I thought Henry Paulson will retire back to Goldman Sachs and benefit big from the monopolistic status in the IB industry he created from slashing the competitors and his bailout plan. But GS and MS just could not hold on until the good time come. They lost too many talents to the hedge funds, rejected too many prudent and wise people, the only timbers left in the firms are the arrogant, aggressive and smart-stupid (AASS).
The investment banking industry dead on Sept 21, 2008 and today, Sept 22, 2008 let's hold a solemn funeral for this suicidal industry and speculate some day in the future it will resurrect.
The post is named after this movie.
Magnus: China Must Reform or Bust - China's debt markets are looking more and more like the West, circa 2007. And it's not clear the government can intervene as successfully.
1 hour ago