3 Banking Must-Reads
Story 1: Obama takes down Wall Street and Kanye
President Obama had strong words for Wall Street on the anniversary of Lehman Brothers' demise: “hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.” Yes, please.
He also had strong off-the-record words for Kanye West, who embarrassed Beyonce as well as his intended embarrassee, Taylor Swift. On the record, I agree with Obama.
Story 2: The government is considering selling some of its Citigroup shares
And Citi shares are down...here's a refresher on the real reason why.
Story 3: The WSJ loosens its tie with a satiric dictionary for the financial crisis
This is very funny. Click here for the whole article (may require a subscription). Examples:
QUANTITATIVE EASING, n. A regulatory approach based on the point in Western movies when the sheriff, having fired all available bullets, in an act of final desperation throws his gun at the bad guys. See also INFLATION, HYPER.
U-SHAPED RECOVERY, n . An opportunity for economists to incorrectly predict the timing and nature of the recession's end just as successfully as they incorrectly predicted its inception, depth and duration. Variants include V-shaped recovery, L-shaped recovery and :-( shaped recovery.
-Anand (TMFBomb), who owns long-held shares of Citigroup and thinks that if you like this post, you should put a ring (or some feedback) on it.