Wall Street’s psycho meltdownAt the core of the global economic crisis lies unrestrained hubris, says Malcolm Gladwell. But is over-confidence an essential trait in professions like investment banking?
Bear stearns
Global markets: The bad numbers keep rolling in
The US slowdown continued its downward trend overnight with some help from Europe, writes Glenn Dyer.
Investors continue to bask in the afterglow of Bear Stearns bailout
The US stockmarket has come off its worst quarter for five years with its best start to a second quarter for 70 years. But why? asks Glenn Dyer.
Bear Stearns card sharp knew when to fold ‘em
Bear Stearns’ Jimmy Cayne has taken the money and run, writes Glenn Dyer.
JP Morgan’s lawyers cost them $1.8 billion
JP Morgan’s increased bid for Bear Stearn is believed to have been spurred by a legal blunder, writes Adam Schwab.
Bear Stearns shareholders offered a reprieve
JP Morgan’s revised offer for Bear Stearns has assured Wall Street that, whatever happens, shareholders and high flyers in investment banks will be looked after, writes Glenn Dyer.
Babcock bounces as Bear Stearns extracts more value
There was a strong recovery amongst Australian financial stocks this morning, none bigger than Babcock & Brown which rocketed $1.12 or 8.8% to $13.86, reports Stephen Mayne.
Doubts emerge over Bear Stearns rescue bid
JP Morgan’s “rescue” of Bear Stearns, backed by the US Federal Reserve’s $US30 billion line of credit, could be under threat, reports Glenn Dyer.
Kohler: Nothing can save us from the market predators
It’s ironic, and more than a bit alarming, that the investment banks’ best clients these days are the ones most likely to eat them, writes Alan Kohler.
Fed’s $30b made Bear Stearns a BUY for JP Morgan
At the start of 2007 Bear Stearns had a market cap of $US20 billion. After four days of fevered negotiations, rival investment bank JP Morgan bought it for just $US240 million, writes Glenn Dyer.
US Fed throws the mother of all lifelines
The US Federal Reserve must be very worried, reports Glenn Dyer.
Bear Stearns rescue tips US back from the brink
On Friday the US Federal Reserve rushed through a bail out of America’s 5th biggest investment bank, Bear Stearns and is struggling to contain what is now the worst financial crisis the world markets have seen since the Depression, writes Glenn Dyer
US08: Iraq collapsing, Bear Stearns collapses
So as with the Iraq war, goes the economy. The collapse of Bear Stearns – for that is what it is – has, in a flash, taken the economic crisis from the moral sphere into the operational, writes Guy Rundle.
Wall St seeks new capital as subprime debt deepens
Even as recently as November any suggestion of a second round of bailouts for some of the biggest name in world banking would have been laughable. And yet that’s exactly what will happen by the end of this week, writes Glenn Dyer.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
Macquarie strengthens the Fortress as shares recover
Macquarie Bank shares have bounced by $4.30 to $74.35 in a recovering market this morning and the Macquarie Fortress notes have gained 6c to 64c after this announcement yesterday suggesting that all is not lost.
In the US the subprime sky is falling … here too?
Slowly but surely a credit crunch is creeping up on us, driven by the spiralling collapse of the subprime mortgage market and associated credit derivatives in the US.
