Vanishing Act Timeline
How various firms on Wall Street are disappearing:
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click for ginormous
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Source:
Wall Street, R.I.P.: The End of an Era, Even at Goldman
JULIE CRESWELL and BEN WHITE
NYT, September 27, 2008
http://www.nytimes.com/2008/09/28/business/28lloyd.html
Tuesday, October 07, 2008 | 02:30 PM | Permalink
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Comments
This brings to mind the fact that our banks are being dangerously consolidated, making things even more unstable.
Taleb warned about the problem in The Black Swan on the theory that it's better to have multiple small failures than fewer really big ones. He's been shown right in what has happened already and the Feds are just setting up bigger problems down the line.
Posted by: Mike in NOLa | Oct 7, 2008 2:44:30 PM
Good riddance to white collar criminals and malignant fraudsters.
Posted by: dead hobo | Oct 7, 2008 2:49:10 PM
My plan to solve the financial crisis:
I’m going to “ask” all those who have been responsible and frugal with their finances to “contribute” $10,000 to a fund. Drawing on that fund, I will mail checks to all those irresponsible NINJA’s out there who got in over their heads.
That should solve the problem.
Vote for me in November.
Posted by: Barack Obama | Oct 7, 2008 2:54:40 PM
My plan to solve the financial crisis:
DRILL BABY DRILL!!
That should solve the problem.
Vote for me in November.
Wasn't that good, Mr McCain?
reply: Zzzzzzzz
Posted by: Sarah Palin | Oct 7, 2008 3:06:05 PM
DOW gaping down again in late day trading. -300 and ticking. 98% of typical americans are in a buy and hold 401k strategy. don't look at them statements else you'll be joining the mob with pitchforks and torches lookin for blood
Posted by: Richard | Oct 7, 2008 3:10:31 PM
Despite the increased regulation that will now come from the IBs converting to the holding company model, what is the long term negative potential of all of this consolidation in the global finance industry?
I see the appearance of a further consolidation of power and, possibly, increased risk as a result of the handful of mega-too-big-to-fail giants that will ultimately emerge.
Posted by: TheUnwind | Oct 7, 2008 3:10:45 PM
Consumer credit has also just done a vanishing act.
Goodbye retail stocks, goodbye REITs, goodbye........
I wonder if the inflation nutters on the FED are still concerned. I guess they didn't understand the relationship between oil and the CPI.
Intervention is just around the corner.
Posted by: leftback | Oct 7, 2008 3:10:52 PM
A new Gallup poll finds that just nine percent of the American public are “satisfied with the way things are going in the United States — the lowest such reading in Gallup Poll history. … The previous low point for Gallup’s measure of satisfaction had been 12%, recorded back in 1979, in the midst of rising prices and gas shortages when Jimmy Carter was president.”
Sixty-nine percent of Americans named the economy as the top issue affecting their outlook, far ahead of the second most important issue — the war in Iraq (11 percent).
Bush has fucked up this country and if McSame gets in ( fortunately looking less and less likely ) it becomes a bigger clusterfuck !
Posted by: km4 | Oct 7, 2008 3:21:32 PM
Goldman Sachs was taken over by J. Aron in 1981, although they decided to retain the name for marketing reasons
:)
Posted by: curmudgeonly troll | Oct 7, 2008 3:22:41 PM
This whole episode is like a WWII submarine movie-- Depth Charges exploding, the Captain barking orders, water flooding in, men screaming about to be drowned in flooding compartments, crew members closing valves... I believe you get the BIG PICTURE.
Posted by: mw | Oct 7, 2008 3:24:45 PM
Dropping like a stone in the final hour. Katie bar the door.......
Posted by: Jeff M. | Oct 7, 2008 3:25:43 PM
Wow... so much for a DCB, eh? Maybe tomorrow... maybe.
The last few weeks reminds me of something that was often said in the GD,
"It just keeps getting worse and worse!"
Posted by: KJ Foehr | Oct 7, 2008 3:26:51 PM
I remember that not too long ago, there were those who were betting on a great US banking industry consolidation. After all, other industrialized countries have a small number of major banks rather than the US's huge patchwork of local thrifts. Maybe the consolidation will happen after all, but not under the conditions originally imagined.
Posted by: Orson Wang | Oct 7, 2008 3:47:49 PM
"THOSE WERE THE DAYS MY FRIEND....
WE THOUGHT THEY'D NEVER END......."
I just had a nostalgic moment thinking about the smell of the mimeograph machine printing out MER's research reports. I was a "copy boy" in one of their branch offices when I was in middle school. Between my part time job there and dealing a little weed to the AEs, I was the kid with the roll in my pocket. I really got good on the teletype too. I have some very fond memories from my days at Merrill, Lynch, Pierce, Fenner and Smith.
Best regards,
Econolicious
Posted by: ECONOMISTA NON GRATA | Oct 7, 2008 3:49:17 PM
"THOSE WERE THE DAYS MY FRIEND....
WE THOUGHT THEY'D NEVER END......."
I just had a nostalgic moment thinking about the smell of the mimeograph machine printing out MER's research reports. I was a "copy boy" in one of their branch offices when I was in middle school. Between my part time job there and dealing a little weed to the AEs, I was the kid with the roll in my pocket. I really got good on the teletype too. I have some very fond memories from my days at Merrill, Lynch, Pierce, Fenner and Smith.
