UK
Lunchtime Links: Are you to blame for the credit crunch?
6 August 2008
Several people seem to think so: “Greedy bankers like them have been running a giant con-game. They figure if they can persuade investors to buy something that's actually worth nothing, it might appear to be worth something.” (BBC)
“I know people I went to school with, and I've no idea how they survive on the incomes they have.” (Guardian)
“BNP Paribas is less touched by the crisis than Société Générale and almost all the European investment banks.” (Bloomberg)
SocGen is “Fighting Back”. (Financial Times)
Shame no one wants to bank with it any more. (The Times)
Citigroup might buy back the $5bn of now totally illiquid ARS it thoughtfully passed on to clients. (Clusterstock)
Standard Chartered chief exec criticises excessive risk taking and excessive pay just about everywhere else (after its first half profits rise 31%). (Independent)
Freddie Mac makes an $821m Q2 loss. (Wall Street Journal)
Morgan Stanley stings the Treasury for an unacceptably huge $75k to restructure Fannie and Freddie. (Wall Street Journal)
Cheering news: credit crisis will continue until 2011, says Terry Smith. (Independent)
Terry Smith may disappear into the desert. (Money is the Way)
Lapdancers still dancing... (Evening Standard)
...as are quants. (International Herald Tribune)
Is my name on the layoff list? Is it? IS IT? (Wall Street Journal)
The credit crunch was purely the fault of poor people, so poor and stupid that they took out loans they were then unable to afford.
Henry 06 Aug 2008
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