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Author
Pub. Date
p2010
Description
How did Wall Street become a self-serving and ultimately destructive profit machine that imploded? Wall Street's real job is to be our "financial utility"-good financial plumbers that funnel capital to companies so the economy can expand and create jobs and also provide the means for individual investors to build portfolios that will increase personal wealth.But Wall Street went haywire and became (in Jon Stewart's words) a "bizarro" place that lost...
Author
Pub. Date
[2009]
Description
On March 5, 2008, at 10:15 A.M., a hedge fund manager in Florida wrote a post on his investing advice Web site that included a startling statement about Bear Stearns & Co., the nations fifth-largest investment bank: "In my book, they are insolvent." This seemed a bold and risky statement. Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly...
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