Best regards,
Econolicious
Posted by: ECONOMISTA NON GRATA | Oct 7, 2008 3:51:17 PM
straight out of Das Capital.
Destroy limited capitalism in favor of unregulated capitalism, and...
Crisis and Consolidation follow.
I don't think ANYONE could have predicted this.
Posted by: VoiceFromTheWilderness | Oct 7, 2008 4:01:37 PM
No DCB today....
I am having trouble understanding the FED here, if you are going to make a rate cut, why advertise it and then wait? This is like stepping into an empty elevator shaft and then asking someone to hand you a parachute.
Gold is trading as a fear instrument today, an inflation hedge tomorrow. Looking bullish for the yellow metal here.
and HIGHLY Bullish for Bruce's burger. A shoo-in at this point.
Posted by: leftback | Oct 7, 2008 4:09:45 PM
From poster at ML Implode.
Watch for these consolidations in 2008.
1. Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W. R. Grace Co. will merge and become: Hale, Mary, Fuller, Grace.
2. PolyGram Records, Warner Bros., and Zesta Crackers join forces and become: Poly, Warner Cracker.
3. 3M will merge with Goodyear and become: MMMGood
4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: ZipAudiDoDa .
5. FedEx is expected to join its competitor, UPS, and become: FedUP.
6. Fairchild Electronics and Honeywell Computers will become: Fairwell Honeychild.
7. Grey Poupon and Docker Pants are expected to become: PouponPants.
8. Knotts Berry Farm and the National Organization of Women will become: Knott NOW!
And finally...
9. Victoria 's Secret and Smith & Wesson will merge under the new name: Titty Titty Bang Bang
Posted by: John W | Oct 7, 2008 4:11:27 PM
Brown Brothers Harriman and Co. still alive and kicking
Skull and Bones lives
...............
Posted by: j1 | Oct 7, 2008 5:02:20 PM
Damn, that last comment is hard to follow.
But I have to say that this chart by the NYT is completely and bassackwardly wrong.
Yes, we are in the midst of an epoch of creative destruction, shotgun marriages and other forms of consolidation.
But think about how many major players there are in the markets now that weren't so huge back in the day. Private Equity corporations (some even public). Ginormous hedge funds. A whole new crop of major banks. Sovereign Wealth funds. And our own generation of multibillionaire market movers like Buffett.
Put all that on the chart and the overall picture is not one of net destruction or consolidation, but ongoing fermentation.
Posted by: Wisdom Seeker | Oct 7, 2008 5:07:22 PM
I know a netbranch loan officer that did a w-2 wage earner stated income, 100%, seller paid all their closing costs, and now they can also pick their payment?????? Borrower came to closing with 0$$$ now in a $300,000.00 house that she shares with her new husband and newborn baby . The realtor said that it's ok the market is going up! She (borrower) stood in my office stomping her feet to say that she wanted that loan/house and wanted that pick your pay loan & that I had less fees on my GFE and wanted to go with me. I told this perspective client #1 I don't offer pick your pay loans here and the 30 year fixed is a great rate and the reason I don't offer pick your pay loans and here are the reasons why.......I laid it out !!! 2 years later she is on the front page of our local news paper (a town of $65,000) loosing her house!! Now she comes back to me and asked where can she goe to fix this problem it as she was having a garage sale every weekend trying to save her house......YOU CAN'T TEACH ETHICS!!It should not be a net worth requirement to write honest and ethical loans. These people were not sub-prime credit borrowers, , they had 740 credit scores!! Now!!!! they are sub-prime!! Who invented this nasty loan!!! Don't you just love the FHA programs now available!! Ask any loan officer, , they say the new sub-prime??? Now what is going on? Yes to the point of this The banks are getting to big. . they are making the regulators make small broker shops jump through all these hoops to write an FHA loan... proof to them a net worth of $63,000 to write a FHA $5,000 audits, in other words they are (((SMALL BROKER SHOPs THAT COMPETE WITH THE BIG BANKS AND OFFERS BETTER SERVICE, RATES, FEES, and we care about our local client and our local community!! The banks want all the small broker shops to go away or work for them ie net branch and they take take 10% of ""all"" your loan originated income and you need to charge an additional $450.00 per file to the borrower!!!!! This is their way of taking away fair commerce and maybe some should contact the major credit bureaus why they sell my client's soc. sec. # and credit score to a lead company (usually w/in 30 minutes) the then now mortgage telemarketing lead company is calling my client ???? this is out ragious!!!!!!!!!!!!
Someones take??? Any progress on this??
Posted by: Ang | Oct 7, 2008 7:36:37 PM
10. A.B. Dick & Hertz merge and become: Dick Hertz
Posted by: HARM | Oct 7, 2008 8:15:41 PM
Ang, you lost me about halfway through your rant, but what you said about counseling that borrower is interesting. You should call or write the paper and tell them what happened. Just stick to the facts and use the capital letters and exclamation points sparingly. You come off as a tad off-balance.
Posted by: linda | Oct 8, 2008 2:55:03 PM
