Panic, greed good
Stronger-than-expected earnings from Goldman Sachs Group Inc and Morgan Stanley Tuesday failed to reassure investors who staged a run on Bear Stearns in March and drove Lehman Brothers Holdings Inc LEH.P into bankruptcy Monday.
And despite assurances from Goldman and Morgan Stanley — the two remaining major investment banks — that they had ample cash and capital, investors fled.
Good old “investors.”
September 17th, 2008 at 8:50 pm
I generally despise lawyers. But probably 50% of those I
September 18th, 2008 at 8:19 am
There’s some buzzing about how this may affect attorneys, too. A mailing list I subscribe to notes that with financial companies collapsing, white-shoe law firms are losing some of their top clients … and leftover clients are going to be much more alert about cutting legal costs. Which is not a good thing.