As of Friday, Sept.19, 2008 Citigroup sold 116 billion of stocks and bonds for companies and Bank of America sold 95 billion stocks and bonds.
Both banks are behemoths as they are growing so large in the whole world. Bank of America's Lewis was one notable winner as a chasened financial industry entering a new phase.
"The problem is transparency because regulators weren't able to assess risks at investment banks in the way they are able to with commercial banks," said Mark Gertler, an economics professor at NYU. Bank of America purchased Merrill Lynch.
Roger Leeds, director of the Center for International Business and Public Policy said: "The competitive landscape of finance is changing before our eyes and the losers are the investment banks. What we are having now is a fundamental correction, not only of the market but of the institutions themselves.
President Bush comments: "Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary. Given the precarious state of today's financial markets, and their vital importance to the daily lives of the American people, government intervention is not only warranted, it is essential." Published by Washington Post,Sept. 20, 08 page A10.
I agree in toto of the above citations.
Francis Shieh a.k.a. Xie Shihao on Sunday, September 21, 2008 at 8.42 p.m.
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