proposals, considered the most far-reaching since the post-Depression Glass-Steagall Act of 1933 that split commercial banks from investment banks, sent shares in financial companies tumbling and pushed the Dow Jones Industrial Average down 213 points on Thursday - the worst one-day fall in more than two months.
Read the full story in Saturday's edition of The Straits Times.
REUTERS, BLOOMBERG NEWS, NEW YORK TIMES
Money
Home > Breaking News > Money > Story
Jan 23, 2010
Markets hit by Obama plan
<!-- by line --> <!-- end by line -->
<!--background story, collapse if none--> A DANGEROUS MOVE
'Trying to regulate anything by pure size is a very dangerous thing to do.'
Mr David Viniar, chief financial officer of Goldman Sachs
FINANCIAL markets in the United States and Asia reeled after US President Barack Obama unveiled bold proposals that some said were tantamount to a war on Wall Street. Mr Obama's plan would limit the size of banks in relation to their peers and force some to close down lucrative proprietary trading and private equity activities. The jury, though, was still out on whether it would really prevent another financial crisis. Mr Obama made his proposals on Thursday, saying he was ready to fight resistance from Wall Street banks he blamed for helping to cause the recent meltdown. 'Never again will American taxpayers be held hostage by a bank that is too big to fail,' Mr Obama said, accusing banks of deploying an army of lobbyists to block reforms. 'If these folks want a fight, it is a fight I am ready to have.'
As an indication of how banks might be hit, the curbs on proprietary trading will cost Goldman Sachs, Morgan Stanley, Credit Suisse, UBS and Deutsche Bank about US$13 billion (S$18 billion) in revenue next year, according to JPMorgan Chase analysts. Mr Obama's proposals, considered the most far-reaching since the post-Depression Glass-Steagall Act of 1933 that split commercial banks from investment banks, sent shares in financial companies tumbling and pushed the Dow Jones Industrial Average down 213 points on Thursday - the worst one-day fall in more than two months.
Read the full story in Saturday's edition of The Straits Times.
REUTERS, BLOOMBERG NEWS, NEW YORK TIMES
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