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If Wall Street is hoping that Prince Alwaleed bin Talal will ride to the rescue of America's crumbling banks, here's the word from the Saudi billionaire: Thanks, but no thanks. Having bailed out Citicorp on a couple of occasions — most recently by helping in its recapitalization earlier this year — Al-Waleed says he's not in the market for any more U.S. financial sector assets.
TIME: Did you see this coming?
Alwaleed: I'm not sure anyone at all saw the depth and magnitude of the problems faced by some financial companies in the U.S. I will quote [Alan] Greenspan in saying that this is a once-in-a-lifetime, or once-in-a-century event. It shows the gravity of the problem over there.
Fed officials likely now understand the can of worms they opened with the Bear Sterns bailout. At that point, Wall Street realized that attempting to solve their own problems was a sucker’s bet – better to string things along with the expectation that the Fed would ultimately solve the problem of bad assets by bringing them into the public domain. Arguably, this is one reason the Lehman issue was allowed to fester for another six months. Moral hazard. With policymakers now drawing a line in the sand, market participants can no longer cling to the hope that the Fed will absorb additional bad debt (notice how quickly Merrill moved when policymakers claimed they will serve only as matchmakers, rather than put additional public money explicitly at risk). It is looking like the endgame is finally here.
Originally posted by dawnstar
I love that picture....is it a victorian trade card that you have, or something you pulled off the web?
Originally posted by St Udio
but now the music stopped and its a case of musical chairs
as both the CEOs & the hourly underlings find themselves with no place to sit.