Let me give you a little history lesson. In 1998, Long Term Capital was failing and the fed ask a group of bank to recapitalize them and I think it was $30B. I was good friends with the guy in charge of this at ML. He told me a couple years later that it turned out to be a good investment for ML, but at the time, we had just lost a $1.5B and really didn't want to do it but knew it we had too and not because the fed was telling us to. But what it prevented was a fire sale that would have hurt us all.
Originally Posted by Franco
Make up your mind on where you republicans stand on wall st. too. I'm getting dizzy.
Wall Street makes a lot of jobs by getting capital where it is needed. The nature of it creates booms and bust. However, I assure you; you want them aggressive.
I bought AIG at 19. It went down to 13 and I felt like a dufus. Then it went up to 54 and I sold. The last time I checked it was around 36. It was quite sweet in the end.
You and half of congress...... if you want some interesting reading, take a look at some of the holdings our congress people keep. They are/were heavily invested in AIG. Makes you wonder........hmmmmm.
Originally Posted by DL