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Current DateTime: 10:28:17 22 Aug 2011LinksList Documentid: 38910464Expiration DateTime: 8/22/2011 10:30:44 AM
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Current DateTime: 07:48:39 22 Aug 2011LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 07:48:39 22 Aug 2011LinksList Documentid: 38852222John Carney
Runs this joint.
Cadie Thompson
Really, really runs this joint.
Kate Kelly
Reports on the major Wall Street firms, trading, and regulation.
Jeff Cox
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Lori Spechler
A Senior Editor at CNBC, commodity trader in a former life.
Lori Ann LaRocco
A Senior Talent Producer at CNBC.
Nicole Lapin
Runs the graveyard.
Current DateTime: 07:48:39 22 Aug 2011LinksList Documentid: 43730562The Greatest Trades of All Time
The following list of people showcases some of the greatest trades in the business.
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Current DateTime: 10:27:41 22 Aug 2011LinksList Documentid: 38910635Expiration DateTime: 8/22/2011 10:30:35 AM
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setDefault('cnbc_textbody');Wall Street's Credibility Problem Published:
Monday, 22 Aug 2011 | 10:01 AM ET Text Size By: John CarneySenior Editor, CNBC.com
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Paul Giamou | Aurora | Getty Images
One of the big frustrations of running a large financial institution these days is that your shares rise and (mainly) fall based on rumor, speculation, and gues
Really, really runs this joint.
Reports on the major Wall Street firms, trading, and regulation.
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
A Senior Editor at CNBC, commodity trader in a former life.
A Senior Talent Producer at CNBC.
Runs the graveyard.
The following list of people showcases some of the greatest trades in the business.
What happens now that the U.S. has been downgraded.
Greece begins to confront the true reality of austerity.
Some words of wisdom for all the Wall Street Interns this summer.
Stay up to date with NetNet.
Paul Giamou | Aurora | Getty Images
One of the big frustrations of running a large financial institution these days is that your shares rise and (mainly) fall based on rumor, speculation, and guess work. Trying to placate markets with reassuring words about capital or liquidity only seems to make things worse.
This is largely because Wall Street has a large and well-deserved credibility problem. No one really trusts that we are getting accurate and reliable information about the financial health of our financial behemoths.
Take this report from Bloomberg News today:
Two weeks after Lehman's bankruptcy in September 2008, Morgan Stanley countered concerns that it might be next to go by announcing it had "strong capital and liquidity positions." The statement, in a Sept. 29, 2008, press release about a $9 billion investment from Tokyo-based Mitsubishi UFJ Financial Group Inc., said nothing about Morgan Stanley's MSloading...
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(Federal Reserve) loans.
That was the same day as the firm's $107.3 billion peak in borrowing from the central bank, which was the source of almost all of Morgan Stanley's available cash, according to the lending data and documents released more than two years later by the Financial Crisis Inquiry Commission. The amount was almost three times the company's total profits over the past decade, data compiled by Bloomberg show.
Now there are probably all sorts of good public policy rationales for this kind of thing, especially when the markets have gone into panic-mode. But the end result is that we know we cannot really trust the information we're given or not given by senior management or regulators. There's just too much going on in secret.
RELATED LINKSCurrent DateTime: 07:48:39 22 Aug 2011LinksList Documentid: 44227469Accused Insider Trader Launches Anti-SEC BlogSmall Banks See Windfall as Big Banks Shun Deposits
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