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the failure of gatekeepers, including auditors, boards of directors, Wall Street analysts, and career politicians. In his book The Big Mo , Mark Roeder , a former executive at the Swiss-based UBS Bank, suggested that large-scale momentum, or The Big Mo , "played a pivotal role" in the financial crisis.
He decried the "aristocratic impunity and prosecutorial immunity "of Wall Street CEOs who facilitated the exploitation of the mortgage market and defrauding of American homeowners. Taibbi stated that the record $550 million fine the SEC charged to Goldman Sachs looks "woefully inadequate" after the findings of the Levin Report.
The 9 largest banks in the US: Goldman Sachs, Morgan Stanley, J.P. Morgan, Bank of America, Merrill Lynch, Citigroup, Wells Fargo, Bank of New York Mellon and State Street were called into a meeting on Monday morning and pressured to sign; all eventually agreed. The plan will be open to any bank for 30 days.
The stock of Morgan Stanley is down 14% over the last three months and 8.5% over the last six months, more than any other big bank with a sizable Wall Street operation.
John J. Mack, then- president of Morgan Stanley, waves his Discover credit card at a press conference in New York, February 5, held to announce the $10.2 billion merger of Dean Witter, Discover ...
United States Department of the Treasury. After the freeing up of world capital markets in the 1970s and the repeal of the Glass–Steagall Act in 1999, banking practices (mostly Greenspan-inspired "self-regulation") and monetized subprime mortgages sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted liquidity in the global credit ...
A 51% jump in Morgan Stanley's investment banking fees reinforced a dealmaking revival across Wall Street, but its wealth management performance fell short of analyst expectations.
Headquarters of AIG, an insurance company rescued by the United States government during the subprime mortgage crisis "Too big to fail" (TBTF) is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the greater economic system, and therefore should be supported ...