Sep 232008
The FT has reported:
The US Federal Reserve is attempting to shepherd Goldman Sachs and Morgan Stanley – the last two members of the dying breed of large US investment banks – to safety.
It is throwing its arms around the two companies both as a supportive regulator and as a provider of liquidity on exceedingly flexible terms.
Fine. But I attach these conditions:
1) I hope the fee is very, very big
2) I want the government to get a stake in exchange
3) I hope we’ll stop believing in these people. When you can’t manage your own show you’ve no right to advise others.
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