Bond buyers view the nation's largest securities firms as no safer than taking a flier on subprime mortgages. That's a nightmare scenario for the industry's chief executive officers, who relied on cheap financing for leveraged buyouts, real estate lending and proprietary trading to produce record profits -- and paychecks of $40 million or more for themselves.This is a very good article on why wall street is squealing like a bunch little children for Bernanke to do something. You can bet if the same thing were happening to some other industry they would yawn and change sectors.
Monday, September 10, 2007
Live by the sword die by the sword.
Christine Harper writes on Bloomberg: